SEBI includes diamond, base metals and alloys in liquid assets list
13 September 2019
Currently the list of commodities/commodity groups permitted as Liquid Assets consists of Bullion, Steel and Agricultural commodities. Considering the introduction of compulsory delivery based Diamond and Base metal derivatives contracts and feedback received from the stakeholders, it has been decided to include Diamond, Base metals and Alloys in the list of permissible liquid assets, subject to concentration limits for non-bullion collateral
CBDT notifies E-assessment Scheme, 2019
13 September 2019
The Central Board of Direct Taxes (CBDT) has notified E-assessment Scheme, 2019. A National e-assessment Centre may be set-up by the Board to facilitate the conduct of e-assessment proceedings in a centralized manner.
‘289' notified as Cost Inflation Index for FY 2019-20
13 September 2019
The cost of inflation index (CII) has been notified by the Central Board of Direct Taxes (CBDT) every year. CII is used to compute Long term capital gains wherein the cost of acquisition/improvement is indexed with reference to the applicable CII of the relevant year. CBDT has notified ‘289’ as CII for the Financial Year 2019-20
Listed entities need to pay its dues before filing draft scheme to exchanges: SEBI
12 September 2019
In order to streamline the processing of draft schemes, SEBI has decided to seek additional information further at one go, Therefore, circular issued on March, 2017 framework for scheme of arrangement by listed entities has been amended and inserted provision in relation to payment of outstanding dues of SEBI, Stock Exchanges and the depositories.
CBDT relaxes norms for launching prosecution in respect of certain offences
12 September 2019
In order to ensure that only deserving cases get prosecuted, the CBDT has relaxed criteria for launching prosecution in respect of certain offences. In case of non-payment of TDS/TCS is Rs. 25 lakhs or below and delay in deposit is less than 60 days, cases shall not be processed for prosecution. Further, in case of failure to furnish ITR, prior approval of collegium of two CCIT/DGIT rank officer is required where amount of tax evaded exceeds Rs. 25 lakhs
Application for compounding of offence filed by 31-12-2019 shall be deemed to have been filed in time: CBDT
12 September 2019
A taxpayer seeking compounding of offence is required to file application within 12 months from the end of the month in which prosecution complaint has been filed in the court of law. As a onetime measure, the CBDT has clarified that application filed before the competent authority on or before 31-12-2019 shall be deemed to be filed in time.
Monetary limits for filing departmental appeals not applicable in case of organised tax-evasion: CBDT
07 September 2019
The CBDT has issued circulars from time to time under section 268A for laying down monetary limits and other conditions for filing of departmental appeals before Tribunals and Courts. It is clarified by the board that the department may file appeal on the merits as an exception to issued circulars in cases where organised tax evasion is involved.
CBDT revises forms to apply for grant of Sec. 80G approval & exemption u/s 10(23C)
07 September 2019
The CBDT has notified Income-tax (6th Amendment) Rules, 2019 wherein Rules 2C, 2CA and 11AA of the Income-tax Rules is substituted with new Rules 2C and 11AA. Further, the board also substituted the existing forms 56 [application for grant of the exemption under section 10(23C)(iv)(v)(vi)(via)] and 10G [Application for grant of approval to fund or institution under section 80G]. The new forms seek additional details from assessee on approval/exemption
NFRA Rules amended, auditor shall file NFRA 2 form by 30th November every year
06 September 2019
The National Financial Reporting Authory Rules, 2018 has been amended by the government. The amendments include notificaction of the form in which the auidtor shall file the annual return. The due date for filing such form has also been changed to 30th November of every year.
CBDT issues guidelines for manual selection of returns for complete scrutiny
05 September 2019
CBDT has issued guideline for manual selection of returns for complete scrutiny during the financial year 2019-20
26 APAs entered into in first 5 months of current Financial Year: CBDT
04 September 2019
The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements (APAs) in the first 5 months of the current financial year (i.e., April to August, 2019). With the signing of these APAs, the total number of APAs entered into by the CBDT as of now stand at 297, which includes 32 BAPAs.
MoF amends Indian Insurance (Foreign Investment) Rules, 2015
03 September 2019
The Govt. has amended the Indian Insurance (Foreign Investment) Rules, 2015 wherein new clause in rule 2 related to meaning of intermediary has been inserted and rule 9 has been substituted.
CBDT issues a consolidated circular for assessment of start-ups for better clarification
03 September 2019
CBDT has issued a clarificatory circular consolidating all the circulars issued by it post Budget 2019. This includes assessment procedure and time limit to complete the same w.r.t. the start-ups, inapplicability of section 56(2)(viib) etc.
Income-tax Dept. created new record with more than 49 lakhs ITRs filed in a single day
02 September 2019
The Income-tax department has created history with a quantum jump in the e-filing of Income–Tax Returns (ITRs) with an all-time high of 49,29,121 ITRs filed in a single day on 31 August 2019. This has perhaps created a history of sorts as the tax administration nowhere in the world has achieved such huge online e-filing ITRs in a single day.
Refund of State taxes shall be disbursed by the Central Govt. from September 1, 2019
02 September 2019
On August 31, 2019, vide Notification No. 39/2019-Central Tax, CBIC has notified that provisions granting power to Central Govt. for disbursement of refund of State taxes of the taxpayers shall come into force from September 1, 2019.
CBDT constitutes dedicated cell for redressal of grievances of start-ups
31 August 2019
CBDT has constituted a Start-up Cell in order to redress grievances and address various tax related issues in the case of start-ups. Grievances may be filed offline as well as online. The cell will also be accessible telephonically for speedy resolution
CBDT has amended Rule 114 to facilitate interchangeability of PAN with Aadhaar
31 August 2019
The Finance (No. 2) Act, 2019 has amended Section 139A to make PAN and Aadhaar interchangeable. Now, the CBDT has amended Rule 114 of Income-tax Rules, 1962 to provide that a person, who has not been allotted a PAN, shall be deemed to have applied for the same if he has intimated his Aadhar in lieu PAN. Further, assessees not possessing PAN can apply for it by intimating his Aadhaar only, no additional document shall be required
Cash withdrawal before 1/09/2019 won’t be subjected to TDS u/s 194N but same shall be counted in limit of Rs. 1 cr
31 August 2019
CBDT has clarified that any cash withdrawal prior to September 1, 2019 will not be subjected to TDS under section 194N. However, since the threshold limit of Rs. 1 crore is with respect to the previous year, amount of cash withdrawal shall be counted from April 1, 2019 to determine the applicability of section 194N- Press Release, dated 30/08/2019
CG extends tenure of the National Committee for promotion of Social and Economic Welfare for period of 6 months
29 August 2019
The Central Government has constituted the National Committee for Promotion of Social and Economic Welfare in exercise of power conferred by section 35AC of the Income-tax Act, 1961. The tenure of persons as chairman and members of the Committee has been extended for a period of 6 months till 01-10-2019
CBDT notifies protocol amending India-Spain DTAA
29 August 2019
The Central Board of Direct Taxes (CBDT) has notified the provisions of Protocol entered between the Republic of India and the Kingdom of Spain for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes of income.