CBDT issued clarification on set-off of losses and MAT credit under Section 114BAA
Central Board of Direct Taxes vide circular dated 2nd October 2019, has issued clarification with respect to additional depreciation and MAT credit where a company exercises an option to lower rate of tax under section 115BAA of the Act. Several representations were made by taxpayers seeking clarifications relating to exercise of option of lower tax rate under section 115BAA.
CBDT Introduces Document Identification Number System
Central board of Direct Taxes on 1st October, 2019 launched a computer generated Document Identification Number (DIN) to ensure greater transparency and accountability in tax administration. Any communication from Income Tax Department without a computer generated DIN, be it a notice, letter, order and summon or any other correspondence, would be treated as invalid and shall be deemed as if it has never been issued.
Apprenticeship (Amendment) Rules, 2019 notified
Apprenticeship (Amendment) Rules, 2019 has been notified on 25th September, 2019.
Changes have been brought in duration of training, employer’s eligibility, number of apprentices, Stipend, Hours of work etc. List of designated trade has also been updated.
DGFT extended date for installing Radiation Portal Monitors and Container Scanners
Directorate General of Foreign Trade in its public notice on 25 September 2019, has amended para 2.54 of the Hand Book of Procedures, 2015-2020. The para deals with installing and operationalizing of Radiation Portal Monitors and Container Scanners. DGFT has extended the deadline for installing and operationalizing of radiation portal monitors and container scanners at the existing designated sea ports namely Chennai, Cochin, Ennore, JNPT, Kandla, Mormugao, Mumbai, New Mangalore, Pradip, Tuticorin, Vishakhapatnam, Pipava, Mundra and Kolkata till 31 December, 2019. Previously, the due date was 31st October 2018.
FSSAI issues clarification for packaged drinking water
FSSAI has issued an advisory on 7th October, 2019 with regard to selling of packaged and natural mineral water in open market without BIS number. The FBOs shall obtain Licence. FSS (Packaging and Labelling) Regulation, 2011 and FSS (Advertising and claims) Regulation, 2018 shall be applicable for Packaged drinking water.
“Trans Fat Free” logo officially launched
“Trans Fat Free” logo has been officially launched. The use of the Logo is however optional for the establishments who qualify the usage of such logo.
Form NDH-4 made available on MCA
The Ministry of Corporate Affairs on 10th October 2019 has announced in its website under the news and updates column that Form NDH-4 is now available for filing. Form NDH-4 (Form for filing application for declaration as Nidhi Company and for updation of status by Nidhis) was brought under the Nidhi (Amendment) Rules, 2019 dated […]
Eligibility to file a refund application in FORM GST RFD-01
CBIC has issued a notification dated 3rd October, 2019, regarding Eligibility to file a refund application in FORM GST RFD-01 for a period and category under which a NIL refund application has already been filed. Applications which have been filed inadvertently for NIL refund, can be re-filed to claim returns.
Income Tax department starts e-assessment scheme for taxpayers
CBDT in its circular dated 26th September, 2019 has issued direction on the conduction of scrutiny Assessment proceedings through “e-proceedings” for the FY 2019-2020.
CBDT has issued the manner in which srutiny assessment will be carried out and a list of exceptional cases where e-proceedings will not be carried out.
FSSAI issues guidelines for availability of safe milk and milk products
FSSAI had issued guidelines for availability of safe milk and milk products, to curb adulteration of milk and milk products. The guidelines states as follows: Milk chilling units are to be kept under strict vigilance to check adulteration or production of spurious milk, which can be added to the milk value chain. Strict action will […]
