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Archive: 12 June 2021

Posts in 12 June 2021

New versus Old Tax Regime | Section 115BAC | Income Tax Act, 1961

June 12, 2021 73500 Views 3 comments Print

The Budget 2020 introduces a new regime under section 115BAC giving an option to individuals and HUFs to pay income tax at lower rates. From FY 2020-21, the assessee can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs with lower tax rates […]

Now Online registration for affordable home in Gurugram

June 12, 2021 1131 Views 1 comment Print

The Department of Town and Country Planning (DTCP) has launched An online draw system to make the allotment of flats more efficient and to eliminate the chances of any manipulation under the affordable housing scheme of Haryana. Now, Applicants have to apply online for affordable home through DTCP website. The draw will be done online […]

Export of Services- SEIS – Export Incentive to Service Industry

June 12, 2021 17205 Views 4 comments Print

Export of Services- An Insight- Service Exports from India Scheme (SEIS)- Export Incentive to Service Industry Executive Summary ♦ SEIS scheme was introduced on 1st April 2015 under the Foreign Trade Policy of India 2015-2020. ♦ The purpose for the SEIS scheme is to make export of Indian services more competitive in international markets. Therefore, […]

Insight to TDS on purchase of goods applicable from 1st July 2021

June 12, 2021 21669 Views 3 comments Print

Overview In Finance Act 2021, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on purchase of goods. It will be a huge compliance for deductor to comply with above section. TDS on purchase of goods will be burden some […]

3 Upcoming functionalities to be deployed on GST Portal for Taxpayers

June 12, 2021 1722 Views 0 comment Print

As part of our constant endeavour to provide a smooth and hassle free experience to the taxpayers and simplify the process for them, to comply with their GST compliances, following functionalities are recently deployed or are being deployed on the portal shortly: Sl.No. Module Form/ Functionality Functionality released/ to be released for Taxpayers 1 Ledgers […]

How to Renew/Re-register DSC on Trademark e-filing portal

June 12, 2021 21069 Views 14 comments Print

How to Renew/ Re- register Digital Signature Certificate (DSC) on Trademark e-filing portal Registration of Digital Signature Certificate (DSC) is pre-requisite for any Trademark Agent / Attorney, in order to be able to file various forms, replies, etc on online ‘filing portal of Trademark.’ In case the originally registered DSC expired, new DSC is required […]

Liability of Directors and KMPs under Company Law/Other Laws

June 12, 2021 36093 Views 0 comment Print

Whenever a director acts intentionally to harm the interest of company and acts dishonestly, he will be held liable under breach of fiduciary duty. Whenever a director does not act within the prescribed limits of the memorandum or articles of association of the companies, company is not liable for such acts and director concerned is liable for all such actions.

Major Changes in TDS/TCS w.e.f. 1st July 2021

June 12, 2021 99750 Views 8 comments Print

1. Insertion of New Section 206AB New section 206AB has been inserted by THE FINANCE ACT, 2021 NO. 13 OF 2021 Dated 28th march, 2021. The section is inserted w.e.f. 1st July, 2021. Section 206AB “Special provision for deduction of tax at source for non-filers of income-tax return” Section is Applicable 1. If person require […]

New Reassessment Proceedings including new Search Mechanism

June 12, 2021 5808 Views 4 comments Print

 1. Introduction This amendment/insertion is sure to set the cat among the pigeons! I attempt some new insights . IN order to really understand a tax amendment,I firmly believe that the associated memorandum must be looked into.I proceed to recap relevant parts thereof. 2. Memorandum: Memorandum to the Finance Bill 2021, explaining new re assessment […]

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