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.
