Month: March 2020

Finance Minister announces Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus.

Insurance cover of Rs 50 Lakh per health worker fighting COVID-19 to be provided under Insurance Scheme 80 crore poor people will to get 5 kg wheat or rice and 1 kg of preferred pulses for free every month for the next three months 20 crore women Jan Dhan account holders to get Rs 500 …


Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak.

The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced much-needed relief measures in …


GeM takes a number of initiatives for procurement of goods and services by Government departments in the fight against COVID-19 Pandemic.

Government e-Marketplace (GeM), a Special Purpose Vehicle under the Ministry of Commerce and Industry, has taken a number of initiatives in the fight against COVID-19 Pandemic. GeM, which operates a dynamic, self-sustaining and user friendly portal for procurement of goods and services by Government offices, has taken steps to enable quick, efficient, transparent and cost-effective purchases …


Recommendations of GST Council related on IT Roadmap.

Recommendations of GST council related to law & procedure.

Tax on Cotton and Man-Made Fibres.

CGST Delhi detects Input Tax Credit fraud worth more than Rs 12 crore from 30 fake firms, one arrested.

The CGST Delhi North Commissionerate arrested one person who received fake/goods-less invoices valued at Rs 71,22,95,370/- involving fraudulent Input Tax Credit of Rs 12,82,05,579/- from 30 bogus/fake firms. The modus operandi was to create various fake firms in the name of employees of the operator of fake firms and other persons. Fake e-way bills were …


CBDT issues FAQs on Direct Tax Vivad se Vishwas Scheme, 2020

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 …


TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit.

In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a major Telecom Operator in Delhi. The company did not make the required TDS of 10% u/s 194J of the Income-tax Act, 1961 on technical contracts …


LLP settlement Scheme, 2020 launched ; Shall allow a One-time condonation of delay in filing statutorily required documents with the Registrar.

It has been observed that due to applicability of additional fee on late filing, which in case of inordinate delay could actually become a financial burden, a large number of Limited Liability Partnerships (LLPs) have remained non-compliant, mainly on account of their inability to pay late fees for the cumulative period of delay. As part …