"06 September 2020" Archive

Income tax Changes and Points to take care

♦ If you are paying more than Rs.50 lakhs to any resident person for any professional / commission or contract work – You need to deduct 5% TDS irrespective of facts that expense is personal or business. For e.g. Assume you wants to construct a residential house and you hire a contractor and pays more […]...

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Posted Under: Income Tax |

MSME Ministry takes lead in helping MSMEs get their dues

Historic Interventions made by the Central Government to Ensure Timely Payments to MSMEs. MSME Ministry takes lead in helping the MSMEs get their dues. On-boarding of MSMEs on TReDS Mechanism made free. MSME Ministry alerts MSMEs to beware of fake websites charging money in the name of registration; and re-iterates that registration be do...

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Posted Under: Income Tax |

58 Defects Fixed for Taxpayers on GST Portal

Defects Fixed for Taxpayers on GST Portal as on 25.08.2020 1. Refund Module: A check has been incorporated in the application whereby the taxpayer will not be able to submit a Refund Application, if bank account has not been selected by them. 2. Returns Module: The return dashboard of a taxpayer was configured to display […]...

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Posted Under: Income Tax |

Audit under Threshold Limits- Ease of doing business for MSME companies

Business entities in India have been fighting with several multiple business laws, rules, regulations, policies, procedures, formats and authorities for running their business and statutory compliance has become a nightmare for most of them, especially the small business entities. ...

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Posted Under: Income Tax |

CFSS (Companies Fresh Start Scheme), 2020

The CFSS 2020 is a scheme with bundled benefits. Few of which are as follows: a) Waive off additional fees - companies availing the scheme will not be liable to pay additional fees and penalties on belated filings. Hence, this will promote compliances among small company which were deliberately avoiding compliances due to heavy fines and ...

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Posted Under: Income Tax |

IBBI penalise for appointing person other than Registered Valuer for carrying out Valuation

IBBI penalise for appointing person other than Registered Valuer for carrying out Valuation IBBI regulator for Insolvency Professional as well as Registered Valuer by virtue of order No. IBBI/DC/27/2020 dated 24th August 2020, barred Insolvency Professional to seek or accept any process or assignment or render any services under the Code ...

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Posted Under: Income Tax |

Section 8 Company Incorporation under Companies Act 2013

Not-for-profit organizations are types of organizations that do not earn profits for its owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization’s objectives and keeping it running. Typically, organizations in the non-profit sector are tax-exempt charities or other types o...

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Posted Under: Income Tax |

Rules on interpretation of tax legislation in Kenya

A. Introduction The rules on interpretation of tax legislation are important to understand as they play a key role in the outcome of tax disputes in Kenya. Chinese companies operating in Kenya would greatly benefit from this knowledge. The thesis considers several High Court decisions on the issue. It then considers possible queries that ...

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Posted Under: Income Tax |

Extend due date of filing Income Tax Returns & Tax Audit Report

Federation shall, therefore, be most grateful if the date of filing of the tax audit reports for the A.Y 2020-21 is extended by three months i.e from 31st October 2020 to 31st January 2021, and for filing the income tax returns by four months i.e from 30th November 2020 to 31st March 2021....

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Posted Under: Income Tax | ,

Seven things must To Do in Sept-2020 by every GST Return Filer!!

September has always been month of reconciliation. In this article we have tried to brief few reconciliations in the form of “Seven things must To Do” in Sept-20 by every GST Return filer!! 20th October, 2020 is approaching soon & every person registered under GST must be aware that 20th October, 2020 ( upto 24th […]...

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