Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of sale of goods or provision of service or both,
This report contains significant results of the performance audit on Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS), which was conducted to seek an assurance on the success of facilitation measures introduced for simplifying the process of issuance of scrips and to examine effective linkage of rules and procedures of the Schemes in Directorate General of foreign Trade (DGFT) Electronic Data interchange (EDI) system.
Clarification with regard to creation of deposit repayment reserve of 20% u/s. 73 (2) (C) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 – COVID-19 – Extension of time-regarding. General Circular No. 34/2020 File No.02/08/2020-CL-V Government of India Ministry […]
Maansarovar Motors Private Ltd. Vs Assistant Commissioner (Madras High Court) Conclusion: Every person who is liable to pay tax in terms of the Act shall remit the tax either in cash or by way of adjustment of credit available in the Input Tax Credit (ITC) register. Where delay is made in remitting the tax, no […]
Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him.
ICAI has reported an increase of 37% in demand for newly qualified CAs for employment in industry through its campus placement programme concluded recently.
The issue under consideration is whether the best judgement assessment can be set aside by filing revised return beyond specified time period?
The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?
Examination Department The Institute of Chartered Accountants of India 27th September, 2020 IMPORTANT ANNOUNCEMENT The Election Commission of India through its press conference held on 25th September 2020 has announced Schedule of General Election to the Legislative Assembly of the State of Bihar whereby election to the State of Bihar is to be held on […]
Parliament received the assent of the President to Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 on the 29th September, 2020 and unless otherwise provided, it shall be deemed to have come into force on the 31st day of March, 2020.
