FEMA, BANKING & INSURANCE : Where cheque was presented to drawee bank after period of expiry of its validity of three months, drawer could not have been summoned for offence…
CBIC has decided to initiate the 2nd phase of All India roll-out of Faceless Assessment w.e.f. 03-08-2020. It is clarified that the Customs Zones and the imports already covered under…
In real estate transactions it was a prevalent practice to understate the actual price/consideration of the immoveable property. The transaction was recorded at a substantially lower price than the actual…
The phrase “extinguishment of rights” is included in the term “transfer” in relation to capital asset.in section 2(47) of the Income-tax Act (the Act)The phrase “extinguishment of rights” is included…
The Securities Exchange Board of India has introduced a new scheme vide Public Notice dated 27th July, 2020 called Settlement Scheme (“the Scheme”) in terms of Regulation 26 of SEBI…
Section 138(1) facilitates exchange of information about tax evaders by the Income-tax Department with other tax authorities or enforcement authorities. The Central Board of Direct Taxes (CBDT) has notified Director…
In this article, we have enumerated the impact of recent CBDT's notification No. 35 /2020, dated 24-06-2020 and Notification No. 56/2020, dated 29-07-2020 on various due dates of compliances under…
INCOME TAX: Where assessee had entered into a contract with a cement factory to transport cement and for that assessee hired services of truck owners as sub-contractors, assessee would be…
The CBDT has further extended the due date for furnishing of belated as well as revised Income-tax return for the Assessment Year 2019-20 from 31-07-2020 to 30-09-2020. Further, any tax…
The CBDT has further extended the due date for furnishing of belated as well as revised Income-tax return for the Assessment Year 2019-20 from 31-07-2020 to 30-09-2020. Further, any tax…