"09 August 2020" Archive - Page 3

Belated Filing of Income Tax Return for AY 2019-20

If the return could not have been filed within the above due dates even then the same can be filed validly as a belated return within the time limit prescribed U/s. 139(4) of the Act. Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assess...

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Posted Under: Income Tax | ,

Cost Inflation Index Table upto Financial Year 2020-21

Govt. has come out with index table called Cost Inflation Index whose base year was fixed as 1-4-1981. In Finance Bill 2017 the Govt. has taken a very bold step and has shifted the base year from 1981 to 2001 for the benefit of investors....

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Posted Under: Income Tax | ,

DIR-3 KYC- FAQs

In this Article we will be discussing all relevant FAQs related to Filing of DIR-3 KYC. We will try to discuss all major doubts regarding filing of DIR-3 KYC. For more queries mail at Question: Who is Required to File DIR-3 KYC? Answer: Every Director who has been allotted DIN on or before the end of the financial […]...

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Posted Under: Income Tax |

Conversion of Sole Proprietorship into Private Limited Company

A Sole Proprietorship is a business entity is wholly owned and controlled by an individual, it is a good form of business for individuals who want to start small but as business grows it necessitate converting it into some greater form for greater advantages. Many opt for  choice of Private Limited Company as it give it a […]...

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Posted Under: Income Tax |

Appeal & Revision- Part II | Section 109-112 | CGST ACT 2017

Simplified GST SERIES –Appeals & Revision -Section 109-112-Part 2- Article explains Section 109 – Constitution of Appellate Tribunal and Benches thereof, Section 110-President and Members of Appellate Tribunal, their qualification, appointment, conditions of service, etc.,  Section 111- Procedure before Appellate Tribunal and Sec...

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Posted Under: Income Tax |

SEBI New Guidelines For Local Proxy Advisors

The Securities and Exchange Board of India notified on 3rd Aug 2020 that it shall be compulsory for the proxy advisors to share their report with its clients and the company at the same time. This is the first time the regulator has come out with guidelines for local proxy advisors after framing regulations in 2014. This notification ...

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Posted Under: Income Tax |

Section 80GG Deduction on Rent Paid

Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]...

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Posted Under: Income Tax |

Framework for resolution of stressed loans on account of Covid-19

The RBI has, vide notification dated 06.08.2020, issued a new framework for resolution of stressed loans caused by Covid-19. I am discussing the relevant portion of this notification in my own words in simple and clear language in three parts. Part-I (General overview of the framework) Existing frameworks for restructuring of loans before...

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Posted Under: Income Tax |

Routine Compliances of a Company & Penalties for Contravention

A company has to meet with numerous compliances apart from Annual Returns, but companies might not know the other mandatory and routine compliances applicable on them which could attract a good amount of penalties. Here is the list of few penalties for contravening the routine compliances/Provisions under Companies Act, 2013 which many of...

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Posted Under: Income Tax |

Submission of Response on High Value Transactions – FAQs

FAQ for Submission of Response on High Value Transactions on Compliance Portal CBDT to launch e-campaign to ask certain taxpayers to file returns or report accurate details. The income-tax department will reach out to certain taxpayers who have either not filed income-tax returns (ITR) for AY2019-20 (relevant to FY 2018-19) or failed to a...

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