"29 May 2020" Archive

Summarised GST due Date Compliance calendar Amid COVID-19

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended date for GST filings, return lower or nil Interest, Late fee & Penalty for Regular & Composite Taxpayers. I have prepared an article regarding various changes in Goods & Service Tax. This article provides summary of major changes from the incep...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax calculator for Salaried Individuals is to compute the Income Tax for both Old and New Regime.  This will help you to decide which Regime to follow to […]...

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Splitting of Share Certificate- Procedure & relevant formats

Article contains Procedure for Splitting of Share Certificate, Format of Request Letter for Splitting of Share Certificate, Format of Board Resolution for Splitting of Share Certificate and Format of Share Certificate split in lieu of Original Share Certificate. What is the procedure if a shareholder wants to split his share certificate i...

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IND AS 32: Financial Instruments (Presentation)

There are 3 Ind AS dealing with Financial Instruments:- 1. Financial Instruments-Presentation(IND AS-32) 2. Financial Instruments-Recognition & Measurement(IND AS-109) 3. Financial Instruments-Disclosures(IND AS-107) What is ‘Financial Instrument’? Paragraph 11 of Ind As 32 defines: A financial instrument is any contract t...

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All about TCS on sale of Goods- Section 206C(1H)

All about TCS on sale of Goods [newly inserted sub section 1H in Section 206C] Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. The rate of TCS is different for goods specified under different categories. Section 206C of the Income […]...

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Advisory for CAs & Companies to whom CSR provisions apply

Wherever the company undertakes the CSR activity through a third party / NGO, it is advised that all such companies should obtain an Independent Practitioner’s Report on Utilisation of such CSR Funds from the auditor / CA in practice of the third party / NGO, to whom the funds are given by the Company for implementing CSR activity....

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Deduction u/s 35(2AB) can’t denied, merely because of no approval of expenditure

Advance Enzyme Technologies Ltd. Vs ACIT (ITAT Mumbai)

Once R&D facility has been recognized by competent authority, then deductions provided u/s 35(2AB) cannot be denied, merely for the reason that approval of expenditure for impugned year in prescribed form has not been received from competent authority....

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Residential Status-FEMA Interpretation

DEFINITIONS RESIDENT & NON- RESIDENT Section 2 (v): Person Resident in India Means— (i)             a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include— (A) a person who has gone out of India or who […]...

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Important Clarifications on MSME Loans

The government has provided Rs. 300000/- crores as collateral free automatic loan, due to Covid 19 Situation to get the economy back on track. Hence, government has given the opportunity to businesses by providing them emergency funds with 100% credit guarantee by government. The government has given the clarifications regarding the afore...

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Non filing of return | Section 44AD | Application of 8% Rate by AO justified

Unity Automation Solution Ltd. Vs ITO (ITAT Delhi)

The assessee company was in the business of Sale and Service of CCTV cameras and other security equipment’s. Total receipts for the year under consideration was Rs. 3,54,30,497/- and still they have not filed return under income tax....

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