COVID-19 Update: We are working at peak capacity. Thanks to our strong IT infra and motivated Human Resource, which helps us manage and provide you the same quality services even from our home.

Knowledge is in abundance, we provide you with wisdom

Slider
Disclaimer : The information published here is sole individual opinion, we are not responsible for any discrepancies.

NEW CRITERIA FOR MICRO, SMALL AND MEDIUM ENTERPRISES

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 ...

CBIC makes the eighth amendment (2020) to CGST Rules

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 ...

CBIC amends notification no. 52/2020-Central Tax in order to provide conditional waiver of late fees for the period from July, 2017 to July, 2020

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 issues Circular No.141/11/2020-GST dated 24th June, 2020 clarifying various issues relating to the measures announced by the Government providing relief to the taxpayers as recommended in its 40th meeting of the GST Council held on 12th June, 2020

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 ...

CBIC vide Notification No. 49/2020 – Central Tax & Notification No. 04/2020 – Integrated Tax brings into force section 118, 125, 129, 130 and 134 of the Finance Act, 2020 with effect from 30th June, 2020

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 makes seventh amendment (2020) to CGST Rules, 2017

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. ...

Unfolding Section 80AC – ‘Deductions not to be allowed unless return furnished’

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 ...

PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RE -SUBMISSION OF FORMS

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 . ...

COMPANIES (Removal of Names of Companies from the Register of Companies) Amendment Rules 2020

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 ...

Regarding due date of Advance Tax for the 4th Installment of FY 2019-20

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 ...

Due date for furnishing FORM GSTR-3B for the month of August, 2020 extended

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 ...

Relief to taxpayers by waiver of late fees for FORM GSTR-1

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 ...

Relief provided to taxpayers by waiver/lowering of late fees in GSTR – 3B

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 ...

Relief provided to taxpayers in relation to interest for tax periods February, 2020 to July, 2020

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 ...

Companies (Meetings of board and its powers) 2nd Amendment Rules 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 ...

Companies (Appointment and Qualification of Directors) 3rd Amendment Rules 2020

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 ...

PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RE-SUBMISSION OF FORMS

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 . ...

Extension of Various Due Dates under Direct Tax and Benami Laws

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 ...

CBDT Extends due date for filing statement of financial transactions in form 61A to 30th June, 2020

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 ...

Scheme for relaxation of time for filing forms related to creation or modification of charges

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 ...

ICAI – GENERATION OF UDIN IN BULK FOR CERTIFICATES

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 ...

The terms you must be aware of before buying a home

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 amends Notification No. 40/2020 – Central Tax dated 05.05.2020 in respect of extension of validity of e-way bill

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. ...

CBIC Clarification for rejection of refund claim

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 extends the date for transition under GST on account of merger

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 gives effect to the provisions of Rule 67A for furnishing a nil return in FORM GSTR-3B by SMS

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 ...

Application Date of Section 128 of Finance Act,2020

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 extends the due date for furnishing of FORM GSTR 9/9C for FY 2018-19

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 extends the validity of e-way bills

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. ...

Amendments to the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016

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 seeks to make Fifth Amendment (2020) to CGST Rules

CBIC vide Notification No. 38/2020 – Central Tax seeks to make Fifth Amendment (2020) to CGST Rules. ...

CBIC gives effect to the provisions of rule 87 (13) and FORM GST PMT-09 of the CGST Rules, 2017

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, ...

Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws

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 ...

Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws

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 ...

Clarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19)

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 ...

CBDT on Safe Harbour Rules benefit

Central Board of Direct Taxes issues important directives on Safe Harbour Rules for International Transactions for Assessment Year 2020-21. ...

Force majeure Clause by MahaRERA

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 Corporate Social Responsibility (CSR)

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. ...

ICAI Announcement -Extensions regarding Validity of Peer Review Certificate

ICAI Further extends the validity of Peer Review Certificate in the wake of COVID -19 spurt across the country. ...

CBDT notifies Income Tax Cost Inflation Index for F.Y. 2020-21

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 . ...

Amendments Made By Finance Act 2020

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 ...

Amendment to issue of Sweat equity shares and debenture redemption reserve

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 ...

