CBIC has vide Notification No 89/2020 dated 29.11.2020 waived Penalty for non compliance to QR code provisions if complied by April 01, 2021 for default during the period December 1,2020 to March 31,2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, Notification No. 89/2020–Central Tax Dated: 29th November, […]
Petitioner is a private limited company and registered under GST Act, 2017 as a service provider and has admitted Tax arrears for Nov’2018 to March’19 of Rs. 4,00,000/- which it intendeds to pay in monthly installment along with the applicable interest and late fees. As the business of the petitioner has been severely affected by the pandemic, it is not in the financial position to pay the arrears of tax.
93% of Registered Persons in GST: Be Alert of the Crucial Date of 30th November, 2020. In India, at present about 93% of the total Registered Persons under GST are having their annual turnover of up to Rs. 5 crores, and the tomorrow’s date of 30.11.2020 is very significant and crucial for all such registered […]
Applicability: Public companies( not applicable to Government companies and its subsidiaries) if the articles of association provided for retirement of all directors in the annual general meeting, then all the directors are liable to directors. According to sec 152(6) of the companies act,2013 2/3 of the total directors(*) are liable to retire by rotation and […]
Section 62 of the Act is resorted only in the cases where return is not filed and assessment cannot be done without relying upon prudence of the assessing officer. Once the facts and figures of the liability is before the assessing officer then any assessment based upon his prudence will not only belie the express statutory provisions but also frustrate the entire aim and objective of the Act.
Explanation of TCS u/s 206C(1H) of Income Tax Act on sale of goods with effect from 01-10-2020 The Government of India in the Finance Bill, 2020 introduced a new sub section (1H) to section 206C of the Income Tax Act, 1961 (IT Act) widening the scope of tax collection at source. Provision of the Income […]
EPFO has extended the time limit up to 28th February 2021 for submission of Life Certificate (Jeevan Pramaan Patra-JPP) in respect of the Pensioners drawing pension under EPS 1995 and whose Life certificate is due in any month till February 28, 2021. Presently a Pensioner can submit JPP anytime during the year upto 30th November, which is valid for a period of one year from the date of issue.
Section 51 r.w. Rule 66: Tax Deductible at Source (TDS) refers to certain percentage that is deducted by the receiver of Goods/services on the amount payable on account of Supply made if Transaction Value as per Section 15 of CGST act 2017 exceeds 2.5 Lakhs.
Summary of Fresh Start Process (Individual and Partnership Firm) under the Insolvency and bankruptcy code 2016 (IBC, 2016) THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Part III (Chapter II) Fresh Start Process 1.) Who may File Application for Fresh Start in I&B Code 2016? (Section 80) Any Debtor who fulfil following eligibility criteria may file application […]
Advisory for Compliance by FCRA NGOs/Associations with the Amended Provisions in FCRA, 2010 and FCRR, 2011 Note: – This advisory is meant for any association that belongs to one of the following categories: (a) Those who have submitted application for registration/Prior Permission (b) Those who have submitted application for Renewal (c) Those who are yet […]
