The Gujarat High Court has that the Regional Transport Office (RTO) cannot levy ‘One Time Tax‘ on used vehicles from second owners since the first owner of the said vehicle has already paid such tax.
The facts leading to this case happened in 2011 when one of the respondents, Satish Nikka had availed off loan facility from the HDFC Bank to purchase a motor vehicle. Since he could not repay instalments, so he surrendered the vehicle to the Bank. Later, the said vehicle was put to auction. The brother of writ-applicant, Bhavesh Dhola purchased the vehicle in the auction conducted by the Bank and applied to the RTO to have it registered in his brother Vijay Dhola’s name. At that point in time, one of the issues raised by the RTO authorities was regarding the liability of the applicant to once again pay the lifetime tax. The First Owner Satish Nikka had already paid the lifetime tax at the relevant point of time in accordance with the rules. As the RTO authorities declined to transfer the vehicle in the requested name and also insisted on payment of the lifetime tax once again, the writ-applicant was left with no other option, but to come before the Court with a writ petition.
The bench, consisting of Justice J B Pardiwala and Justice BD Karia, while allowing the Writ Petition held, “We are dealing with a matter as regards the levy of tax. Such a levy should be provided under the provisions of the Act or the Rules framed therein. We are of the view that the insistence on the part of the RTO-authorities in asking the writ-applicant to once again pay the one-time tax is not justified in law.”.
Subscribe Taxscan Premium to view the JudgmentThe Institute of Company Secretaries of India (ICSI) will conduct a placement drive for Newly qualified Company Secretaries in Four Metro Cities.
The ICSI has scheduled the placement drives in Chennai, New Delhi, Kolkata and Mumbai on February 14, 15, 22 and 29th respectively.
The Institute keeps dedicating its energies towards supporting the new members by providing a suitable platform to find appropriate employment opportunities. Accordingly, the Institute is organizing Placement Drives in every region of ICSI during February 2020 for the recruitment of Company Secretary in various Corporates and Practising Company Secretaries firms.
The Company Secretaries who got their membership on or after 1st January 2018 till 1st January 2020 (“Eligible Members”) are eligible to participate in this drive.
MODALITIES OF PLACEMENT DRIVE:
Placement opportunities are open for All India basis, hence Eligible Members from any part of the country can participate in Placement Drive organized by any Region of the ICSI.
For Further Information Click here.
The Finance Minister of Kerala, TM Thomas Isaac has proposed the budget for the year 2020-21. The significant announcement made by the Kerala government was that it raised the tax rates of motor vehicles and land with the motive to raise the funds of the state of Kerala.
The main objective of the budget is to overcome the revenue deficit which is now 2.01% of the Gross State Domestic Product (GSDP) and reduce it to 1.55% of the Gross State Domestic Product (GSDP).
TM Thomas Isaac in his Kerala budget speech 2020 complained about the state revenue deficit which is doubled during the year 2019-20. Further, in the State Assembly he criticized the move of the Central Government pertaining to the Citizenship Amendment Act, 2019 and while estimating the consequence of the Citizenship Amendment Act, 2019 he said that the economy of the country will face an economic crisis which would be similar to that of 2009.
While setting a goal of strengthening the state’s development TM Thomas Isaac stated that the government has planned to collect the additional revenue i.e. INR 1,103 crore.
Further, in order to curb the expenditure of INR 1,500 crore, the government has figured out a way wherein the government will strike off the name of those individuals who are ineligible for the welfare pensions and other initiatives. The other way to curb the expenditure of INR 7 crore is to rent electric cars from EESL.
The state government with a view of development gave the opportunity to companies such as Nissan, infrastructure developer Taurus, Mahindra, IT major Tech, etc. have already started their projects.
The state government also promised to take steps pertaining to rationalizing the stamp duty for the start-ups’ registration in order to avoid the companies registering their headquarters in neighboring states.
The Supreme Court in the case of Maruti Suzuki India Ltd v CIT has held that MODVAT credit does not qualify as ‘any sum payable by the assessee by way of tax, duty, cess or fee’ u/s 43B of the Central Excise Act hence the unutilized credit under MODVAT scheme does not qualify for a deduction u/s 43B of the Income Tax Act.
The appellant is engaged in the business of manufacturing and sale of various Maruti cars and also trades in spares and components of the vehicles chargeable to Excise Duty under the Central Excise Act, 1994. The assessee had also been taking benefit of MODVAT credit on the raw material and inputs used in the manufacturing. A balance of an amount of unutilized MODVAT credit was claimed as eligible for deduction u/s 43B of the Income Tax Act. The AO followed by CIT, ITAT and the High Court upheld the disallowance of the above deduction on the ground that advance payment of Excise Duty which represented unutilized MODVAT credit without incurring the liability of such payment is not allowable as deduction and hence the present appeal.
The issue before the Court was the determination of whether the MODVAT credit was correctly disallowed.
The assessee contends that the object and purpose of Section 43B of the Act are to ensure that an assessee does not get the deduction in respect of an amount unless and until the amount has been received by the Government. In the present case, the full amount of Excise Duty was paid into the coffers of Government when the manufacturer of raw material/inputs had cleared the same from his factory gate for supply to the assessee. Since the object of the provision is fully subserved, the deduction should be granted.
Department, on the other hand, contends that deduction under Section 43B is allowable only when the amount of tax, cess, etc. are due and payable and the assessee actually pays the same. In the present case, the Excise Duty becomes due and payable only when the assessee removes the finished product from the factory gate, at the point in time when the assessee makes payment to the suppliers the Excise Duty is not due and payable.
