Tuesday, August 4, 2020
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News Updates

GST dept unearths Tax Fraud by Vadodara-based Firm

The Goods and Services Tax ( GST ) department has detected tax evasion by a Vadodara-based firm that was fraudulently claimed input tax credit worth crores. The Firm, KSEG India International was found...

Too much Work Pressure on CAs as various Tax Deadlines end Today

As the 2018-19 financial year comes to an end today, the various Tax Compliance Professionals including the Chartered Accountants, Company Secretaries, Cost Accountants and other accounting professionals are under high pressure due...

Income Tax, CBIC Offices to remain Open on Sunday

As the current financial year comes to an end on tomorrow, the Income Tax and GST offices under the CBDT and CBIC will remain open on Sunday. Both the tax offices will remain...

Section 50C can be invoked in the Year in which Sale taken Place: ITAT [Read Order]

The Income Tax Appellate Tribunal  ( ITAT ), Delhi has held that the provisions of section 50C of the Income Tax Act, 1961 can be invoked in the year in which the...

India-USA signs Inter-Governmental Agreement for exchange of Country by Country Reports

India and the United States of America have today, the 27th March 2019, signed an Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports. The Agreement was signed by Shri P.C.Mody, Chairman, Central Board...

Cost Accountants Institute notifies Election Dates [Read Notification]

As the present (four-year) term of the Nineteenth Council will come to an end on July 21, 2019, the Institute of Cost Accountants has declared the election dates to select its new...

Remuneration of Chartered Accountants continues to rise, Says Survey

The latest survey Chartered Accountants Australia and New Zealand remuneration survey showed that the remuneration packages of Chartered Accountants Australia and New Zealand members continue to rise on either side of the...

Income Tax Dept allows Exemption to 120 Startups

The income tax department has confirmed that it has allowed tax exemption to 120 startups from paying taxes on funds raised from angel investors. An intimation has been sent to the startups in...

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CBIC notifies Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) on Friday notified the Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2020. They come into...

DGFT notifies Procedure & Criteria for Submission of Application for Export of Diagnostic Kits; ⅔ Ply Surgical Masks & Medical Goggles

The Director-General of Foreign Trade (DGFT) on Thursday notified the procedure and criteria for submission of application for the export of Diagnostic Kits; ⅔...

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...