Clarification on dispatch of notice for Rights Issue opening

Clarification on dispatch of notice under section 62(2) of Companies Act, 2013 by listed companies for rights issue opening upto 31st July, 2020 ...

Clarification on holding of annual general meeting (AGM) through Electronic Modes

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) ...

Last Date of Filing Form NFRA 2 extended

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). ...

CBDT defer procedure for approval/ registration/ notification of entities registered u/s 10(23C), 12AA,35 & 80G

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 Recommendations

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. ...

Clarification on processing of GST Refund related to ITC on Imports, ISD invoices, RCM etc

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 ...

CBDT Amends procedures for opting filing tax u/s 115BAA and 115BAB

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 ...

CBDT has notified other electronic modes of payments

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. ...

significant changes made in Form 10DA of Income Tax Rules, 1962 by Notification issued by the Central Board of Direct Taxes

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. ...

CBIC Issues Clarification in respect of levy of GST on Director’s remuneration

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 ...

CBIC notifies relief by conditional waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods of February, 2020 to April, 2020

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 ...

CBIC notifies relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to April, 2020.

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 ...

CBIC has amended CGST Rules (Fourth Amendment) in order to allow opting Composition Scheme for FY 2020-21 till 30.06.2020 and to allow cumulative application of condition in rule 36(4).

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 ...

MODIFIED LLP SETTLEMENT SCHEME, 2020

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 ...

Companies Fresh Start Scheme, 2020 (CFSS-2020)

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 ...

Compliances to be followed by the Trust as per Bombay Public Trust Act 1950

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, ...

Electronic Refund process through FORM GST RFD-01

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. ...

Changes in the CGST Rules, 2017.

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 ...

Formats of Forms to be submitted at Rera Authority

MahaRera had issued formats for Form 1, Form 2, Form 3 and Form 4 for compliances required under RERA ...

Clarification issued by MahaRera on CA Certificates

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 ...

Self Declaration to be submitted by Promoters to Bank

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 ...

Standard Operating Procedure for updating Registered Projects and Revising/Correcting Information with respect to Registered Projects and Registered Real Estate Agents

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 ...

FORM GSTR-9/FORM GSTR-9C for FY 2017-18 Due Date Extended Till 31.01.2020

CBIC extend the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for FY 2017-18 till 31.01.2020 ...

Standard Operating Procedure to be followed in case of non-filers of returns

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 ...

FAQ on Anti-profiteering provisions

FAQ on Anti- profiteering provisions issued by CBIC ...

Form No. 26QD for TDS return (deduction as per sec 194M)

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” ...

ITR 1 – Sahaj and ITR 4 – Sugam for A.Y 2020-21

The Income Tax Department releases ITR 1 – Sahaj and ITR 4 – Sugam for A.Y 2020-21 vide notification G.S.R.9(E) dt. 03.01.2020. ...

Income Tax Calendar -2020

Useful Due dates of Income Tax Compliances for the calendar year 2020 as released by the Income Tax Department. ...

Time limit of UDIN generation -15 days from 1st Jan., 2020

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 (Amendment) Act, 2019

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.  ...

RCM on renting of motor vehicles

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 ...

clarify restrictions in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017.

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 ...

CBIC has clarify the fully electronic refund process through FORM GST RFD-01 and single disbursement.

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 ...

Restriction in availment of input tax credit (ITC) in terms of sub-rule (4) of rule 36 of CGST Rules, 2017 (i.e. 80-20 Rule).

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. ...

Amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 37th meeting held on 20.09.2019.

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 ...

Amend notification No. 13/2017- Central Tax (Rate) so as to notify services under reverse charge mechanism (RCM) as recommended by GST Council in its 37th meeting held on 20.09.2019

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 ...

carry out Seventh amendment (2019) in the CGST Rules, 2017. [Primarily related to Simplification of the Annual Return / Reconciliation Statement]

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 ...

Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20

Clarifications are issued in partial modification of Circular No. 18 of 2019. ...

ITR-6 & ITR-7 utilities modified. Checklist for ITR 7.

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 ...

