Section 206C(1H) of Income Tax Act, 1961– Tax Collected at Source (TCS) based on the Turnover Relevant extract of the Provision Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than […]
Request for extension of availing ITC for F.Y. 2019-20 till Mar 2021 return, Continue relaxation in RULE 36 till 31.03.2021 which says that (Taxpayer can avail ITC (+10%) what is reflected in GSTR-2A) and Extend due date of Annual Return in form GSTR 9 & GSTR 9C for Year 2018-19 till 31.03.2021.
Reserve Bank of India, hereby declare that the provisions of section 31 read with clause (t) of section 56 of the said Act shall not apply to primary co-operative banks till 31st December, 2020.
Standard Operating Procedure (SOP) for Filing of FCGPR by a professional FCGPR Stands for Foreign Contribution Gross Provisional Return. It is the form issued by RBI under Foreign Exchange Management Act, 1999 and it has to be filed for issue of capital instruments by an Indian Company to a preson resident outside India. When the […]
This article will enlighten the procedure & requirements for Udyam Registration applicable for (new & re-registration for existing) MSME’s along with the revised definition of Classification of an enterprise as MSME.
GSTN has incorporated a new functionality on its portal by enabling GSTR 2B with effect from August 2020. GSTR 2B addresses the difficulties faced by the taxpayers in availment of Input Tax Credit and its reconciliation.
Background In recent years Mergers & Acquisitions have been continuously happening in corporate space. Research suggests that global M&A activity has seen a tremendous growth in the last 10 years. In terms of overall value and number of deals, FY19 stood at almost $ 3500bn across 2000 transactions vis-a-vis FY09 with merely $ 1750bn across […]
After the introduction of GST, number of cases were noticed that some suppliers do not file the returns even though they have not opted for composition scheme or below threshold limit. They do not upload their transactions in the form of GSTR-1 and do not pay the tax thereon, full or partly and there was […]
A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. Parents can now open up to two SSY accounts for girls and a third account can be opened in case of birth of twins/triplets.
This report contains significant results of the performance audit on Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS), which was conducted to seek an assurance on the success of facilitation measures introduced for simplifying the process of issuance of scrips and to examine effective linkage of rules and procedures of the Schemes in Directorate General of foreign Trade (DGFT) Electronic Data interchange (EDI) system.
