In the light of the Covid pandemic, the reporting and disclosure requirement towards the international transactions is challenging for the members of Institute of chartered accountants of India (ICAI). The ICAI through its Committee on International Taxation has been issuing guidance for its members in respect of Report under Section 92E of the Income-tax Act, 1961. The Committee has brought out the eighth edition of this Guidance Note in which all the amendments made upto Finance Act, 2020 have been incorporated

The ongoing reforms aim at making the tax system Seamless, Painless, Faceless. The Seamless system works to resolve the problems of a taxpayer instead of entangling him further. Under the Faceless system, there is no need for direct contact between the Taxpayer and the Income Tax Officer in all matters of scrutiny, notice, survey or assessment. The Taxpayers Charter is a significant step where the taxpayer is now assured of fair, courteous and rational behavior. The charter takes care of maintaining the dignity and sensitivity of the taxpayer and that is based on a trust factor and that the assessee cannot be merely doubted without a basis

The CBDT has issued an order, dated 13th August 2020 under section 119 of the Income-tax Act, 1961, stating that all assessment orders shall be passed by the National eAssessment Centre through the Faceless Assessment Scheme, 2019 subject to certain exceptions. It is also stated that any assessment order which is not in conformity with this shall be treated as non-est and shall be deemed to have never been passed

15th July 2020 marked the 84th birthday of Advocate Shri V.H.Patil (Born on July 15, 1937) who is one of the eminent tax counsel, known for professional ethics and integrity. Shri V. H. Patil is mentor for many professionals, hence the new energetic Membership & Public Relations Committee of Chamber of Tax Consultants (CTC chaired by CA Nishtha Pandya with Co-Chairman, CA Premal Gandhi arranged a virtual panel discussion on the subject of “Ethical Challenges faced by Professionals in today’s world”