The Bench constituting of Justices Ashok Bhushan and Navin Sinha held that the unutilized credit under the MODVAT scheme does not qualify for deductions u/s 43B of the Income Tax Act. The reason for the same is that the facility of credit is not as good as tax paid. The same was discussed as follows:
“The unutilized credit in the MODVAT scheme cannot be treated as sum actually paid by the appellant. The assessee when pays the cost of raw materials where the duty is embedded, it does not ipso facto mean that assessee is the one who is liable to pay Excise Duty on such raw material/inputs. It is merely the incident of Excise Duty that has shifted from the manufacturer to the purchaser and not the liability to the same.”
It further held that the deductions under Section 43B are allowable only when the sum is actually paid by the assessee. In the present case, the Excise Duty leviable on the appellant on the manufacture of vehicles was already adjusted in the concerned assessment year from the credit of Excise Duty under the MODVAT scheme. The unutilized credit in the MODVAT scheme cannot be treated as sum actually paid by the appellant. The assessee when pays the cost of raw materials where the duty is embedded, it does not ipso facto mean that assessee is the one who is liable to pay Excise Duty on such raw material/inputs. It is merely the incident of Excise Duty that has shifted from the manufacturer to the purchaser and not the liability to the same.
Subscribe Taxscan Premium to view the JudgmentThe ORACLE has invited applications for the post of Accountant from qualified CA / CMA / ACCA.
Preferred Qualifications
Global Accounting Operations (GAO) is a key part of Oracle’s Global Controllers Organization. This progressive and innovative team comprises a dynamic group of finance professionals responsible for Oracle’s US GAAP Accounting and Reporting.
Role: Perform activities that assist accurate and periodic on time book close for assigned countries, reconcile balance sheet accounts, resolve outstanding open items to help in ensuring correctness of financial statements and support various reporting requirements
The candidate must be B’COM with CA/CMA/ACCA with 0 to 4 Years of experience in Accounting and Finance
Key Activities:
Behavioral competencies:
Detailed Description and Job Requirements
Maintain general accounting systems, policies, and procedures to ensure that proper information is reported in accordance with Generally Accepted Accounting Principles.
As a member of the finance division, you will assist in accounting functions which may include general ledger, accounts payable, accounts receivable, fixed assets, and inter-company transactions. Maintain the general ledger to include the preparation of journal entries, analysis, reconciliation, and reporting. Maintain and implement general accounting systems. Conduct account reconciliation periodically, ledger close activities, and provide accurate financial data to support management in decision making. Develop and prepare financial reports including profit and loss, income and balance sheet statements. Review and analyze inter-company transactions. Ensure all journal entries comply with internal and external audit specifications. Participate in the ongoing development and maintenance of internal procedures and processes. May participate in special projects.
Duties and tasks are standard with some variation. Completes own role largely independently within defined policies and procedures of Oracle. Strong analytical, prioritization and communication skills in partnering with other internal groups and management. Familiarity with Excel spreadsheets is essential. Familiarity with Oracle Financials is essential. 2 years of accounting experience and a BA/BS degree in Accounting or equivalent. Some positions need you to be bilingual in English and Spanish or Portuguese.
For more details Click here.
The Bombay High Court held that TDS provisions under section 194H of the Income Tax Act, 1961 are not attracted on discounts given by the assessee to the distributors of prepaid SIM cards
The High court bench comprising of Justices Ujjal Bhuyan, & Milind N. Jadhav pronounced the judgment based on an application filed by M/s. Vodafone Cellular Ltd.
Section 194H of the Act deals with commission or brokerage. It says that any person, not being an individual or a Hindu undivided family, who is responsible for paying, on or after the 1st day of June 2001, to a resident, any income by way of commission(not being insurance commission referred to in section 194D) or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five.
In the light of the judgment in Commissioner of Income Tax-8, Mumbai v/s. M/s.Reliance Communications Infrastructure Ltd. – Income Tax Appeal No. 702 of 2017 decided on 22.07.2019, Court held that when the transaction is between two persons on principal to principal basis, deduction of tax at source as per Section 194H of the Act would not be made since the payment was not for a commission or for brokerage.
The court held that the transaction was between two persons on principal to principal basis, deduction of tax at source as per section 194H of the Act, would not be made since the prepaid SIM Cards payment was not for commission or brokerage.
Subscribe Taxscan Premium to view the JudgmentThe Delhi High court in the case of Khem Chand Mukim vs. Pr. Director of Income Tax held that the seized trade-in-stock under Section 132 of the Income Tax Act which is within the custody of the Income Tax authority must be released within 120 days.
The petitioner is Proprietor of M/s. Shrimati Gems and Jewels over the business and engaged in the trading of jewellery. The petitioner was travelling from Delhi to Guhawati and he was stopped at Indira Gandhi Airport, New Delhi while he was possessing the jewellery. The jewellery was seized by the authorities. The M/s. Shrimati Gems and Jewels requested the authorities several times that the jewellery was stock-in-trade and its seizure for a long duration may hamper the business of the petitioner.
The issue raised was whether the seizure done by the authority was justified under the law or not?
The division bench of Delhi High court comprising of Justice Vipin Sanghi and Justice Sanjeev Narula as per section 132 B the custody and release of material must be within 120 days held that the authorities failed to furnish the details and the jewellery seized was trade-in-stock which was already established. As a consequence, the division bench of Delhi High court declared all the search and seizure was not in accordance with the law and so it was illegal. Further, the bench also ordered that Pr. Director of India hereinafter the respondent must return all the jewellery which is being searched and seized from the petitioner. In order to discourage such arbitrary acts by the authority, the court held that the respondent must pay compensation of INR 50.000/- to the Delhi Legal Service within 4 weeks.
Subscribe Taxscan Premium to view the JudgmentThe Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) in the case of M/s Taj Sats Air Catering vs. C.C.G.S.T held that the service providers other than tour operator/ rent-a-cab cannot avail cenvat credit on transportation. And in this case, it was considered to be the rent a cab or tour operator and hence the appeal was allowed.
