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What is Blockchain? Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the ...
Introduction: As per Rule 11 of Companies (Audit and Auditors) Rules 2014 the auditor’s report shall also include their views and comments on Other Matters and also included the same in Auditors’ report of Companies. As per the amendment there is omission of one clause and Insertion of 3 clauses to Rule 11 with intent ...
MCA issue notification regarding Amendments in Companies (CSR Policy) Rules, 2014 of the Companies Act, 2013 dated on 24 th August, 2020, which inserted the proviso in rule 2, in sub-rule (1), in clause (e). This amendment is regarding the research and development of the new vaccine, drugs, medical devices related to the COVID-19 for ...
The Ministry of Corporate Affairs through General Circular no. 28/020 has notified that companies that have not been able to conduct their AGM for FY ending 31/03/2020 can now voluntarily seek for extension of the time period to hold AGM by filing Form No. GNL-1 with the concerned registrar of the companies on/before 29/09/2020 ...
CBDT extends due date for filing Income Tax Return for FY 2018-19(AY 2019-20) vide notification 56/2020 dated 29th July, 2020. The due date for filing ITR was 31.07.2020 it has been extended to 30.09.2020. Taxpayers can still file belated income tax return u/s 139(4) for FY 2018-19 and in case of any corrections need to ...
Nature of Compliance Original Due Date New due dates notified on 24/06/2020 Filing of TDS/TCS Statements Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-20 31.05.2020 31.07.2020 Form 24Q, 26Q, 27Q and 27EQ of Q1 and Q2 of FY 2020-21 As per Rule 31A/31AA 31.03.2021 Form 26QB, 26QC and 26QD of February, 2020 ...
Amendments made in form 26Q, 27Q and 27EQ with respect to newly inserted section of 194N under Income Tax Act, 1961 New columns have been inserted in the forms asking for the details of the cash withdrawals beyond the limits specified u/s 194N. ...
Large number of electronically filed ITRs are still pending with the department for want of receipt of valid ITR-V Form. In case of return from AY 2015-16 to AY 2019-20 which were filed electronically by the taxpayer within time allowed under section 139 of the Act and which are remained incomplete due to non-submission of ...
From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories. Part E of the Form 26AS will include following details of SFT transactions, 1. Type of Transaction 2. Name of SFT filer ...
CBDT has introduced another measure towards compliance of Income Tax Returns. The Faceless Income Tax e-campaign was started by the department by bringing in changes in Form 26AS related to SFT Transactions. This is another step towards the e-campaign. The 12 days e-campaign starting from 20th July, 2020 to 31st July, 2020 focuses on the ...
Prime Minister, Mr. Narendra Modi, announced a special economic package of Rs 20 lakh crore.This note summarises the key measures proposed under the economic package. 1.Measures for businesses (including MSMEs) Financial Highlights Collateral free loans for businesses Corpus for MSMEs Subordinate debt for MSMEs Schemes for NBFCs Employee Provident Fund (EPF) Statutory PF contribution Street ...
Ministry of Corporate affairs recently updated its Contact Number of Helpdesk from 17/07/2020 08.00 Am onwards, For Any Query Related To Company Name Availability And Company Incorporation, Please Contact CRC Helpdesk : 0120-4832500 (Option 1) Email: CRC.Escalation@Mca.Gov.In For Any Query Related To Company Or LLP E-Filings, Payments Or View Public Document(VPD), Please Contact Corporate Seva Kendra : 0120-4832500 (Option 2) Email: Appl.Helpdesk@Mca.Gov.In ...
CBDT provides utility for banks and post offices to ascertain the TDS applicability rates on cash withdrawals. Through this utility the banks and post offices will only have to enter PAN of the person who is withdrawing the cash and they will be able to ascertain the TDS applicability rate on cash withdrawals above 20 ...
All the auditors of the company, covered under Rule 3 of the NFRA Rules 2018, are required to file annual returns in the form NFRA 2, mandatorily. The MCA (Ministry of Corporate Affairs) has decided to extend the last date of submitting the form NFRA 2 , for the Period of FY 2018-19. now after ...
