Category: Others

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

The ongoing reforms aim at making the tax system Seamless, Painless, Faceless. The Seamless system works to resolve the problems of a taxpayer instead of entangling him further. Under the Faceless system, there is no need for direct contact between the Taxpayer and the Income Tax Officer in all matters of scrutiny, notice, survey or assessment. The Taxpayers Charter is a significant step where the taxpayer is now assured of fair, courteous and rational behavior. The charter takes care of maintaining the dignity and sensitivity of the taxpayer and that is based on a trust factor and that the assessee cannot be merely doubted without a basis

The CBDT has issued an order, dated 13th August 2020 under section 119 of the Income-tax Act, 1961, stating that all assessment orders shall be passed by the National eAssessment Centre through the Faceless Assessment Scheme, 2019 subject to certain exceptions. It is also stated that any assessment order which is not in conformity with this shall be treated as non-est and shall be deemed to have never been passed

15th July 2020 marked the 84th birthday of Advocate Shri V.H.Patil (Born on July 15, 1937) who is one of the eminent tax counsel, known for professional ethics and integrity. Shri V. H. Patil is mentor for many professionals, hence the new energetic Membership & Public Relations Committee of Chamber of Tax Consultants (CTC chaired by CA Nishtha Pandya with Co-Chairman, CA Premal Gandhi arranged a virtual panel discussion on the subject of “Ethical Challenges faced by Professionals in today’s world”

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, the CBDT has extended the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020, vide Notification dated 29th July, 2020

The Ministry of Finance has issued a Notification dated 24th June, 2020 granting extension of various time limits under Direct Tax & Benami laws in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19)

The prolonged lockdown and closure of Courts and Tribunals has had a debilitating impact on lawyers. They have been driven to penury and are forced to travel with migrant labour in a desperate bid to get to their hometowns

The Comprehensive Digest of Case Laws, CBDT Circulars and articles, relating to the period from January 2019 to December 2019, is available for download. The Digest contains more than 2100 cases reported in various case-law reports such as ITR, Taxman, CTR, etc) as well as other journals, magazines etc. The cases are digested in the descending order i.e. Supreme Court, High Courts, Tribunal and Authority for Advance Rulings. It is notable that more than 100 judgements in the Digest are not yet reported by the leading journals

The Income tax Appellate Tribunal (ITAT) organized a virtual All India full Court reference on March 29, 2020 to honour Late Former Hon’ble President Mr. Vimal Gandhi who left for his heavenly abode on May 24, 2020

The CBDT has issued a press release regarding the reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)