The brief facts of the case are that the assessee M/s Taj Sats Air Catering is engaged in providing the management Consultant Services, manpower supply, and recruitment, storage and warehouse service and mainly catering services. The C.C.G.S.T claimed that the assessee has wrongly claimed the credit in the cenvat credit account on the service tax which is paid by the M/s Taj Sats Air Catering pertaining to the transportation of its employees from one place to another.
Wherefore the issue raised in this case was whether an assessee can claim the credit for transportation of employees from one place to another even if it is not a tour operator?
The Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) comprising of Ajay Sharma a Judicial Member held that the credits on the tour operator service or rent-in-cab are only applicable in the case of the assessee is the service provider. Further, the meaning of rent-a-cab was elaborated in the light of the decision in the case of M/s Marvel Vinyls Ltd. vs. Commissioner of Central Excise the service tax can be paid on services such as renting of motor vehicles, etc. Wherefore the tribunal held that the appellant i.e. M/s Taj Sats Air Catering is entitled to Cenvat credit for rent a cab or tour operator and hence the appeal was allowed. Thus, the service providers other than tour operators/ rent-a-cab cannot avail cenvat credit on transportation.
Subscribe Taxscan Premium to view the JudgmentThe Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability.
It can be utilized by taxpayers who opt for the new tax slabs, as announced in the recent Budget, without claiming deductions and exemptions, for Income Tax Returns filing.
The e-calculator comes with a comparative table to help resident individuals (the financial year 2020-21) compare taxes in the old and the new tax regime. Taxpayers in three age categories, namely normal citizen (below 60 years), senior citizen (60-79 years) and super senior citizen (above 79 years) can fill in their estimated annual income from all sources, total eligible deductions and exemptions to analyze what will there total taxable income be if they continue in the old regime or opt for the new one.
The calculator takes into account eligible exemptions and deductions, as proposed under the new regime, after being extracted from the Budget memorandum 2020.
It has been hosted on the official e-filing website of the department.
The Central Board of Indirect Taxes ( CBIC ) has introduced the Machine Release of Imported Goods.
India has been improving consistently in the World Bank’s EoDB rankings over the past 5 years and one of the key drivers has been the initiatives under Trading across Borders (TAB), where India jumped substantially from 146 to 68 in the last two years. The Government has now set the target of breaching the top 50 marks in TAB this year.
Keeping with the Government’s objective of furthering ease of doing business, particularly in trading across borders, the Central Board of Indirect Taxes and Customs (CBIC) has introduced Machine based automated clearance of imported goods.
At present, the imported goods are available for examination or clearance to the officer after the applicable duties are paid by the importer. Time Release or dwell time studies conducted by the department have shown that a major contributor to dwell time today is the time taken by the importer to pay the duties.
Under the new dispensation, the Customs officer will be able to do all compliance verification such as examination of goods even before duties are paid, and once the importer pays the duty, the Customs System would automatically give the clearance or “Out of Charge” to the imported goods.
The new initiative has been launched as a pilot at two ports, Chennai and Nhava Sheva from 06.02.2020 and will soon be rolled out to all ports across India, including the Inland Container Depots, Airports, etc.
With this new initiative, the CBIC has taken yet another step towards realizing the Government’s objective of further reducing the dwell time in Customs clearance with the use of IT-driven reforms.
On one hand, this new initiative will fasten the Customs processes by not waiting for the duty payment and on the other, it will give additional time to the importer who will now be able to pay the duties even while the goods are being verified by the Customs officer.
The Central Board of Indirect Taxes and Customs (CBIC ) has started the process of Recovery of ineligible Input Tax Credit (ITC ) in Kerala.
In a Circular issued by Board, Thiruvananthapuram directed to recovery the ineligible Input Tax Credit is to be initiated immediately and an Action Taken Report and results achieved in this regard are to be furnished to the office.
Section 16(4) of the CGST Act, 2017 prescribes that “A registered person shall not be entitled to take CBIC input tax credit (ITC) in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under Section 39 for the month of September following the end of Financial Year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.”
For FY 2017-18, the same was linked to last date of submitting FORM GSTR- 1 (extended up to 10.04.2019 for regular Taxpayers and 30.04.2019 for the Taxpayers eligible to file GSTR- 1 Statements quarterly), For 20 1 8- 19, the last date of availing of credit thus was 20.10.2010, As such, if any of the registered persons were to file any return in respect of the last two financial years (2017-18: July 2017-March, 2018 and 2018-19).
The time limit as specified in Section 16(4) is linked to Section 39 of the CGST Act, 2017 and “GSTR – 3B” cannot be considered as a return to be filed under Section 39 of the CGST Act, 2017. The return as specified under Section 39 is “GSTR – 3” and not “GSTR – 3B”, the time limit for such returns have been deferred till date and not been notified.
After the due dates as mentioned above, no credit could have been availed except in respect of IGST paid on import of goods by such registered persons. Therefore, any credit availed in these returns is recoverable.
The board directed to take necessary action to recover the ineligible input tax credit (ITC) is to be initiated immediately and an Action Taken Report and results achieved in this regard are to be furnished to board office by 05.02.2020.
Subscribe Taxscan Premium to view the JudgmentThe Ministry of Finance has notified the GST Database as Protected System under the Information Technology Act, 2000.
On February 4, 2020, the Department of Revenue under the Ministry of Finance through a notification in the Official Gazette of India authorized some people to have access to the protected system under Goods and Service Tax Network (GSTN).
Section 70(1) of the Information Technology Act, 2000 empowers the Department of Revenue under the Ministry of Finance the goods and service tax database and it is related infrastructure discrepancies which are installed at Goods and Service Tax Network (GSTN). Those GST database which are installed at Goods and Service Tax Network (GSTN) are also known as protected systems under the Information Technology Act, 2000.
