1) The increase in Tax Audit threshold to Rs 5 Crores from Rs 1 Crores u/s 44 AB will not have much of impact as the GST audit limit is Still Rs. 2 Crores. 2) There is no amendment in Section 44 AD that
BRIEF The budget was expected to be a path-breaking one, being the first budget of the new decade. However, as has been the case with earlier budgets, it is bound to fall short of middle-class expectations, who will be required to make their choices
CASE-I Case covered: Pr. Commissioner of Income Tax -1 .. Appellant Versus M/s. Ami Industries (India) P Ltd .. Respondent Facts of the case: This appeal under Section 260A of the Income Tax Act, 1961 (“the
Case covered: Kalyan Jewellers India Ltd Issue Involved: Tax Liability on Issue of Gift Vouchers. Applicant Contention: 1. KJIL, as part of sales promotion, introduced the facility of issuing different types of Pre-Paid Instruments (hereinafter referred to as PPI’s). These PPIs are generally called
Bird’s Eye View of Finance Bill, 2020 Old law: A citizen of India or PIO, who is outside India and comes to India on a visit is treated as resident in India if his stay during the PY is 182 days or more. New law: Shall be
To, All Principal Chief Commissioners/ Chief Commissioners of Customs/ Customs (Preventive), All Principal Chief Commissioners/ Chief Commissioners of Customs & Central tax, All Principal Commissioners/ Commissioners of Customs/ Customs (Preventive), All Principal Commissioners/ Commissioners of Customs & Central tax, Madam/Sir, Subject: ‘Streamlining export data to
Issues on Vivad se Vishwas Scheme The Finance Minister has introduced Direct Tax Vivad se Vishwas Bill, 2020 in the Parliament for resolution of pending tax disputes. The provisions of the Direct Tax Vivad se Vishwas Bill, 2020 are applicable to settle disputes in
To, All Principal Chief Commissioners/Chief Commissioners of Customs, Principal Directors General/Directors General of Customs, Principal Commissioners/Commissioner of Customs. Madam/Sir, Subject: Valuation of second-hand machinery – for Customs Representations have been received from trade regarding Circular No. 25/2015 – Customs dated 15th October 2015 on the
THE DIRECT TAX VIVAD SE VISHWAS BILL, 2020 1. Short title. This Act may be called the Direct Tax Vivad se Vishwas Act, 2020. 2. Definitions. (1) In this Act, unless the context otherwise requires,— (a)”appellant” means the person or the income-tax authority or both
