Month: September 2019

The CBDT has vide order under Section 119 of the Income-tax Act, 1961 dated 27th September 2019 extended the ‘due-date’ for filing income-tax returns and tax audit report for AY 2019-20 from 30th September, 2019 to 31st October, 2019. However, there is no extension of the due date for purpose of Explanation 1 to section 234A (interest for defaults in furnishing return) of the Act and the assessees remain liable for payment of interest as per section 234A of the Act

Shri Venkaiah Naidu, the Hon’ble Vice President, has sought splitting of Supreme Court and setting up Regional Benches. He has suggested major reforms to ensure timely, cost effective justice delivery. He has also asked the Judiciary and the Government to quickly fill up vacant posts of judges. He has also favoured Standard Operating Procedures with caps on number of adjournments and time limit for disposal of cases

The Central Board of Direct Taxes (CBDT) has compulsorily retired yet another 15 very senior officers of the rank of Pr. CIT, CIT, JCIT, Addl CIT, ACIT today under Fundamental Rule 56 (J) in public interest, due to corruption and other charges and CBI traps

The CBDT has vide Circular No 27/ 2019 dated 26th of September, 2019 issued directives regarding the conduct of assessment proceedings through ‘E-Proceeding’ facility during financial year 2019-20

The CBDT has vide Circular No. 28 of 2019 dated 27th September 2019 issued a clarification on delay in filing of Form no. 10B for AY 2016-17 and AY 2017-18

Government brings in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act,1961 and the Finance (No. 2) Act 2019 effective from Financial Year 2019-20

The CBDT has vide Notification dated 13th September, 2019 provided for tolerance range of one per cent for wholesale trading and three per cent in all other cases for assessment year 2019-20 under the third proviso to section 92C(2) of the Income-tax Act, 1961 read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962

The CBDT has vide Notification dated 12th September, 2019 brought into force the much awaited E-assessment Scheme, 2019. The objective of the scheme is to curb corruption by making tax filing and their review faceless. The e-assessment scheme makes it mandatory for all communication between tax department and taxpayers to be done online

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The Directorate of Income-tax (Systems) has issued an important directive dated 12.09.2019 on the subject of functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons

The CBDT has vide Circular No. 24/2019 dated 09.09.2019 specified the procedure for identification and processing of cases for prosecution under Direct Tax Laws. The CBDT has specified detailed criteria to ensure that only deserving cases get prosecuted. The objective is to ensure that while habitual defaulters are not spared, casual offenders where the amounts involved is less than Rs. 25 lakh are not harassed