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Archive: 15 July 2020

Posts in 15 July 2020

Income Tax software not allowing Full & proper interest

July 15, 2020 6216 Views 0 comment Print

Problem in software issue in allowing Full and proper interest allowable u/s 244-A of Income TAx Act, 1961 while processing Income Tax returns for AY 2019-20

Amendments to Rates of Duty Drawback effective from 15.07.2020

July 15, 2020 5058 Views 0 comment Print

Government made certain amendments in All Industry Rates (AIRs) of Duty Drawback vide Notification No. 56/2020-Customs (N.T.) dated 13.07.2020. These changes are effective from 15.07.2020.

Import Policy of Power tillers & its components amended

July 15, 2020 4965 Views 1 comment Print

DGFT vide Notification No. 19/2015-20 dated 15.07.2020 has amended Import Policy and Policy Conditions of Power tillers and its components. They are now under the ‘Restricted’ category. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 19/2015-2020 New Delhi, Dated: 15th July, 2020 Subject: Amendment in […]

Procedure for allocation of import authorization of Power tillers

July 15, 2020 513 Views 0 comment Print

DGFT vide Public Notice No. 13/2015-2020 dated 15.07.2020 has prescribed the procedure for Import authorisations to implement the restriction imposed on Import of power tillers and its components Government of India Ministry Of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 13/(2015-2020)-DGFT New Delhi: Dated 15th July, 2020 Subject: […]

Tariff Notification No. 57/2020-Customs (N.T.), Dated: 15.07.2020

July 15, 2020 3621 Views 0 comment Print

Tariff Notification No. 57/2020-Customs (N.T.), Dated: 15.07.2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 57/2020-CUSTOMS (N.T.) New Delhi, 15th July, 2020 24 Ashadha, 1942 (SAKA) […]

FAQs- Sanchit application For Import Export Users

July 15, 2020 1392 Views 0 comment Print

Q: What is eSanchit application? The Central Board of Indirect Taxes & Customs (CBIC) has launched eSanchit (e-Storage and Computerized Handling of Indirect Tax documents) for paperless processing, uploading of supporting documents and to facilitate the trading across Borders. It has already been made available to importers and exporters in the country. This application provides […]

Why a senior citizen should invest in Senior Citizen Savings Scheme?

July 15, 2020 6117 Views 7 comments Print

All retired senior citizens are finding it difficult to meet both their ends due to double whammy of constant inflation accompanied with reducing interest rates all around. The interest rates offered by banks on fixed deposits have come down to around 6%. Though the private banks and corporate offer higher rates they cannot risk their […]

Relaxation in the time-limit in the deadline to file ITR

July 15, 2020 2316 Views 1 comment Print

In its notification on July 13, the Income Tax Department has allowed one-time relaxation to the taxpayers for such one- time relaxation for the taxpayers under the verification of tax-returns that are pending due to non-filling of the Form ITR-V. The relaxations have been given those pending due to the non-filling of the form of ITR-V Form and […]

Compulsory Licensing – Diluting the Rights of a Patentee

July 15, 2020 4173 Views 0 comment Print

Grant of a patent implies a statutorily granted monopoly on the use of invention. Setting aside the concern that this invention should not be exploited at the cost of public interest. Once a patent is granted, the patentee is vested with the exclusive rights over his inventions for the period of 20 years.

Detailed Analysis of ITR Forms Notified For A.Y. 2020-21

July 15, 2020 7584 Views 1 comment Print

In January 2020 the CBDT has notified the amendment to Rule 12 and new ITR Forms (ITR 1 and ITR 4) for the assessment year 2020-21. The amended Rule 12 provided that ITR-1 cannot be used by a person falling under the two categories, namely person who owns a house property in joint-ownership and another […]

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