Taxation Current Affairs - 2020

Lok Sabha clears Taxation (Amendment) bill, 2019

On December 2, 2019, Lok Sabha passed the Taxation Laws (Amendment) bill, 2019. The main objective of the bill is to provide an option for the domestic companies to pay taxes at the rate of 22%. Key Features The bill replaced the ordinance promulgated by the President in September 2019. The ordinance reduced corporate taxes. Read More…

Government notifies Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019

Union Finance Ministry has notified Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019, a dispute resolution and amnesty scheme to reduce legacy service tax and central excise cases. It will become operational from September 1, 2019 four months till December 31, 2019. It can be availed by taxpayers for closing their pending disputes relating to legacy Service Read More…

Government receives Rs. 3,000 crore from MNCs that have entered into APAs

Union Government has received Rs. 3,000 crore of additional tax from MNCs that have entered into advance pricing agreements (APAs) with it over last five years and also has eliminatedbig source of tax litigation. It was revealed in recently released annual report on advance pricing agreements (APAs) for FY18 by Central Board of Direct Taxes Read More…

Government raises threshold monetary limit for filling appeals relating to tax cases

Union Finance Ministry has hiked threshold monetary limit for tax departments to file appeals all three levels of appeal — Appellate Tribunals, High Courts, and Supreme Court. The move is aimed at significantly decreasing taxpayer greivances and litigation burden of tax departments in courts and tribunals across the country. Key Facts Tax departments, Central Board Read More…

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S Ramesh appointed as Chairman of CBIC

The Union Government has appointed senior bureaucrat S Ramesh as chairman of Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes. He has been appointed as chairman of CBIC with the status of special secretary to the central government. He will succeed Vanaja N Sarna who retired on June Read More…