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HC quashes SVLDRS-3 communication during Lokdown without proper hearing

July 6, 2020 939 Views 0 comment Print

HC granted Fresh Hearing for the Taxpayer who are Unable to Attend the Hearing due to Lockdown

ITAT explains Reasons for delay in pronouncement of order during Lockdown

July 6, 2020 2214 Views 0 comment Print

ITO Vs Adul Kayum Ahmed Mohd. tamboli (ITAT Mumbai) The hearing of the matter was concluded on 19/02/2020 and in terms of Rule 34(5) of Income Tax (Appellate Tribunal) Rules, 1963, the matter was required to be pronounced within a total period of 90 days. As per sub-clause (c) of Rule 34(5), every endeavor was […]

If Registered with GST Liable to file GST Return despite Not Liable to Pay GST

July 6, 2020 12309 Views 0 comment Print

The present writ petition is based on the facts that owing to the advent of the new GST regime in case petitioner who is registered with GST is of the view that, is not liable to pay tax for these period need not file GST returns showing nil, but the provisions of the Act envisages requirement of filing returns.

Upsurge in E-way bills signals to green shoots in economy

July 5, 2020 3738 Views 0 comment Print

More than 4.27 crore E-Way Bills generated in June 2020 against average of 5.3 cr per month of pre-COVID period. Value of E-way bills generated in June is close to pre-lockdown figures. Unlock 2.0 set to witness a further surge. New Delhi, 5thJuly 2020: E-way bill generation data, one of the prominent indicators of economic […]

Practical Aspects in Income Tax Scrutiny proceedings

July 5, 2020 30676 Views 4 comments Print

Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence.

Extend due date for filing under Regulation 24A of LODR Regulations

July 5, 2020 1284 Views 0 comment Print

Company Secretaries in Practice are also facing same difficulties in the issuance of the Annual Secretarial Compliance Report as been faced by the Auditors due to continuing lockdown in the Country particularly in the State of Tamilnadu, location of the listed companies, its subsidiaries and associates in containment zones and other operational challenges i n the audit process due to the COVID-19 pandemic.

CPC (TDS) Information Security Advisory to Tax Deductors

July 5, 2020 18187 Views 0 comment Print

Your User ID and Password are the most sensitive information, misuse of which can lead to tampering of confidential TDS related information, your own sensitive data and Deductee related confidential information.

RBI extends FLA 2020 due date to 31st July 2020

July 4, 2020 24519 Views 3 comments Print

Submission of annual return on FLA through the web-based FLAIR portal for financial year 2019-20 has been started. Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and they can file FLA return. However, the entities which have […]

ICAI cancels May 2020 Exams & merged with November 2020

July 4, 2020 13686 Views 5 comments Print

ICAI has decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations, with due carryover of all benefits already available to students including fee paid and exemptions.

Educational Loan cannot be rejected for Unsatisfactory Credit Scores of parents

July 3, 2020 4251 Views 1 comment Print

In the present case, the education loan application had been declined on the ground that the CIBIL report of the petitioner’s father showed that there was a default in a commercial vehicle loan availed by him.

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