"12 October 2020" Archive

Faceless Assessment – Measures for timely assessment of Bills of Entry

Circular No. 45/2020-Customs (12/10/2020)

As the prompt and timely assessment of Bills of Entry and clearance of imported consignments are key objectives of Turant Customs, these issues have been examined and remedial measures have been identified. Accordingly, Board prescribes the following measures for Faceless Assessment:...

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Weekly newsletter from Chairman, CBIC dated 12/10/2020

D.O. No. 36/CH(IC)/2020 (12/10/2020)

We are on the verge of a festival season while our fight against Covid-19 continues unabated even after almost eight months. Our Hon'ble Prime Minister has launched a campaign on 8th October 2020 for a Jan Andolan on Covid-19. It calls for appropriate behaviour from citizens, especially in view of the upcoming festivals in the winter seas...

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Correct ITC errors of FY 19-20 before Sept 2020 GST return

The return of September month is the most significant one in GST.As it is the last chance for rectification of few mistakes in previous returns. Taxpayers need to check whether there are any differences in the outward supplies between the books and that as per GST Returns. If any differences exist, then taxpayers need to rectify the same,...

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Posted Under: Custom Duty |

FM announces measures of Rs 73,000 crore to stimulate consumer spending

Release ID: 1663722 (12/10/2020)

Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted em...

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FM announces Stimulus to boost Demand in Economy: Highlights

(Release ID: 1663675 (12/10/2020)

Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given....

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How to fill ITR 3 from Tax Audit Report – An Analysis

In case of assessee who has to obtained and upload Audit Report under section 44AB of the Income Tax Act, 1961 has to file income Tax Return for the same previous year. As there are some information or data which are same in Income Tax Return and in Tax Audit Report. So assessee has to […]...

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Posted Under: Custom Duty |

Received Gift – Whether it is Taxable or Not?

Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as income from other sources. However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs). Thus, if gift is received by any Trust or A.O.P., then it is not liable to income tax as "income from other sources". The provision o...

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Posted Under: Custom Duty |

Salary – Tax Treatment of Gratuities

The word ‘Gratuity’, has not been defined in the Income-Tax Act, 1961(the Act). In the absence of any definition of ‘Gratuity’ in the Act, its meaning as provided in the dictionaries has to be referred to. The word ‘Gratuity’ has been variously defined in the Advanced Law Lexicon by P.R. Aiyar. The aforesaid definition is to b...

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Posted Under: Custom Duty |

Income Tax Search & Seizure Check facts before worrying

Under the Income Tax Act, the Search and Seizure operations are a carefully and secretly devised plan of action on the basis of authentic and bonafide information and material (something more than a rumor and gossip), which may be gathered on its own or given by some informer....

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Posted Under: Custom Duty |

Request to relax Penalty, ITC Rule 36(4) & HSN code compulsion

Representation for Waiver of Penalty under GST Law, relaxation of RULE 36 (Taxpayer can avail ITC (+10%) what is reflected in GSTR-2A)  and relaxation of requirement of 6 Digit HSN Code. ...

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Posted Under: Custom Duty |

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