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 ...
CBIC vide Notification No. 54/2020 – Central Tax dated 24th June, 2020 extends due date for furnishing FORM GSTR-3B for supply made in the month of August, 2020 for taxpayers with annual turnover up to Rs. 5 crore. Due date for furnishing FORM GSTR-3B for the month of August, 2020 extended to 1st October, 2020 ...
CBIC vide Notification No. 53/2020 – Central Tax dated 24th June, 2020 provides relief to taxpayers by waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods for months from March, 2020 to June, 2020 for monthly filers and for quarters from January, 2020 to June, 2020 for quarterly ...
Cbic vide Notification No. 52/2020 – Central Tax dated 24th June, 2020 seeks to provide one time amnesty by lowering/waiving of late fees for non furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and also seeks to provide relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B ...
CBIC vide Notification No. 51/2020 – Central Tax dated 24th June, 2020 provides relief by lowering of interest rate for a prescribed time for tax periods from February, 2020 to July, 2020 ...
MCA further provided the relaxation in holding Board meetings with the physical presence of directors through companies (Meetings of board and its powers) 2nd Amendment Rules 2020. It clarifies that meetings regarding approval of financial statements, board report etc may till 30th September, 2020 held through video conferencing or other audio visual means by ensuring ...
MCA (Ministry of Corporate Affairs) issued companies (Appointment and Qualification of Directors) 3rd Amendment Rules 2020 on 23rd June 2020 and this is regarding with the period of registering Independent Directors in Data Bank, got extended from 7 months to 10 months (as per the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020 ...
Due to COVID-19 pandemic, government have provided with so many relaxations in dates regarding government compliances. MCA also provided the relaxation in name reservation. MCA extends the timelines names reserved and re-submission forms for companies and LLP’s . ...
Due to the outbreak of Novel Corona Virus, the Government on 31st March, 2020 brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020. In order to provide further relief to the taxpayers for making various compliances, the Government has issued a notification on 24th June, 2020 in which various time limits under ...
As per Section 285BA of the Income Tax Act read with rule 114E of Income Tax Rules 1962, specified reporting persons are required to furnish statement of financial transactions in Form No. 61A for FY 2019-20 by 30th June 2020In view of Notifications No. 3/ 2018 dated 5th April 2018, the registration, statement upload and ...
The scheme shall be applicable in respect of filing of Form No.CHG-l and Form No. CHG-9 by a company or a charge holder, where the date of creation /modification of charge:(a) is before 01.03.2020, but the timeline for filing such form had not expired under section 77 of the Act as on 01.03.2020, or(b) falls ...
UDIN Directorate ,ICAI on 17th June 2020 Incorporated provision for generating UDIN in bulk for Certificates in UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300 UDINs) for various types of Certificates in one go. It can be done through uploading of excel file. Process for ...
Not surprisingly, the maximum number of cases registered in the consumer courts, are against developers on the issue of cheating, regarding the size of the flat. According to the provisions of the RERA Act, 2016 it is now the duty of the developer, to make buyers aware of the carpet area and quote prices based ...
CBIC vide Notification No. 47/2020-Central Tax, dt. 09-06-2020 amends Notification No. 40/2020 – Central Tax dated 05.05.2020 in respect of extension of validity of e-way bill generated on or before 24th March, 2020 whose validity has expired on or after 20th March, 2020 till 30th June, 2020. ...
In case where a notice has been issued for rejection of refund claim and where the time limit for issuance of order in terms of the provisions of sub section (5), read with sub section (7) of section 54 of the CGST Act, 2017 falls during the period from 20th March, 2020 to 29th June, ...
CBIC vide Notification No. 45/2020-Central Tax, dt. 09-06-2020 extends the date for transition under GST on account of merger of erstwhile Union Territories of Daman and Diu & Dadar and Nagar Haveli to 31st July 2020. ...
CBIC vide Notification No. 44/2020 – Central Tax has amended the Central Goods and Services Tax (Fifth Amendment) Rules, 2020 to allow a registered person who is required to furnish a Nil return under section 39 in FORM GSTR-3B for a tax period, any reference to electronic furnishing shall include furnishing of the said return ...
