As the numbers of the COVID-19 patient’s is raising actively, other than ensuring safety and health to the public it remains still a challenge for the Government to guarantee a minimum income to the migrant laborers who went back to the rural areas as a result of the loss of employment and difficulties in the urban areas. […]
GST is levied on services provided by hotels under Heading 9963 as ‘Accommodation, food and beverage services’ of Notification No. 11/2017-CT(R) (‘Rate Notification’). The GST Council in its 37th Meeting held on 20.09.2019 had recommended that the rate of GST applicable on the accommodation services provided by a hotel should be reduced. To give effect […]
LIBERALISED REMITTANCE SCHEME (LRS) FEMA is a policy law which is drafted loosely and its principles keep on changing as individuals keep on changing and there are multiple notifications and rules which can apply to particular transaction. However we advise in such manner in order to avoid unnecessary litigaton. BRIEF INTRODUCTION: LRS is brought as […]
Venture is an agreement between two or more parties agreed to acquire their resources for the successful completion of a specific tasks. All the concerned parties are responsible for profit and loss of the venture also the cost related to it. Like as other business entity it is also totally separated from its participants.
Written submission to CIT(A) for deduction of employee contributions under section 36(1)(va) of Income Tax Act, 1961 25.06.2020 The Commissioner of Income-tax (Appeal) – __, Income-tax Department, _________ In the matter of: ______________ PAN: A/Y: 2018-19 SUB: Submission regarding Appeal No. u/s 246A of Income-tax Act, 1961 Dear Sir, […]
The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications and circular under GST Laws to implement the relief measures due to outbreak of Covid-19 and Nationwide lockdown. The relief includes relaxation from interest, late fees for filing of GSTR 1 and GSTR 3B. Summary of the notifications and circular is presented in […]
It is a common notion that the sale of land is out of the purview of GST. However recent rulings held by different AAR holding the levy of GST on sale of plots has sparked a row amongst tax professionals and Builder’s association about legal tenability of such rulings. While trade bodies fear of opening […]
The Government came up with a notification No. 35/2020 dated 24th June 2020 for extension of various due dates under the Income Tax Act. Please find below summary and key analysis for your reference: Sr. No. Compliances Due date 1. Compliances (it does not include payment compliances) that fall between 20 March to 31 December […]
Due Dates Extended by the CBDT (CENTRAL BOARD OF DIRECT TAXES) on 24th June 2020 vide notification No. 35/2020-Income Tax 1. ITR Filing for Financial Year 2018-19: Belated or Revised ITR for Financial Year 2018-19 can be filed by 31st July 2020. The earlier date was 30th June 2020. 2. TDS Return Due Date for […]
Summary of GST Notification issued by CBIC on 24.06.2020 – Revised Compliance Date GSTR 1 And GSTR 3B CBIC has issued various notifications on 24/06/2020 to give effect to the recommendations of the 40th GST Council Meeting which are as follows: *Notification No. 49/2020 –Central Tax:* To bring into effect certain provisions of the Finance […]
