The government has decided to cap the maximum late fee for Form GSTR-3B at Rs. 500/- (five hundred only) per return for cleaning up past pendency of returns right from implementation of GST ; but subject to the condition that such GSTR-3B returns being filed before 30th September, 2020.
Time Limits for certain actions (other than GSTR-1 and GSTR 3B) extended/not Extended- Article compiles due date if Filing of CMP-08 by Composition Taxable person for January to March 2020, Filing of CMP-08 by Composition Taxable person for April to June 2020, Filing GSTR-4 for the financial year 2019- 20, due date of Opting for […]
Ministry of MSME has revised the MSME registration process w.e.f 01st July 2020. It is now known as ‘UDYAM REGISTRATION’. The Term Udyam is equivalent to Enterprises in English. Hence all the Micro, Small or Medium Enterprises has to obtain UDAYM Registration to avail the benefits of various schemes run by the govt. for the […]
Essential points to know before filing ITR for FY 19-20 (Individuals). Learn about joint ownership, passport disclosure, cash deposits, and more.
House rent paid by a salaried person who is getting House Rent Allowance (HRA) Where expenditure is incurred by the assessee towards payment of house rent, he is allowed to get a deduction from his total income. Least of the following is exempt from tax u/s 10(13A) read with Rule 2A: (i) Actual amount of […]
Discover the new exemptions for taxpayers choosing the new tax regime. Find out what deductions and exemptions are available under the Finance Act 2020.
Who Can File ITR 1? -Resident Individuals & HUF can File this form. -Having Income from Salary or Pension, Other Income like Bank Interest, interest from IT Refund, Agricultural income up to Rs.5000/. –Income from one House Property. -Income from the above shall not exceed Rs. 50 Lakhs for filling this Form. Who can not […]
All about Nidhi Companies 1. Meaning of Nidhi Companies Nidhi Company also called the ‘Mutual benefit society’ These kind of companies mostly found in the southern part of the Country 2. Objects of the Nidhi Companies There are following objects of the Nidhi Companies- i. To lend and borrow money to the members, for the […]
The current global crisis and its resulting uncertainty have shaken the strongest of economies and organisations. However, these times also create a host of opportunities, the delisting of stocks being one of them. Need for delisting Given the sharp fall in capital markets, promoters are evaluating the delisting of securities to run their businesses more […]
Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment. Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings. The said […]
