So far as GST is concerned, the focus of budget is on simplification and curbing tax evasion. A new return regime will happen from April 2020 including SMS based filing of Nil returns, return pre-filing and improved input tax credit. Electronic invoices will check tax evasion while refunds would be easier with so manual interface. The Budget also proposes to impose penalty on fake GST invoices.
In order to facilitate ease of Doing Business, the Ministry of Corporate Affairs (MCA), has taken a new initiative by introducing a new Web Incorporation Form ‘SPICE+’ which would be shortly notified & deployed on the MCA Portal, replacing the existing SPICe form. The services of this new form shall be applicable on New Incorporations w.e.f. 15.02.2020.
With a view to providing a greater measure of protection to depositors in banks the Deposit Insurance and Credit Guarantee Corporation, a wholly owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of ₹1 lakh to ₹5 lakh per depositor with effect from February 4, 2020 with the approval of Government of India.
ACIT Vs Thirumala Rice Industries (ITAT Bangalore) Sub-section (4) of Section 45 deals with a distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals or otherwise. If in the course of such distribution of capital asset there is a transfer of a capital asset by […]
Convertible Note is introduced firstly by RBI and considered as a very welcoming option provided to early stage startups to raise funds by way of convertible notes which is prima facie a debt instrument with conversion terms. Under FEMA and Rule 2(1)(c)(xvii) of Companies (Acceptance of Deposit) Rules, 2014, convertible note is been defined as […]
In an attempt towards the Direct tax code (DTC), Our Honourable finance Minister has announced dual slab rate. where Individuals has given option to choose the old slab rate or slab rate as defined in recently announced finance act, Now there are different questions in the minds of Assesses, which slab would be beneficial and […]
Budget 2020- FAQs on Proposed TDS under Section 194O on E-commerce Operator (w.e.f. 01/04/2020) 1. Who is responsible to deduct TDS under section 194O? Any person, being E-commerce operator facilitating sale of good or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2. Is […]
It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven lakh rupees.
The Finance Minister Nirmala Sitharaman while presenting the Budget 2020 on Saturday has proposed the following changes are as follows: 1) Here’s a list of the main exemptions that tax payers will have to forgo if they opt for the new regime. (i) Leave travel allowance exemption which is currently available to salaried employees twice […]
In India, from 1st few years with the onset of Modi’s government, a lot of thurst is put on start-ups in India. To sync with Startup pad in India, Indian government has planned and executed a number of processing, registrations and approvals which are made easy. Every second business related registrations, approvals and intimation is […]
