"05 June 2020" Archive

Jurisdiction of Commissioner (Appeals) to assessment orders passed by Faceless Assessment Groups

Notification No. 51/2020-Customs (N.T.) [G.S.R. 353(E)] 05/06/2020

Notification No. 51/2020-Customs (N.T.) – Notification to amend Notification No.92/2017-Customs (NT), dated 28.09.2017 to specify the jurisdiction of Commissioner (Appeals) to assessment orders passed by Faceless Assessment Groups- Reg. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES ...

ITR-4 | Key Insertions | Available for E-Filing for FY 2019-20

ITR-4 | Key Insertions in the Income Tax Return form Now Available for E-Filing at Income Tax Portal for Assessment Year (AY) 2020-21 / Financial Year (FY) 2019-20 Recently, the government (CBDT) notified the revised Income Tax Return Forms (ITR) for the financial year 2019-20 (AY 2020-21) including ITR-4. Today i.e. on the 5th of [&helli...

Transitional Credit if not claimed in Tran-1, lost forever!!

1. Upon introduction of the new tax regime of Goods &Service Tax [GST] w.e.f 01.07.2017, all the suppliers/service providers/ manufacturers/dealers etc., were migrated from erstwhile regime of indirect taxation to the new regime i.e. GST. Under the GST regime, every registered person was required to file electronically FORM GST TRAN-1...

Posted Under: Custom Duty |

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

No. 9 of 2020 05/06/2020

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 5th June, 2020/Jyaishtha 15, 1942 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2020 NO. 9 OF 2020 Promulgated by the President in the Seventy-first Year of the Republic of India. An Ordinance further to amend the insolvency and Bankruptcy Code, 2016. W...

1st phase of All India roll-out of Faceless Assessment by CBIC

Circular No. 28/2020-Customs 05/06/2020

In order to introduce Phase 1 of Faceless Assessment at Bengaluru and Chennai from 8th June 2020 for imports primarily made under Chapters 84 and 85 of the Customs Tariff Act, 1975 at these Customs stations, Board has issued two notifications, as follows:...

Taxation of Unexplained Incomes

Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained income...

Posted Under: Custom Duty |

High rate Depreciation Not allowed on vehicles used for Advertisement

Tapan Kumar Biswas Vs ITO (ITAT Kolkata)

Whether the higher rate of depreciation can be granted to the vehicles used for the display of advertisement under the provisions of the Income Tax Act, 1961....

Insights into Prohibition of Benami Property Transaction Act, 1988

Generally,due to following reasons, people enter into benami transactions: a) To invest unaccounted money. b) To invest money earned from illegal means, that is, through corruption, etc. c) To hide the ownership of the property from banks or creditors....

Posted Under: Custom Duty |

Trade Mark Registration Process

Trade Mark Registration Process Step 1: ♣ Click on the following link to start the registration procedure https://ipindiaonline.gov.in/trademarkefiling/user/frmLoginNew.aspx ♣ Then register yourself by clicking on “New User? Sign Up” ♣ Then proceed for Registration, if you fulfil the following two requirements: ♣ Class II or I...

Posted Under: Custom Duty |

Board Meeting through video conferencing or audio-visual means

BOARD MEETING THROUGH VIDEO CONFERENCING OR OTHER AUDIO VIDEO MEANS Companies (Meetings of Board and its Powers) Rules, 2014 issued various procedure for convening and conducting the Board meetings through video conferencing or other audio-visual means. Some of the procedures are as follows: – Necessary arrangements to be made to av...

Posted Under: Custom Duty |

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December 2023