"03 December 2020" Archive - Page 4

Recent Updates In GST till 02nd December 2020

Indian economy is now on a recovery drive. The figures suggest that it has fared well as against predictions. A GDP contraction of 7.5% is a better picture after witnessing a 23.9% negative growth in June, 2020 quarter. For March 21, people now predict a contraction of 7-9% only. Economists and other agencies have now […]...

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Lower withholding TDS certificate cannot be denied for technical inadequacy of system

British Airways PLC Vs ITO & Ors. (Delhi high Court)

British Airways PLC Vs ITO & Ors. (Delhi High Court) The limited grievance of the petitioner raised in this petition is that the withholding tax certificate issued to the petitioner has been made effective from the date of issue and not from the beginning of the financial year i.e. 01.04.2019. For example, it is pointed […]...

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GST leviable on charges collected from Members by Co-op Housing Societies

Hon’ble AAAR, Maharashtra held that GST is to be levied on maintenance charges collected by cooperative housing societies if the monthly subscription or contribution charged from members is more than Rs 7,500 per month and the annual aggregate turnover is Rs 20 lakh or more....

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68% of borrowers are unaware of their CIBIL score, reveals Home Credit Survey

♦ Patna reports lowest literacy levels with only 22% of borrowers aware of their CIBIL score, followed by Kolkata (25%) and Mumbai (25%), reveals research conducted to understand Financial Literacy levels ♦ 76% of borrowers do not know their interest amount on loan, research says ♦ 50% respondents aware about Mutual Funds; Kolkata l...

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Is 31st December 2020 last date of AGM for every company?

Several Companies were found difficult to hold their AGM for the Financial Year ended on 31.03.2020 due to difficulties faced in view of the Covid-19 Pandemic. In View of the above common problem faced by companies, respective ROC’s in whose jurisdiction registered office is situated passed separate orders to extend the time to hold the...

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Payment of Stamp Duty on Shares

A share certificate is a certificate given to the shareholder of the company in the form SH-1. Share certificate being an instrument requires stamping and Stamp duty on share certificate is a state-related matter where delay in payment of stamp duty appeals penalty. Firstly, Stamp duty on share certificate has to be paid at the time of ...

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Form for Quarterly GST return with monthly payment to be available from 05.12.2020

A quarterly return with monthly payment (QRMP) scheme for small taxpayers with Annual aggregate turnover up to ₹ 5 Cr. will be made available on the common portal from 1st of January 2021. Once a taxpayer opts in he may file his FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax […]...

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How to Become and Remain Atmanirbhar Throughout Your Life

When the nation is becoming Atmanirbhar, why should we Individuals lag behind? Let us discuss how we can Atmanirbhar and remain Atmanirbhar during all the phases of life. Early days in life Gaining basic knowledge about finance Ideally personal finance should be taught in the school. The basic knowledge about importance of compounding and...

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Can Second Hand Dealer Opt for GST Composition Scheme

Normally Value of supply of goods or services or both shall be transaction value; however, in respect of second hand goods, a person dealing is such goods may be allowed (option) to pay tax on the margin i.e. the difference between the value at which the goods are supplied and the price at which the […]...

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Liquidated damages – Liable to GST?

As the world fights the COVID-19 pandemic, businesses struggle to overcome the economic slowdown post lifting lockdown. Businesses find it difficult to meet the contractual obligations which results in non-performance or delay in performance of obligations. As a result of such defaults, businesses incur huge liability towards compensation...

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September 2021