"08 March 2021" Archive

GST e-Invoicing turnover limit reduced to ₹ 50 Crores wef 01.04.2021

Notification No. 05/2021–Central Tax [G.S.R. 160(E).] 08/03/2021

Now taxpayers having turnover exceeding Rs 50 Crores will have to generate e Invoices effective April 1, 2021. Notification No. 05/2021–Central Tax Dated 8th March, 2021...

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Inspection, Search, Seizure, Arrest & Other Stringent Provisions under GST Regime

01/01/1970

Dear Friends, now approximately 4 years completing implementation of GST Act, 2017 gradually Compliance period is over for Three Cycles after initial Implementation of GST Act in India that was started from 1st July 2017 and ended on 31st March 2020 (covering after effect/corrections/claims up to 28th February, 2021) by filing Annual Retu...

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Details of Central Taxes collected by Union Govt for FY 2020-21

01/01/1970

The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-...

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VSV Scheme: Rs. 98328 crore disputes resolved till 01.03.2021

01/01/1970

A total of 1,28,733 Declarations have been filed in Form 1 till 1st March, 2021 by taxpayers. These include 1,393 declarations by Central PSUs and 833 declarations by State PSUs/ boards. Declarations have been filed by taxpayers for resolution of Tax disputes amounting to Rs. 98,328 crore till 1st March 2021. Payment of Rs. 53,346 crore...

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Form MGT-7A For Small Companies & One Person Companies

01/01/1970

Recently the ministry of corporate affairs has notified a separate form for small companies and one person companies (OPC) under section 92 read with sub rule (1) rule 11 of the companies management and administration rules. This move is aimed at reducing the compliance burden on the small companies and OPC’s and rectify some practical ...

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‘Fasting’ for Stranded Resident Indians & ‘A Half-Baked Cookie’ for NRIs!!

01/01/1970

As per section 6(1) of the Income Tax Act, 1961, a person is considered as a resident in India for a particular financial year if his/her stay in India in that financial year is 182 days or more, or if his/her stay in that financial year is 60 days or more and 365 days or more in immediately preceding four financial years....

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New definition of Small Company under Companies Act, 2013

01/01/1970

The Hon’ble Finance Minister Mrs. Nirmala Sitharaman had presented the Union Budget 2021 on 1st February, 2021. The Hon’ble Finance Minister Mrs. Nirmala Sitharaman had proposed to revise the definition of small companies by enhancing the paid-up capital base from the existing limit of Rs 50 lakh to Rs. 2 crores. The move is likely t...

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Tax on Interest on Employee Contribution to PF over Rs 2.5 Lacs

01/01/1970

Taxability of Interest on Employee Contribution to PF over Rs 2.5 Lacs in a Financial Year (New Provision Proposed in Union Budget to be effective from 1st April 2021) Background of Provident Fund Employee Provident Fund is the fund the purpose of which is to provide the employee social security for him and his family with the […...

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SVLDRS Scheme- Development post 30.06.2019 are relevant factor

Morde Foods Pvt. Ltd. and another Vs. Union of India and Others (Bombay High Court)01/01/1970

Morde Foods Pvt. Ltd. & another Vs Union of India & Others (Bombay High Court) The question is that if the declarant had filed an appeal before the appellate forum and such appeal was finally heard on or before 30th day of June, 2019; whether the declarant would be eligible to make a declaration under […]...

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ESIC beneficiaries can now avail OPD consultation from empanelled hospitals

01/01/1970

Keeping in view the increase in ESI coverage over the recent years, it has been decided that in areas where ESIC infrastructure is not available within a radius of 10 kms, the beneficiary will be allowed to avail medical consultation for OPD services directly from a hospital empanelled with ESIC or with Ayushman Bharat scheme without the ...

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