PMO issues a Press Release on the platform ‘Transparent Taxation – Honoring the Honest’
The platform deals with reforms in the taxation system, such as Faceless Assessment, Faceless Appeal and Taxpayers Charter. It expounds that a seamless system will work to resolve the troubles of taxpayers rather than entrapping them further. A painless system is one that is simple and a faceless system implies no direct contact between the Taxpayer and the Income Tax Officer in all matters.
SEBI lays down the procedure for handling complaints by stock exchanges against listed companies for failure to redress investor grievances.
The stock exchanges shall levy a fine of ₹1,000 per day per complaint on the listed entity for failure to redress investor complaints within stipulated time and fines shall also be levied on companies which are suspended from trading.
The AYUSH Ministry strengthens Quality Control on ASU&H Interventions on COVID19
The Ministry has directed that all State/ Union Territory Licensing Authorities must forward licence applications for Ayurvedic, Siddha, Unami and Homeopathy interventions on COVID19 to the Ministry of AYUSH of the Central Government. The applications must be accompanied by details and results of clinical trials/ research study. The Central government will then verify the information. The State/ Union Territory Licensing Authorities will grant approval/ licences for manufacture for sale of such formulations only after obtaining clearance from the Central Government.
Government of Tamil Nadu notifies Tamil Nadu Rationalisation of Forms and Reports under Certain Labour Laws Rules, 2020
The combined and simplified forms and reports provided under these rules will facilitate ease of compliance and inspection and makes the information provided thereunder easily accessible to the public thereby increasing transparency.
The Central Government amends its directions under the E-Assessment Scheme, 2019
The name of the Scheme has been amended to Faceless Assessment Scheme. The Scheme was earlier called the E-Assessment Scheme. The amendment has made changes in the applicability of provisions of the Income Tax Act, 1961 to the E-Assessment Scheme, 2019. The amendment has made the procedure for assessment more transparent and clear. The amendment now gives the assessee the opportunity to furnish a reply to a notice, requiring assessment under this Scheme, within the specified time.
The Central Government amends the E-Assessment Scheme, 2019
The Scheme is now called ‘Faceless Assessment’ instead of ‘E-Assessment’. The scope of the term ‘assessment’ has also been widened to include Best Judgment Assessment under section 144 of the Income Tax Act, 1961. The amendment, additionally, increases the prowess of technical units set up by the Central Board of Direct Taxes (CBDT) so as to include the function of audit.
