"CA by profession and also a CS qualified, fields of expertise are taxation, financial structuring of businesses, company matters, income tax and ROC filing."
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. This article is an attempt to clear the confusions. What are MSME? As per the ‘Atmanirbhar Bharat’ scheme announced on 13th May, 2020- Definition of MSMEs will be revised Investment limit will be […]
In the recent past, GST Department has caught various fraudulent cases of Input Tax Credit. Fake invoice are issued without any actual supply of goods or services with an aim of claiming ITC and reduce GST output liability. To curb this, Finance Act,2020 has brought amendment to penalty provisions of Sec 122 & Sec 132 […]
GST Return Filing Dates extended by Finance Minister for providing relief to taxpayers in view of COVID-19 pandemic and challenges faced by taxpayers. These are notified in Notifications 30/2020 to 36/2020 dated 03.04.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has been issued. Article explain due dates in Pictorial Manner – – – – – […]
The Finance Minister of India, on March 24th, 2020, addressed the public with a vivid plan regarding statutory and regulatory compliances. But there are a lot of confusions amongst the taxpayers regarding the announcements. Let us first understand scope of the announcement and then clear the confusions through FAQs. INCOME TAX Belated Tax Returns or […]
Tax Collected at Source (TCS ) is the tax payable by the seller which he collects from the buyer at the time of sale , say, while purchasing a motor vehicle exceeding Rs 10 Lakhs . Budget 2020 has proposed to widen the scope by including TCS on Sale of Goods w.e.f. 01/04/2020—Sec 206(1H) . […]
Individual, HUF and Partnership firm, whose annual turnover does not exceed Rs. 2 crores, are given an option to pay tax by declaring business income under presumptive basis i.e. minimum 8% of the business turnover shall be treated as the net profit and thereafter, the tax shall be payable as per the applicable tax rate […]
