Also, spending such as provident fund contribution and leave encashment are allowed as an expenditure only in the year that it is spent.
CBDT had recently received various representations from across the country requesting a relaxation in the guidelines determining residential status for the fiscal year 2020-21.
The Commission has been adopting various strategies to prevent misuse of money, liquor and drugs during poll campaigning to induce voters.
According to a senior official, we can expect hikes in import duties, which will be aligned to the government’s Aatmanirbhar Bharat initiative.
ANMI has urged the government to incentivise and encourage equity market investments by streamlining the tax structure applicable for market transactions in the Union Budget for the financial year 2021-22.
The relaxed requirements allow MSMEs who have filed minimum 10 customs clearance documents in one year and who have a clean compliance record over 2 years to apply for the scheme.
Between April and October, overall revenue collections stood lower at Rs 7.34 lakh crore, or 34 per cent of the budgeted amount as against 46.2 per cent last year.
The CBIC has asked taxmen not to grant GST registration on deemed basis in cases where the applicant has not opted for Aadhaar authentication or the authentication has failed.
Along with compliance on GSTR-9 and 9C, taxpayers were also required to follow e-invoicing regulations.
The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore in more than 32.07 lakh cases so far, including Rs 79,517 crore of corporate tax refunds.
Till June this year, the EC used to ask complainants to approach courts directly on issues of alleged false affidavits.
'The survey action u/s 133A of the Act being an intrusive action, it is expected that the same should be carried out with utmost responsibility and accountability,' the CBDT said.
Net direct tax collection grew to Rs 1.42 lakh crore at the end of the first quarter due to a surge in advance tax payments.