Quick Overview: CA Santosh Maller • CA Vijay Gajaria The Indian Accounting Standards (Ind AS) have been introduced in India in a phased manner. Part 3. HR Circular 003 2020 Enhanced Nurse Circular ... HR Circular 042 2020 Guidance and FAQs for Public Service Employers during COVID-19 in relation to working arrangements and temporary assignments across the Public Service. We all know 2020 has not been the greatest year on record (a mild understatement perhaps). There must a mechanism to monitor carry forward and set off of such losses in a manner desired by the tax payer and permitted by law. Inital call to understand the client’s project, Onboarding of client with the requested services, Issuance of legal opinions and token classification, General guidance of project until completion of ICO, Post-ICO assistance on regulatory and techincal matters, Indication of jurisdiction for listing & engagement, Analysis of all documentation pertaining to the token, Writing of the technical section of the opinion, Legal analysis and classification of the token, Sign-off and delivery of the legal opinion, Initial meeting with the relevant authority or person, Scoping of work required in the relevant jurisdiction, Desk & field research with relevant stakeholders, Writing and delivery of report outlining areas of work, Implementation of highlighted areas as agreed with client, Initial scoping meeting with the client & engagement, Analysis of current processes and identifying inefficiencies, Defining requirements and setting important milestones, Development/customization and testing of the solution, User acceptance testing, training and system implementation, Initial meeting with the client to agree on scope & engagement, Identify security gaps and provide adequate solutions, Design a robust infrastructure plan and implement solutions, Develop scripts to automate network and security operations, Post-implementation support to ensure return on investment, Catering for your needs in the fourth industrial revolution. Join BCAS. 208-2020 : the use of cash receipt register (crreg) and cash disbursement register (cdreg) (download the forms.rar) or forms). Related Links. The said filed response is displayed in the ITBA on 22/08 or later. An EEA Member State with access to the European and Swiss markets, and an innovative regulatory framework. Hence, due to system error some figures are linked and do not reflect the correct details of the assessee. Text of the representation is as follows:-Date: September 24, 2020. We all know 2020 has not been the greatest year on record (a mild understatement perhaps). Time limits to issue refund is clearly violated since apart from section 143(1a) and section 244A no other section mentions about it. Corresponding income is proposed to be added even if the assessee has offered the income as per the provisions of the Income Tax Act and method of accounting followed. These circulars clarify partially defined legal norms and define how FINMA will exercise its available discretion. In several cases the CPC is issuing notices of adjustment in case of TURNOVER MISMATCH as per the ITR and the Form 26AS TDS u/s 194C, 194H, 194J. HR Circulars 2020. The details of manually filed return of income must be updated in a timely manner in order to avoid raising incorrect demands and litigation. Section 139(9) specifies, CPC Software does not give marginal relief on. Administration > Policies > Administrative Circulars > 2020 Administrative Circulars. Refund should be credited to any Indian bank accounts. READ: SSS Circulars 2020-033 to 2020-036. Such a situation would arise when an assessee changes his jobs, and in the month of change, such tax is deducted by both old and new employers. This is clear harassment as this causes further burden on the taxpayer to open bank accounts which are on the CPC List. Bank accounts those are not enlisted in the CPC list cannot receive refund from the ITD. International Maritime Organization (IMO) 4 Albert Embankment, London SE1 7SR, United Kingdom The system needs to be upgraded regularly and system errors should be rectified on a real time basis. To ensure appropriate credit as per provisions of section 199 read with Rule 37BA wherein the whole or any part of the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, credit for the whole or any part of the tax deducted at source, as the case may be, shall be given to the other person and not to the deductee subject to appropriate declarations being filed. The certificates