Following are some important updates from the Income Tax Department relevant for professionals and TaxpayersIncome Tax Department notifies Cost Inflation Index (CII) for FY 2019-20 as 289. This is relevant for taxpayers having income from Capital Gains.CII NotificationIncome Tax Department issues guidelines for Manual selection of Returns for ScrutinyManual Scrutiny Guidelines
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Insight Into Benami Transactions (Prohibition) Amendment Act, 2016
An article on the Benami Transactions (Prohibition) Amendment Act, 2016The article covers the background, legislative history, Key aspects, Officers' Responsibilities and FAQs. The article can be found here- https://taxguru.in/income-tax/insight-benami-transactions-prohibition-amendment-act-2016.html
Cashless Economy and the Role of Banks
Traditionally, Indian Economy had been an economy where cash has been the King in the settlement between various parties. This was mainly because organized banking had not spread throughout the length and breadth of the country. However, the nationalization of the banks in the year 1969, by the Central Government to some extent had increased…
Elections- Its Impact On Indian Economy
The coming elections will have a huge impact on the economy of the country. Many of the Make-in-India initiatives will bear fruit in the coming days and India shall need a stable Government to continue the same.If the ruling party is elected, many of their infrastructure initiatives coupled with Make-in-India initiatives will be continued which…
e-Form-ACTIVE (INC-22A)
Mandatory Active Company Tagging Identities and Verification (ACTIVE) as per Rule 25A of Companies (Incorporation) Rules, 2014 vide Companies (Incorporation) Amendment Rules, 2019 (a newly inserted provision) for companies incorporated on or before 31st December 2017 Provisions of the Act Every company incorporated on or before the 31st December 2017 shall file the particulars of…