This notification is issued by Sunil Kumar, the Under Secretary Department of Revenue under the Ministry of Finance. Through this notification has empowered some specified persons to have access to the protected system under Goods and Service Tax Network (GSTN). The persons specified are as follows:
The rationale of the Union government is to maintain the confidentiality of the protected data so as to avoid the misuse of data under Goods and Service Tax Network (GSTN).
Subscribe Taxscan Premium to view the JudgmentThe Income Tax Department conducted a search in the case of 4 major players in the Film Industry including a Producer, a prominent Actor, his Distributor and Financier based in Tamil Nadu on 05-02-2020.
The common thread among all these entities was the success of a recent film which was a box office hit collecting around Rs 300 crore. About 38 premises of the group were covered in search and survey actions spread over Chennai and Madurai.
The highlight of the search is the seizure of unaccounted cash of about Rs 77 crore from hideouts and secret places located at Chennai and Madurai, purportedly belonging to the financier. A large number of property documents, Promissory notes, post-dated cheques taken as collateral security was recovered during the search and have been seized. As per evidence detected during the search, it is estimated that the concealment, in this case, is likely to exceed Rs 300 crore.
The distributor, who is a part of the group searched, is also a builder. All documents in the original, belonging to the distributor have been recovered from a hideout place, which was the house of his friend. Scrutiny of the evidence so unearthed is under progress.
The producer, who is also a part of the group searched, is into film production, distribution and film exhibiting Multiplexes and has produced several films. Analysis of the accounts available on the office premises is under process. Evidence of actual receipts and expenses booked and remuneration paid to Artists is under investigation.
In the context of the issues of the prominent Actor, it is stated, that, his investment in immovable properties and remuneration received from the said Producer for acting in the film is the subject matter of investigation in the present search. Searches in some of the premises are still continuing.
The Central Board of Indirect Tax & Customs (CBIC) issued a circular on February 5, 2020, with its subject directing that the streamlining export data must include district-level details of shipping bills into it with the help of electronic integrated declaration.
The circular was issued by the Eric C Lallawmpuia, ODS Cus IV to the Principal Chief Commissioner of Custom, Custom and Central Tax and the Principal Chief Commissioner of Custom, Custom and Central Tax.
The circular consists of a Regulation 3 of Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulation 2019 wherein the authorized person have to enter the electronic integrated declaration and upload the supporting document along with the digital signature on the ICEGATE. The electronic declaration must be made in electronic form.
The Union Government with the main objective to promote exports and domestic manufacturing and at the same time to maintain the uniformity in the data captured in the Goods and Service Tax Network (GSTN), the Union Government has issued a circular stating the streamlining export data must include district-level details of shipping bills so as to enable the Custom System to capture the origin of good from the states or districts they are being exported.
In accordance with Regulation 3 of Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulation 2019, the shipping bill must include the following documents:
Further, many cases have been reported wherein there are times when the exporters did not declare their Goods and Service Tax Network (GSTN). However, the declaration of GSTN is mandatory in import/export documents.
This notice directed all the concerned authorities to issue Trade Notice/ Standing Order in order to guide the trade and industry about the streamlining export data must include district-level details of shipping bills into it with the help of electronic integrated declaration.
Subscribe Taxscan Premium to view the JudgmentThe Central Board of Indirect Taxes and Customs (CBIC) has said that Accounting and Billing Software Providers can enrol with GSTN to Receive Regular updates on E-Invoice.
The GST Council has approved the introduction of ‘e-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System.
An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. The adoption of this new standard ensures the complete inter-operability of e-invoices across the entire GST eco-system. The new system eliminates the need for fresh data entry, reduction of reconciliation errors and population of invoice details directly into Return through Invoice Reporting Portal (IRP). For more details on ‘e-invoice’, CLICK HERE
Being key players in the Indian business eco-system, the role and support of Accounting and Billing Software Providers are crucial for the successful implementation of the GST e-invoice System.
In the coming months when e-invoice implementation takes place, GSTN intends to interact closely with Accounting and Billing Software Providers. This is to get suggestions and feedback as well as to keep them abreast of developments on the new e-invoice framework.
Accounting and Billing Software Providers can ENROL HERE, by providing contact and other details.
The Vivad se Vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020. Given below is all the aspects you have to know about this amnesty scheme:
What?
Under this scheme, taxpayers whose tax demands are locked in dispute in multiple forums, can pay due to taxes by March 31, 2020, and get a complete waiver of interest and penalty. If a taxpayer is not able to pay within the deadline, he gets a further time till June 30, but in that case, he would have to pay 10% more on the tax.
The Vivad se Vishwas scheme is similar to the ‘Indirect Tax, Sabka Vishwas’ scheme, which was introduced by Finance Minister during her maiden budget presentation in July 2019. The “Sabka Vishwas” legacy dispute resolution scheme was aimed at reducing disputes related to excise and service tax payments.
Who?
Taxpayers whose tax demands are locked in dispute in multiple forums can pay due taxes and get a complete waiver of interest and penalty.
When?
March 31, 2020. Further extension available till June 30, 2020.
How much?
In case it is just the interest and the penalty which is in dispute, the taxpayer will have to pay 25% of the disputed amount till March 31, and subsequently, it will be 30%. If a taxpayer is not able to pay within the March 31 deadline, he gets a further time till June 30, but in that case, he would have to pay 10% more on the tax. In case it is just the interest and the penalty which is in dispute, the taxpayer will have to pay 25% of the disputed amount till March 31, and subsequently, it will be 30%.
Why?
The Vivad se Vishwas Scheme aims to resolve 483,000 direct tax-related disputes pending in various appellate forums.
Central Board of Direct Taxes (CBDT) Chairman P C Mody on Tuesday said the direct tax dispute resolution scheme offers a fair deal to settle pending tax disputes as he urged people to come forward and avail the plan. Currently, there are 4.83 lakh direct tax cases pending in various appellate forums — Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court.
