"14 August 2020" Archive

Guidelines to implement Faceless Assessment Scheme 2019

F. No.173/165/2020 -ITA-I (14/08/2020)

CBDT issues Detailed guidelines for the implementation of Faceless Assessment Scheme, 2019 and role of residual charges in this regard. F. No.173/165/2020 -ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** New Delhi, dated 14th August, 2020 To, All PrCCsIT, Subject: Guidelines for the ...

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Shri G P Garg takes charge as Executive Director, SEBI

Press Release No. 42/2020 (14/08/2020)

Shri G P Garg took charge as Executive Director in SEBI on August 13, 2020. Prior to his promotion as Executive Director, Shri Garg was Chief General Manager in SEBI and has handled several important assignments in SEBI since joining in January 1994. He has been closely associated with SEBI’s initiatives on Financial Literacy and Invest...

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ICSI Request for extension of due dates of Company Law compliances

REQUEST FOR EXTENSION OF DUE DATES OF COMPLIANCES UNDER THE COMPANIES ACT, 2013 DUE TO COVID-19- As you are aware that COVID-19 pandemic has affected the entire world including India. Many offices have been closed, while others are not fully operational...

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Posted Under: Income Tax |

Key Highlights of Platform for `Transparent Taxation ‑ Honouring the Honest’

MAXIMUM GOVERNANCE WITH MINIMUM GOVERNMENT PM Modi Launches Platform for `Transparent Taxation ‑ Honouring the Honest’ KEY HIGHLIGHTS  Tax system aims to be Seamless, Painless and Faceless: PM The platform has major reforms like Faceless Assessment, Faceless Appeal & Taxpayers Charter Faceless Assessment & Taxpayers Chart...

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Posted Under: Income Tax |

Faceless Assessment Appeal & New Changes in Income Tax

FACELESS ASSESSMENT AND APPEAL OBJECTIVES Imparting greater efficiency, transparency and accountability Eliminating physical interface between the taxpayer and tax officers FEATURES Selection only through system using data analytics and AI Dynamic Jurisdiction — abolition of territorial jurisdiction Automated random allocation of cases....

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Posted Under: Income Tax |

Daughters have Equal rights to inherit ancestral property even if born prior to 9.9.2005: SC

Vineeta Sharma vs. Rakesh Sharma (Supreme Court) (Larger Bench)

Equality reaffirmed by the Supreme Court in a recent judgement delivered on August 11, 2020. It has been held that a daughter will have a share under the Hindu Succession (Amendment) Act, 2005, irrespective of whether her father was alive or not at the time of the amendment....

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Taxpayer’s Charter- Obligations & Expectation of Income Tax Dept.

TAXPAYER’S CHARTER THE INCOME TAX DEPARTMENT   is committed to 1. provide fair, courteous, and reasonable treatment The Department shall provide prompt, courteous, and professional assistance in all dealings with the taxpayer. 2. treat taxpayer as honest The Department shall treat every taxpayer as honest unless there is a reas...

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Posted Under: Income Tax |

RCM for purchase of input goods & services used in Construction of Project from Unregistered Person

Reverse Charge Mechanism (RCM) for purchase of input goods and services used in Construction of Project from the Unregistered Person [Notification No. 07/2019- Central Tax (Rate) dated 29th March 2019 effective from 1st April, 2019]. After a long gap, the Central Government has used its power provided under amended Section 9(4) of the CGS...

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Posted Under: Income Tax |

Capital Gain u/s 50B applicable on sale of undertaking which covers Depreciable Assets forming part of Industrial Undertaking

DCIT Vs Accelerated Freeze Drying Co. Ltd. (ITAT Cochin)

whether sale of industrial unit as a whole as a continuing business with land, building, plant, machinery and all equipment as a going business with assets and liabilities taxable under section 50B as slump sale or not?...

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Income from Letting out Property in Industrial park/SEZ including amenities Taxable as Business Income

CIT Vs Tidel Park Limited (Madras High Court)

Whether the income derived from letting out of the property in an industrial park/SEZ including the amenities would be business income in the hands of the owner of the property?...

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