Five Major Finance Changes effective from 01.07.2020 includes Restrictions on ATM withdrawals are back, Penalty for non-maintenance of bank account balance, Stamp duty on buying of shares and mutual fund units, Higher penal interest on delayed tax payments and TDS on cash withdrawal. Restrictions on ATM withdrawals are back The Finance Minister on 24 March, […]
Section 194N of Income Tax Act: TDS on payment of certain amounts in cash Deductor: Bank, Co-operative bank or a post office Threshold limit: If aggregate payment in cash from one or more accounts during a previous year to an account holder exceeds the threshold limit given below: Time of Payment Threshold limit for payment […]
◊ BACKGROUND OF REVERSE CHARGE MECHANISM ♦ Reverse Charge Mechanism was first introduced in Service Tax Law. ♦ Now, the Government has incorporated RCM in GST. ♦ Government has notified not only supply of certain services but also supply of certain goods under RCM. ◊ OBJECTIVE OF REVERSE CHARGE MECHANISM ♦ Safeguard the interest of […]
Background of Equalisation Levy Business may be conducted in digital domain without regard to national boundaries. This may dissolve the link between an income – producing activity and a specific location. To tackle taxation issues in transaction conducted in cyber space, equalization levy has been imposed. The Finance Act 2020 has been enacted after it […]
Because of covid pandemic, government has extended various due dates of returns and compliances in many laws. I try to sum up all extended date up to 30 June 2020 of Income Tax and GST, so that it may not create any confusion related to the due dates. I have distributed in two parts in […]
GST Came in 1st July 2017. After the GST arrival, many person took the GST number without knowing the applicability of GST. Many taxpayers did not even know that the returns of Nil GST had to be filed. As a result of this, taxpayers started getting to know GST registration cancellation. In this article, we will […]
Whether Input Tax Credit to be reversed or not of the Goods destroyed due to lockdown ? Goods of many taxpayers have destroyed or expired due to lockdown. They had paid Goods and Services Tax (GST) on it and taken the input tax credit. Many manufactures had given GST on the raw materials which are […]
A. Reduction in Late Fee for Past Returns Late Fee for non-furnishing FORM GSTR 3B for the tax period July, 2017 to January, 2020 has been waived as under: -NIL late fee if there is no tax liability; -maximum late fee capped at Rs. 500/- per return if there is any tax liability. The reduced rate […]
ITR-1 & ITR 4 forms for A.Y. 2020-21 released for e-filing by Income Tax Department. Who are eligible to file ITR-4? -An Individual, HUF or Firm (other than LLP) who is ordinarily resident in India -Income from salary/pension (for ordinarily resident person). -Income from one house property but excluding brought forward losses and losses to […]
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. Objective of ATMA- NIRBHAR BHARAT ABHIYAN Interim measures such as liquidity infusion and direct cash transfers for the poor. long-term reforms in growth-critical sectors to make them globally competitive and attractive. Decisions taken by […]