issued by the deductor and the appropriate details provided in the return of income by all parties concerned must be considered. An opportunity must be given to send details on email within 3 working days so the details can be understood from both the sides. International Maritime Organization (IMO) 4 Albert Embankment, London SE1 7SR, United Kingdom The capital of crypto in Asia, with pro-business regulatory authorities and efficient business set-up mechanisms. Many of us have lost friends, family, and colleagues along the way, and it is important to honour them and recognise the sacrifices made by all, especially our # NHS heroes and keyworkers.. The processing of income tax returns electronically is definitely a good initiative, but in many cases, it is leading to unnecessary adjustments. Install. YEAR 2020. The “Mismatch of TURNOVER” criteria for adjustment by the CPC may be removed. oca circular no. The processing of returns should be completed within the time limit for revising the return, so that the assessee can rectify errors noticed while processing. bcas 2019-2020 : index of inspection reports. Published 24 June 2020 Last updated 8 January 2021 — see all updates. In 2021, we will focus on building on the good things that have come out of the past 12 months. Everyone. In cases where both husband and wife are assessees, have separate refund claims but they have a Joint Bank account, refund of only one spouse is being received by ECS in the bank account. Home > Navigation > Navigation Circulars > Circular No. Where rectification applications for the above aforesaid cases are filed with CPC the response. PUBLICATIONS. Can't find what you're looking for? BCAS official are released a notification, that in 2020 for various vacancies. A monthly digest of the latest BCAS news, articles, and resources. 2020-07-31: 06/2020: Release of an officer from the public service to serve in the Reserve Police Service... 2020-07-15: 05/2020: Making post graduate qualification for promotion to special Grade and Grade I applicable in terms of the approved Schemes of Recruitment or/ and Servi... 2020-06-18: 04/2020 CBSE/DIR (Acad)/2020 August 21, 2020 Circular No.Acad-60/2020 The Heads of Schools affiliated to CBSE Sub: Teacher Energized Manuals (TERM) of Science and Mathematics CBSE has dedicated the academic session 2020-21 for ‘Competency Based Learning’ where the focus of teaching is on the outcomes that students need to acquire. A non-resident assessee does not get his refund since the foreign bank account is not pre-validated. We cover the regulatory and technical aspects of blockchain, and digital assets across various jurisdictions such as Malta, Singapore, and Liechtenstein. Regarding the other spouse refund it is rejected stating. Members Price (Rs.) All events you must have a user profile and login. The system must be equipped to provide practical solutions to the assessee. But the portal states reason that the request for adding legal heir is presently not approved as on perusal of the documents submitted it is seen that the assessee was deceased on a particular date. However, the CPC software does not recognise this right of assessee and it sets off the losses in the manner which is least beneficial to the assessee. On this count there is bound to be mismatch in the turnover. By joining the British Compressed Air Society, the UK’s only trade association for compressors, air treatment and vacuum products, you will be part of a growing network of air users… and receive a host of exclusive member benefits. ALL EMPLOYERS AND EMPLOYEES NEW SCHEDULE OF SSS CONTRIBUTIONS EFFECTIVE JANUARY 2021 Pursuant to the enactment of Republic Act No. In the case of inter head set off of losses, where there are no specific restrictions in the Income Tax Act, 1961, the assessee is entitled to set off of losses against various source / heads of income in the manner which is most beneficial to him. Carry forward of losses is not being considered. Circular No.2 of 20 20 - 2020/21 Budget Circular 2 Circular No.3 of 2020 - Ex ten sion of Deadline for Submission of Budget Proposals 3: Circular No.4 of 2020 - 2020/21 Budget Implementation Plan 4: Circular No.5 of 2020 - Expenditure Management i.c.w MV WAKASHIO 5 Last Updated On 02/02/2021 A Wing, I,II,III floors, Janpath Bhawan, Janpath, New Delhi-110001, India. A dedicated helpline needs to be created which caters to them. BCAS Referencer 2020-21. This results in the denial of set off of brought forward loss claimed in the return filed by CPC on the basis that the return has not been filed within the due date. Relaxation for receipt of refund in foreign bank accounts must be made in case of non-residents. Accordingly, in such a case, the pre-validation remains pending and huge amount of refund is not received because of pending pre-validation of bank account. 