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Archive: 05 May 2021

Posts in 05 May 2021

Section 194Q – Tax deduction on the purchase of goods

May 5, 2021 639711 Views 75 comments Print

The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller. The present article covers briefing of provisions of section 194Q; explanation of the term ‘buyer’; time of […]

Creation of infrastructure for COVID care is eligible CSR Activity

May 5, 2021 2451 Views 0 comment Print

CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR – General Circular No. 09/2021 Date: 05th May 2021. Full text of the Circualr is as […]

Disputes between CA Firms partners not governed by CA Act but by Partnership Act: Kerala HC

May 5, 2021 3600 Views 2 comments Print

Disputes between the partners of a chartered accountants firm are not governed by the Chartered Accountants Act but by the Indian Partnership Act – High Court of Kerala

5 New GST Return Functionalities on GST Portal (April, 2021)

May 5, 2021 6564 Views 0 comment Print

New Functionalities made available for Taxpayers on GST Portal (April, 2021) New Functionalities pertaining to modules GST Return module and are related to Auto Generation of Form GSTR-2B, for the taxpayers under QRMP scheme, Use of Matching Offline Tool by the taxpayers under QRMP scheme, Auto-population in Form GSTR-3B of ITC, for taxpayers in QRMP […]

CBDT notifies Threshold for Significant Economic Presence

May 5, 2021 14550 Views 0 comment Print

Section 9(1)(i) of the Income Tax Act, 1961 was amended vide Finance Act 2018 to bring in the concept of “Significant Economic Presence” (‘SEP’) for establishing a business connection in India of a non-resident. According to the said Section, “significant economic presence” for this purpose shall mean: “transaction in respect of any goods, services or […]

Form 10A for Section 12AB Registration causing hardship

May 5, 2021 17130 Views 8 comments Print

Ongoing through the form 10A, it is noticed that various financial information have been required to be filled pertaining to different date and period which is causing hardship to submit the same at this pandemic period where almost all offices have remained  closed in month of April, 2021 and also continue to be closed at present.

Section 55 | Income Tax Act, 1961 | Acquisition & Improvement Cost

May 5, 2021 59286 Views 5 comments Print

Short Notes on Section 55 of Income tax act 1961. (Opting for benefit of Section 55 ) 1. Cost of acquisition of capital assets becoming property of the assessee before 01.04.1981/01.04.2001. Where the capital assets has become property of the assessee before 01.04.1981, then the cost of acquisition of such an asset will be the […]

File Belated & Revised Return for AY 2020-21 till 31st May, 2021

May 5, 2021 60468 Views 10 comments Print

Belated Return and Revised Return for the Assessment Year 2020-21 may be filed on or before 31st May, 2021 In view of the adverse circumstances arising due to the severe Covid-19 pandemic, the CBDT, in exercise of its powers under Section 119 of the Income Tax Act, 1961 (‘the IT Act’), has issued a Circular […]

Creation or modification of charges- Time for Filing form Relaxed

May 5, 2021 2232 Views 5 comments Print

Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013. (MCA Circular dated 03.05.2021) General Circular No.07/2021 i.e Relaxation of time for filing of CHG-1 (Creation/Modification of Charge) and CHG – 9 (creation/ modification of charge for debenture) applicable only for charge created on or after 02.12.2020 […]

 Relaxations Under Companies Act, 2013- Covid-19 Pandemic

May 5, 2021 3348 Views 0 comment Print

RELAXATIONS UNDER COMPANIES ACT, 2013- COVID-19 PANDEMIC Due to resurgence of Covid- 19 pandemic and after considering requests received from Stakeholders Ministry of Corporate Affairs (‘MCA’) has decided to provide various relaxations to Companies and Limited Liability Partnerships. Below are few relaxations that has been provided by MCA: 1. RELAXATION ON LEVY OF ADDITIONAL FEES […]

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