It is advised to choose the correct ITR form in order to avoid further notice of defective return. Following forms below gives you insight to file correct ITR form as per Nature of Income and Status of person A.Y. 2020-21: ITR 1: (SAHAJ) 1. Resident Individual whose total income does not exceed 50 lakhs can […]
There may be a time gap between the balance sheet date (reporting date) and the date on which the financial statements are approved. During this gap of time, some events shall take place. Such events are called events after reporting period. For Example, a company prepares its balance sheet on 31/3/2021, but it is approved […]
As we know that the Government is also largest buyer of a variety of goods & services. The Government Stores Purchase Programme was launched in 1955-56 to create opportunity in increasing the share of purchases from the small-scale sector, Further Single Point Registration Scheme (SPRS), a startup scheme launched in 2003 and managed by the […]
Interest on delayed GST payment- Whether automatic or adjudication is called for -Saga continues In my earlier article, case of M/s LC Infra Projects Pvt Ltd [ Writ Petition No. 28876 of 2019 (T-RES, Karnataka High court) ] was highlighted wherein department issued demand notice for recovery of interest and also served a letter for […]
CBIC has issued Notification No 62/2020 – Central Tax dated 20th August, 2020 modifying the process for grant of GST Registration. While making a GST application, an applicant may now get the same authenticated with his Aadhar Number. If the registration authority does not take any action (does not issue any SCN) within 3 days […]
1. GST DEADLINES 1.1. Deadlines- 30th Sep 2020 -GST Audit and Annual return (GSTR-9 and GSTR-9C) due date 30th Sep 2020 for FY 18-19. For regular taxpayers whose Aggregate Turnover during the financial year is more than Rs 5 Crore. -GST Annual Return (GSTR-9) optional for taxpayers with Aggregate Turnover less than Rs 2 crore. […]
The Union Territory of Jammu & Kashmir has notified the Rules under Real Estate (Regulation and Development) Rules 2020. Implementation of RERA in Union Territory of Jammu & Kashmir will lead to a new era of Transparency & Accountability in the Real Estate Sector. RERA will ensure regulation & promotion of Real Estate Sector. It will also protect interests […]
Surrender of Director Identification Number (DIN) A Director Identification Number (DIN) is a unique number allotted to an individual who intends to become or who is a director of a Company. Surrender of DIN The Central Government or Regional Director (Northern Region), Delhi or any officer authorised by the Regional Director may, upon being satisfied […]
IMPACT OF COVID 19 ON ANNUAL GENERAL MEETING (AGM) UNDER COMPANIES ACT 2013: Pursuant to the provisions of Companies Act, 2013 (Act) read with rules made thereunder, it is required for every Company other than a one person company to hold an Annual General Meeting (AGM) within 6 months (9 months in case of first […]
The Central Board of Indirect Taxes & Customs (‘CBIC’), vide Instruction dated 21st August 2020, has made it mandatory for the adjudicating, appellate and compounding authorities to conduct personal hearing through video conferencing facility. This mandate has been made applicable to any proceedings under the Customs Act 1962, Central Excise Act 1944, Chapter V of […]
