CBDT Issued clarifications regarding filing of ITR for the AY 2019-20
The Income-tax return (ITR) forms for the Assessment Year (AY) 2019-20 were notified vide notification bearing G.S.R. 279(E). Dated the 1st day April, 2019. Various queries have been raised by the stakeholders regarding reporting of certain details in the ITR forms, such as reporting of directorship in a foreign company, reporting of equity shares listed outside India, unlisted shares which were previously listed, reporting of unlisted shares received by way of gift, will, amalgamation etc. and reporting of certain assets held as stock-in-trade.
In order to address such queries, The CBDT through circular dated 8th August 2019 has issued clarifications.
The Karnataka Legal Metrology (Enforcement) (Amendment) Rules 2014
The Food, Civil Supplies, Consumer Affairs and Legal Metrology Department of Karnataka on 23 January 2016 amended the Karnataka Legal Metrology (Enforcement) Rules 2011 and made The Karnataka Legal Metrology (Enforcement)(Amendment) Rules 2014
Applicability of Apprentices Act, 1961 on Startups and other Business Operators
Department for Promotion of Industry and Internal Trade (DPIIT) vide its notification number G.S.R. 127(E) dated 19th February 2019 has increased the maximum turnover for a firm to be considered as a start-up to Rs. 100 crore from earlier criteria of maximum turnover of Rs. 25 crore. The Apprentices Act, 1961 makes it obligatory for employers […]
Ease of doing business initiated by Andhra Pradesh Pollution control board
n order to improve the consent management system and to make consent processing more transparent and speedier, AP Pollution Control Board has launched Online Consent Management and Monitoring System (OCMMS).
Consent for Establishment and Consent for operation can be obtained through Single desk portal. Consent Orders will be uploaded on the portal. THe validity period of Consent has been increased for each category and auto-renewal of CFO is now available on self-certification. Time frame for processing of consents has also been reduced.
CBDT simplifies the process of assessment in respect of Start-ups
Central Board of Direct Taxes has simplified the framework on its assisting process in which action could be taken against Start-up entities only after the approval of a supervisory officer. No verification will be done by an assessing officer if a start-up has been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT)
CBDT raises monetary limit for filing appeals
To reduce litigation, facilitate ease of doing business and to remove long pending grievances of taxpayers in the matters of direct/ indirect taxes, the Govt. has decided to raise threshold monetary limits for filing Departmental Appeals before the Appellate Tribunals (ITAT/ CESTAT), High Courts and Supreme Court. The limits given by Circular No. 3/2018 dated 11 July 2018 stands amended by this Circular.
Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs Order, 2016
The Central Government vide Notification date 6th August 2018 has amended the Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs Order, 2016 released under the Essential Commodities Act, 1955, in favour of contract farming purchasers. In the said Order, in clause 3 after sub-clause (3), new sub-clause (4) has been inserted. […]
ICAI Introduces UDIN to restrain False Certification
The Institute of Chartered Accountants of India on August 2, 2019, decided to enforce an innovative obligatory concept that will generate Unique Document Identification Number (UDIN) for all kinds of certificates, GST and tax audit reports
Change in Rate of Exchange of Japanese Yen
The rate of exchange of Japanese Yen for Imported Goods is Rs. 67.75 and Rs. 65.20 for Export Goods. These rates are applicable from August 6, 2019.
Acetic Acid to get Indian Standard Mark
The Department of Chemicals and Petrochemicals on August 5, 2019, issued the Acetic Acid (Quality Control) Order, 2019, to provide Standard Mark as Specification for Acetic Acid. However, no such certification will be required of the Acetic Acid meant for export purposes and having specifications according to the foreign buyer.
