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How to file ITR

CBDT issues clarifications regarding filing of ITR for AY 2019/2020.

The CBDT on 8th August 2019 released vide Circular 18 of 2019 issued clarifications in respect of filling up ITR Form’s for AY 2019 – 2020. The ITR Forms for AY 2019 – 2020 were notified vide notification on 1st April 2019. Subsequently, the instructions for filing ITR forms and software utility for filing of ITR were also released. After notification of the ITR forms various queries were raised to which clarifications have been issued in the said notification. Complete…

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Payment of Referral fee to foreign concern for services rendered outside India not taxable in absence of PE in India

Case Law : Payment of Referral fee to foreign concern for services rendered outside India not taxable in absence of PE in India

In a recent decision in the case of Knight Frank (India) Private Limited V/s ACIT, Mumbai , the Hon’ble Mumbai ITAT has held that – –       Where referral fees was received by foreign concern for introducing clients to assesse – Indian Company, providing international real estate advisory and management services, since referral services were rendered entirely outside India, it would not fall within the scope of ‘total income’ of said foreign concern as per s. 5(2) –       Referral fees paid by assesse…

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Consumer Protection Bill 2019 gets Parliament approval

Consumer Protection Bill 2019 gets Parliament approval

The Parliament gave it’s nod to the landmark Consumer Protection Bill 2019 which aims to protect the rights of consumers by establishing authorities for timely and effective administration and settlement of consumer’s dispute. The Bill was passed by the Lok Sabha on 30th July 2019 and was passed by Rajya Sabha through voice of vote. The Bill will replace the more than three decades old Consumer Protect Act 1986. Mr. Ramvilas Paswan, Union Minister of Consumer Affairs, Food and Public Distribution…

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CBDT extends time limit for processing ITR's filed with refund claims upto AY 2017 - 2018 extended to 31/12/2019

CBDT extends time limit for processing ITR’s filed with refund claims upto AY 2017 – 2018 extended to 31/12/2019

Due to technical issues or for other reasons not attributable to assessee’s concerned, several returns for various assessment years upto AY 2017 – 2018, which are filed validly under s. 139 or 142 of the Income Tax Act (hereinafter referred to as ‘the Act’) could not be processed under s. 143(1) of the Income Tax Act. Consequently, intimation regarding processing of such returns could not be sent within a period of one financial year in which such returns were filed…

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Amendments to the TDS provisions by Finance Act 2019

Amendments to the TDS provisions by Finance Act 2019

Amendments to the TDS provisions by Finance Act 2019 The Budget 2019 has explicitly proposed several amendments in order to widen the tax base and bring within it’s purview a greater number of taxpayers with a view to minimize tax evasions. Similarly, certain amendments have been brought about in order to bring a relief to taxpayers. These amendments are aimed at bringing greater transparency and simplify tax administration. These amendments listed here below for quick reference: Tax Deduction at Source…

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India's growing energy is an attractive destination for foreign investors.

India’s growing energy is an attractive destination for foreign investors.

The Minister of Petroleum and Natural Gas & Steel – Mr. Dharmendra Pradhan has said that India’s growing energy sector is attractive for foreign investors. Speaking at the Bloomberg NEF New Delhi Summit, he said that India remains a bright spot in the global economy. With strong domestic economic and supportive policy environment, the Government is  committed towards achieving holistic, inclusive and sustainable economic development. India will become a 3 trillion dollar economy this year and aims to achieve a…

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Commerce & Industry Minister holds discussions with CEO's of Indian IT Companies, urges them to explore new markets.

Commerce & Industry Minister holds discussions with CEO’s of Indian IT Companies, urges them to explore new markets.

Union Minister of Commerce & Industry and Railways, Piyush Goyal, held a meeting with senior managers of IT companies in New Delhi. The meeting was held to discuss opportunities for Indian IT Companies to invest and grow their business in new markets like Nordic countries, Eastern and Central Europe, Canada, Australia and Africa and explore avenues for greater investments and growth in East Asian markets like China, Japan and Korea. Complete Notification attached here for your reference.

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MCA Update - The Companies (Amendment) Act, 2019

MCA Update – The Companies (Amendment) Act, 2019

After getting the clearance from both the houses, “The Companies (Amendment) Act, 2019” has been notified in the Official Gazette dated July 31, 2019 after receiving the assent from the President. Purpose of The Companies (Amendment) Act, 2019 is “To ensure more accountability and better enforcement to strengthen the Corporate Governance Norms and Compliance Management in Corporate Sector as enshrined in the Companies Act, 2013.”   Key Highlights of The Companies (Amendment) Act, 2019 are mentioned below:   Applicable Section…

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Latest Update_ECB Policy: Rationalization of End use provisions

Latest Update; ECB Policy: Rationalization of End use provisions

ECB (External Commercial Borrowing) proceeds cannot be utilized for working capital purposes, general corporate purposes and repayment of Rupees loans except when ECB is availed from foreign equity holder (foreign shareholder) with a minimum average maturity period of 5 years. Also, on-lending for these activities out of ECB proceeds is also prohibited. As per latest Notification on ECB, eligible borrowers will now be permitted to raise ECBs for the following purposes from recognised lenders, except foreign branches/ overseas subsidiaries of…

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