The Companies (Amendment) Act, 2020 received the assent of the President on the 28th September, 2020 and is now available for download.
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Imp CBDT Clarification Reg Scrip Wise Reporting Of Capital Gains For AY 2020-21
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
Download Faceless Appeal Scheme, 2020
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
Retrospective Amendment To Levy Tax On Rs. 22k Crore Capital Gains Is “In Breach Of The Guarantee Of Fair And Equitable Treatment”: Court In Vodafone’s Case
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
ITAT Cancels Bench Non-sitting Days For 2020
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
ITAT Disposes Off 5000+ Cases (In 5 Months) Through Video Conferencing During COVID-19 Pandemic
The Ministry Of Law & Justice has issued a press release stating that the Income Tax Appellate Tribunal has made innovative and aggressive use of IT techniques to dispense faster justice in the field of Direct Taxes despite corona
Download The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 seeks to replace the Ordinance and, inter alia, provides for extension of various time limits for completion or compliance of actions under the specified Acts and reduction in interest, waiver of penalty and prosecution for delay in payment of certain taxes or levies during the specified period
Bombay High Court To Resume Hearing Of Tax Matters through Video Conferencing w.e.f. 31.08.2020 To 30.09.2020
In order to reduce the physical presence of lawyers, litigants and Court staff due to outbreak of COVID-19, IT IS HEREBY NOTIFIED for the information of the Advocates and the parties appearing in-person that the Hon’ble The Chief Justice has been pleased to nominate the following Hon’ble Judges to hear the matters at the Principal Seat at Bombay, through Video Conferencing, with effect from 31st August 2020 to 30th September 2020
Transfers Of ITAT Members (August 2020)
Pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal, consisting of the President and two senior most Vice Presidents, the following Honble Members have been transferred in the same capacity to the respective Benches, in public interest, with immediate effect i.e. from 20th August, 2020
Transfer Pricing: Download Updated Guidance Note Of ICAI (Aug 2020)
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
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