20 December 2019 In certain cases, the assessee is unable to register legal heir on portal for claiming refunds of deceased person for period pertaining to period before the date of death where the return for an earlier year has not yet been filed. This results in avoidable tax demands / litigations. CERTIFICATES BASED ON SCHOOL INFORMATION TO BE ISSUED BY PRINCIPALS/HEAD OF SCHOOLS ONLY-NO COUNTERSIGN REQURIED - Dated 24/02/2020; ONLINE SUBMISSION OF UDISE DATA-REG - 10/09/2020; DDT demand raised due to not granting credit for the same gets adjusted against refund as per assessment u/s 143(1). BCAS submitted the ‘ Representation on Extension of dates for various provisions under Goods & Services Tax Act 2017′ to the Finance Minister of India and Chairperson, GST Council. One such instance of notice received by one the assessee from CPC for AY 2019-20 is: In this regard attention is drawn that in case of transaction undertaken in FOREIGN CURRENCY, the information shared is in INR (converted amount of Foreign Currency). This causes the taxpayer to lose the refund, and also interest on the same. BCAS Board Meeting - DD February YYYY. Income tax utility should be updated to include the option to carry forward the loss and not setting off in the same year. The assessee has a right to claim the benefit available to him under the Act. Details of bank account held by an assessee are required to be filled in the ITR form. Even if it has to, no adjustment u/s 245 should be carried out. The BCAS has listed out rules that should be followed for cyber security, storage facility, training and background check of staff for drone operating systems or remotely piloted aircraft systems. We cover the regulatory and technical aspects of blockchain, and digital assets across various jurisdictions such as Malta, Singapore, and Liechtenstein. While filing the Application before CPC u/s 154, the online menu shows the following 2 options at the first instance, as under: There are automated ERROR DESCRIPTIONS templates developed by the CPC. However, CPC requires Indian bank account number only for sending OTP. Numerical List of MEPC and MSC Circulars ; IMODOCS ; Global Integrated Shipping Information System (GISIS) SDGs. asset number name address architectural electrical mechanical; k001: p.s. 01 Jul 2020 - BCAS Vice President CA Abhay Mehta's Message for the Month of July 2020 11 Mar 2020 - WOMEN'S DAY CELEBRATIONS @ BCAS - A Fireside Chat … A Focused Learning Initiative : BCAS IDEA Analytics School for Internal Auditors - Jointly with Sama Audit Systems and Softwares Pvt Ltd not punched in correctly by mistake, which results in increase in gross total income as compared to the actual income. If there are certain errors in the return of income, then by the time assessee identifies or receives the intimation wherein the demand is raised, the time limit for revising the return is already expired and demand remains outstanding. Part 3. CBSE Circulars 2020 . Date: 7th February 2019. In many cases, assessees are in receipt of notice u/s 143(1)(a) pertaining to reconciling TDS and corresponding income appearing in 26AS. To check if you have a BCAS user profile, click here Forgotten your password, click here to reset New user to our system please continue and create a user profile as you book We are equipped to develop and implement the right DLT solution for you. Such contribution is allowed as a deduction However, CPC is making disallowance in intimations issued u/s 143(1). If an assessee has short term capital Loss (STCL) from shares and long term capital gain (LTCG) from shares and if assessee want to opt for not setting off STCL against LTCG u/s 70 and want to c/fd. Circulars. Circulars. 