MCA has notified the Companies (Amendment) Act, 2019

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, ...

Launch of ‘e-Filing Lite’.

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’ ...

eForm DIR-3 KYC

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 ...

Income Tax Return Due Date Extended to 31st August 2019

The Income Tax Department extended the due date for ITR filing to August 31, 2019 for certain categories of taxpayers. ...

ITR-2, ITR-5 utilities are modified to fix bugs identified

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 ...

New changes while Filing Income Tax Return

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 ...

Clarification on various doubts related to treatment of secondary or post-sales discounts under GST – reg.

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. ...

Foreign Liabilities and Assets (FLA)

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 ...

Form NFRA-1

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 ...

Form BEN-2 (Return to the Registrar in respect of declaration under Section 90)

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 ...

e-form DIR-3 KYC for the Financial Year 2018-19

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 ...

Decisions taken by the GST Council in its 35 th Meeting held on 21.06.2019

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 ...

specifies retail outlets established in the departure area of an international airport, beyond the immigrationcounters, making tax free supply of goods to an outgoing international tourist, as class of persons who shall be entitled to claim refund.

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 ...

Extend the due date for furnishing the declaration FORM GST ITC-04

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. ...

Provide exemption from furnishing of Annual Return / Reconciliation Statement for suppliers of Online Information Database Access and Retrieval Services(“OIDAR services”).

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 ...

prescribe the due date for furnishing FORM GSTR-3B for the months of July, 2019 to September,2019.

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. ...

Extend the due date for furnishing FORM GSTR-1 for registered persons having aggregate turnover of more than 1.5 crore rupees for the months of July, 2019 to September,2019

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 due date for furnishing FORM GSTR-1 for registered persons having aggregate turnover of up to 1.5 crore rupees for the months of July, 2019 to September,2019.

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 ...

Extend the due date of filing returns in FORM GSTR-7

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 ...

Third phase of UDIN implementation w.e.f 01/07/2019.

 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  ...

Reduction in Contribution Rates of ESI Act

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. ...

CBDT wants religious, charitable trusts to be more open about their affairs

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 ...

The Principle of mutuality in case of transactions between Members and Co-operative Societies

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 ...

TDS Filing Due Date Extended

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 ...

CASH PAYMENT LIMIT UNDER SEC.40A(3)

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. ...

Major changes in Direct Taxation for F.Y. 2018-19.

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. ...

CBIC has issued FAQ’s for Real Estate Sector/Landowners and other stakeholders

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 credits under Goods & Services Tax (GST)

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. ...

Second Amendment (2019) to CGST Rules

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) ...

New GST Return forms to help authorities check tax evasion

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 ...

Amendment to Master Direction (MD) on KYC

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, ...

Income Tax Department extends deadline for employers to issue Form 16 to employees till July 10, 2019

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 ...

Order under Section 119 of the Income-tax Act, 1961

Reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March, 2020. ...

CBDT wants religious, charitable trusts to be more open about their affairs

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 ...

Amendment in TDS Certificate Form 16

Procedure, format and standards on issuance of certificate for TDS in Part B of Form 16. Refer the notification attached. ...

A single-rate GST is neither doable nor desirable in India

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 ...

Income Tax Department proposes new norms for taxing MNCs in India

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 ...

Income tax returns (ITR): Staying on rent? You need PAN of your landlord or else you will suffer losses

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 ...

Incorporation of Company through AGILE

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, 2019

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. ...

Revised Form 16

The form 16 for salaried persons has been revised w.e.f 12th May, 2019. Do find the attached revised format. ...

Discount Offered Post Supply

Clarification on various doubts related to treatment of sales promotion schemes under GST – Reg. ...

Linking PAN Card with Aadhar Card

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. ...

DRC – 03

Applicability and Procedure to pay additional tax liability ...

UDIN Being Made Mandatory in 2nd Phase for GST & Tax Audit Reports – (14-03-2019)

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. ...

PRESENT RATES OF CONTRIBUTION

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  ...

GST Council approves transition plan for 5% rate for under-construction flats, and 1% for affordable housing

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, FAQs, Relevant Case Laws and Updated with Finance Act 2017

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 ...