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Archive: 03 April 2020

Posts in 03 April 2020

Conditional waiver of late fee for delay in furnishing FORM GSTR-3B

April 3, 2020 20328 Views 0 comment Print

Notification No. 32/2020- Central Tax, dated 03.04.2020- Notification under section 128 of CGST Act for waiver of late fee for delay in furnishing returns in FORM GSTR-3B for the tax periods of February, 2020 to April, 2020 provided the return in FORM GSTR-3B by the date as specified in the Notification. Seeks to provide relief […]

Lower GST interest Rate only on timely filing of FORM GSTR-3B

April 3, 2020 33888 Views 0 comment Print

Notification No. 31/2020- Central Tax, dated 03.04.2020- A lower rate of interest of NIL for first 15 days after the due date of filing return in FORM GSTR-3B and @ 9% thereafter is notified for those registered persons having aggregate turnover above Rs. 5 Crore and NIL rate of interest is notified for those registered […]

GST Composition Scheme for FY 2020-21 can be opted till 30.06.2020

April 3, 2020 47310 Views 1 comment Print

Notification No. 30/2020- Central Tax, dated 03.04.2020- Amendment in the CGST Rules so as to allow taxpayers opting for the Composition Scheme for the financial year 2020-21 to file their option in FORM CMP-02 till 30th June, 2020 and to allow cumulative application of the condition in rule 36(4) for the months of February, 2020 […]

Opting Legal Lowest tax liability alternative not amounts to Tax Evasion

April 3, 2020 933 Views 0 comment Print

If the taxpayer was in a position to carry a transaction in two alternative ways, one of which would result in lower tax liability, the assessee would be at liberty to choose that particular method.  Pursuant to the terms of both the agreements, the transactions had been carried out and assessee as well as other 6 persons had offered their respective share of rental income in their own tax returns thus, the agreement could not be termed as sham agreement or an artificial structure with a view to evade tax liability.

CBIC Clarifies GST Return due date extension and related issues

April 3, 2020 69684 Views 4 comments Print

CBIC Clarification in respect of various measures announced by the Government for providing relief to the GST taxpayers in view of spread of Novel Corona Virus (COVID-19) vide Circular No. 136/06/2020-GST dated 3rd April, 2020. Circular No. 136/06/2020-GST CBEC-20/06/04-2020 -GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and […]

ICAI Facility to Pay Membership/COP Fee for Upto 10 years

April 3, 2020 5241 Views 0 comment Print

As you are aware with the advent of new Financial Year, your Membership fee and Certificate of Practice (COP) fee for the year 2020-21 has become due and I am pleased to inform that from 01st April 2020, members are allowed to pay advance Membership and/or COP fee for a period up to maximum 10 years along with GST at the rate determined as on the date of payment.

Form 15G & 15H submitted for FY 2019-20 would be valid up to 30.06.2020

April 3, 2020 13920 Views 8 comments Print

To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax liability […]

Lower/nil rate of TDS/TCS applications to be disposed liberally by 27.04.2020

April 3, 2020 5634 Views 1 comment Print

In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 275/25/2020-IT(B) Government of India Ministry […]

Rupee Drawing Arrangement – Remittance to PM-CARES Fund

April 3, 2020 891 Views 0 comment Print

RBI permitted receipt of foreign inward remittances from non-residents through non-resident exchange houses in favour of the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund’,subject to the condition that AD Cat-I banks shall directly credit the remittances to the Fund and maintain the full details of the remitters.

List of 76 forms allowed to be filed under CFSS-2020 & LLPSS-2020

April 3, 2020 26799 Views 0 comment Print

List of 76 forms which can be filed with MCA under Fresh Start Scheme, 2020 (CFSS -2020) and Modified LLP Settlement Scheme, 2020 (LLPSS-2020) and which are eligible for additional fees waiver. MCA has released a list of 76 forms which  will be allowed to be filed with MCA under Fresh Start Scheme, 2020 (CFSS […]

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