Saturday, August 8, 2020

News Updates

ICMAI issues FAQs on Standards on Cost Auditing

The Institute of Cost Accountants of India (ICMAI) has issued Frequently Asked Questions (FAQs) on Standards of Cost Auditing. The Ministry of Corporate Affairs in terms of provision to Section 148(3) of the...

CBDT again extends Due date of filing Income Tax Returns for FY 2018-19 [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has extended the due date of filing Income Tax Returns for the Financial Year 2018-19 to 30th September 2020. The CBDT said that In...

Merging of June 2020 to December 2020 CS Examination: ICSI issues FAQs

The Institute of Company Secretaries of India( ICSI ) has issued Frequently Asked Questions (FAQs) on Merging of June 2020 to December 2020 CS Examination. In continuation to Important Announcement of December 2020...

COVID 19 – Tax Losses – Back for a Better Future

Tax Losses Carryback (‘TLCB’) is a system that allows taxpayers to set-off losses of the current year against the profits of past years. Globally, at least 20 countries have some form of...

Annual Return on Foreign Liabilities and Assets (FLA Return) Under FEMA 1999

As more companies involve themselves with foreign investments, the importance of the Foreign Exchange Management Act (FEMA) regulations and their compliance becomes a major part of the company’s operations. FLA return is...

GST vigilance team searches on Aurangabad and Nashik based Breweries

Simultaneous searches were conducted on 24th/25th July 2020 by the officers of DGGI, Aurangabad Regional Unit, and Nashik Regional Unit on the premises of a Multinational Brewery located at Aurangabad and a...

Assessing Officer can’t Reopen Assessment merely on the basis of Change of Opinion: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the Assessing Officer (AO) cannot reopen the assessment merely on the basis of change of opinion and directed the AO to restrict...

AO not justified when the reasons for initiation of proceedings Seized to Survive: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the AO exceeded his jurisdiction in reassessing issues other than the issues in respect of which the proceedings are initiated and reasons...

Most Popular