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The Central Government vide notification in the Official Gazette makes the following amendment in section 7(1) of the ‘Micro, Small and Medium Enterprise Development Act, 2006’ specifying the criteria for classification of micro, small and medium enterprises Enterprise Investment in Plant and Machinery not exceeding Rs. Turnover not exceeding Rs. Micro Enterprise 1 Crore 5 […]
After this notification now, taxpayers can furnish a nil return in FORM GSTR-3B as well as FORM GSTR-1 by Short Messaging Service(SMS) facility , from number registered with GST portal
The following provisions have been inserted to the original notifications- 1. In case the taxpayers fail to furnish returns within the due dates prescribed under notification no. 52/2020-Central Tax but furnishes the said returns till 30th September 2020, then, Maximum late fees would be Rs 250 and fully waived for nil returns. 2. For taxpayers […]
CBIC after providing further relief to the taxpayers by issuing Notification No.51/2020, 52/2020, 53/2020 Central Tax, dated 24.06.2020 clarifies various issues such as Manner of calculation of interest for taxpayers having aggregate turnover above Rs. 5 Crores, Manner of calculation of interest for taxpayers having aggregate turnover below Rs. 5 Crores, Manner of calculation of […]
Explanation to the sections of the Finance Act, 2020 that have came into force are as follows :- Section 118 – Amendment to section 2(118), sub-clauses (c) and (d) of the CGST Act,2017 – i.e., inclusion of Dadra and Nagar Haveli and Daman and Diu and Ladakh under the definition of Union Territories. Section 125 […]
CBIC vide Notification No. 50/2020 – Central Tax brings into force the Central Goods and Services Tax (Seventh Amendment) Rules, 2020 with effect from 01st April, 2020.
Interpretation of section 80AC of the Income Tax Act, 1961 (the Act) has its various phases but a section defined in a law cannot have two separate meanings. Today we are going to learn about true interpretation of Section 80AC of the Act from conversation of Madhav and Vidya. Madhav: Vidya, today I was solving […]
Considering the COVID-19 pandemic situations, MCA provided the relaxation in name reservation. MCA extends the timelines names reserved and re submission forms for companies and LLP’s .
The Ministry of Corporate Affairs (MCA) on notification no. G.S.R. 420(E) dated on 29th June 2020, notified regarding the removal of the name of Government company from the Registrar of Companies (RoC), Indemnity Bond to be given under Form No. STK – 3A. & published the Companies (Removal of Names of Companies from the Register […]
As per “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020, NO. 2 OF 2020 (the Ordinance), IN CHAPTER II, Point No. 3(1) where, any time limit has been specified in or prescribed or notified under, the specified act which falls during the period from the 20th Day of March, 2020 to the […]