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Definitions of certain terms relevant to income from profits and gains of business or profession

68 ViewsDefinitions of certain terms relevant to income from profits and gains of business or profession Section – 43, Income-tax Act, 1961 43. In sections 28 to 41 and in this section, unless the context otherwise requires— (1)  “actual cost” means the actual cost of the assets to the assessee, reduced by that portion of the cost thereof, if any, …

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Special provision for deductions in the case of business for prospecting, etc., for mineral oil

61 ViewsSpecial provision for deductions in the case of business for prospecting, etc., for mineral oil Section – 42, Income-tax Act, 1961 42. (1) For the purpose of computing the profits or gains of any business consisting of the prospecting for or extraction or production of mineral oils in relation to which the Central Government has …

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Khadi opens Outlet in SPG Complex to Accelerate Swadeshi push

76 ViewsKhadi opens Outlet in SPG Complex to Accelerate Swadeshi push Ministry of Micro,Small & Medium Enterprises Khadi and Village Industries Commission (KVIC) has taken another step towards promoting “Swadeshi”; and this time by roping in the Special Protection Group (SPG) with the drive. Today, KVIC inaugurated a new Khadi India Sales Outlet within the …

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Income Tax Department conducts search in Jharkhand and West Benga

75 ViewsIncome Tax Department conducts search in Jharkhand and West Benga Ministry of Finance  The Income Tax Department has carried out search and survey operations on 25th September, 2020 at around 20 residential and business premises of a prominent group having operations in Jharkhand and West Bengal. The group is engaged in trading of various …

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No requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares

91 ViewsNo requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares Ministry of Finance There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain from share trading in …

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Profits chargeable to tax

88 ViewsProfits chargeable to tax Section – 41, Income-tax Act, 1961 41. (1) Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee (hereinafter referred to as the first-mentioned person) and subsequently during any previous year,— (a) the first-mentioned person …

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Expenses or payments not deductible in certain circumstances

77 ViewsExpenses or payments not deductible in certain circumstances Section – 40A, Income-tax Act, 1961 Expenses or payments not deductible in certain circumstances. 40A. (1) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head “Profits …

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KVIC Appoints Design and Fashion Icon Sunil Sethi, as Advisor

76 ViewsKVIC Appoints Design and Fashion Icon Sunil Sethi, as Advisor Ministry of Micro,Small & Medium Enterprises The Khadi and Village Industries Commission (KVIC) has appointed Shri Sunil Sethi, a leading personality in the Indian fashion industry, as its advisor. Sethi will advise the Commission on latest design interventions in the readymade garments segment as …

KVIC Appoints Design and Fashion Icon Sunil Sethi, as Advisor Read More »

Faceless Appeals launched by CBDT today- Honoring The Honest

70 ViewsFaceless Appeals launched by CBDT today- Honoring The Honest Ministry of Finance The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & …

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Government to study the arbitration case award in Vodafone International Holding BV

90 ViewsGovernment to study the arbitration case award in Vodafone International Holding BV Ministry of Finance The Finance Ministry has said today that it has just been informed that the award in the arbitration case invoked by Vodafone International Holding BV against Government of India has been passed.  The Government will be studying the award …

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Development in MSME Sector

105 ViewsDevelopment in MSME Sector Ministry of Micro,Small & Medium Enterprises As a measure to help the MSMEs grow, the Government, vide notification no.S.O. 2119 (E) dated 26.06.2020, has notified composite criteria of classification of MSMEs based on investment in plant and machinery or equipment and turnover of the enterprise. The new criteria is effective …

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Income-Tax Notification No.74

108 ViewsIncome-Tax Notification No.74 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 11th September, 2020 S.O. 3122(E).—In exercise of the powers conferred by clause (47) of section 10 of the Income-taxAct, 1961 (43 of 1961), the Central Government hereby notifies the Infrastructure Debt Fund namely, the‘L&T Infra Debt Fund (PAN: AACCL4493R)’ for …

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CCI approves acquisition of 100% equity shares of Medlife by API Holdings and of up to 19.59% equity share capital of API Holdings by Medlife’s shareholders

