Punjab National Bank invites application from eligible firms of Chartered Accountants / Cost Accountants and individuals possessing necessary expertise for empanelment as Stock Auditors and Stocks/ Receivables verification. Punjab National Bank Dated: 25.09.2020 Credit Review & Monitoring Division, Head Office, Plot no.4, Sector 10, Dwarka, New Delhi – 110075 Applications are invited from eligible firms […]
Extension for completion of Orientation /IT Training Course by the Intermediate students, through the foundation route, to on or before 31st December, 2020 instead of on or before 31st October, 2020 and then be allowed to sit for their Final examination to be held in November, 2022.
The Government has issued a fresh Notification No. S.O. 3265(E) dated 24th September, 2020 extending the suspension of Sections 7, 9 and 10 [meant no fresh insolvency filings could be made by financial creditors, operational creditors, and the corporate debtor itself] of the Insolvency and Bankruptcy Code by another three months. The suspension was due […]
REPRESENTATION BEFORE MINISTRY OF FINANCE W.R.T. EXPLANATION TO SEC 194-O: BEING DIFFICULT TO IMPLEMENT AND INCONSISTENT WITH SECTION 198 OF INCOME TAX ACT The Finance Bill 2020 has introduced a new Section 194-O to mandate Electronic Commerce Operators for deducting TDS in respect of the amount payable to the seller on sale of goods and […]
We are a society with set and preferred precedents. We meet a small boy and ask him what he wants to become when he grows up. We show admiration for him if he says Doctor, Engineer, Scientist, Pilot, IAS or IPS. We say – wow! What a choice! We meet a small girl and ask […]
Andhra Pradesh: Clarification on whether the eligibility of tax paid under Reverse charge, under GST is eligible for certification of payment of Tax for the purpose of reimbursement under Industrial Investment Promotion Policy, 2015-20.
Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of Insolvency and Bankruptcy Code, 2016 (IBC). The default should be minimum Rs. one lakh. The amount can be increased by Central Government but shall not exceed Rs. one crore – proviso to section 4(1). ‘Default’ means non-payment of […]
Request for roll-back of provisions of Tax Collection at Source (TCS) under section 206C (1H) of the Income Tax Act, 1961 which is effective from 01.10.2020. As a result of the said amendment, a seller who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year shall at the time of receipt of such amount collect from the buyer, a sum equal to 0.10% of the sale consideration exceeding fifty lakhs as income tax.
Report No.14 of 2020 – Performance Audit on Search and Seizure Assessments in Income Tax Department, Union Government, Department of Revenue – Direct Taxes Search and Seizure is a very powerful tool available to Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion thereby mitigating the […]
Report No.11 of 2020 – Compliance Audit of Union Government, Department of Revenue – Direct Taxes This Report primarily discuss compliance to the provisions of the Income Tax Act, 1961 and the associated rules, procedures, etc. as applied to all aspects related to the administration of direct taxes. Direct taxes receipts of Union Government in […]