Central Board of Direct Taxes (CBDT) Chairman P C Mody while speaking at an Assocham (Associated Chambers of Commerce of India) post-budget interaction said, “I feel this is a fair deal and I would urge people to rethink about the pending issues and come forward and avail of the scheme.”
Key Points
Table 1: Amount payable for resolution of disputes
| Disputes relating to | Payable before March 31, 2020 | Additional amount payable after March 31, 2020 |
| Payment of tax | Amount of disputed tax (any interest or penalty associated with such tax will be waived) | (i) 10% of the amount of disputed tax, or (ii) interest and penalty relating to that tax, whichever is lower |
| Payment of fee, interest, or penalty | 25% of the amount under such dispute | Another 5% of the amount under such dispute |
Subscribe Taxscan Premium to view the Judgment
The Ministry of Corporate Affairs (MCA) issued a notification on February 3, 2020, introduced the Companies (Compromises, Arrangements, and Amalgamation) Amendment Rule, 2020 wherein the norms for filing the arrangement application is specified which will come into force when it will be published into the Official Gazette of India.
As per Companies (Compromises, Arrangements, and Amalgamation) Amendment Rule, 2020 a member of a company may make an application for the arrangement pertaining to the takeover offer must fulfil two conditions namely:
Further, the Companies (Compromises, Arrangements, and Amalgamation) Amendment Rule, 2020 also consists of the norms pertaining to the contents of the application. The application filed for the takeover of a company must contain:
The Indian Institute of Management (IIM), Jammu has recognised Chartered Accountancy (CA) qualification under Institute of Chartered Accountants of India (ICAI) as an equivalent to a Master’s degree.
The ICAI President CA. Prafulla P. Chhajed informed that the Indian Institute of Management, Jammu (IIM, Jammu) has recognised Chartered Accountancy qualification as an equivalent to a Master’s degree for the purpose of pursuing a PhD Programme in IIM, Jammu.
He also said that, With this recognition, a total of 104 Universities, 7 IIMs and 2 IIT (Madras and Bombay) (Total 113 Universities/Institutions) have recognised Chartered Accountancy qualification for pursuing a Doctorate of Philosophy (PhD) programme.
Recently, Patna University, Visvesvaraya Technological University of Belagavi, Karnataka, has recognized the Chartered Accountancy qualification as equivalent to their Master degree allowing our members to pursue their PhD Programme. Thus, so far, 103 Universities, 6 IIMs and 2 IITs (i.e. a total of 111 institutions) have recognized our CA qualification for pursuing the PhD programme.
Chartered Accountancy course of ICAI is being accepted and recognised in the country as well as globally from both academic and professional perspectives. While on the one hand, ICAI is constantly entering into new MRAs and MoUs with foreign and international accounting bodies with acceptance of our CA qualification abroad.
Finance Minister Nirmala Sitharaman has proposed new changes in TDS provisions.
New TDS rate chart for Assessment Year 2020-21 and 2021-22.
| Amended Sections | TDS Rates in AY 2020-21 | TDS Rates in AY 2021-22 |
| Section 192: Payment of salary | Normal Slab Rate | Normal Slab Rate |
| Section 192A: Payment of the accumulated balance of provident fund which is taxable in the hands of an employee. (Monetary Limit – Rs.50,000) | 10% | 10% |
| Section 193: Interest on securities | ||
| (a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; | 10% | 10% |
| (b) any debentures issued by a company where such debentures are listed on a recognized stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; | 10% | 10% |
| c) any security of the Central or State Government; [i.e. 8% Savings (Taxable) Bonds, 2003 and 7.75% Saving (Taxable) Bonds, 2018] (Monetary Limit – Rs 10,000) | 10% | 10% |
| d) interest on any other security | 10% | 10% |
| Section 194A: Income by way of interest other than “Interest on securities” (Monetary Limit – Rs 40,000) | 10% | 10% |
| Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort (Monetary Limit – Rs 10,000) | 30% | 30% |
| Section 194BB: Income by way of winnings from horse races (Monetary Limit – Rs 10,000) | 30% | 30% |
| Section 194C: Payment to contractor/subcontractor (Monetary Limit – Rs 30,000 per contract or Rs 1,00,000 for aggregate amount during the year) | ||
| a) HUF/Individuals | 1% | 1% |
| b) Others | 2% | 2% |
| Section 194D: Insurance commission (Monetary Limit – Rs 15,000) | 5% | 5% |
| Section 194DA: Payment in respect of life insurance policy w.e.f. 1/9/2019, the tax shall be deducted on the amount of income comprised in insurance pay-out (Monetary Limit – Rs 1,00,000) | 5% | 5% |
| Section 194EE: Payment in respect of deposit under the National Savings scheme (Monetary Limit – Rs 2,500) | 10% | 10% |
| Section 194F: Payment on account of repurchase of the unit by Mutual Fund or Unit Trust of India | 20% | 20% |
| Section 194G: Commission, etc., on sale of lottery tickets (Monetary Limit – Rs.15,000) | 5% | 5% |
| Section 194H: Commission or brokerage (Monetary Limit – Rs.15,000) | 5% | 5% |
| Section 194-I: Rent (Monetary Limit – Rs.2,40,000) | ||
| a) Plant & Machinery | 2% | 2% |
| b) Land or building or furniture or fitting | 10% | 10% |
| Section 194-IA: Payment on transfer of certain immovable property other than agricultural land (Monetary Limit – Consideration exceeding Rs 50,00,000) | 1% | 1% |
| Section 194-IB: Payment of rent by individual or HUF not liable to the tax audit (Monetary Limit – Rent for the month or part of the month exceeds Rs 50,000) Note: This provision is applicable from June 1, 2017 | 5% | 5% |
| Section 194-IC: Payment of monetary consideration under Joint Development Agreements | 10% | 10% |
| Section 194J: Payment for fees for Technical services, Professional services or royalty, etc. (Monetary Limit –Rs 30,000 p.a) | ||
| a) Fee for technical services | 10% | 2% (w.e.f. 01/04/2020) |
| b) Fee in other all cases as per Section 194J Note: With effect from June 1, 2017, the rate of TDS would be 2% in case of payee engaged in the business of operation of a call center. | 10% | 10% |
| Section 194K: Payment of any income in respect of a) Units of a Mutual Fund as per Section 10(23D) b) Units from the administrator c) Units from a specified company (This Section is inserted by Finance Act, 2020 which is applicable from 01/04/2020) | N.A. | 10% |
