The Union Budget and Finance Bill 2020 has proposed major changes for charitable trusts and institutions like renewal of 12AA and 80G registration, furnishing a quarterly statement of donor wise donations, issue of a certificate to all the donors, etc. All such proposed changes are explained below: Section 10(23C): Every approved fund or trust or […]
Section 206C of the income tax Act has been proposed to be amended by Finance Bill 2020. Section 206C deals with TCS (Tax Collected at Source). Budget 2020 has proposed to insert Sub-Section 1G and 1H to Section 206C to expand the Scope of TCS to TCS on foreign remittance through Liberalised Remittance Scheme (LRS) […]
Like KYC of Directors, time to KYC for Companies. Ministry of Corporate Affairs notified the rules for ACTIVE COMPANY TAGGING IDENTITIES AND VERIFICATION (ACTIVE) on 21st February 2019. According to this rule, every company incorporated on or before the 31st December 2017 shall file the particulars of the Company and its registered office, in e-Form […]
Central Goods & Services Act, 2017(hereinafter to be referred as ‘CGST Act, 2017’) and Integrated Good & Services Act, 2017(hereinafter to be referred as ‘IGST Act, 2017’) vide Section 9(4) and Section 5(4) respectively levied GST on all supplies from unregistered dealer to registered dealer in the hand of registered dealer under reverse charge mechanism […]