CBIC vide Notification No. 43/2020-Central Tax, dt. 16-05-2020 appoints 18th May, 2020, as the date on which the provisions of Section 128 of Finance Act, 2020 shall come into force, in order to bring amendment in Section 140 of CGST Act w.e.f. 01st July 2017. ...
CBIC vide Notification No. 41/2020-Central Tax, dt. 05-05-2020 extends the due date for furnishing of FORM GSTR 9/9C for FY 2018-19 till 30th September, 2020. ...
CBIC vide Notification No. 40/2020-Central Tax, dt. 05-05-2020 extends the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020. ...
CBIC vide Notification No. 39/2020-Central Tax, dt. 05-05-2020 Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. ...
CBIC vide Notification No. 37/2020 – Central Tax has amended the Central Goods and Services Tax (Fourth Amendment) Rules, 2019 to allow a registered person to transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under the Act to the electronic cash ledger for integrated tax, ...
The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 138/08/2020-GST to clarify certain challenges being faced by taxpayers in adhering to the compliance requirements under various provisions of the CGST Act, such as, issues related to Insolvency and Bankruptcy Code, 2016; a registered supplier is allowed to supply the goods to ...
The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 137/07/2020-GST to clarify certain challenges being faced by taxpayers in adhering to the compliance requirements under various provisions of the CGST Act, such as, advance received by a supplier for a service contract which subsequently got cancelled; goods supplied by a supplier ...
The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 136/06/2020-GST to clarify doubts regarding relief measures taken by the Government for facilitating taxpayers in meeting the compliance requirements under various provisions of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”) on account of the ...
The Maharashtra Real Estate Regulatory Authority has declared COVID 19 impacted from 15th march 2020 to 14th September 2020 as force majeure under the provisions of Real Estate (Regulations and Development) Act. ...
Clarifications on eligibility of CSR expenditure related to COVID-19 activities issued by Ministry of Corporate Affairs in Frequently Asked Questions (FAQ) Format for better understanding of stakeholders. ...
CENTRAL BOARD OF DIRECT TAXES (CBDT) notified Cost of Inflation Index (CII) for FY 2020-21 as “301” in recent Notification No. 32/2020 – Income Tax . ...
Finance bill 2020 has received Presidential assent on 20th March and Become Finance Act 2020 , The provisions of the Finance Act 2020 (FA 2020) will now get incorporated in the Income-tax Act, 1961 (Act) from 1 April 2020, Exceptionally, a large number of amendments, about 59, have been incorporated by current Indian Government while passing FA 2020. Knowledge Paper Regarding ...
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the rules further to amend the Companies (Share Capital and Debentures) Rules, 2014 ...
The Ministry of Corporate Affairs (MCA) vide its General Circular No 14/2020 issued earlier, on April 08, 2020, allowed the Companies to hold their Extra-Ordinary General Meetings (EGM) through Video Conferencing (VC) or Other Audio Visual Means (OAVM) on May 05, 2020, MCA has come up with another Circular i.e. General Circular No 20/2020 allowing the Companies for holding Annual General Meeting (AGM) ...
The ministry said that they have studied the Ministry’s General Circular No. 7/2020 dated 05th March 2020 and decided that the last date of filing the form NFRA 2 for the financial year 2018-19 has been extended till 210 days from the launch date of the form on the website of National Financial Reporting Authority (NFRA). ...
The entities approved/ registered/ notified u/s 10(23C), 12AA,35 & 80G of the Income Tax Act, 1961, would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020 due to the outbreak of novel corona virus (COVID-19) and consequent lockdown. Where as with regards to the entities already approved/ ...
40th GST Council Meeting held via video conferencing on 12th June, 2020 made following recommendations on Law and Procedure Changes. Reduction in late fees for past returns. Relief for small taxpayers for late filing of returns for periods impacted under Lock down Due to Covid-19 one time extension in period for seeking cancellation of registration. ...
