Introduction In theUnion Budget 2019-20, the Honourable Finance Minister Shrimati Nirmala Sitharaman announced the Sabka VishwasLegacy Dispute Resolution (SVLDR) Scheme, 2019, a one-time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration. The scheme provides…
Tag: Taxation
POEM in India: A New Perspective (Part-1)
Taxation of business profits on the basis of economic adherence has always been the underlying basis of existing international taxation rules as both the residence and source countries claim the right to taxation. Economists gave primacy to the economic allegiance rather than physical location and made it clear that physical presence was important only to…
Applicability of IGST on goods transferred / sold while being deposited in a warehouse
As a common practice while importing goods, the goods shall first land to custom bonded area then transfer or sale of such goods occur from that area. As a trade practice importer files an into-bond bill of entry and stores the goods in a customs bonded warehouse and thereafter, supplies such goods to another person…
Synopsis of Changes in Income Tax Form For AY 2019-20
The income-tax department has notified new income-tax return (ITR) forms for assessment year (AY) 2019-20. A synopsis of relevant changes have been presented herewith: S.No. ITR Form Relevant Change 1 ITR 2, 3 If the taxpayer is a director in a company, at any time during the tax year, following details need to be furnished:…