As the prompt and timely assessment of Bills of Entry and clearance of imported consignments are key objectives of Turant Customs, these issues have been examined and remedial measures have been identified. Accordingly, Board prescribes the following measures for Faceless Assessment:
Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted employees
Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given.
Tax Bar Association, Jodhpur has made a representation to Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance & Corporate Affairs & Request for Extension of due date for filing of Tax Audit reports, Transfer Pricing Audits and Income-tax returns – AY 2020-21 till 31St March 2021. Text of the representation is as follows:- Dated: 10/10/2020 […]
It has also been decided that the enhanced HTM limit shall be restored to 19.5 per cent in a phased manner, beginning from the quarter ending June 30, 2022, i.e. the excess SLR securities acquired by banks during the period September 1, 2020 to March 31, 2021 shall be progressively reduced such that the total SLR securities held in the HTM category as a percentage of the NDTL does not exceed:
In order to reduce the cost of credit for this segment consisting of individuals and small businesses (i.e. with turnover of upto ₹ 50 crore), and also to harmonise with the Basel guidelines, it has been decided that the above threshold limit of ₹ 5 crore for aggregated retail exposure to a counterparty shall stand increased to ₹ 7.5 crore from the date of this circular.
Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO after hearing the assessee, considered the turnover […]
Principal Chief Commissioner of Income-tax (International Taxation), Delhi, in supersession of this office order no. 1/2020 dated 29.05.2020 (F.No. Pr. CCIT(IT)/Delhi/Juris./Eq. Levy/2020-21137), hereby authorise the income-tax authority/authorities specified in Col No.(2) below and having their headquarters mentioned in Column (3) and working under supervision of Range Head mentioned in Column No. (4) and Commissioner of Income-tax mentioned in Column no. (5), shall have jurisdiction in respect of the assessees specified in Column (6) for the purpose of Chapter VIII of Finance Act, 2016.
The Income Tax Department, based on credible intelligence, conducted a search & seizure action on 08.10.2020 at Ahmedabad in the case of a group engaged in the businesses of real estate, construction and land trading. Search was conducted at 27 premises, which included offices and residences of some associates also.
Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020) This Flyer contains background information for importers and other stakeholders and seeks to provide guidance on compliance of CAROTAR, 2020, which have come into force w.e.f. 21.09.2020. 1. Free Trade Agreements (FTAs) 1.1 Trade agreements are integral part of a country’s trade […]
