The CBDT has vide Circular No. 16/2019 dated 7th August 2019 provided clarification with respect to assessment of Start up Companies involving application of section 56(2)(viib) of the Income-tax Act, 1961. The CBDT has made a clear demarcation of the inquiry or verification which can be made by the AO is cases relating to “complete scrutiny”” and “limited scrutiny”
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CBDT Accepts That Grant Of “Incentives” To CsIT(A) For Passing “Quality Orders” Is Improper
The CBDT has issued Office Memorandum dated 9th May 2019 in which it has fairly decided to accept the verdict of the Bombay High Court in Chamber of Tax Consultants v. CBDT (2019) 263 Taxman 551 that the policy of grant of “incentives” to CsIT(A) for making enhancement and levying penalty transgresses the exercise of quasi-judicial powers & is wholly impermissible and invalid u/s 119. The Court held that “Incentives” have the propensity to influence the CsIT(A) and they will be tempted to pass an order in a particular manner so as to achieve a greater target of disposal. The CBDT has withdrawn the credit already granted to the CsIT(A)
CBDT Circular Clarifies Law Reg Filling-Up Of ITR Forms For AY 2019-20
The CBDT has issued Circular No. 18 of 2019 dated 8th August, 2019 in which it has provided important clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20. The clarification is in the nature of questions and answers and cover a wide-ranging spectrum of issues. The circular is expected to clear doubts in the minds of taxpayers and tax professionals
CBDT Further Enhances Monetary Limits For Filing Appeals By Dept
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Posted in All Information, ITAT related, Others, Procedures/Guidelines, Supreme Court/High Court related
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The CBDT has vide Circular No. 17/2019 dated 8th August 2019 further enhanced the monetary limits for filing of appeals by the Department before the Income Tax Appellate Tribunal (ITAT), High Courts and SLPs/appeals before Supreme Court
Download The Finance (No. 2) Act, 2019
The Finance (No. 2) Act, 2019 received the assent of the President on the 1st August, 2019, and is now available for download
Imp CBDT Clarification Reg Disclosure Of Long-Term Capital Gain In Income Tax Return
The CBDT has issued an important clarification regarding the requirement to furnish scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii)
CBDT Demands 100% Disposal Of Appeals By CsIT(A)
The CBDT has sent the clear signal in the Central Action Plan 2019-20 that it will no longer tolerate the lethargy of CsIT(A) in the matter of disposal of appeals. It has pointed out that huge tax demands are locked up in these appeals. It has stipulated that 100% of appeals involving demands of Rs. 50 crore should be disposed off
Reduce Court Holidays To Improve Efficiency & Reduce Pendency Of 3.5 Cr Cases: Economic Survey 2019
The Economic Survey 2019 has identified several root causes for the mammoth pendency of 3.5 crore cases in Courts. It has offered valuable suggestions for improving efficiency, which includes reducing the number of holidays that the Courts merrily take at the cost of the poor litigant
Download Finance (No. 2) Bill 2019
The Finance (No. 2) Bill 2019 as presented in Parliament today is available for download
CBDT Circular Clarifies Taxability Of Non-Residents’ Income From Off-shore AIF Investments
The CBDT has vide Circular No. 14/2019 dated 3rd July 2019 provided important clarification regarding the taxability of income earned by non-resident
investors from off-shore investments routed through an Alternate Investment Fund
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