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Income Tax Department carries out searches in Srinagar & Kupwara
Ministry of FinancePosted On: 02 SEP 2020The Income Tax Department has carried out simultaneous search and seizure operations on 2nd September, 2020 in the case of three prominent businessmen in Srina...
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ITR Filing Compliance Check Functionality for Scheduled Commercial Banks
Ministry of FinanceCBDT provides ITR Filing Compliance Check Functionality for Scheduled Commercial BanksPosted On: 02 SEP 2020Central Board of Direct Taxes in exercise of powers conferred under secti...
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Faceless E-Assessment Scheme is a vaccine for direct tax administration
Ministry of FinanceFaceless –E-Assessment Scheme will provide Ease of Doing Business to taxpayers: Principal Chief Commissioner (Income Tax), MumbaiFaceless E-Assessment Scheme is a ‘vaccine’ for dire...
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Opportunity to taxpayers before finalizing of Assessment
Ministry of FinanceProviding Ease of Tax Compliance and Opportunity to taxpayers before finalizing of Assessment Order are the core features of Faceless Assessment Scheme, a right step towards Minimum...
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Faceless Tax Assessment System is designed for 21st century
Ministry of FinanceA National e-Assessment Centre will be set up to implement Faceless Assessment: Principal Chief Commissioner of Income Tax, MumbaiMumbai, 26 August 2020A National e-Assessment Centr...
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Valuers registered with IBBI under MCA Rules can only be appointed as IP
The DC further finds that despite the IBBI Circular No. IBBI Circular IBBI/RV/019/2018 dated 17th October 2018 (which came into effect from 1st February 2019) which clearly states that no person other...
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CBDT to share information with Scheduled Commercial Banks
Order under section 138 of the Income-tax Act,1961 directing Principal Director General of Income-tax (Systems), New Delhi for sharing information on ‘IT Return filing Status’ of with Scheduled Commer...
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Tenure of CBDT Chairman P. C. Mody extended till 28.02.2021
F.No.A.12026/9/2020-AD-IGovernment of IndiaMinistry of FinanceDepartment of RevenueNew Delhi, the 31st August, 2020OFFICE ORDER No. 164/2020The President of India is pleased to extend the re-employmen...
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One Time relaxation of tax-returns pending due to non-filing of ITR-V
One Time Relaxation of tax-returns for AY’s 15-16,16-17,17-18,18-19 and 19-20 which are pending due to non -filing of ITR-V form and processing of such returnsIt has been brought to the notice of Cent...
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Withdraw New Income Tax TCS provisions
Ahilya Chamber of Commerce and IndustryDate : 31st August 2020Smt. Nirmala Sitaraman,Minister of Finance,Government of India,NEW DELHI.Respected Madam,PROVISION OF TCSWe wish to submit that the provis...
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Form 26QD notified by CBDT for section 194M TDS payment
Recently introduced Section 194M of Income tax Act, making it mandatory for Individual & HUF to deduct 5% TDS on prescribed paymentsAs per Section 194 M An Individual or HUF has to deduct TDS other th...
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Income Tax Exemption to Owners of Unauthorized Colonies In Delhi
Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now get Income Tax Exemption even if they have purchased land or house at rat...
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Differences between current & Faceless Assessment scheme
Article explains Differences between current scheme & Faceless Assessment scheme, Constitution of ReACS, Consequences of No Response by Taxpayer and Functions of each of Assessment Unit, Verification...
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ICAI to Issue Forensic Accounting & Investigation Standards
ICAI Press ReleaseICAI TO ISSUE FORENSIC ACCOUNTING & INVESTIGATION STANDARDSWith an increasing number of Accounting, Financial and Loan irregularities, there is a pressing need of Forensic Accounting...
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Exposure Drafts of Forensic Accounting & Investigation Standards
Invitation of Comments on Exposure Drafts of Forensic Accounting and Investigation Standards (FAIS) – (01-09-2020)The Institute of Chartered Accountants of India The Digital Accounting Assurance Board...
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ICAI to Issue Forensic Accounting & Investigation Standards
ICAI Press ReleaseICAI TO ISSUE FORENSIC ACCOUNTING & INVESTIGATION STANDARDSWith an increasing number of Accounting, Financial and Loan irregularities, there is a pressing need of Forensic Accounting...
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CSI UDIN and eCSIN Guidelines
THE INSTITUTE OF company Secretaries of IndiaMCA: AugustShri Rajesh Verma. IASSecretaryMinistry of Corporate AffairsGovernment of IndiaDr. Rajendra Prasad Road,Shastri Bhawan.New Delhi – 110 001Subjec...
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Amend Rule 8A of Whole-Time Company Secretary Appointment: ICSI
Institute of Company Secretary of India PD: MCA/AugustShri Rajesh Verma, IASMinistry of’ Corporate AffairsGovernment or IndiaDr. Rajendra Prasad RoadShastri Bhawan.New Delhi 110 001Subject: Companies...
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Conceptual Framework for Financial Reporting under Ind AS
Accounting Standards BoardThe Institute of Chartered Accountants of India28th August, 2020ANNOUNCEMENTConceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) applicable...
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Updated Ind AS related Guidance material
Accounting Standards BoardThe Institute of Chartered Accountants of India27th August, 2020ANNOUNCEMENTHosting of updated Ind AS related Guidance material on ICAI websiteInd ASs notified by the Ministr...