Due to the lockdown and economic disruptions, Government is taken the following measure for providing relief to Companies and LLP in terms of compliance and penalty. 1. The government will not charge any late filing fee to companies for any form filing during the period April 1, 2020 to Sept 30, 2020. Hence the pending […]
On account of the shutdown in India due to Coronavirus, the Government has extended various compliance due dates. The announcement for the extension was made by the Hon’ble Finance Minister Smt. Nirmala Sitharaman on 24th March 2020 as under: Income Tax Due Date Extension FY18-19 last date for filing income tax return has been extended […]
Recent GST Notifications/Circulars Issued Pursuant to Decisions Taken at 39th GST Council Meeting CBIC has recently issues 20 GST Notification and 2 GST Circulars in pursuant to the decisions taken at the 39th GST council meeting. Author has analysed Important provisions related to these Notifications and Circulars. I. DUE DATES Return filing due dates already […]
GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak: Composition Scheme Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till […]
1. Notification 10/2020-Central Tax – Dated 21st March 2020 Prescribes manner of transition for persons who were registered in the erstwhile Union territory of Daman and Diu or Dadra and Nagar Haveli till the 26th day of January, 2020; and is in the merged union territory of Daman and Diu and Dadra and Nagar Haveli […]
It is abundantly clear from Sub-Section (2) that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of a slab of fifteen (or twenty) years, as prescribed under that Sub-Section. It is hereby clarified that once such initial assessment year has been opted for by the assessee, he shall be entitled to claim deduction u/s 80IA for ten consecutive years beginning from the year in respect of which he has exercised such option subject to the fulfillment of conditions prescribed in the section.
However, due to lock down in most of the states, these year end activities were not undertaken by most of the Companies. In such situation, looking into the extension of Financial year would have helped or easing of some of these compliances. Further with 21 days lock down announced by Prime Minister, makes it clear that we do not have much options. Hope the same may come out as an announcement soon.
Many Corporates & Professionals has asked a question ‘Whether amount spent for for prevention or Spread CORONA Virus or CoVID-19 shall be considered as CSR Expense under Section 135 of Companies Act, 2013?’ To clarify the same MCA has issued a clarification on 23rd March, 2020 vide General Circular No. 10/2020, according to which spending […]
Rajasthan State Electricity Board Vs. DCIT (Supreme Court) Section 143(1-A) can only be invoked where it is found on facts that the lesser amount stated in the return filed by the assessee is a result of an attempt to evade tax lawfully payable by the assessee. The burden of proving that the assessee has so […]
Once the cancellation of registration had been set aside and registration granted under section 12A had been restored by the Tribunal, CIT(Appeals)’s decision for disallowance of exemption under section 11 became redundant, hence, had to be set aside.