The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular 139/09/2020-GST that GST refunds related to ITC on Imports, ISD invoices, RCM will be processed based on other means of verification and not be restricted if the same is not appearing in GSTR 2A of the applicant ...
The Central Board of Direct Taxes (CBDT) has notified new additions to the procedures and methods to be followed by taxpayers for filing tax under section 115BAA and Section BAB of Income Tax Act,1961 ...
Vide Notification No. 08/2020 dated 29.01.2020, the CBDT inserted new Rule 6ABBA in Income Tax Rules, 1962 to prescribe for other electronic modes of payments as prescribed for certain sections. ...
Form 10DA is a report to be issued by a Chartered Accountant certifying the amount of deduction to be claimed by a taxpayer under section 80JJAA of the Indian tax law – for New Employment. ...
Numerous situations have been received from professionals and industry seeking clarification whether the GST is leviable on Director‟s remuneration paid by companies to their directors. Doubts have been raised as to whether the remuneration paid by companies to their directors falls under the ambit of entry in Schedule III of the Central Goods and Services ...
The amount of late fee payable under section 47 of the said Act shall stand waived for the months of March, 2020, April, 2020 and May, 2020, and for the quarter ending 31st March, 2020, for the registered persons who fail to furnish the details of outward supplies for the said periods in FORM GSTR-1 ...
The amount of late fee payable under section 47 shall stand waived for the tax period as specified in Notification No. 32/2020 – Central Tax ,dated 3rd April, 2020 given below, for the class of registered persons mentioned in the notification, who fail to furnish the returns in FORM GSTR-3B by the due date, but ...
In the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), with effect from the 31st March, 2020, in sub-rule (3) of rule 3, the following proviso shall be inserted, namely:- “Provided that any registered person who opts to pay tax under section 10 for the financial year 2020-21 shall ...
Ministry of Corporate Affairs (MCA) has in relation to Circular 06/2020 dated 04.03.2020, has brought certain modifications to the existing LLP Settlement Scheme 2020 in order to support and enable Limited Liability Partnership (LLP) registered in India to focus on taking necessary measures to combat the COVID-19 threat and to reduce their compliance burden. This scheme ...
In order to consider the request and representation of various stake holder, the Government has come up with a new scheme called as COMPANIES FRESH START SCHEME, 2020 (CFSS-2020) for initial period of 6 months i.e. 01.04.2020 till 30.09.2020 vide its General Circular No.12/2020 on the 30th day of March, 2020. This is opportunity to ...
According to section 18 sub clause 1 of BPT Act, 1950 trust registration is mandatory. It is mandatory to inform any change which occurs in the trust in respect of the trustees, movable or immovable properties etc. within a period of 90 days from the change as provided under section 22 of the B.P.T. Act, ...
This circular includes the necessary capabilities for making the refund procedure fully electronic, in which all steps of submission and processing shall be undertaken electronically, have been deployed on the common portal with effect from 26.09.2019. ...
38th GST Council Meeting concluded on 18th December 2019. Taxpayers can now avail provisional ITC on invoices not reflecting on GSTR-2A only to the extent of 10% of ITC reflecting in GSTR-2A and no longer 20%. CBIC had earlier notified that only 20% of ITC available in GSTR-2A can be claimed as provisional ITC in GSTR-3B starting from ...
MahaRera had issued clarification on the various forms required for the Project Updations . Certificate from the Project Architect in Form 1. Certificate from the Project Engineer in Form 2. Certificate from the Chartered Accountant in Form 3. Certificate from the Project Architect for each building / wing of the Real Estate Project in Form ...
Under proviso to Section 4(2)(l)(D): i. the promoter shall withdraw the amounts from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project; ii. the amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect ...
Whereas, the Chairperson, MahaRERA is vested with the powers of general superintendence and directions in the conduct of affairs of the Authority under section 25 of the Real Estate (Regulation and Development) Act, 201 6 (RERA). Whereas, Section 11(1) of RERA requires every promoter of a registered real estate project to carry out quarterly updates ...
