Budget

FAQs: Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Excise Duty - Who is eligible to file declaration under SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:...

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Relief Measure: Sabka Vishwas (Legacy dispute Resolution) Scheme, 2019

Excise Duty - Dispute Resolution scheme came by Finance (No. 2) Act ‘2019 to give major relief to the taxpayers having unpaid outstanding liability as on 30-06-2019  with regards to Service Tax , Excise and under 26 other Indirect Tax enactments and Scheme is named as ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019′. Let summ...

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Important points of Taxation Laws (Amendment) Ordinance, 2019

Excise Duty - Important pointers of The Taxation Laws (Amendment) Ordinance, 2019 1) For existing Companies – (Whether Manufacturing or not) a. Rate of tax – 22% + applicable surcharge and cess b. Conditions – Have not availed any deduction under i. Additional allowance on scientific research, ii. Section 32AD, 32AB, 35CCC, 35CCD iii. Additional ...

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Applicability, Eligibility, Relief, Procedure of Sabka Vishwas Scheme

Excise Duty - Article explains Applicability of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, Eligibility for Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, Relief under the Scheme, Procedure to file forms under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and Status of cases/ appeal pending before the authorities. Sabka Vi...

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Sabka Vishwas Scheme: Effect And Analysis

Excise Duty - Any person can avail the benefits of Sabka Vishwas for any issue. The only qualifying criteria is the stage and pendency of case in terms of aforesaid rule. The meaning of ‘case’ under this rule is defined and it says:...

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E-Book on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Excise Duty - Free Updated E-Book on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 as on October 09, 2019 by Mr. Bimal Jain In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS, 2019 or the Scheme) to close the pending legacy disputes of Service Tax and Excise....

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Sabka Vishwas – Legacy Dispute Resolution Scheme notified ; to be operationalized from 1st September 2019

Excise Duty - Sabka Vishwas – Legacy Dispute Resolution Scheme notified ; to be operationalized from 1st September 2019 Government expects Scheme to be availed by large number of taxpayers for closing their pending disputes relating to legacy Service Tax and Central Excise cases. In the Union Budget 2019-20, the Hon’ble Finance Minister announc...

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7 Post Budget 2019 Suggestions by ICAI

Excise Duty - DIRECT TAXES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI POST-BUDGET MEMORANDUM – 2019 A. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government. 1.1 In this memorandum, we have suggested certain amendments to the prop...

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Amendments proposed in Finance (No. 2) Bill, 2019

Excise Duty - List No. 3′ LOK SABHA ——– FINANCE (NO.2) BILL, 2019 [As introduced in Lok Sabha] Notice of Amendments S.No Name of Member and text of Amendment Clause No. SMT. NIRMALA SITHARAMAN: 7 Page 6, for lines 47 to 49, substitute.- “(viii) income arising outside . India, being any sum of money referred to in sub-clau...

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Tax Deducted at Source under Section 194M of Income Tax Act, 1961

Excise Duty - As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individual or an HUF, to deduct TDS @5%, where they make payment which exceeds Rs. 50 lakh in a year to a contractor or to a professional. Any Person Other than Those who […]...

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Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

V. Venkata Siva Kumar Vs The Union of India (Madras High Court) - A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2017. Madras High Court has admitted the plea and issued notice to Finance Ministry.Section 271J of Income Tax imposed a penalty of Rs. 10,000 on Chartered Accountants fo...

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In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

ACIT Vs. M/s Vimlesh Industries Pvt. Ltd. (ITAT Delhi) - U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has the right to ask for the admission of additional evidence. If the CIT (A) exercises his powers u/s 250(4) to call for additional evidence, the AO need not be given an opp...

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019-5 Major Clarifications

Circular No. 1073/06/2019.CX - (29/10/2019) - Representations have also been received that the cases where appeals were filed after 30.06.2019 should also be allowed relief under the Scheme. It is stated that such cases are not covered per se. However, if a taxpayer withdraws the appeal and furnishes the undertaking to the department in terms o...

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Clarifications on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Circular No. 1072/05/2019-CX - (25/09/2019) - Only the persons who are eligible in terms of Section 125 can file a declaration under the Scheme. The eligibility conditions are captured in Form SVLDRS-1 (Sr. No. 8). The system automatically disallows persons who are not eligible from filing a declaration....

