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Archive: 09 August 2020

Posts in 09 August 2020

Belated Filing of Income Tax Return for AY 2019-20

August 9, 2020 225855 Views 46 comments Print

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 assessment whichever is earlier.

Cost Inflation Index Table upto Financial Year 2020-21

August 9, 2020 618438 Views 19 comments Print

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.

DIR-3 KYC- FAQs

August 9, 2020 13350 Views 1 comment Print

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 […]

Conversion of Sole Proprietorship into Private Limited Company

August 9, 2020 44736 Views 3 comments Print

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 […]

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

August 9, 2020 8625 Views 1 comment Print

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 Section 112-Appeals to Appellate Tribunal. Section 109 – Constitution of Appellate Tribunal and […]

SEBI New Guidelines For Local Proxy Advisors

August 9, 2020 771 Views 0 comment Print

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 shall […]

Section 80GG Deduction on Rent Paid

August 9, 2020 8685 Views 2 comments Print

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 […]

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

August 9, 2020 1755 Views 0 comment Print

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 issue of […]

Routine Compliances of a Company & Penalties for Contravention

August 9, 2020 1899 Views 0 comment Print

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 the Companies […]

Submission of Response on High Value Transactions – FAQs

August 9, 2020 85131 Views 4 comments Print

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 accurately report […]

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