Extensions and relaxations announced in the due dates of Goods and Services Tax Act by the Government of India in the wake of COVID-19 Notification No. 31/2020; 32/2020; 33/2020; 36/2020 CGST Act 2017 GST COMPLIANCES CHART – JUNE 2020 MONTH GST T/O UPTO1.5CRT/O > 1.5CRUPTO 5CR T/O > 5CR FEB 20 GSTR 3B 30/06/20 29/06/20 […]
INTRODUCTION:– The word ‘Composition’ comes from the Latin , meaning ‘Put together’. It is a feature of Indirect tax laws that in order to provide comfort to an assessee from completing with the requirement of paying tax on value addition by maintaining details of ‘inputs’ & ‘outputs’, an option is provided to go for a […]
At the time of Covid-19 pandemic, the whole suffered from the job losses, adverse business conditions and falling of economy. The economy of whole world would suffer the loss of trillions of dollars. Jobs are vanishing day by day, daily expenses are increasing rapidly, saving are going down and business are getting ruined. But at […]
What is ECB: External Commercial Borrowings are commercial loans raised by eligible resident entities from recognised non-resident. The ECB has been classified in category Foreign Denomination ECB: Loan raised in any freely convertible Foreign Currency INR Denomination ECB: Loan raised in INR Method of raising ECB: ECB can be accessed under two routes, viz. Automatic […]
Finance Act, 2020 has made certain changes in TDS provisions further to provide relief to the taxpayers against hardship caused by COVID-19 Hon. Finance Minister announced reduction in certain TDS rates for period 14 May 2020 to 31 March 2021. The summary of TDS rates applicable for AY 2021-22 is as follows: Tax Deducted at […]
1. Introduction: Urbanisation paved the way towards real estate development around urban areas, may it be frontline metropolis or tier I Tier II semi urban areas. Real estate development may be for residential purpose, industrial activities or commercial purposes. The vertical development by way of high rise buildings is one kind of development. Equally eye […]
Section 11 of CGST Act, empower the government to grant exemptions on the recommendation of GST Council in the public interest.
India is one of the first countries in the world to make Corporate Social Responsibility (CSR) mandatory for companies following an amendment to the Companies Act,2013 (Companies Act) in 2014. a. Applicability: Section 135(1) of Companies Act, 2013 prescribes thresholds to identify companies which are required to constitute a CSR Committee. b. The Provision of […]
Introduction The Government of India has introduced the Taxation (Amendment) Ordinance Act, 2019, on the 20th of September 2019. Several amendments are made in the Income Tax Act, 1961 through these ordinance. Section 115BAA, Section 115BAB were inserted in the Income Tax Act, 1961, by the Finance Minister, Nirmala Sitharaman, in the Union Budget 2020. […]
Corporate fixed deposits sound lucrative due to higher interest rates as compared to bank FDs. Nevertheless, one must realise that these are unsecured. Investors rely on corporate reputation and credit rating when investing in them. Credit rating companies have in the past, however, gone wrong on ratings many times. Hence it would help if you […]
