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Rule 114AAA: PAN to become inoperative on failure to furnish Aadhaar
CBDT notifies Income Tax Rule 114AAA prescribing that permanent account number (PAN) will become inoperative if a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to i...
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Forms for exercise of Lower Income Tax rate option for Companies released
Section 115BAA deals New tax rate for domestic companies and Section 115BAB deals with Corporate tax rate for new manufacturing companies for Financial Year 2019-20 onwards. Now CBDT has released FORM...
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CJMs of UT of J&K Designated as Special Court under Black Money law
CBDT designates Courts of Chief Judicial Magistrates (CJM) of the Union Territory of Jammu and Kashmir (UT of J&K) as Special Courts for the purposes of section 280A of the Income tax Act, 1961 and se...
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FASTag to be available free of charge for 15 days
In order to further increase digital collection of user fee via FASTag at NH fee plazas, National Highways Authority of India (NHAI) has decided to waive off the FASTag cost of Rs.100/- for NHAI FASTa...
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ICAI shares Strategic Areas for Action for the year 2020-21
The Institute of Chartered Accountants of India (ICAI) elected its new President CA. Atul Kumar Gupta & Vice-President CA. Nihar Niranjan Jambusaria on February 12, 2020. The new President & Vice-Pres...
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Guide to CA Certificates in GST
ICAI release Guide to CA Certificates in GST which contains Format of Certificate under Section 18(1)(a), Section 18(1)(b), Section 18(1)(c), Section 18(1)(d), Section 18(3), Section 54 and Section 29...
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ICAI to provide free Accounting Software for CA & CA Firms in association with Hostbooks
Gurgaon based FinTech Company HostBooks has signed a Memorandum of Understanding (MoU) with The Institute of Chartered Accountants of India (ICAI), the national professional accounting body to encoura...
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Facts related to filing of Annual Return (GSTR-9 & 9C) for year 2017-18
Facts related to filing of Annual Return (GSTR-9 & 9C) for the year 2017-18 (Status as on 12th Feb 2020)CategoryNo. ofTaxpayers% ageTaxpayers who are mandated to file GSTR-912.42 lakhs-‑Out of 12.42 l...
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DGGI busts firm for making bogus ITC invoices of more than Rs 268 crores
The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Nitin Jain, resident of Sonepat, Haryana, proprietor of M/s Shiv Trade Incorporation, Delhi, f...
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SPICE+ New Company Incorporation form with Bouquet of Services
REDUCE COST AND TIMEEASE OF DOING BUSINESSA Bouquet of Services with SPICE+ :-> Incorporation> DIN allotment> Issue of PAN> Issue of TAN> Issue of EPF, ESI Number> Allotment of GSTN (If selected)> Man...
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Cabinet approves amendment in DTAA with Sri Lanka
Cabinet approves protocol amending the Agreement between India and Sri Lanka for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on incomeThe Union Cabinet, cha...
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Budget 2020: Charitable Institution
What’s in there for the Donee (Charitable Institute)? > Introduction to renewal of registration under section 12AA, 10(23C) and 80GBackgroundBudget 2020 AnnouncementImpactAs per current law, the regis...
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Vivad Se Vishwas Scheme- An important factor in determining future postings
Government of IndiaMinistry of FinanceDepartment of Revenue[Central Board of Direct Taxes]New Delhi the 13th February, 2020OFFICE MEMORANDUMSub: Performance of Pr. Chief Commissioners of Income Tax in...
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CBDT clarifies on misinformation pertaining to individual return filers
Certain misinformation is being circulated in Social Media pertaining to individual return filers. CBDT clarifies: During the current financial year, 5.78 crore individuals filed returns disclosing in...
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Income Tax Dept detects unaccounted income of more than Rs. 2000 crore
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 13th February, 2020PRESS RELEASESearches conducted by the Income Tax Department lead to detection of...
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Vivad Se Vishwas– Settlement of litigation(s)
The Proposed Scheme aims to settle the unresolved issues pertaining to Direct Tax regime, i.e. Income Tax Act, 1961. The FM during her speech said that “Currently there are 4,83,000 direct tax cases p...
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Constitution (Amendment) Bill 2020- Small family definition to be of two children
The Constitution (Amendment) Bill, 2020 (insertion of new article 47A) was introduced by Shri Anil Desai as Private Members’ Bill in Rajya Sabha on 7th February 2020. It says that The State shall prom...
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MCA initiatives to reduce cost of compliance by companies
Ministry of Corporate AffairsReduction of cost of compliance for companiesPosted On: 11 FEB 2020 6:01PM by PIB DelhiThe Ministry of Corporate Affairs (MCA) administers Companies Act/ Limited Liability...
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CBDT notifies ‘Pr. DGIT (System)’ as Income-tax authority to furnish info to SEBI
CBDT notifies that the Principal Director General of Income-tax (Systems), New Delhi for furnishing information respecting assessees to Securities and Exchange Board of India(‘SEBI’).F.No. 225/297/201...
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Budget 2020- ICAI Analysis of Tax Proposals related to International Taxation
Tax proposals- International Taxation 1. Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund [Section 10(23FE)]Exemption propo...