Doubts have been raised across the field formations in respect of the appropriate procedure to be followed in case of non-furnishing of return under section 39 or section 44 or section 45 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”). It has further been brought to the ...
Income Tax department releases Form No. 26QD vide notification no. G.S.R. 858(E) for filing TDS returns, of transactions which are required to be deducted u/s 194M of the Income Tax Act, 1961- “Payment of certain sums by certain individuals or Hindu undivided family” ...
As per the Council decision taken at its 386th Meeting held on 18th and 19th September, 2019 on one-time relaxation of 30 days for generating UDIN on Certificates / Reports / Documents signed between 20th August, 2019 to 31st December, 2019 will lapse on 31st Dec., 2019. Accordingly, from 1st Jan., 2020 onwards, Members will ...
The Companies Act, 2013 (the Act) was enacted with a view to consolidate and amend the law relating to companies. In order to review the existing provisions of the Act dealing with the offences and to make recommendations to promote better corporate compliance, the Government of India constituted a Committee in July, 2018. ...
Suppliers of service by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the consideration charged from the service recipient have an option to pay GST either at 5% with limited ITC (of input services in the same line of business) or 12% with full ...
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued a clarification on Restriction in availing of the input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017. The said sub-rule provides a restriction in availing of input tax credit (ITC) in respect of invoices or debit ...
After roll out of GST w.e.f. 01.07.2017, on account of the unavailability of electronic refund module on the common portal, a temporary mechanism had to be devised and implemented wherein applicants were required to file the refund application in FORM GST RFD-01A on the common portal, take a print out of the same and submit ...
Keen to plug revenue leakages, the government has decided to restrict input tax credit under the goods and services tax to 20% of the eligible amount for an entity if its supplier has not uploaded relevant invoices detailing the payments made. ...
Major change (relief) has been granted to the job work items mentioned against serial no.26(ii) by reducing rate of tax from 18% to 12 % vide Notification No.20/19-CT(R) dated 30.9.19. Rate of tax for job work on diamond stands reduced. Only one item i.e. job work on bus body has been specifically excluded from Serial No.26(ii) of Notification ...
GSR……(E).- In exercise of the powers conferred by sub-section (3) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of ...
The Government has to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to December 31, 2019 and for Financial Year 2018-19 to March 31, 2020. It has also decided to simplify these forms by making various fields of these forms as optional. The ...
ITR-6 & ITR-7 utilities are modified to fix bugs identified while filling Schedule FSI and TDS. These issue fixes has no impact on XML schema which remains same and for those taxpayers where these schedules are not relevant. For those taxpayers who are entering data in these schedules, it is requested that they may download ...
The MCA has notified the Companies (Amendment) Act, 2019 and the provisions of which, shall be deemed to have come into force on the 2nd day of November, 2018, except sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, ...
Income tax department is launching ‘e-Filing Lite’, a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. The same can be accessed by clicking ‘e-Filing Lite’ button in home page. The current e-Filing portal having all the services can be accessed by clicking on ‘Portal Login’ ...
Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019.As per the said notification:i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already ...
22/07/2019 ITR-2 & ITR-5 utilities are modified to fix bugs identified while filling Schedule FA in ITR-2 (Java utility), Partners information is ITR-5 (Java utility) and Part A-General answer to Investment Fund query in ITR-5 (Excel utility). These bug fixes has no impact on XML schema which remains same and for those taxpayers where these ...
Relevant Year: – Financial Year 2018-19, Assessment Year 2019-20. The due date for filing Income Tax Returns for Financial Year 2018-19 is coming closer and there are a lot of changes made to the Income Tax Forms. Here we have briefly explained the various changes that have taken place in the Income Tax Return Forms ...
Circular No. 92/11/2019-GST dated 7th March, 2019 was issued providing clarification on various doubts related to treatment of sales promotion schemes under GST. Post issuance of the said Circular various representations have been received from the trade and industry seeking clarifications in respect of tax treatment in cases of secondary discounts or post sales discount. ...
