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THE NEWS FLASH

NEWSFLASH on recent updates from Litigation perspective

Greetings! We are pleased to send you a copy of THE NEWSFLASH on recent updates from Litigation perspective
  • Prosecution procedure streamlined
  • Compounding conditions relaxed
  • E-assessment scheme launched
Prosecution procedure streamlined CBDT has issued guidelines for streamlining the prosecution procedure for identifying and examining the cases for initiating prosecution for offences under Income-Tax Act 1961 (‘the Act’). The Circular provides for two-layer procedure in the following categories of offences: Failure to pay TDS / TCS to the credit of the Government – Section 276B and 276BB of the Act Wilful attempt to evade tax etc. – Section 276C (1) of the Act Failure to furnish returns of income – Section 276CC of the Act Compounding conditions relaxed CBDT, in relation to past offences, has relaxed the condition of filing of compounding application within 12 months in a case where compounding application has to be filled before the Competent Authority on or before 31 December 2019. The Circular allows filing of compounding application with relaxed time limit in all cases where: Prosecution proceedings are pending before any court of law for more than 12 months; or Compounding application filed was withdrawn by the applicant solely for the reason that such application was filed beyond 12 months; or There was rejection of compounding application for an offence on account of technical reasons. However, this relaxation shall not be available in respect of offences which are not compoundable under the Current Guidelines. E-assessment scheme In order to bring transparency in the assessment procedures and provide a hassle-free tax environment to the taxpayers, the government has notified the e-assessment scheme, 2019, which shall come into force from September 12, 2019. The proposed scheme encompasses multiple nodal units such as national e-assessment centres along with regional centres, assessment units, verification unit, technical unit and review units. All the communications among the nodal units shall be carried out through the national e-assessment Centre via electronic mode only. Electronic records shall be authenticated by the originator by affixing his/her digital signature and also encompass the use of electronic authentication technique. Moreover, the government has emphasized that a person shall not be required to be personally present in relation to any proceeding under this scheme It shall be pertinent to note that the Centre may at any point of assessment transfer the case to the Assessing Officer having jurisdiction over such case. Hope you will find it useful and informative. NEWSFLASH on recent updates from Litigation perspective NEWSFLASH – Litigation Update
Articles In Newspapers & Journals

Government Eases Prosecution Norms For Income Tax Return Filing, TDS Defaults – Sanjoli Maheshwari

With the aim to streamline the procedure for identification and examining the cases fit for prosecution, CBDT has relaxed prosecution norms in case of defaults on TDS payment by setting the quantum and time lapsed. Sanjoli Maheshwari, Director- Direct Taxation shares her views on the aforementioned story for following publications: Bloomberg Quint Financial Express- Front page story government-eases-prosecution-norms-for-income-tax-return-filing-tds-defaults-sanjoli-maheshwari
Articles In Newspapers & Journals

Govt notifies faceless e-assessments in tax- Rakesh Nangia

The income tax department’s scheme for assessing tax returns electronically without any personal contact between officials and tax payers has become effective, with the government notifying the e-assessment scheme, 2019, on Friday. Rakesh Nangia, Managing Partner and Sandeep Jhunjhunwala, Director, Nangia Advisors(Andersen Global) share their views for following publications: Business Standard Livemint Financial Express Times of India Indian Express BloombergQuint Timesnow.com CNBCTV18.com IANS(News Agency) govt-notifies-faceless-e-assessments-in-tax-rakesh-nangia
Communique - Your Transfer Pricing Tabloid

Communique- Your Transfer Pricing Quarterly Tabloid

Tax and finance have been very much in the news lately. In July, the Finance Bill 2019 was presented by Modi Government 2.0, and now the new Direct Tax Code is under review. Discussions around economic growth, automobile industry downturn, fiscal deficit, bank credits, etc. are common. The Finance Bill 2019 (FB 2019) included amendments to rationalise and clarify the existing TP provisions. The Central Board of Direct Taxes (CBDT) has proposed changes in the draft policy for profit attribution to Permanent Establishment (PE). The litigation matters continued in the same vein and has resulted in some significant judgements. In the Global arena, United Nations has issued its draft report on Financial Transactions (FT); China has published its 10th Advance Pricing Arrangement (APA) Annual Report (AR); Singapore has published TP guidelines on commodity marketing and trading activities apart from regulatory updates in other countries around the world; to name a few. Accordingly, we discuss the above significant events/ happenings in this quarterly issue as tabulated below: Topic Page No.