Category: Others

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.

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