The ministry of Finance on 15/10/2020 notified 6 notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the notifications with reference to the original act or rules. 1.Notification No 74/2020-Central Tax This notification revised the due date for filing of GSTR-1 for small tax payer who files […]
Income Tax Return (‘ITR’), an annual record of income, enables a taxpayer to declare his income, expenses, tax liability, deductions, savings, investments, etc. during the applicable Fiscal Year (i.e. Financial Year (‘FY’) – a period from April 1 to March 31).
Introduction Various provisions of the Income-tax Act, 1961 (‘the Act’) have faced prolonged litigation over the years. Section 2(22)(e) is also one among the list. This article discuses various issues relating to practical applicability of section 2(22)(e) like only advance or loan is subject to sec. 2(22)(e), amount received for corporate guarantee deemed dividend or […]
Highlights of the 42nd GST Council Meeting Held on 5 October 2020 The 42 GST council meeting has taken some major decision based on the GSTR 1 and 3B quarterly filing. Also, the meeting took concern on the revenue compensation and has said that it will announce decision on the upcoming 12th October on this issue. Other […]
Introduction From the early stages of our ruling government, our hon’ble Prime Minister Mr. Narendra Modi emphasizing on ‘Labour Law Reforms’ & ‘Ease Of Doing Business’. Actually these two terms are interrelated with each other, as we are going to make reforms in our Labour Laws it will significantly impact on our, “Ease of Doing […]
Internal Controls are systematic and procedural steps adopted by an organization to mitigate risks, primarily in the areas of financial accounting and reporting, operational processing and compliance with laws and regulations. Internal Controls (ICs) are essentially risk mitigation steps taken to strengthen the organization’s systems and processes, as well as help to prevent and detect […]
Action points before filing September GSTR-3B of 2020 w.r.t transaction of FY 2019-20 In this article, the paper writer has summarized the various provisions under the GST law including notifications, circulars, etc. for list of key action points for September 2020 GSTR-3B and 1 before filing the same. A. Revenue view Revenue reconciliation as per […]
> Effective Date on which the Companies (Amendment) Act 2020 came into force: Date on which “The Companies (Amendment) Act, 2020” published in the Gazette is 28.09.2020. However effective dates of various provisions are yet to be notified, which may be different for different provisions of the Amendment Act > Objectives/Rationale behind bringing the Companies […]
In the 42nd GST Council series of measures have been announced on the due date and increasing the existing threshold from Rs 1.5 Crores to Rs 5.00 Crores for GST Returns filing as part of increasing the ease of doing business. Notification No 74/2020 – Central Dated 15th Oct 2020 All the registered taxpayers who […]
The Hon’ble AAR, Gujarat in Re: All India Disaster Mitigation Institute [Advance Ruling No. GUJ/GAAR/R/20/2019 dated September 11, 2019] wherein the charitable trust registered under Section 12AA and 80G of Income-tax Act, 1961 (Income Tax Act) carrying out charitable activities for preservation of environment, held that since the activities were exempt from tax under GST, […]
