Today there was an big announcement which came from RBI Governor on the reliefs announced through the banking system and also the future per them.
The RBI governor , Mr Das announced a sizeable reduction in the policy repo rate and maintaining accommodative stance as long as necessary, while ensuring inflation remains within target. The MPC decided by 4-2 majority to reduce repo rate by 75 basis points to 4.4 per cent. The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.
The great EMI relief
A moratorium of three months of EMIs on all outstanding loans was announced.
The statement says:
“All commercial, regional, rural, NBFCs and small finance banks are being permitted to allow 3-month moratorium on payment of instalments in respect of all term loan EMIs outstanding on March 31.”
Vivaad se Vishwas Series -5
Following are the essential elements in this video:
1. Loss to Loss Cases: Will there be any double jeopardy, answer is NO but there will be a case of double Dip in favour of assessee.
2. *Where appeal is filed u/s 201 and against disallowance u/s 40a(ia) by the deductor, the same can be taken care of by filing declarations for appeal u/s 201. But no proper relief is granted to deductee as he will be facing hardship, as he was asked to pay Interest without fault on his part.
3. Addition in intimation u/s 143(1)(a), where time limit of filing appeal with CIT(A) is crossing the date 31/01/2020 can also be covered.
4. No the admission in one year will not mean acceptance in all years
5. Matters for which rectification application u/ 154 is pending has to be taken care of first.
6. Protective assessment and substantive assessment for same income on different persons, withdrawal has to be done only by the persons in whose hands substantive additions was done.
7. Secondary adjustments are to be done even if you settle quantum appeals.
8. The appeal against the order of HC, whereas it is only writ/ SLP has been covered, it is inadvertent mistake as any appeal to Apex court is nothing but SLP only.
9. Issue order u/s 144C can also be covered and the FAQ exceeded in favour of assessee as to Act.
10. There are questions still not answered( FAQ is expected on these issues)
Following are questions which are answered in this video:
Question & Answer by CA Nitin Kanwar on issues and its applicability
1. What about loss to loss cases? Whether there is still double jeopardy or it has been taken care of ? Can there be case of double Dip in favour of assessee?
2. What about cases where appeal is filed u/s 201 and against disallowance u/s 40a(ia) by the deductor? Whether any relief is granted to him? What is the status of deductee and how he will be facing hardship?
3. What about intimation u/s 143(1)(a), where time limit of filing appeal with CIT(A) is crossing the date 31/01/2020?
4. Can the admission in one year means acceptance in all years?
5. What about matters for which rectification application u/ 154 is pending ?
6. What about protective assessment and substantive assessment for same income on different persons?
7. What about secondary adjustments?
8. Whether about appeal against the order of HC, whereas it is only writ/ SLP has been covered, is it inadvertent mistake?
9. What about order u/s 144C? How the FAQ exceeded in favour of assessee as to Act?
10. What are questions still not answered( FAQ is expected on these issues)?