| Section 194LA: Payment of compensation on acquisition of certain immovable property (Monetary Limit –Rs 2,50,000 p.a.) Note: With effect from April 1, 2017, no deduction of tax shall be made on any payment which is exempt from levy of income-tax under the Right to Fair Compensation Act, 2013. | 10% | 10% |
| Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from an SPV or any income received from renting or leasing or | 10% | 10% |
| letting out any real estate asset owned directly by it, to its unitholders. | ||
| Section 194LBB: Investment fund paying an income to a unitholder [other than income which is exempt under Section 10(23FBB)] | 10 | 10 |
| Section 194LBC: Income in respect of investment made in a securitization trust (specified in Explanation of section115TCA) | 25% in case of Individual or HUF 30% in case of another resident person | 25% in case of Individual or HUF 30% in case of another resident person |
| Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, the professional fee to a resident person by an individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. (Tax shall be deducted under section 194M with effect from 1/09/2019 when the aggregate of sum credited or paid during a financial year exceeds Rs. 50 lakh.) | 5% | 5% |
| Section 194N: Cash withdrawal in excess of Rs. 1 crore during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in the business of banking or a post office (with effect from 01/09/2019) | 2% | 2% |
| Section 194-O: Applicable for E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform. (This Section is inserted by Finance Act, 2020 which is applicable from 01/04/2020) | N.A. | 1% |
| 1.2 where the person is not resident in India*- | ||
| Section 192: Payment of Salary | Normal Slab Rate | Normal Slab Rate |
| Section 192A: Payment of the accumulated balance of provident fund which is taxable in the hands of an employee. (Monetary Limit – Rs 50,000) | 10.4% | 10.40% |
| Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort (Monetary Limit – Rs 10,000) | 31.20% | 31.20% |
| Section 194BB: Income by way of winnings from horse races (Monetary Limit – Rs 10,000) | 31.20% | 31.20% |
| Section 194E: Payment to non-resident sportsmen/sports association | 20.80% | 20.80% |
| Section 194EE: Payment in respect of deposits under National Savings Scheme. (Monetary Limit – Rs 2,500) | 10.4% | 10.4% |
| Section 194F: Payment on account of repurchase of the unit by Mutual Fund or Unit Trust of India | 20.80% | 20.80% |
| Section 194G: Commission, etc., on sale of lottery tickets (Monetary Limit – Rs 15,000) | 5.20% | 5.20% |
| Section 194LB: Payment of interest on infrastructure debt fund | 5.20% | 5.20% |
| Section 194LBA(2): Business trust shall deduct tax while distributing any interest income received or receivable by it from an SPV to its unitholders. | 5.20% | 5.20% |
| Section 194LBA(3): Business trust shall deduct tax while distributing any income received from renting or leasing or letting out any real estate asset owned directly by it to its unitholders. | 31.20% | 31.20% |
| Section 194LBB: Investment fund paying an income to a unitholder [other than income which is exempt under Section 10(23FBB)]. | 31.20% | 31.20% |
| Section 194LBC: Income in respect of investment made in a securitization trust (specified in Explanation of section115TCA) | 31.20% | 31.20% |
| Section 194LC: Payment of interest by an Indian Company or a business trust in respect of money borrowed in foreign currency under a loan agreement or by way of issue of long-term bonds (including long-term infrastructure bond) Note: Now TDS at concessional rate of 5% will be applicable for borrowings made after April 1, 2020, but before July 1, 2023. | 5.20% | 5.20% |
| Section 194LD: Payment of interest on the rupee-denominated bond of an Indian Company or Government securities to a Foreign Institutional Investor or a Qualified Foreign Investor Note: Now TDS at concessional rate of 5% will be applicable for borrowings made after April 1, 2020, but before July 1, 2023. | 5.20% | 5.20% |
| Section 195: Payment of any other sum to a Non-resident | ||
| a) Income in respect of investment made by a Non-resident Indian Citizen | 20.80% | 20.80% |
| b) Income by way of long-term capital gains referred to in Section 115E in case of a Non- resident Indian Citizen | 10.40% | 10.40% |
| c) Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112 | 10.40% | 10.40% |
| d) Income by way of long-term capital gains as referred to in Section 112A | 10.40% | 10.40% |
| e) Income by way of short-term capital gains referred to in Section 111A | 15.60% | 15.60% |
| f) Any other income by way of long-term capital gains [not being long-term capital gains referred to in clauses 10(33), 10(36) and 112A | 20.80% | 20.80% |
| g) Income by way of interest payable by Government or an Indian concern on money borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC) | 20.80% | 20.80% |
| h) Income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a license) in respect of copyright in any book on a subject referred to in the first proviso to subsection (1A) of Section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of Section 115A of the Income-tax Act, to a person resident in India | 10.40% | 10.40% |
| i) Income by way of royalty [not being royalty of the nature referred to point g) above E] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy | 10.40% | 10.40% |
| j) Income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy | 10.40% | 10.40% |
| k) Any other income | 31.20% | 31.20% |
| Section 196B: Income from units (including long-term capital gain on transfer of such units) to an offshore fund | 10.40% | 10.40% |
| Section 196C: Income from foreign currency bonds or GDR of an Indian company (including long-term capital gain on transfer of such bonds or GDR) | 10.40% | 10.40% |
| Section 196D: Income of foreign Institutional Investors from securities (not being dividend or capital gain arising from such securities) | 20.80% | 20.80% |
| 2. In the case of a company- | ||
| 2.1 where the company is a domestic company- | ||
| Section 193: Interest on securities | ||
| a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; | 10% | 10% |