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Taxation Laws (Amendment) Ordinance, 2019

No 15 OF 2019 - (20/09/2019) - Taxation Laws (Amendment) Ordinance, 2019 amends Section 92BA, section 115BA Section 115JB, Section 115QA and Finance (No.2) Act, 2019. It also inserts section 115BAA - Tax on income of certain domestic companies and 115BAB- Tax on income of certain new domestic manufacturing companies....

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SVLDRS declarations to be handled by Designated Committees

SVLDRS Advisory No. 01/2019 - (30/08/2019) - As you may be aware. the `Sabka Vishwas Legacy Dispute Resolution Scheme’ will come into effect on 1st September 2019. There will be two Designated Committees in each Commissionerate to handle the declarations made under this scheme. DIRECTORATE GENERAL OF SYSTEMS & DATA MANAGEMENT CENTRAL...

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Circular on Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019

Circular No. 1071/4/2019-CX.8 - (27/08/2019) - Circular No. 1071/4/2019-CX.8 F. No. 267/78/2019/CX-8-Pt.III Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs Dated, the 27th August, 2019 To The Principal Chief Commissioners/ Chief Commissioners (All) The Principal Director Generals/ Direct...

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Recent Posts in "Budget"

FAQs: Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Who is eligible to file declaration under SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:...

Read More
Posted Under: Income Tax |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019-5 Major Clarifications

Circular No. 1073/06/2019.CX (29/10/2019)

Representations have also been received that the cases where appeals were filed after 30.06.2019 should also be allowed relief under the Scheme. It is stated that such cases are not covered per se. However, if a taxpayer withdraws the appeal and furnishes the undertaking to the department in terms of Para 2(viii) of Circular No. 1072/05/2...

Read More

E-Book on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Free Updated E-Book on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 as on October 09, 2019 by Mr. Bimal Jain In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS, 2019 or the Scheme) to close the pending legacy disputes of Service Tax and Excise....

Read More
Posted Under: Income Tax | ,

Clarifications on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Circular No. 1072/05/2019-CX (25/09/2019)

Only the persons who are eligible in terms of Section 125 can file a declaration under the Scheme. The eligibility conditions are captured in Form SVLDRS-1 (Sr. No. 8). The system automatically disallows persons who are not eligible from filing a declaration....

Read More

Relief Measure: Sabka Vishwas (Legacy dispute Resolution) Scheme, 2019

Dispute Resolution scheme came by Finance (No. 2) Act ‘2019 to give major relief to the taxpayers having unpaid outstanding liability as on 30-06-2019  with regards to Service Tax , Excise and under 26 other Indirect Tax enactments and Scheme is named as ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019′. Let summ...

Read More
Posted Under: Income Tax |

Important points of Taxation Laws (Amendment) Ordinance, 2019

Important pointers of The Taxation Laws (Amendment) Ordinance, 2019 1) For existing Companies – (Whether Manufacturing or not) a. Rate of tax – 22% + applicable surcharge and cess b. Conditions – Have not availed any deduction under i. Additional allowance on scientific research, ii. Section 32AD, 32AB, 35CCC, 35CCD iii. Additional ...

Read More
Posted Under: Income Tax |

Applicability, Eligibility, Relief, Procedure of Sabka Vishwas Scheme

Article explains Applicability of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, Eligibility for Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, Relief under the Scheme, Procedure to file forms under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and Status of cases/ appeal pending before the authorities. Sabka Vi...

Read More
Posted Under: Income Tax |

Taxation Laws (Amendment) Ordinance, 2019

No 15 OF 2019 (20/09/2019)

Taxation Laws (Amendment) Ordinance, 2019 amends Section 92BA, section 115BA Section 115JB, Section 115QA and Finance (No.2) Act, 2019. It also inserts section 115BAA - Tax on income of certain domestic companies and 115BAB- Tax on income of certain new domestic manufacturing companies....

Read More

Sabka Vishwas Scheme: Effect And Analysis

Any person can avail the benefits of Sabka Vishwas for any issue. The only qualifying criteria is the stage and pendency of case in terms of aforesaid rule. The meaning of ‘case’ under this rule is defined and it says:...

Read More
Posted Under: Income Tax |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS 2019)

In the Union Budget 2019-20, the Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1st September 2019 and it will continue till 31st December 2019....

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Posted Under: Income Tax |

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