Best judgment assessment order was valid where assessee did not file return even within further period of 30 days
CBIC is implementing a system for electronic (digital) generation of a Document Identification Number (DIN) for all communications sent by its offices to taxpayers and other concerned persons. To begin with, the DIN would be used for search authorization, summons, arrest memo, inspection notices and letters issued in the course of any enquiry.
The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to
Rs. 40,000/-, inclusive of Rs. 25,000 allowed earlier.
The online processing of refund applications and single authority disbursement has been implemented. The taxpayers are advised to take note of the following changes:
In response to the various representations received from Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the Council at its 386th Meeting held on 18th and 19th September, 2019 has decided to permit generation of UDIN within 30 days in place of 15 days.
Practicing professionals are prohibited from acting as full time directors. They can only act as non-executive directors not performing administrative duties. Such persons cannot be prosecuted for offenses committed by the company.