| b) any debentures issued by a company where such debentures are listed on a recognized stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; | 10% | 10% |
| c) any security of the Central or State Government; [i.e. 8% Saving (Taxable) Bonds, 2003 and 7.75% Saving (Taxable) Bonds, 2018] (Monetary Limit – Rs 10,000) | 10% | 10% |
| d) interest on any other security | 10% | 10% |
| Section 194: Dividend | 10%
(Monetary Limit – Rs 2,500) | 10% (Monetary Limit-Rs 5,000) (w.e.f.01/04/202) |
| Section 194A: Income by way of interest other than “Interest on securities” (Monetary Limit – Rs 40,000) | 10% | 10% |
| Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort (Monetary Limit – Rs 10,000) | 30% | 30% |
| Section 194BB: Income by way of winnings from horse races (Monetary Limit – Rs 10,000) | 30% | 30% |
| Section 194C: Payment to contractor/subcontractor (Monetary Limit – Rs 30,000 per contract or Rs 1,00,000 for aggregate amount during the year) | ||
| a) HUF/Individuals | 1% | 1% |
| b) Others | 2% | 2% |
| Section 194D: Insurance commission (Monetary Limit – Rs 15,000) | 10% | 10% |
| Section 194DA: Payment in respect of life insurance policy w.e.f. 1/9/2019, the tax shall be deducted on the amount of income comprised in insurance pay-out (Monetary Limit – Rs 1,00,000) | 5% | 5% |
| Section 194EE: Payment in respect of deposit under the National Savings scheme (Monetary Limit – Rs 2,500) | 10% | 10% |
| Section 194F: Payment on account of repurchase of the unit by Mutual Fund or Unit Trust of India | 20% | 20% |
| Section 194G: Commission, etc., on sale of lottery tickets (Monetary Limit – Rs 15,000) | 5% | 5% |
| Section 194H: Commission or brokerage (Monetary Limit – Rs 15,000) | 5% | 5% |
| Section 194-I: Rent (Monetary Limit – Rs 2,40,000) | ||
| a) Plant & Machinery | 2% | 2% |
| b) Land or building or furniture or fitting | 10% | 10% |
| Section 194-IA: Payment on transfer of certain immovable property other than agricultural land (Monetary Limit – Consideration exceeding Rs 50,00,000) | 1% | 1% |
| Section 194-IC: Payment of monetary consideration under Joint Development Agreements | 10% | 10% |
| Section 194J: Payment for fees for Technical services, Professional services or royalty, etc. (Monetary Limit –Rs 30,000 p.a) | 10% | |
| a) Fee for technical services | 10% | 2% (w.e.f. 01/04/2020) |
| b) Fee in other all cases as per Section 194J Note: With effect from June 1, 2017, the rate of TDS would be 2% in case of payee engaged in the business of operation of the call center. | 10% | 10% |
| Section 194K: Payment of any income in respect of d) Units of a Mutual Fund as per Section 10(23D) e) Units from the administrator f) Units from a specified company
(This Section is inserted by Finance Act,2020 which is applicable from 01/04/2020) | N.A. | 10% |
| Section 194LA: Payment of compensation on acquisition of certain immovable property (Monetary Limit –Rs 2,50,000 p.a.) Note: With effect from April 1, 2017, no deduction of tax shall be made on any payment which is exempt from levy of income-tax under the Right to Fair Compensation Act, 2013. | 10% | 10% |
| Section 194LBA(1): Business trust shall deduct tax while distributing, any interest received or receivable by it from an SPV or any income received from renting or leasing or letting out any real estate asset owned directly by it, to its unitholders. | 10% | 10% |
| Section 194LBB: Investment fund paying an income to a unitholder [other than income which is exempt under Section 10(23FBB)]. | 10% | 10% |
| Section 194LBC: Income in respect of investment made in a securitization trust (specified in Explanation of section115TCA) | 10% | 10% |
| Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, the professional fee to a resident person by an individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. The tax shall be deducted under Section 194M with effect from 1/09/2019 when the aggregate of sum credited or paid during a financial year exceeds Rs. 50 lakh. | 5% | 5% |
| Section 194N: Cash withdrawal in excess of Rs. 1 crore during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in the business of banking or a post office (with effect from 01/09/2019) | 2% | 2% |
| Section 194-O: Applicable for E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform. (This Section is inserted by Finance Act, 2020 which is applicable from 01/04/2020) | N.A. | 1% |
| 2.2 where the company is not a domestic company*- | ||
| Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort | 31.2% | 31.2% |
| Section 194BB: Income by way of winnings from horse races | 31.2% | 31.2% |
| Section 194E: Payment to the non-resident sports association | 20.80% | 20.80% |
| Section 194G: Commission, etc., on sale of lottery tickets | 5.20% | 5.20% |
| Section 194LB: Payment of interest on infrastructure debt fund | 5.20% | 5.20% |
| Section 194LBA(2): Business trust shall deduct tax while distributing any interest income received or receivable by it from an SPV to its unitholders. | 5.20% | 5.20% |
| Section 194LBA(3): Business trust shall deduct tax while distributing any income received from renting or leasing or letting out any real estate asset owned directly by it to its unitholders. | 41.6% | 41.6% |
| Section 194LBB: Investment fund paying an income to a unitholder [other than income which is exempt under Section 10(23FBB)]. | 41.6% | 41.6% |
| Section 194LBC: Income in respect of investment made in a securitization trust (specified in Explanation of section115TCA) | 41.6% | 41.6% |
| Section 194LC: Payment of interest by an Indian Company or a business trust in respect of money borrowed in foreign currency under a loan agreement or by way of issue of long-term bonds (including long-term infrastructure bond) Note: Now TDS at concessional rate of 5% will be applicable for borrowings made after April 1, 2020, but before July 1, 2023.. | 5.20% | 5.20% |
| Section 194LD: Payment of interest on the rupee-denominated bond of an Indian Company or Government securities to a Foreign Institutional Investor or a Qualified Foreign Investor Note: Now TDS at concessional rate of 5% will be applicable for borrowings made after April 1, 2020, but before July 1, 2023. | 5.20% | 5.20% |
| Section 195: Payment of any other sum | ||
| a) Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-section (1) of Section 112 | 10.40 | 10.40 |
| b) Income by way of long-term capital gains as referred to in Section 112A | 10.40 | 10.4 |
