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The CBDT has notified the Cost of Inflation Index as “289” for FY 2019 – 2020. The complete notification attached for your reference.

The CBDT  has issued guidelines (F.No 25/169/2019/ITA-II, 5 September 2019) for manual selection of income tax returns for complete scrutiny for FY 2019 – 2020. The CBDT Notification attached for reference.

In exercise of the powers conferred by clause (1) of Part II of the Second Schedule to the Company Secretaries Act, 1980 as amended by the Company Secretaries (Amendment) Act, 2006, the Council of the Institute of Company Secretaries of India (ICSI) has rolled out an initiative in the form of a Unique Document Identification Number (UDIN) in an attempt to pursue heightened sense of self-governance and strengthen the practicing side of company secretaries. UDIN will provide ease of maintaining…

In order to provide a hassle free tax environment to the Startup’s, a series of announcements have been made by the Hon’ble Finance Minister in her Budget Speech of 2019 and also on 23rd August 2019. To give effect to these announcements, the CBDT has issued various circulars/clarifications in the matter. On 30th August 2019, vide circular No. 22/2019, the CBDT has consolidated all circular and notifications in one circular. Complete Circular attached for your reading.

The Finance Act 2019 has amended s. 139A to make PAN and Aadhaar interchangeable. The CBDT has amended Rule 114 of the Income Tax Rules 1962 to provide that a person who has not been allotted PAN, shall be deemed to have applied for the same if he has intimated his Aadhaar in lieu of PAN. Further, assesses not possessing PAN can apply for it intimating Aadhaar only, no additional document shall be required. Notification attached for your reading.

CBDT gives relief to taxpayers, clarifies that cash withdrawal prior to September 1, 2019 won’t be subject to 2% TDS under Sec. 194N ; However, Board adds that for the purpose of calculating the Rs.1 Cr limit for FY 2019-20 , the amount already withdrawn till Aug. 31 will be considered. Note : In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N to provide for levy…

Click here to read the circular 

India opened its doors further to foreign direct investment (FDI), diluting the stringent condition of local sourcing for single-brand retail, in continuation of measures aimed at reviving growth. Government has eased the norms for 30% local sourcing rule for FDI in single-brand trading. Government has now  allowed online sales even before a company sets up a brick and mortar presence in India. Bigger bite: Now, Apple will start selling iPhones directly to Indian consumers first through its own online store, irrespective…

  CBDT issues further clarifications in respect of filling up of ITR forms for AY 2019-20, in partial modification of Circular No 18/2019 dated August 8, 2019; Regarding disclosure of foreign directorship details in ITR Form 2&3 Part A, column (h), CBDT considers representations that non-residents should not be required to disclose details of directorship in foreign companies and disclosure requirement should be limited to only to assets and incomes which have a nexus with India; Accordingly, clarifies that “a…

The competitive factors which make IBC preferable recovery tool over other recovery measures. IBC – Separation of powers between commercial and judicial domains: IBC separates commercial aspects of insolvency and bankruptcy proceedings from judicial aspects. Under IBC, the Adjudicatory Authority has been given only powers to pass judicial decisions and not on credit decisions. The financial financial creditors have been given absolute freedom to accept or reject a resolution application. The Civil Court/DRT/Sarfaesi have envisaged a judicial centric proceeding leaving…