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Archive: 29 December 2020

Posts in 29 December 2020

Random Thoughts on Economy and GST

December 29, 2020 819 Views 0 comment Print

It now appears that Indian Government did paved the way for economic turn amid Covid which was made possible by a mix of fiscal reforms and infrastructural push leading to higher consumption and revival of all sectors of economy. How much, how less – may be a perception issue but it did worked. Governance and […]

Section 194J & 194C Monetary Limit unchanged for Individual/ HUF

December 29, 2020 8199 Views 0 comment Print

Monetary Limit under section 194J & 194C are unchanged for Individual or HUF, it is still Rs 1 crore instead of Rs 5 crores With Finance Act, 2020, tax audit total sales, turnover or gross receipts limit in case of Business has been changed to Rs 5 Crores instead of Rs 1 Crore earlier. Provided […]

Extend date of filing of GSTR 9, GSTR 9C and IT returns

December 29, 2020 100554 Views 12 comments Print

A. P. Tax Bar Association, Vijayawada has made a representation to Smt. Nirmala Sitaraman, Hon’ble Finance Minister and requested her for extending the time limit for filing GSTR 9 and 9C returns as also the Income Tax returns for the assessment years 2020-21 which would be beneficial to both individuals, firms and companies and also […]

ICAI Releases four new Publications on GST

December 29, 2020 3783 Views 0 comment Print

Release of four new Publications on GST by GST & IDT Committee, ICAI We, at the GST & IDT Committee, have been continually putting in untiring efforts to facilitate all stakeholders in updating their knowledge of GST through technical publications, Virtual Certificate Course, Refresher Course and Live Webcasts etc. We take pride in sharing with […]

Defer implementation of GST Notification No. 94/2020-Central Tax till 31.03.2021

December 29, 2020 20397 Views 0 comment Print

Confederation of All India Traders has requested Union Finance Minister Smt. Nirmala Sitharaman to Defer implementation of GST Notification 94/2020-Central Tax till 31.03.2021 in the interest of the businessmen and in the interest of the nation. Text of their representation is as follows:- Confederation of All India Traders Ref No.: 3117/1/50 28th December, 2020 Smt. […]

Quarterly Return Monthly Payment (QRMP) scheme launched

December 29, 2020 4524 Views 0 comment Print

Now taxpayers up to Rs. 5 Cr turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly. Introducing Quarterly Return Monthly Payment (QRMP) Scheme The scheme will be made available from January 1st 2021 You can opt-in to the scheme from 5th December 2020 Now, small taxpayers with Aggregate turnover up to Rs. […]

Beware of Free gifts & huge discounts!

December 29, 2020 876 Views 0 comment Print

Beware of Free gifts & huge discounts! Indian Customs never calls or send message for paying duty in a personal bank account. All communication from Indian Customs contain a Document Identification Number (DIN) which can be verified online. SCAM ALERT One Girl:- Be wary of such messages, this is a scam Second Girl :- Lucky me! […]

Beware of Random Lottery Prize!

December 29, 2020 546 Views 0 comment Print

Beware of Random Lottery Prize! Indian Customs never calls or send message for paying duty in a personal bank account. All communication from Indian Customs contain a Document Identification Number (DIN) which can be verified online. SCAM ALERT One Person :- Hey, I’ve won first prize in a random lottery! I Just need to pay Customs […]

Appellate authority can entertain fresh claim of assesse if relevant facts available on records

December 29, 2020 2298 Views 0 comment Print

Tristar Fashions Vs ACIT (ITAT Mumbai) Undisputedly, in the course of assessment proceedings, the assessee did make a claim through submissions that since the asset sold was held for more than three years, the rate of tax as applicable in case of long term capital gain would apply in terms of section 112 of the […]

DGFT amends export policy of Rice

December 29, 2020 948 Views 0 comment Print

The Notification No. 24/2015-2020 dated 10.08.2020 is amended to the extent that export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except Iceland, Liechtenstein, Norway and Switzerland) will require Certificate of […]

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