105 ViewsCCI approves acquisition of 100% equity shares of Medlife by API Holdings and of up to 19.59% equity share capital of API Holdings by Medlife’s shareholders Ministry of Corporate Affairs The Competition Commission of India (CCI) approves acquisition of 100% equity shares of Medlife International Private Limited (“Medlife”) by API Holdings Private Limited (“API …

CCI approves acquisition of 100% equity shares of Medlife by API Holdings and of up to 19.59% equity share capital of API Holdings by Medlife’s shareholders Read More »

Contribution of MSMEs in Economy

87 ViewsContribution of MSMEs in Economy Ministry of Micro,Small & Medium Enterprises The Ministry of Micro, Small and Medium Enterprises (MSME) implements various schemes and programmes for promotion and development of Micro, Small and Medium Enterprises (MSMEs) throughout the country. These include the schemes/programmes such as Prime Minister’s Employment Generation Programme (PMEGP), Scheme of Fund …

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Shri Radha Mohan Singh Distributes Electric Chaak to 150 Kumhar Families in Bihar under KVIC’s Kumhar Sashaktikaran Yojana

104 ViewsShri Radha Mohan Singh Distributes Electric Chaak to 150 Kumhar Families in Bihar under KVIC’s Kumhar Sashaktikaran Yojana Ministry of Micro,Small & Medium Enterprises In a major step towards creating sustainable self-employment, Khadi and Village Industries Commission (KVIC) today distributed electric potter wheels (chaak) to 150 potter families in East Champaran district in Bihar. …

Shri Radha Mohan Singh Distributes Electric Chaak to 150 Kumhar Families in Bihar under KVIC’s Kumhar Sashaktikaran Yojana Read More »

Auction for Sale (Re-Issue) of ‘5.09% GS 2022’, Auction for Sale

81 ViewsAuction for Sale (Re-Issue) of ‘5.09% GS 2022’, Auction for Sale Ministry of Finance The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘5.09 per cent Government Stock, 2022’ for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) ‘5.77 per cent GS, 2030’ for a notified amount of Rs 18,000 …

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IFSCA Committee submits interim report on development of international retail business

95 ViewsIFSCA Committee submits interim report on development of international retail business Ministry of Finance The International Financial Services Centres Authority (IFSCA) Expert Committee on international retail business development in the IFSC has submitted its interim report to the Chairperson of the IFSCA. The interim report covers a number of suggestions aimed at swift and efficient development …

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Seeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-10, subject to the condition that the returns are filled between 22.09.2020 to 31.12.2020.

93 ViewsSeeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-10, subject to the condition that the returns are filled between 22.09.2020 to 31.12.2020. [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification …

Seeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-10, subject to the condition that the returns are filled between 22.09.2020 to 31.12.2020. Read More »

Seeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-4 for 2017-18 and 2018-19, subject to the condition that the returns are filled between 22.09.2020 to 31.10.2020.

119 ViewsSeeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-4 for 2017-18 and 2018-19, subject to the condition that the returns are filled between 22.09.2020 to 31.10.2020. [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of …

Seeks to grant waiver / reduction in late fee for not furnishing FORM GSTR-4 for 2017-18 and 2018-19, subject to the condition that the returns are filled between 22.09.2020 to 31.10.2020. Read More »

Seeks to give one time extension for the time limit provided under Section 31(7) of the CGST Act

108 ViewsSeeks to give one time extension for the time limit provided under Section 31(7) of the CGST Act [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. 66/2020 – Central Tax New Delhi, the 21st …

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35,074 taxpayers opt for Vivad Se Vishwas Scheme

84 Views35,074 taxpayers opt for Vivad Se Vishwas Scheme Ministry of Finance The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020. This was stated by Shri Anurag Singh Thakur, Union Minister of State …

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Fiscal and monetary policies to deal with slowdown due to COVID-19

94 ViewsFiscal and monetary policies to deal with slowdown due to COVID-19 Ministry of Finance The Government has implemented a judicious mix of fiscal and monetary policies to mitigate the negative impact of COVID-19 on the economy. On May 12 2020, Government announced the Aatma Nirbhar Bharat Package (ANBP), a special economic and comprehensive package …

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