| c) Income by way of short-term capital gains referred to in Section 111A | 15.60 | 15.60 |
| d) Any other income by way of long-term capital gains [not being long-term capital gains referred to in clauses 10(33), 10(36) and 112A | 20.80 | 20.80 |
| e) Income by way of interest payable by Government or an Indian concern on money borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC) | 20.80 | 20.80 |
| f) Income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a license) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of Section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of Section 115A of the Income-tax Act, to a person resident in India | 10.40 | 10.40 |
| g) Income by way of royalty [not being royalty of the nature referred to in point e) above C] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— | ||
| A. where the agreement is made after the 31st day of March 1961 but before the 1st day of April 1976 | 52 | 52 |
| B. where the agreement is made after the 31st day of March 1976 | 10.4% | 10.4% |
| h) Income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— | ||
| A. where the agreement is made after the 29th day of February 1964 but before the 1st day of April 1976 | 52% | 52% |
| B. where the agreement is made after the 31st day of March 1976 | 10.4% | 10.4% |
| i) Any other income | 41.6% | 41.6% |
| Section 196B: Income from units (including long-term capital gain on transfer of such units) to an offshore fund | 10.4% | 10.4% |
| Section 196C: Income from foreign currency bonds or GDR of an Indian company (including long-term capital gain on transfer of such bonds or GDR) | 10.4% | 10.4% |
| Section 196D: Income of foreign Institutional Investors from securities (not being dividend or capital gain arising from such securities) | 20.80% | 20.80% |
* The rate of new TDS is after considering 4% Cess and shall be increased by surcharge applicable.
A division bench of Gujarat High Court has directed the word of caution to authorities exercising powers under GST (Goods and Service Tax) Acts.
A search of the residential premises of the petitioner pursuant to an authorization issued under Section 67(2) of the Gujarat GST Acts, 2017 was conducted. The fact that the search stretched on for a period of 8 days (from 11.10.2019 to 18.10.2019) coupled with the fact that the search party was present with the petitioner for the aforementioned period in his residential premises is what has brought the case before the present Court.
To further state, the family members of the petitioner were confined to the searched premises and were kept under surveillance and were not permitted to leave the premises without the permission of the authorized officer. It has also been established that out of the 8 days, the search was concluded on the first day itself.
The petitioner based his argument on the right to privacy to contend that prolonged stay at the premises of the petitioner was an invasion of the right of the residents of such premises including the freedom of the taxpayer. Further, such a power must be exercised strictly in accordance with the law and only for the purposes for which the law authorizes it to be exercised. It has been submitted that contrary to the Income Tax Act which allows search of a person by an authorized person where he has a reason to suspect that such person has secreted about any books of accounts, etc., no such provision is present under the GST law. Further that under Section 67 of the GST Acts, the family members of the dealer whose premises are searched cannot be touched, his phone cannot be taken or used, neither can his statements be recorded since this is not an inquiry or investigation, but a search.
In an interim order, the Gujarat High Court has ordered an inquiry against Goods and Services Tax ( GST ) Department Officials illegally staying at the house of a taxable person without the authority of law.
The Bench constituting of Justices H. Devani and S.K. Vishen held that the provisions of the GST acts nowhere arm the officer, in whose favour the authorization is issued, to search for any person or to remain in the premises after the search is over.
According to the report submitted by learned Government Counsel, the carry out the search at the residential premises of the petitioner had stayed there from 11.10.2019 to 18.10.2019. A perusal of the record of the proceedings of the case reveals that on 11.10.2019 at 2:15, it has been recorded that after searching of the rooms in the premises, the records of the accounts were brought to the main room and gathered there which included the bank passbooks of the family members as well as chequebooks and that verification thereof is continuing.
The proceedings thereafter do not reveal any further search carried out at the premises but reveal that the officers had stayed at the premises and had examined the phone calls that were received by the family members and had recorded their phone calls. They had also recorded statements of the family members of the petitioner on 11.10.2019. The record further reveals that the officers who had arrived on the previous day, as well as the panchas, were relieved by a new set of officers and panchas and this cycle continued till 18.10.2019. It appears that thereafter they have been questioning the family members of the petitioner on a day to day basis till 18.10.2019.
The Bench observed that by doing so, the family members of the petitioner have been deprived of their personal liberty not only by being confined in the residential premises and being permitted to leave only with the consent of the authorized officer, and that too, at times with an escort; but also by an intrusion on their right to privacy by several strangers residing in their residential premises for eight days, that too, without any authority of law.
Subscribe Taxscan Premium to view the JudgmentThe Institute of Chartered Accountants of India (ICAI) has invited the suggestions on Tax Proposals of Union Budget 2020.
The Finance Minister Nirmala Sitharaman has presented the Union Budget 2020-21 in the Parliament. In view of the same, the Direct Taxes Committee, GST & Indirect Taxes Committee and Committee on International Taxation has invited suggestions on the tax proposals of the Finance Bill, 2020 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance.
The ICAI ha also directed to submit the valuable suggestions latest by 10th February 2020.
