"12 November 2020" Archive

Quarterly Return Monthly Payment (QRMP ) Scheme under GST

1. Quarterly Return Monthly Payment Scheme (QRMP) is a scheme notified by the Government allowing a registered person having aggregate turnover up to five (5) crore rupees to furnish return on a quarterly basis along with monthly payment of tax. CBIC vide circular no. 20/01/08/2020- GST dated 10 November 2020 clarified various issues rela...

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Introduction of quarterly returns & CGST Amendment Rules

The Central Board of Indirect Taxes and Customs (CBIC) has issued several Notifications on 10th November, 2020 for the below matters: 1. Introduction of Thirteenth amendment (2020) to the CGST Rules, 2017 for notification of due dates for returns 2. Granting extension of the due date for Form GST ITC 04 and notification of due […]...

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12 key announcements under AatmaNirbhar Bharat 3.0

Release ID: 1672321 12/11/2020

Ministry of Finance Finance Minister announces measures on AatmaNirbhar Bharat 3.0 Ø A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Ø Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20% Ø Production Linked Incentive wor...

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A Practical Approach to TDS & TCS (Amended upto 31.10.2020)

About The Author Born in a humble middle-class family in Jalandhar (Punjab) in 1962, Ravinder, an avid academic turned every obstacle into opportunity through sheer hard work, graduated in Bachelors of Commerce from DAV College, Jalandhar. After graduation he stepped into nonetheless a rigorous course of accountancy from Institute of Char...

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Atmanirbhar Bharat Rojgar Yojana Subsidy Support for EPFO registered Companies

The Finance Minister on Thursday 12/11/2020 announced the Atmanirbhar Bharat Rojgar Yojana to incentivise job creation during Covid-19 recovery phase. This is eligible for EPFO (EPF) registered companies hiring new workers at monthly wages (Wages as per Supreme Court rule) less than Rs.15000/- per month. The scheme is as under, 1. Central...

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First Tax Audit Report or Income Tax Return or both by same due date

In this article, the author highlights the issues faced by Tax Auditor and Assessee with respect to furnishing of Tax Audit Report one month prior to submission of Income Tax Return:...

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GST updates and Compliances – November 2020

1. GST PORTAL UPDATES 1.1. Taxpayers can now see aggregate turnover of preceding financial year on GSTN portal Now Annual aggregate turnover of preceding financial year can be checked from the GSTN portal. The Goods and Service Tax Network (GSTN), recently launched many new features on the GSTN portal. One of its features is that [&hellip...

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FM Gifts ‘Aatma Nirbhar Bharat Stimulus Package 3.0’, on Occasion of Dhanteras

FM Gifts ‘Aatma Nirbhar Bharat Stimulus Package 3.0’, on the Occasion of Dhanteras The festival of ‘Dhanteras’ kickstarts the festivities of Diwali, bringing with it new hopes, aspirations, enthusiasm and vibrancy. According to Hindu mythology, on this day, Goddess Lakshmi emerged from the ocean of milk along with a pot full of Go...

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Deductions under Income Tax Act

There are different investments & expenditures which can be claimed as deduction while computing Total Income. Chapter VIA of the Income Tax Act 'Deductions to be made in computing Total Income' should must be referred before claiming any amount in Income Tax Return to ensure that the conditions mentioned therein are followed....

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Understanding (Adjusted Gross Revenue) woes

Introduction Some 25 years back on July 31 st 1995, the then CM of West Bengal Sri Jyothi Basu  dialled up Sri Sukhram the then Union Communications minister through (Modi-Telstra) Network which later took an new avatar as Spice Telecom. That time both the outgoing and incoming call were charged at Rs 16 & Rs […]...

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October 2021