Category: Others

The Ministry of Finance has issued a Notification dated 24th June, 2020 granting extension of various time limits under Direct Tax & Benami laws in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19)

The prolonged lockdown and closure of Courts and Tribunals has had a debilitating impact on lawyers. They have been driven to penury and are forced to travel with migrant labour in a desperate bid to get to their hometowns

The Comprehensive Digest of Case Laws, CBDT Circulars and articles, relating to the period from January 2019 to December 2019, is available for download. The Digest contains more than 2100 cases reported in various case-law reports such as ITR, Taxman, CTR, etc) as well as other journals, magazines etc. The cases are digested in the descending order i.e. Supreme Court, High Courts, Tribunal and Authority for Advance Rulings. It is notable that more than 100 judgements in the Digest are not yet reported by the leading journals

The Income tax Appellate Tribunal (ITAT) organized a virtual All India full Court reference on March 29, 2020 to honour Late Former Hon’ble President Mr. Vimal Gandhi who left for his heavenly abode on May 24, 2020

The CBDT has issued a press release regarding the reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)

Six eminent senior Advocates of the Bombay High Court, being Iqbal Chagla, Janak Dwarkadas, Fedun E De Vitre, Navroz Seervai, Darius Khambata and M P Bharucha, are planning to meet Chief Justice, Dipankar Datta to request that physical hearings with regular court working days and timings be resumed

The CBDT has vide Circular 11 of 2020 dated 8th May 2020 provided important clarification on the issue of determining the residential status of persons who have been compelled to prolong their stay in India owing to the outbreak of the CoronaVirus and the suspension of international flights

The adverse economic effects of CoronaVirus is being felt by everyone. CA and Law Firms have tightened their seat belts with a view to preparing for the contraction in demand for professional services

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

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.