Company Law - Companies Fresh Start Scheme, 2020 The MCA vide its circular dated 30th March 2020 has issued Companies Fresh Start Scheme, 2020 to promote defaulting companies to make a fresh start on a clean slate and waive the additional fee as charged under section 403 of Companies Act, 2013 which is applicable on certain forms to […]...
Read MoreIncome Tax - In order to discourage cash transactions and move towards less cash economy, With effect from 01/09/2019 a new Section 194N is inserted to levy for TDS at the rate of 2% on cash payment in excess of Rs. 1 crore in aggregate made during a financial Year. The Scope of TDS on cash withdrawal has […]...
Read MoreFema / RBI - RBI Governor’s address on Indian response to world economic crisis, delivered on 27th March 2020 on account of COVID virus My sister Smt. Uma Srinivasan, a globe trotting expert on Indian banking asked me to write an article on banking in response to emerging economic crisis. The following article is being written based on RBI […...
Read MoreFinance - The covid 19 has changed the dynamics of business and among all the sectors the Independent Financial Advisor segment is very much impacted. The industry of Financial Distributors has been battling with falling margins revenue and now the sudden impact of Covid 19 is a major setback. I find that in the coming days the […]...
Read MoreCompany Law - Corporate Social Responsibility (CSR) under Companies Act 2013- Concept, Applicability, Provisions, Penalty Corporate social responsibility (CSR) is how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics, and done correctly should be about core bus...
Read MoreCorporate Law - Ministry of Corporate Affairs introduces the 'Companies Fresh Start Scheme, 2020' and revised the 'LLP Settlement Scheme, 2020' to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19...
Read MoreGoods and Services Tax - 40% Discount on Self-Learning Certification Course on GST and Income Tax by TaxGuru Edu Sharpen your skills while in Quarantine. As our country fights the Covid-19 and we are all in a lockdown for 21 days, TaxGuru Edu aims at making your quarantine – a quality time. Through the self-learning courses, we hope to give you a […]...
Read MoreCA, CS, CMA - Those who are already registered and undergoing articled training, are hereby informed that the period of absence arising out of said lockdown due to COVID -19 pandemic shall not be counted for the purposes of deduction of any leaves, meaning thereby that such period shall be counted as being on articleship training for the period aforesa...
Read MoreCorporate Law - Ministry of Corporate Affairs CCI revises Guidance Notes to Form-I under the Green Channel The Competition Commission of India (CCI) has revised guidance notes to Form I with a view to incorporate the changes made in Green Channel. The revised Form I, under the Green Channel, will be used to file the notice under Section […]...
Read MoreCA, CS, CMA - You are hereby, requested to kindly file online Form 9/Form 101 for restoration of Membership/COP to avoid any chance of discontinuance of Membership/COP on the Self Service Portal (SSP) through the following link (click here) latest by 31st March 2020....
Read MoreInfrasoftTech India Ltd Vs Commissioner of Central Excise (CESTAT Mumbai) - Sale of banking software to a bank was 'commercial exploitation' merely because the bank deployed the software in its normal business activities was not correct in the absence of facts that establish otherwise or of any evidence that such was the transaction between assessee and the customers, there...
Read MoreGauri Shankar Kandoi Vs DCIT (ITAT Jaipur) - Where assessee was not required to maintain any books of account and there was no mechanism to report the investment in the tax return, the said investment could not be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB, therefore, investment so found in purc...
Read MoreShri Parvinder Singh Vs ITO (ITAT Delhi) - णonduct of the assessee in changing stand at different level and claiming lesser agricultural income before the authorities below would clearly show that authorities below were very reasonable in estimating the agricultural income at Rs.14 lacs, though the assessee claimed lesser amount of the sam...
Read MoreDCIT Vs Edelweiss Commodities Services Ltd. (ITAT Mumbai) - Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on 'Accounting fo...
Read MoreNew Kalpana Ent Udyog Vs ITO (ITAT Agra) - he auditors in their tax audit report have also not mentioned of any violation of provisions of section 40A(3), as these payments have been made on account of business expediency where insistence of cash by the agents and truck drivers has been established by the appellant....
Read MoreGeneral Circular No. 13/2020 - (30/03/2020) - in order to support and enable Limited Liability Partnerships (LLPs) registered in India to focus on taking necessary measures to address the COVID-I9 threat and to reduce their compliance burden, certain modifications to the LLP Settlement Scheme, 2020 have been decided to be implemented with effec...
Read MoreGeneral Circular No. 12/2020 - (30/03/2020) - Central Government introduce a Scheme namely Companies Fresh Start Scheme, 2020 (CFSS-2020) condoning the delay in filing the specified documents with the Registrar, insofar as it relates to charging of additional fees, and granting of immunity from launching of prosecution or proceedings for imposi...
Read MoreNotification No. S.O. 1226(E). - (30/03/2020) - Recently a message is circulating on Social Media which claims that Financial Year 2019-20 ending on 31.03.2020 is been extended to end on 30.06.2020. With this message a Government notification issued by Ministry of Finance is also been circulated. Here we would like to clarify that this notificati...
Read MoreF. No. 380/03/2019-IT (B) - (30/03/2020) - I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of Rs. 13,35,000 Crores for the Financial Year 2019-20. In this regard, it is stated that in the Receipt Budget 2020-21, Rs. 11,70,000 Crores (reduction of Rs. 1,65,000 Cror...
Read MoreNo. C_I/Misc./2019-20/VoI.II/Part/ - (28/03/2020) - The Covid-19 has been declared a Pandemic by Government of India for the entire country and therefore the members of the EPF have become eligible for the benefits of non-refundable advance under the sub-para 68(3)(L) which has come into force vide Ministry of Labour, Govt of India Notification GSR 2...
Read More1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You ca...
Read MoreIncome Tax Return A.Y 2020-21- Few Important Points -Electricity bill exceeding 1 lac, details required to be filed in Return. -In ITR-4, details required to be mentioned if o...
Read MoreAct before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Tax...
Read MoreIt is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s)...
Read MoreNPS is entitled to get additional tax benefit up to Rs.50,000 in a financial year u/s 80CCD (IB) of Income Tax Act which is over and above the deduction of Rs. 1,50,000 availa...
Read MoreThe Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chp. VIA of Income Tax Act, 1961 which allows for deduction in respec...
Read MoreThis excel tool can convert the text files and perform workings for analysis of NPA, sample selections etc. This utility would work for SBI only....
Read MoreAutomatic Calculator in Excel Format for Interest on delayed filling of GSTR 3B for Financial Year 2017-18, Financial Year 2018-19 and Financial Year 2019-20. This article giv...
Read MoreBulk Data Income Tax Calculator for Multiple Employees for Financial Year 2019-20 / Assessment Year 2020-21 and Bulk TDS Calculation (Salary) in Excel I have already uploaded ...
Read MoreIn this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership Firms, AOP/BOI, Co-operative Soci...
Read MoreHonourable finance minister while presenting the budget has provided an option to Individuals and HUFs to pay tax according to new rates. The optional rates as per Section 115...
Read MoreArticle contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with Changes Prop...
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