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Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance...
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CBDT directs Income Tax Officers to impose Penalty u/s 271AAD for False Entry in Books of Accounts


The Central Board of Direct Taxes (CBDT) notified the penalty under section  271AAD for false entry etc. in the books of accounts

The CBDT has inserted section 271AAD in the Income Tax Act, 1961, which will be effective from 9 April, 2020.

As per 271AAD if during any proceeding, it is found that in the books of account maintained by any person there is a false entry, or an omission of any entry relevant for evading tax liability, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to the aggregate amount of such false or omitted entry.

The Assessing Officer may also direct that any other person who causes to make a false entry or omits or causes to omit any entry, shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry.

The section further explains that “false entry includes use or intention to use forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence; or by invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both, or invoice in respect of supply or receipt of goods or services or both to or from a person who does not exist

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