"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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Ex Parte Order is Not Justified if Notice is Served on Wrong Address

Vibgyor Tech Solutions Pvt. Ltd Vs ITO (ITAT Kolkata)

The issue under consideration is whether ex parte order passed by CIT(A) because of non attendance of assessee on the date of hearing is justified in law?...

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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 |

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 |

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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No section 68 Addition if AO fails to properly verify details available with him

PCIT Vs Vishal Plastomers (P) Ltd. (Gujarat High Court)

The issue under consideration is whether the Tribunal is correct in upholding the decision of CIT(A) for deleting the addition made under section 68 of the Act?...

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Anti-dumping duty on imports of DPP Red 254 extended till 16.11.2020

Notification No. 24/2020-Customs (ADD) 14/08/2020

CBIC amends amend notification No. 41/2015-Customs(ADD) to extend the levy of anti-dumping duty on imports of Diketopyrrolo Pyrrole Pigment Red 254 (DPP Red 254) originating in or exported from China PR for a period of three months i.e. up to and inclusive of 16th November, 2020 vide Notification No. 24/2020-CUSTOMS (ADD) dated 14th Augus...

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