CBDt amends Income Tax Notification No. 77/2019 dated:3rd October, 2019 vide Notification No. 108/2019-Income Tax, Dated: 31.12.2019 to Income-tax Officer (ReAC) (Verification Unit)-2(1)(2), Bengaluru instead of Income-tax Officer (ReAC) (Assessment Unit)-2(1)(2), Bengaluru as Income-tax Authority of Regional e-Assessment Centres (ReAC). MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the […]
WHAT IS TDS/TCS? In case of certain prescribed payment (e.g. interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax source (TDS) at prescribe rate. Payer is known as deductor and the payee, who receives the net payment is called the deductee. TCS is Tax Collected at Source by seller from […]
It has been decided that for Bills of Entry having ‘Country of Origin’ benefit, the importer/CB will get the same debited in advance from officer of RMS Facilitation Centre by submitting the hard copy of Bill of Entry alongwith the original copy of COO Certificate before registration of B/E and upload the debited COO certificate in e-sanchit.
Notification No. 38/2019-Customs– Seeks to amend Customs Tariff notifications No. 82/2017-Customs, dated the 27th October, 2017 so as to align them with amended Customs Tariff. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 38/2019-Customs New Delhi, the 30th December, 2019 G.S.R. 966(E). – In exercise of the powers conferred by sub-section (1) […]
Notification No. 37/2019-Customs– Seeks to amend Customs Tariff notifications No. 50/2017-Customs dated dated the 30th June, 2017 so as to align them with amended Customs Tariff. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 37/2019-Customs New Delhi, the 30th December, 2019 G.S.R. 965(E).- In exercise of the powers conferred by sub-section (1) […]
Notification No. 47/2019-Customs (ADD)– Seeks to amend Anti Dumping notifications issued under section 9A of the Customs Tariff Act,1975 (51 of 1975), read with rules 13, 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) so as to align them with amended […]
Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of India. They […]
Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 is been assented by Hon’ble president and has come into force with effect from 28th December, 2019. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th December, 2019 THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2019 No. 16 OF 2019 Promulgated by the President in the […]
The Union Budget of 2018-19 has changed the tax treatment of all equity and equity-oriented mutual funds. This change was by way of a 10% tax imposed on any long-term capital gain (LTCG) exceeding Rs 1 lakh a year. Equity mutual funds were exempt from the LTCG tax earlier. Hence, this change has been viewed by investors with some worry.
It is ordered that PAN of the applicant shall not be declared inoperative and the applicant would not be in default in any proceedings only for the reason that the permanent account number is not linked with Aadhaar or Aadhaar number is not quoted and the applicant shall not be subjected to the proviso to sub-section (2) of section 139AA of the Act till the judgment of the Supreme Court in the Rojer Mathew v. South Indian Bank Ltd. and others in Civil Application No.8588 of 2019 is delivered and available. Rule is made absolute accordingly to the aforesaid extent.
