The Hon. Finance Minister in her budget speech has announced several reforms under the Income Tax. Major Changes Note: The Central Board of Direct Taxes (CBDT) on Monday further extended the due date for filing declaration under the ‘Vivad Se Vishwas’ (VSV) scheme till February 28, 2021. As per a CBDT’s notification, the date for payment of tax without additional […]
Important Statutory Developments Important Judicial Precedents
The concept and implementation of e-appeal mechanism is a welcome move as it would not only curb corrupt practices as intended but also reduce the time and cost for getting justice. The Faceless Appeal Scheme, 2020 provides discretionary video-call hearing in selected cases where the tax authority feels that issues are complex. Considering that the right to decide which case […]
Finance Act, 2020 amended provisions relating to TCS w.e.f. 1-10-20. On 29.9.20, CBDT issued guidelines for its implementation and on 30.9.20, CBDT issued a press release clarifying its applicability. In a nutshell, following may be summarized:- TCS shall be applicable only on the receipt exceeding Rs. 50 lakh by a seller from a particular buyer. TCS is made applicable to […]
Recently, the Prime Minister of India launched the ‘Transparent Taxation – Honoring the Honest’ platform to honour the honest taxpayers of the country. The key highlights of the Transparent Taxation Platform are faceless assessment, faceless appeal and taxpayer charter. The aim of a faceless system is to eliminate bribery and corruption so that the justice be available to all taxpayers equitably, whether […]
The government has taken various measures to facilitate compliance by the taxpayers. In July 2020 alone, the government has taken following measures:- On the other hand, in July 2020 only, the CBDT has signed various MOU’s with various organizations like SEBI, CBIC and MSME Ministry for automatic and regular exchange of information to catch hold of any non-compliances or misreporting […]
The government vide notification dated June 24 2020 has extended the time limits of various tax-compliances. This is aimed to provide further relief to the individuals due to ongoing corona virus pandemic. The benefits/extensions include:- For FY 18-19, ITR can be filed up to 31.7.20. For FY 19-20 Important Statutory developments Important Judicial Precedents
CBDT has notified new Income Tax Return (ITR) forms for the Assessment Year 2020-21. New additional columns and schedules have been introduced by CBDT in the recently notified ITR Forms. These new data requirements are designed to capture new essential tax information. Some of these changes are a direct result of the Income tax act amendments made through the Finance […]
Due to travel restrictions on account of Coronavirus pandemic, those on foreign work tours cannot commute back to the country of their residence. Determining the tax residence of the stranded individuals/employees is questionable. Further, adding fuel to the fire, the Indian government has made the norms for determining the tax residency of individuals much more stringent for this FY 19-20. […]