Category: Others

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.

The CBDT has issued a Press Release dated 26th September 2020 stating that there is no requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares

The Income Tax Department has launched the Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive &search matters, International tax and Black Money Act. The Gazette notification is available for download

Vodafone International Holdings BV had invoked Clause 9 of the Bilateral Investment Treaty (BIT) signed between India and the Netherlands to challenge the retrospective amendment to tax capital gains of Rs 22,100 crore. In a unanimous decision, the Permanent Court of Arbitration at The Hague has held that the retrospective demand was “in breach of the guarantee of fair and equitable treatment”. The court has also asked India not to pursue the tax demand any more against Vodafone Group

The ITAT has issued a directive dated 17th September 2020 stating that as several court functioning days of the ITAT have been lost in the year 2020 due to the ongoing pandemic situation and the nation-wide lockdown, the remaining period of the bench non-sitting days during the Calendar year 2020 may be treated as cancelled with immediate effect

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