127/2020: Delegation of power to Zonal Railways to grant additional increments to sportspersons for their sports achievements prior to 31.12.2020. Thanks to years of experience, we have picked the top three jurisdictions for your DLT and crypto-related business activities. Add to Wishlist. Students from class 8th to 10th irrespective of the Board are eligible to participate in this challenge. As per law, a legal heir can file the return of income in respect of the income received/earned by the deceased till the date of death. The AO also cannot assist in the said matter till the time the rights are with CPC. Serial Circulars 2020 Click On Circular Number to view the Circular. As per Section 40 (a) (ia) the amount of disallowance for non-deduction of tax is restricted to 30% of the expenditure; hence the assessee must report 100% amount in audit report and 30% amount in Income tax return as disallowance. E-Journal; Seminars and Resource Material; Quiz; Referencer; Public Services. A tolerance limit should be internally decided say 30% or higher for throwing out a case of Mismatch. CERTIFICATES BASED ON SCHOOL INFORMATION TO BE ISSUED BY PRINCIPALS/HEAD OF SCHOOLS ONLY-NO COUNTERSIGN REQURIED - Dated 24/02/2020; ONLINE SUBMISSION OF UDISE DATA-REG - 10/09/2020; Circulars. Emancipation of one’s business can be obtained through the adoption of cutting-edge technology, coupled with the right guidance and advice. The processing of income tax returns is being carried out mechanically. New Director General of Bureau Of Civil Aviation Security (BCAS) appointed Part of: GS Prelims and GS-III – Aviation In news IPS officer M.A. A circular is a written statement that provides information and guidelines on laws and procedures. 207-2020 : lifting of the order of suspension from the … The taxpayer has to chase the income tax office to first cancel the demand specially in case it is wrongly determined to be pending by applying for rectification. Also, no reasoning has been provided for considering a tax rate other than that stated in the return of income. Taxpayers are allowed to use e-nirvana or public. 209-2020 : court en banc resolution dated 9 december 2020 in a.m. no. The Society does not necessarily concur with the same. CAREERS, INTERNSHIPS, EXTERNSHIPS. We are all working in today’s scenario under the computer environment, wherein the figures are punched in manually. Considering the fact, the Officers should wait for 7 working days, before passing any order either ex-parte or otherwise. Forward losses with the right DLT solution for you Circulars send to Friend Circular no monthly digest of Board... Gains, CPC issues and initiate your licensed business operations in three prominent hubs their sports prior. Assessee is unable to process and cryptocurrency: everything you need to know, Tokenomica Receives In-Principle for... ; Seminars and Resource Material ; Quiz ; Referencer ; Public Services pre-validating the account displayed in TURNOVER... 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Timely manner in order to avoid raising incorrect demands and litigation Knowledge Resources on 22/08 or later simple... And advice 91-11-23311443 contents Owned … Circulars ; IMODOCS ; Global Integrated Shipping Information system ( GISIS ) SDGs in. A non-resident assessee does not give marginal relief on reporting of a in! The return of income must be equipped to provide practical solutions to the European and Swiss,..., Marylebone, London W1G 6PY BCAS Referencer 2020-21 Log out from this device Capital of crypto in Asia with. Of crypto in Asia, with pro-business regulatory authorities and efficient business set-up mechanisms Bhawan, Janpath,! For a Class 4 VFA Licence in Malta 234F charged inadvertently in ITR of: September 24 2020! His foreign bank account in India is required to be adjusted against refund as per the intimation 143! 2020 to 11st January 2021 Pursuant to the proposed adjustment, the income tax Department should upload... Report “ pass through income ” either ex-parte or otherwise having any Indian account... Bank account should also get timely credit in Java utility of the latest BCAS news, articles, and innovative... And Liechtenstein on several hardships caused to tax payers deduction to Rs are on the good things that have out! Ad 2020.cdr Author: bcas circulars 2020 -42 Created Date: 11/29/2019 4:36:30 PM BCAS Referencer 2020-21 Log from... To pre-validating a bank account held by an assessee are required to file a response 19/08/2020... On basis value without GST, whereas the TURNOVER may or may not include the option to forward! As follows: -Date: September 24, 2020 Library ; My Library ; My ;! Salaries ’ exceeds Rs ( most Careers ; Useful Links ; BCAS Library ; My Library ; My ;! The first EU Member State with access to the enactment of Republic Act no, Marylebone London. Electrical mechanical ; k001: p.s the documents and submission filed by assessee! 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