The Reserve Bank with effect from June 29, 2019, will replace the email-based annual reporting of Foreign Liabilities and Assets (FLA) by direct investment companies, with web-based Foreign Liabilities and Assets Information Reporting (FLAIR) system. The web-portal would also contain the user manual and FAQs in this regard. The move is consistent with the enhanced ...
MCA has extended the last date for filing of Form NFRA-1 for all bodies corporate governed by NFRA Rule 3(2) and 3(3), on the basis of the representations received from stakeholders. The revised time limit for filing Form NFRA-1 will be 30 days from the date of deployment of form NFRA-1 on the MCA/ NFRA website i.e 31-07-2019. Entities that are required to inform ...
MCA notifies Companies (Significant Beneficial Owners) second Amendment Rules, 2019 and also notified revised FORM NO. BEN-2 – Return to the Registrar in respect of declaration under section 90 which shall come into force on the date of their publication in the Official Gazette i.e 01-07-2019. MCA has also updated on its portal that Form BEN-2 (Return ...
The Ministry of Corporate Affairs has issued a circular w.r.t filing e-form DIR-3 KYC for the financial year 2018-19 in accordance with Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014. MCA has proposed the new mechanism for filing of e-form DIR-3 KYC and accordingly it is being proposed that every person ...
GST council meeting was held very often prior to elections but in the mid- three months the meeting was not arranged due to the election pressure and canvassing for votes. The council meeting was arranged on 21 st June 2019 under the eyes of Mrs. Nirmala Sitharaman, who is the second Union Finance Minister. The ...
The Central Government, on the recommendations of the Council, hereby specifies retail outlets established in the departure area of an international airport, beyond the immigration counters, making tax free supply of goods to an outgoing international tourist, as class of persons who shall be entitled to claim refund of applicable central tax paid on inward ...
The Commissioner, hereby extends the time limit for furnishing the declaration in FORM GST ITC-04 of the said rules, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2017 to June, 2019 till the 31 st day of August, 2019. ...
The Central Government, on the recommendations of the Council, hereby notifies the persons registered under section 24 of the said Act read with rule 14 of the Central Goods and Services Tax Rules, 2017, (hereinafter referred to as “the said rules”), supplying online information and data base access or retrieval services from a place outside ...
The Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B of the said rules for each of the months from July, 2019 to September, 2019 shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month. ...
The recommendations of the Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for ...
The recommendations of the Council, hereby notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall follow the special procedure as mentioned below for furnishing the details of outward supply of goods or services ...
The Commissioner hereby extends the time limit for furnishing the return by a registered person required to deduct tax at source under the provisions of section 51 of the said Act in FORM GSTR-7 of the Central Goods and Services Tax Rules, 2017 under Sub-Section (3) of Section 39 of the said Act read with ...
UDIN is being made mandatory for all Audit and Assurance Functions like Documents and Reports certified / issued by full time Practising Chartered Accountants from 1st July, 2019 ...
Government of India has taken a decision to reduce the rate of contributions under ESI Act from 6.5% to 4% further bifurcated into 3.25% contribution from employer and 0.75% contribution from Employees. ...
The Central Board of Direct Taxes (CBDT) wants religious and charitable trusts that enjoy tax exemption on their income to be more open about their affairs. The apex direct tax policy making body has sought public comments on a set of draft rules that modifies an over four decade old audit report format for these ...
This Tax Alert summarizes a recent ruling of the Supreme Court (SC), in a batch of cases with the lead case being that of Venkatesh Premises Cooperative Society Ltd. (Taxpayer or Society), wherein the issue before the SC was whether the receipt of transfer charges, non-occupancy charges and premium received, for allotment of occupancy rights ...
CBDT extends due date for filing of TDS statement in Form 24Q The Central Board of Direct Taxes (CBDT) had earlier notified amended Form 24Q for filing TDS statement by deductors of tax vide Notification No. 36/2019 dated 12th April, 2019. Subsequently, the File Validation Utility (FVU) for online filing of Form 24Q was updated ...
Under Income Tax there is limit on cash payment imposed by Sec.40A(3) in this we can not make any payment in excess of Rs. 10,000. For more information refer below attachment. ...
