The CBDT has vide Circular No.10 /2020 dated 24th April, 2020 stated that in view of the prevailing situation due to COVID-19 pandemic across the country, the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31 st March, 2021
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Month: April 2020
IRS Officers Propose Steep Hike In Taxes; CBDT Slams Them After Vehement Protests From Furious Taxpayers
Some eager-beaver IRS officers have landed themselves in hot water by circulating a document titled “FORCE 1.0” (Fiscal Options & Response to COVID-19 Epidemic). Essentially, the recommendations are that since there will be a loss of revenue due to the Covid-19 Pandemic, more taxes should be imposed on the taxpayers, especially the affluent category.
Bombay High Court To Forego Summer Vacation And Work Longer Hours To Compensate For Loss Due To Covid-19 Pandemic
The Bombay High Court has issued an important circular on the issue of availing Summer Vacation and increasing the working hours after the lock-down is lifted
Vivad Se Vishwas Scheme: CBDT Circular Provides Further Clarifications
The CBDT has vide Circular No. 9/2020 dated 22nd April 2020 provided important clarification to several queries raised by taxpayers in connection with the Vivad Se Vishwas Act, 2020
Vivad Se Vishwas: ITAT President Lauds Scheme, CBDT Chief Invites Suggestions For Improvement
At a video conference, Justice P. P. Bhatt lauded the Vivad-se-Vishwas scheme. He urged the stakeholders, more particularly, the tax practitioners, to take the task further in a mission mode, so that the system that is choked with the avoidable litigation could be relieved for concentrating on more meritorious issues, which have a bearing on the tax policies affecting the taxpayers on a large scale
CBDT Order Reg Issue Of Certificates For Lower Rate/ Nil Deduction Of TDS/ TCS U/s 195, 197 & 206C(9) Of Income-Tax Act
The CBDT has issued an Office Order dated 31st March 2020 u/s 119 of the Income-tax Act in which it has issued various directions and clarifications on the issue of certificates for lower rate/ nil deduction/collection of TDS or TCS u/s 195, 197 and 206C (9) considering the constraints of the Field Officers in disposing of the applications for lower or nil rate of TDS/ TCS and to mitigate hardships of payees and buyers /licensees /lessees
Download Ordinance Extending Various Time Limits Under The Taxation And Benami Acts
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts
ITAT Issues Order Reg Filing Of Appeals And Cross-Objections Before All Benches
Justice P. P. Bhatt, the Hon’ble President of the ITAT, has issued an Office Order dated 30th March 2020 on the subject of filing of appeals and cross-objections before all Benches of the ITAT
FAQs Reg RBI’s Decision To Allow Banks To Declare Moratorium On Term Loans
The Ministry of Finance has issued a press release dated 1st April 2020 answering several FAQs relating to the decision of the Reserve Bank of India to allow Banks to declare a three-month moratorium on all term loans outstanding
Clarification Of Finance Ministry Reg Extension Of The Financial Year
The Ministry of Finance has issued a clarification of the subject of extension of the financial year ended 31st March 2020
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