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
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CBDT Transfer Pricing Notification U/s 92C(2) Of Tolerance Limit For ALP Determination
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
CBDT Notification Reg E-assessment Scheme, 2019
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
Tagged with: E-assessment Scheme 2019
CBDT Directive Reg Processing Of Returns U/s 143(1) Having Refund Claims
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
Prosecution Of Offenses: CBDT Fulfils PM’s Promise & Spares Petty Offenders From Prosecution
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
CBDT Circular Relaxes Time Limit For Filing Applications U/s 279 For Compounding Of Offenses
The CBDT has vide Circular No. 25/2019 dated 09.09.2019 relaxed, as a one-time measure, the time limit for filing compounding applications. The relaxation has been granted with a view to mitigate unintended hardship to taxpayers in deserving cases and to reduce the pendency of existing prosecution cases before the courts
CBDT Excludes Bogus Penny Stocks Scam Cases From Benefit Of Low-Tax Effect Circular
The CBDT has vide Circular No. 23 of 2019 dated 6th September 2019 stated that cases where organised tax-evasion scam is noticed through bogus Long-Term Capital Gain (LTCG)/Short Term Capital Loss (STCL) on penny stocks will be excluded from the benefit of the enhanced monetary limits stipulated in Circular no. 17 of 2019 dated 08.08.2019. The CBDT may by way of special order direct filing of appeal on merit in cases involved in organised tax evasion activity
CBDT Issues Guidelines For Manual Selection Of Returns For Complete Scrutiny During FY 2019-20
The CBDT has vide directive dated 5th September, 2019 specified the guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20
CBDT Modifies System For Approval Of Applications U/s 197 For Low TDS U/s 195
The CBDT has vide Office Memorandum dated 2nd September, 2019 specified a modification in the new system of approval in respect of application under section 197 of Income Tax Act
CBDT Consolidated Circular Clarifies Law On Assessment Of Startups U/s 56(2)(viib) Of Income-tax Act & Recovery Of Demand
The CBDT has issued Circular No. 22/2019 dated 30th August, 2019 by which it has provided clarity on several aspects relating to the assessment of startups under section 56(2)(viib) of the Income-tax Act, 1961 and the recovery of demand therefrom. The Circular is said to be a consolidated one and is intended to provide a hassle-free tax environment to the Startups as promised by the Hon’ble Finance Minister
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