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. The AO also cannot assist in the said matter till the time the rights are with CPC. The reporting of a transaction in FOREIGN CURRENCY may be done in both currencies (INR as well the equivalent Foreign Currency). With the rise in cybercrime becoming more prominent, let us assist you in protecting your business. The first EU Member State to implement a regulatory framework, attracting major industry stakeholders. Whichever jurisdiction you opt for, we can help you launch your venture in the most efficient way possible. BCAS official are released a notification, that in 2020 for various vacancies. Refund challans/ refunds adjustment against demand of other years not reflecting in the new ITBA system: Income Tax department’s internal software has been upgraded, but in many cases, it does not show proper refunds issued to assessee / refunds adjusted with demands of other years, etc. Having published the BCA Journal for over 50 years, it has pioneered professional learning through publications, seminars, workshops, RRC’s and interactive techniques. A dedicated helpline needs to be created which caters to them. 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. Try our policy search engine. Income tax utility should be updated to include the option to carry forward the loss and not setting off in the same year. Bombay Chartered Accountants' Society 7, Jolly Bhavan 2, Ground Floor, New Marine Lines, Mumbai - 400020 On this count there is bound to be mismatch in the turnover. The system must be updated for providing refund where joint bank account details are provided. On rectification for credit of DDT, the DDT demand is cancelled, but refund of adjusted demand is not granted. 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.. Circulars. Important Circulars/Notifications - 2020. So the Officials announced about the vacancies and they also asked the interested and the eligible candidates for applying for the available vacancies by inviting … Part 5. There are clarificatory circulars from CBDT that when the tax has been deducted by an employer, the assessee cannot be asked to pay for it. It underscores the collaboration among the government, unions, trade associations and chambers, industry and institutes of higher learning, all working collectively to realise an advanced and integrated built environment sector with progressive … 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 Bank accounts those are not enlisted in the CPC list cannot receive refund from the ITD. Details of bank account held by an assessee are required to be filled in the ITR form. Also, in case the taxpayer has applied for rectification no demand should be set to be adjusted against the pending refund. Such TEMPLATES need to be reviewed with every change in the law. 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. In order to pre-validating a bank account, an OTP is to be received on the mobile number registered with the foreign bank account. Information. HR Circulars 2020. oca circular no. In 2021, we will focus on building on the good things that have come out of the past 12 months. Circulars. As a safeguard, a consent from the second joint holder may be obtained online. 1 - brooklyn There is a need to set up a special cell for ITR Processing for Senior Citizens. This will lead to considerable time saving and ensure timely reporting by the assessee. Such clarificatory circulars must be considered and the system must be upgraded accordingly and demands if raised must suo motto be automatically stayed in such circumstances. This causes the refund to bounce in case the taxpayer filed his income tax return when he had no such enlisted bank account. For example, in case of CUSTOMS DUTY, the charge is on INR, converted at the conversion rate prevalent on the date of charging the Customs Duty. Also, the non-resident taxpayers having bank account in India also face challenges in pre-validating the account. 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. Thanks to years of experience, we have picked the top three jurisdictions for your DLT and crypto-related business activities. Part 4. Thus, though the transaction in Foreign currency is same, but the value in INR changes. Interest on refund u/s 244A is not issued in cases where demand was adjusted against refunds and then due to rectification the demand was considered wrong. Refund should be credited to any Indian bank accounts. 04: Oct 02, 2020: Guidelines and Criteria for Establishing Islamic Banking Institutions (IBIs) and Commencement of Shariah Compliant Business and Operations by Development Finance Institutions (DFIs) A circular is a written statement that provides information and guidelines on laws and procedures. Bombay Chartered Accountants’ Society (‘BCAS’) since its inception has always nurtured talent and promoted knowledge that aids in professional upliftment. Reference Date Subject Documents Issued; C.CWS.144: 2020.11.24: CWS/8 Modification of Session Dates: C.CWS.143: 2020.11.13: Release of WIPO Sequence Version 1.0.0 MCA General Circulars 2020 (No./ Particulars) 37/2020 : MCA had earlier extended the deadline of LLP Settlement Scheme 2020 upto 31st Dec. 2020.Now the extended deadline will also cover belated filing of documents due upto 30th Nov. 2020, as against 31st August 2020 … Law allows intra head and inter head adjustments during the same year or about carried forward losses. The processing of income tax returns is being carried out mechanically. PARTNERSHIPS AND PROJECTS. 139(9) defective return notices are sent indiscriminately by CPC. 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 Carry forward of losses is not being considered. The system must consider the various situations under which refund can be received by assessee and must incorporate the same in the system in order to avoid undue hardship to assessee. 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 The reasons of genuine mismatch are as under: This issue relates to the delayed DISPLAY or RECEIPT of the submissions made through the E_PROCEEDINGS PORTAL. Regarding the other spouse refund it is rejected stating. Numerical List of MEPC and MSC Circulars ; IMODOCS ; Global Integrated Shipping Information System (GISIS) SDGs. Serial Circulars 2020 Click On Circular Number to view the Circular. This leads to unnecessary delay in clearing pending orders. Hence, due to system error some figures are linked and do not reflect the correct details of the assessee. The reporting by the CUSTOMS dept is done for this amount in INR. The taxpayer’s refund of a particular assessment year is adjusted by issuing notice u/s 245 by CPC when the AO has submitted details of pending. HR Circular 001 2020 Intern Induction 2018. To access the challenge, a student would be required to join the ‘CBSE Science Challenge- 2020’ course on Part 2. 2500/- on account of the assessee working under more than one employer, CPC Software restricts the deduction to Rs. However, CPC requires Indian bank account number only for sending OTP. Part 4. We are equipped to develop and implement the right DLT solution for you. The Society does not necessarily concur with the same. The processing of income tax returns electronically is definitely a good initiative, but in many cases, it is leading to unnecessary adjustments. The said filed response is displayed in the ITBA on 22/08 or later. 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. Section 139(9) specifies, CPC Software does not give marginal relief on. PUBLICATIONS. In a case where assessee was required to file a response on 19/08/2020 and the assessee filed it on 19/08/2020. This will help in explaining the transaction. Everyone. TAS is deducted on the gross value, whereas later the value is at variation because of addition/ deduction of discount, reduction of value because of Goods Return etc. The system needs to be upgraded regularly and system errors should be rectified on a real time basis. The mechanical data analysis by the software does not take care of the practical reasons for the mismatch. 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. 41st BCS Circular 2019 published on 27th November 2019. There are possibilities where certain typographic / human errors occur in feeding the data such as deduction under section 54/54E/54F/54EC, etc. Enabling the automatic filling of the bulk entries for TDS credit in Java Utility of the tax return forms (most. To, The Hon’ble Finance Minister & Chairperson, GST Council North Block, New Delhi 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 … Part 3. Relaxation for receipt of refund in foreign bank accounts must be made in case of non-residents. These Circulars announce the New Schedule of SSS Contributions Effective January 2021 for Employers, Employees, Self-Employed, Voluntary, Non-working Spouse, Household employers and Kasambahay ALL EMPLOYERS AND EMPLOYEES NEW SCHEDULE OF SSS CONTRIBUTIONS EFFECTIVE JANUARY 2021 Pursuant to the enactment of Republic Act No. 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. Cases are filed with CPC the response foreign bank account details are provided in. Navigation bcas circulars 2020 Navigation > Navigation Circulars > Circular no of prior assessment years electronically is definitely a initiative... To develop and implement the right guidance and advice GISIS ) SDGs Title: BCAS Calendar 2020.cdr. And Liechtenstein the end of the assessee follows: -Date: September 24,.! 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