"06 July 2020" Archive

Infrastructure sub-sectors business – section 10(23FE) exemption

[Notification No. 44/2020-Income Tax/F. No. 370142/24/2020-TPL]/S.O. 2227(E) (06/07/2020)

CBDT specifies business, for the purposes of section 10(23FE)(iii)(b), to be the business which is engaged in the infrastructure sub-sectors mentioned in Updated Harmonised Master List of Infrastructure Sub-sectors vide Notification No. 44/2020- Income Tax dated 6th July, 2020. Section 10 (23FE) provides for exemption to specified income ...

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Extension of last date of filing of Form NFRA-2 to 270 days

General Circular No. 26/2020 (06/07/2020)

It has been decided that the time limit for filing of Form NFRA­-2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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GST Interest & Late Fee Auto Calculator for new Extended due dates

GST Interest and Late Fee Auto Calculator Not. No 51 to 57 for New Extended Date February 20 to July 20 Due to Covid -19 Government is changing GST return filing due dates again and again. Further, dates are also bifurcated between different types of assesses with different turnover and principal place of business. The […]...

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Posted Under: Income Tax |

News report of Merger of CBIC & CBDT is factually incorrect

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs....

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Posted Under: Income Tax |

Companies Act, 2013: Financial Statement & Board Report

Article discuses Provision of Section 134 of the companies Act, 2013 related to Financial Statements & Boards Report and Rule 8 of the Companies (Accounts) Rules, 2014 which deals Important matters to be stated in the Board Report. Section -134 of the companies Act, 2013 (Financial Statements & Boards Report) Sub-Section Heading P...

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Posted Under: Income Tax |

Unjust Enrichment To CBDT- 21 Examples

Concept of Unjust enrichment refers to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust. Whenever the word unjust enrichment is told by someone two names immediately crept in the mind one is highest authority of indirect tax i.e. CGST and other one is […]...

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Posted Under: Income Tax |

Taxation of income from hydroponic farming

1. Introduction The Hydroponic farming is an emerging trend in Indian agricultural sector, which is far different from traditional agriculture activities carried on in the country. In this method plants are grown without using soil, by using mineral nutrient solutions in a water solvent. Further, in this method of farming plants are grown...

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Posted Under: Income Tax |

New MSME Udyam Registration (Applicable from 01.07.2020)

Introduction: > The Central Government, after obtaining the recommendations of the Advisory Committee in this behalf, notified following: > Certain criteria for classifying the enterprises as micro, small and medium enterprises > Specifies the form and procedure for filing the memorandum (Udyam Registration), w.e.f 1st day of Ju...

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Posted Under: Income Tax |

Govt. sign $750 million Agreement with World Bank for MSMEs

The World Bank and the Government of India today signed the $750 million agreement for the MSME Emergency Response Programme to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs), severely impacted by the COVID-19 crisis....

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Posted Under: Income Tax |

Ready Recokner of GSTR 3B due dates for 2020

Ready reckoner of GSTR 3B return filing dates for the year 2020: Notification No 29/2020 CT dated 23.03.2020 Category of Taxpayers: Category A: Taxpayers having an aggregate turnover of more than rupees 5 crore rupees in the previous financial year Category B: Taxpayers having an aggregate turnover of up to Rs 5 crore rupees in […]...

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Posted Under: Income Tax |