Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry/Commerce Associations, Trade Bodies and Experts to seek ideas for the Annual Budget. Owing to the pandemic situation, the Ministry has received suggestions from various quarters for holding pre-budget consultations in a different format. It has accordingly been decided to create a dedicated email to receive suggestions from various Institutions/Experts. A specific communi..
The festival of 'Dhanteras' kickstarts the festivities of Diwali, bringing with it new hopes, aspirations, enthusiasm, and vibrancy. According to Hindu mythology, on this day, Goddess Lakshmi emerged from the ocean of milk along with a pot full of Gold and Lord Kuber. It is believed that Goddess Lakshmi brings Lord Kuber to fulfill the wishes of the devotees. So, people worship Goddess Laksmi and Lord Kuber (God of wealth), on this auspicious day. The Hon'ble FM Smt. Nirmala Sitha..
Monthly Review of Accounts of Union Government of India up to the month of September 2020 for the Financial Year 2020-21 The Monthly Account of the Union Government of India up to the month of September 2020 has been consolidated and reports published. The highlights are given below: Consolidated Account of the Union Government (1.4.2020 – 30.9.2020) EXPENDITURE Amount in INR Crores RECEIPTS Amount in INR Crores ..
The Finance Bill, 2020 brought various changes to Residential status of individuals, including the concept of deemed resident. The Finance Act, 2020 as passed by the Parliament reversed some of them and brought some further changes. The following article explains the 2 main amendments brought in – Reduction of limit to 120 days in case of certain persons, and deemed residence. But first let's talk about the Basic Conditions of Residence as known to us: As per Section 6(1), An ind..
Answers addressing new compliances of the Trust The Union Budget 2020 proposed substantial amendments for the trust and institution, this article attempts to address the major questions on the budget proposal… Q: Do I need to take fresh registration even though my trust is already being registered with Sec 12AA? Yes, All the existing charitable and religious institutions already registered under Section 12A (trusts and institutions registered prior to 1996), Section 12AA (trusts ..
A few days ago, the US announced that it no longer considers India a "developing" country but a "developed" country. While that sounds like a good thing from a status perspective, being classified as a "developing" country, it had some trade subsidy benefits attached to it, which we no longer can avail. That aside, you may ask what does it mean to be a "developed" country?As per Wikipedia, it is a sovereign state that has a developed economy and advanced t..
The 'Vivad se Vishwas' Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th of February, 2020 and passed by it on 4th of March, 2020. The objective of Vivad se Vishwas is to inter alia reduce pending income tax litigation, generate timely revenue for the Go..
ELIGIBLE CASES: Appeals/writs/S.L.P. pending Orders for which time for filing appeal/S.L.P. not expired DRP Cases pending 264 Revision pending DISPUTES COVERED: Scheme applies with reference to 'Tax Arrears' 'Tax Arrear' means: the aggregate amount of disputed tax, interest chargeable or charged on such disputed tax, and penalty leviable or levied on such disputed tax disputed interest disputed penalty disputed fee SCHEME NOT APPLICABLE In respect of tax ..
Recently the entire world economy is in slow down. IMF also cuts India's growth forecast to 4.8% for 2019 and growth projection improved to 5.8% in 2020. India's $5 Trillion tailspin economy was just about to flip this time. The recent budget has portrayed the concept of "More business, Less tax" ie, less tax burden on business organizations to attract the domestic as well as foreign corporations to set up more businesses in aspiring india which may strengthen our econom..
The NBFC sector which has been ailing for quite some time, was expecting some booster shots in the budget 2020. However the Finance Minister preferred to stick to a more conservative regime to address the liquidity constrains of NBFCs and HFCs. The steps announced may not be radical but will set stage for putting the sector back on track, with follow up measure in the coming months. It is but imperative to revive the NBFC sector as it plays an important role in sustaining demand as well as capit..
Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into civil wrongs. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha. Stating the chronology, Shri Thakur said that in continuation of the Government’s endeavour in similar directions, a Company Law Committee was constituted by the Ministry of Corporat..