There are some amendments in Direct Taxation regarding Income tax return for F.Y. 2018-19, so we tried to present summarize details regarding the same. Refer the below attachment for more details. ...
On May 7,2019 vide F.No.354/32/2019-Tax Research Unit of CBIC has issued FAQ’s answering queries relating to real estate sector under GST. with the help of examples,it has been clarified what rate a builder or developer must opt for and when shall liability to pay GST arise. ...
Blocked credit under GST means the supply of goods and services on which the availment of Input Tax credit has been restricted by the relevant provisions of law. ...
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:- (1) These rules may be called the Central Goods and Services Tax (Second Amendment) ...
Return forms proposed for the Goods and Service Tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place. The new forms, set to roll out shortly starting with large businesses, will prevent companies from claiming any ...
May, 31st 2019 RBI/2018-19/190 DBR.AML.BC.No.39/14.01.001/2018-19 Government of India, vide Gazette Notification G.S.R. 108(E) dated February 13, 2019, has notified amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further, an Ordinance, “Aadhaar and other Laws (amendment) Ordinance, 2019”, has been notified by the Government amending, inter alia, the Prevention of Money Laundering Act, ...
June, 05th 2019 The Income Tax department on Tuesday extended the deadline for employers to issue Form 16 TDS certificate for Financial Year 2018-19 to its employees by 25 days i.e. till July 10. However, the extension would leave the salaried taxpayers with a limited time-frame of just 20 days to file their income tax ...
The Central Board of Direct Taxes (CBDT) wants religious and charitable trusts that enjoy tax exemption on their income to be more open about their affairs. The apex direct tax policy making body has sought public comments on a set of draft rules that modifies an over four decade old audit report format for these ...
A progressive goods and services tax (GST) regime, even if slightly more complex, is what an unequal country like India should have The Congress manifesto promises to work towards a single GST rate. It won’t happen anytime soon. It has also promised to bring petroleum under goods and services tax. Again, a non-starter, when petro-taxes ...
April, 19th 2019 The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base. The CBDT Committee on ‘Profit Attribution to Permanent Establishment (PE) in India’ also said ...
Under section 10(13A) of Income Tax Act, a deduction is permissible for house rent allowances (HRA). However, not all amounts are tax exempted from this allowance. There are various income tax exemptions on facilities offered under your pay scale such as entertainment, telephone bills and some other reimbursements. Also, even the rent you pay from ...
The application (SPICe) for incorporation of a company shall be accompanied by a linked e-form AGILE (Application for registration of the Goods and Services Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration pLus Employees’ Provident Fund Organisation(EPFO) registration) with effect from 31st March 2019, as notified vide the Companies (Incorporation) Third Amendment Rules, 2019 dated 29th ...
One time payment of tax scheme for payment under THE MAHARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1975 has been introduced w.e.f. 1st April, 2018. Refer the attached document for further information. ...
The last date of intimating/linking of Aadhaar Number with PAN being 30.09.2019, it is also made clear that w.e.f. 01.04.2019, it is mandatory to quote and link Aadhaar number while filing the return of income, unless specifically exempted. ...
UDIN BEING MADE MANDATORY IN 2nd PHASE FOR GST & TAX AUDIT REPORTS You may be aware that Unique Document Identification Number (UDIN) has been made mandatory as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018 in the following phases: All Certification done by Practising CAs w.e.f. ...
10% rate is applicable for Any establishment in which less than 20 employees are employed. Any sick industrial company and which has been declared as such by the Board for Industrial and FinancialReconstruction Any establishment which has at the end of any financial year, accumulated losses equal to or exceedingits entire net worth and ...
Update on March 19, 2019: The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure for housing units, revenue secretary AB Pandey said. As per the plan, builders will be allowed to choose between the old tax rates and the new ones for underconstruction residential projects, ...
SECTION 80-IBA. (AFFORDABLE HOUSING SCHEME) AMENDMENTS AND FAQ WITH RELEVANT CASE LAWS (UPDATED WITH FINANCE ACT 2017) (1) Deductions in respect of profits and gains from housing projects.—(1) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to ...
