Certain misinformation is being circulated in Social Media pertaining to individual return filers. CBDT clarifies: During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19 Out of these, 1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to […]
Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than Rs. 2000 crore. Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered.
ICRICT: The OECD’s proposed reform will fail to generate meaningful additional tax revenue, especially for developing countries Today, the OECD has presented its impact analysis of its proposed reform to address the tax avoidance by multinational corporations. If ambitious enough, it could bring a significant change to century old international tax rules unfit for the […]
Educational Material on Indian Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance Ind AS 20 is to be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance. This Educational Material on Ind AS 20, Accounting for Government Grants and […]
Motor Vehicle tax as per Kerala Motor Vehicle Taxation Act, 1976 should be calculated only upon the purchase invoice value and not upon the value listed in the local web portal as assessee’s case did not fall in the 2nd proviso of the operative portion of Sec.2(e) of the Kerala Motor Vehicle Taxation Act, 1976.
Reopening of assessment was justified in case of EDPL as there were sufficient ‘reasons to believe’ that income had escaped assessment and the bar to reopening of proceedings after expiry of four years from the date of final assessment order, under the proviso, did not apply in assessee’s case and there was no requirement to issue two separate notices in the name of amalgamated company (i) as successor-in-interest of the amalgamating company and (ii) in its individual capacity as EDIPL had ceased to exist as a separate entity.
The performance of officers in respect of `Vivad Se Vishwas Scheme’ will be specifically commented upon by the Reporting and the Reviewing officers and shall be an important factor in determining their future postings.
The issue under consideration is whether additional court fees of 1% of the amount involved in the dispute leviable before filing of the appeals under GST Act is justified in law?
The Constitution (Amendment) Bill, 2020 (insertion of new article 47A) was introduced by Shri Anil Desai as Private Members’ Bill in Rajya Sabha on 7th February 2020. It says that The State shall promote small family norms by offering incentives in taxes, employment, education etc. to its people who keep their family limited to two […]
Tax Bar Association Jodhpur (Rajasthan) has made a Representation against Technical Glitches faced at GST Portal and Request for Extension of Due Date for GSTR 1 and GSTR 9/ GSTR 9C for Financial Year 2017-18. Tax Bar Association Jodhpur (Rajasthan) Date: 11/02/2020 To, The Commissioner, CGST, Central Goods And Services Tax, Jodhpur Hon’ble Sir, Greetings […]
