Bihar Gazette Published by Government of Bihar Patna, The 21st September 2020 S.O. 167, dated 21st September 2020–In exercise of the power conferred by sub-section (1) of section 6 of the Bihar Settlement of Taxation Disputes Ordinance, 2020, the Governor of Bihar is pleased hereby to make the following rules, namely:– 1. Short title, extent […]
Supreme Court (SC) on Forty-Four year old case and need for Vibrant system of Advance Ruling Recently, Supreme Court delivered its verdict in a Forty-Four (44) year old pending case in case of National Co-operative Development Corporation. While the interesting part of the judgment is the Two Postscripts penned down by Justice Kaul but let’s […]
Request to Extend the Implementation of E-Invoicing from October 1, 2020 to April 1,2021- We are requesting to defer the implementation of E- Invoicing at least till April 1, 2021.
The Central Board of Direct Taxes (CBDT) had earlier provided for the last day to file belated or revised returns for the assessment year 2019-20, and for the previous year (2018-19) which September 30, 2020. It has also been decided that the deadline to file taxes ends on September 30, 2020. On the other hand, for FY 2020, it is […]
The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Bill, 2020 (Bill) is introduced in Lok Sabha on 18th September 2020 and was having lot of Drafting mistakes fr which it subsequently issued Errata. This bill was passed in Lok Sabha on 19th September 2020 and it replaces Taxation and other Laws (Relaxation […]
THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) BILL, 2020 has created a lot of confusion regarding due dates of filing Income tax Returns for FY 2019-20 and FY 2020-21 and few other due dates. So, is the last ITR filing dates for AY 2019-20 and 2020-21 have been extended up till […]
Much has been said about the process as to how faceless e-assessments will happen from now onwards. Paper submissions and resubmissions, personal hearings, networking with the department, etc. etc. are going to be history in near future. We as professionals have faced all the challenges be it transition from manual accounting to simple computer accounting […]
All about Advance Ruling under GST i.e. Section 95 to Section 106 of the CGST Act, 2017 Article explains Basic understanding of Advance Ruling, The broad objectives for setting up a mechanism of Advance Ruling, Applicability of Advance Ruling, Authority for Advance Ruling (AAR) & Appellate Authority for Advance Ruing (AAAR), Questions for Advance Ruling […]
Clarifications have been sought by the Joint Commissioners of Territorial Divisions based on the inputs of the Authorised Officer under Rule 86A while undertaking blocking of credit under the said rule. Broadly, the issues faced by them are classifed as below:
Income tax TCS provision on sale of goods applicable from 01st Oct 2020 with FAQ Insertion of subsection – 206 (1H) in the finance Act 2020 Section 206 (1H) read as follows (1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of […]
