E-INVOICE SANDBOX SYSTEM (Testing tool for development of e-Invoice APIs) E-Invoice Sandbox System https://einv-apisandbox.nic.in provides the essential information for developers to integrate the e-Invoicing operations exposed by NIC-IRP through APIs with their respective ERPs and financial accounting systems. The home page is accessible from anywhere without any login and provides complete information on the APIs […]
CIT Vs Archean Granites Private Ltd. (Madras High Court) The purpose of the amendment made by the Finance Act, 2010 is to solve the anomalies that the insertion of section 40(a)(ia) was causing to the bona fide tax payer. The amendment, even if not given operation retrospectively, may not materially be of consequence to the […]
Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA) released the ‘Report of the Committee on Business Responsibility Reporting (BRR)’ here today.
The CBDT has carried out several major tax reforms in direct taxes in the recent years. Last year the Corporate Tax rates were reduced from 30 percent to 22 percent and for new manufacturing units the rates were reduced to 15 percent. Dividend distribution Tax was also abolished.
India allows manufacturing and other operations in a bonded manufacturing facility With the Government’s continuous efforts to promote India as the manufacturing hub globally and the commitment towards ease of doing business, another initiative in this direction by the Central Board of Indirect Taxes (CBIC) is allowing import of raw materials and capital goods without payment […]
In order to improve the efficiency, transparency and integrity of the asset classification process, it has been decided to implement system-based asset classification in urban co-operative banks (UCBs).
Rajasthan High Court Grants Interim Relief to J.K. Lakshmi Cement Ltd. From Being Exposed To High Tax Demand Under Rajasthan VAT Act And Central Sales Tax Act.
Mahindra & Mahindra Ltd. Vs Addl. CIT (ITAT Mumbai) The assessing officer disallowed the premium paid on FCCB holding that being capital and contingent. The learned CIT(A) allow relief to the assessee by following the decision of tribunal in earlier years. We have seen that the coordinate bench of Tribunal in assessee’s own case for […]
In view the hardships being faced by the taxpayers in coping with the challenges posed by COVID 19 pandemic, it is important that the concerned officers of the Income Tax Department recognize the same and are sensitive to it. Therefore, as far as possible, the communications should be made electronically and social distancing norms should be followed, without diluting the significance of the proceedings.
CBIC amends No. 39/2015-Customs (ADD) dated 12th August, 2015 to extend the levy of Anti-dumping Duty (ADD) on flax fabrics imported from China and Hong Kong for a period of 3 months vide Notification No. 23/2020-Customs (ADD) dated 11th August, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 23/2020-Customs (ADD) New […]
