The deadline to file Income tax returns for the Financial Year 2017-18 (Assessment year 2018-19) without any penalty was of July 31, 2018, which was later extended by one month to August 31, 2018.
Government has issued The Banning of Unregulated Deposit Schemes Ordinance 2019 on 21.02.2019. Pursuant to this ordinance now any Individual or group of individuals can’t take any deposit or loan from any person other than relatives and Partnership firm can take deposit or loan from relatives of partner or partners only.
Ministry of Labour and Employment has issued Gazette Notification G.S.R 121 (E) dated 15/02/2019 (Notification attached) notifying Draft Rules proposing to reduce Employee Contribution for ESIC to 1% from 1.75% and Employer Contribution to 4% from 4.75 %. Currently, the employee’s ESI contribution rate is 1.75% of the wages and that of employer’s is 4.75% […]
1. No increase in threshold limit of Rs 2,50,000. 2. Wrong perception about no income tax upto Rs. 5 lakh to all tax payer, income tax is still payable @ 5% on income upto Rs. 5 lakh 3. Rebate under section 87A increased from Rs. 2,500 to Rs. 12,500. And eligibility of total income not […]
Due date for filling Annual Vat Return in form VAT-20 for the year 2017-18 in Punjab is once again extended up to 15th December 2018
GST- Refunds to Exporters & Others – Detailed analysis as to who is able to claim the GST Refund, how it could be claimed, when it could be claimed, recent decision of GST council in this regard in meeting dated 10th March
> To reduce the cost of capital for the MSMEs by improving lenders access to low-cost funding sources. > Lowering of income tax rates for businesses and professionals. This will also encourage them to wider taxation coverage. > From a digital perspective expect more incentives on digital payments and by bringing some changes in direct […]
Extension of Due date of filing of Punjab VAT Annual return VAT-20 for year 2016-17 from 30th November 2017 to 08th December 2017 by Government of Punjab vide its Notice dated 30th November 2017.
Any business registered before GST & having closing stock, will be entitled to claim credit of tax paid under pre-GST regime. To help businesses transition smoothly and carry forward their input tax credit, the CBEC has released transition forms called TRAN 1
GST will 100% be implemented on 01-07-2017* Types of taxation in GST* • IGST : Integrated GST* • CGST : Central GST which with replacement CST* • SGST : State GST which will replace VAT*
