Category: Others

Updated: 16th December 2020: itatonline.org had requested a panel of experts to answers to queries arising on Vivad Se Viswas Scheme to assist the tax consultants and tax payers. The forum received more than 300 queries which have been answered by the panel of experts consisting of Dr. K. Shivaram, Senior Advocate, CA. Rajan Vora and CA Pradeep Kapasi. For the benefit of the Tax professionals and tax payers, the important queries and answers in a tabular from.

The said publication is edited by Dr. K. Shivaram, Senior Advocate, and authored by Mr. Ajay R.Singh, Advocate, Bombay High Court who is one of the leading Tax Counsel in the field of Direct Taxes who has more than 20 years of experience

The CBDT has vide Circular No. 21/2020 dated 4th December 2020 provided clarifications to several important queries which were raised by tax professionals and taxpayers. The clarifications are in the form of answers to frequently asked questions (FAQs) on issues and will prove to be immensely useful for all taxpayers desirous of settling their pending income tax litigation

Field Court Tax Chambers are delighted to announce that Mr Kaka has been called to the Bar of England & Wales in a virtual ceremony conducted by Gray’s Inn

The Income-tax Department has stated that under the Vivad Se Vishwas Scheme, 45,855 declarations have been filed in Form-1 upto 17th November,2020. Disputes amounting to about Rs. 1,31,929 crore have been settled & total amount of about Rs. 72,480 crore has been paid by taxpayers & CPSUs under the Scheme till date

The Ministry of Finance has issued a press release dated 24th October 2020 stating that in view of constraints being faced by taxpayers due to COVID-19, the due dates for various compliances for FY 2019-20 has been extended

The Finance Ministry and the CBDT, which had earlier shown a spark of efficiency and pro-activeness, appear to have gone back to their usual ways of turning a blind eye, and maintaining an indifferent attitude, to matters concerning taxpayers. Though the deadline for filing the Tax Audit Report and Income Tax Return for the Assessment year 2020-21 is fast approaching and the Country is still under severe stress due to Covid-19, the authorities have not yet issued any extension order. Naturally, this sorry state of affairs has aroused the ire of leading professional associations like The Chamber of Tax Consultants and The Rajasthan Tax Consultants

The AIFTP and other leading professional organizations have issued a publication containing 151 land Mark judgements of the Hon’ble Supreme Court of India. The judgements cover Direct taxes, Indirect taxes and Allied laws. A pdf copy of the publication is available for download

The CBDT has vide Circular No. 17 of 2020 dated 29th September, 2020 issued Guidelines under section 194-0 (4) and section 206C (1-1) of the Income-tax Act, 1961

The Companies (Amendment) Act, 2020 received the assent of the President on the 28th September, 2020 and is now available for download.