"22 October 2020" Archive

RTCA files writ in HC for Tax Audit Due date extension (Read Petition)

Rajasthan Tax Consultants Association  has filed a writ with Hon;ble Rajasthan High Court to direct the CBDT to decide the representation of the RTCA requesting extension  due date of filing of Tax Audit Report and Income-tax Return for the assessment year 2020-2021 till December 31, 2020. Relevant Text of the Petition is as follows:- T...

Appellate Authorities can accept Additional Claim under Section 54

Smt. Monika Jain Vs ITO (ITAT Delhi)

Smt. Monika Jain Vs ITO (ITAT Delhi) The issue under consideration is whether the additional claim (section 54 exemption Claim) will be allowed to be presented in front of appellate authorities? ITAT states that, the Assessing Officer has been barred from accepting any new claims, but no such bar has been imposed on the appellate [&hellip...

Amendment in Export Policy of Nitrile/NBR Gloves

Notification No. 42/2015-2020-DGFT 22/10/2020

Export policy of Nitrile/NBR Gloves exported under above mentioned HS Codes or any other HS Code is revised from Prohibited to Restricted category....

Changes in regulatory framework for Housing Finance Companies

RBI/2020-21/60 DOR.NBFC (HFC).CC.No.118/03.10.136/2020-21 22/10/2020

HFCs shall carry out securitization of standard assets and transfer of assets through direct assignment of cash flows and the underlying securities. In doing so, HFCs, among other things, shall conform to the minimum holding period (MHP) and minimum retention requirement (MRR) standards....

Digital Payment Transactions – Streamlining QR Code infrastructure

RBI/2020-21/59 DPSS.CO.PD.No.497/02.14.003/2020-21 22/10/2020

i. The two interoperable QR codes in existence – UPI QR and Bharat QR – shall continue as at present. ii.  Payment System Operators (PSOs) that use proprietary QR codes shall shift to one or more interoperable QR codes; the process of migration shall be completed by March 31, 2022. iii. No new proprietary QR codes shall henceforth be...

Graded relaxation in visa and travel restrictions

In view of the situation arising out of the COVID-19 pandemic, the Government of India had taken a series of steps to curtail the inward and outward movement of international passengers since February, 2020....

Posted Under: Income Tax |

Extend due date for filing Tax Audit Report & Return

All Odisha Tax Advocates Association (AOTAA) requested to consider the genuine difficulties of the Tax Payers and Tax Professionals and to extend the due date of filing of the Tax Audit Reports for the A.Y. 2020-2021 from 31st October, 2020 to 31st March, 2021 and for filing the income tax returns from 30th November, 2020 […]...

Posted Under: Income Tax | ,

Basics of Drafting Wills and Probate

What is a will? Will means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death. [S. 2(h)]...

Posted Under: Income Tax |

Scope of Fiduciary Duty of Directors: An Insight Into Regal (Hastings) Ltd. V Gulliver

Directors play an instrumental role in the functioning of the day to day affairs of the company. Directors are involved in certain key aspects of the management, and have a better understanding of the company’s affairs. This could also be misused in a way akin to them making secret profits or using such information for their personal be...

Posted Under: Income Tax |

Inclusion of tenancy period for computing indexed Long Term capital Gain

Jhonson Electric Company Limited Vs ITO (ITAT Surat)

Jhonson Electric Company Limited Vs ITO (ITAT Surat) Hon’ble Punjab & Haryana High Court in CIT Vs Ved Prakash & sons (HUF) (supra) held from the bare reading of section 2(42A), the word ‘owner’ has by design not been used by the Legislature. The word ‘held’ as per dictionary meaning means to possess, be ...

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