Avoid penalties under section 271FAA of the Income Tax Act for providing inaccurate statements of financial transactions or reportable accounts.
AMENDMENTS FOR NON-RESIDENT INDIANS 1. Modification of Residency Provisions Tax Residency Period for Indian Citizens and Person of Indian Origin reduced from 182 days or more to 120 days or more along with stay of 365 days or more in India within 4 years preceding the financial year for determining as Resident in India. Individual […]
In this article, I am discussing on the applicable rate of GST on different services boxed under Real Estate mentioning the reference of relevant provision. (After considering the Notification relating to changes in rate issued by Govt. in March 2019) 1. What are the transactions treated as supply under GST? Definition of Supply of covers […]
SMEs: Major Contributor to Indian Economy In the last few years, Small and Medium Enterprises (SMEs) has come out as the most dynamic and dazzling sector of the Indian economy. In comparison to the large-scale public and private enterprises, SMEs have scanty investment but their employment intensity is four times more than the large scale […]
In line to Indirect tax amnesty scheme namely ‘Sabka Vishwas’ the Central Govt, has proposed direct tax amnesty scheme namely ‘Vivad Se Vishwas’ through Union Budget 2020. This amnesty scheme has also been introduced with the intent to reduce pending litigation in various appellate authorities and help Government in quick collection of the revenue. Various […]
To implement these rules MCA is going to release new incorporation Form ‘SPICe+’. Which will be an integrated Web Form that will have two Parts, ‘Part A’ for reservation of Name of Company and ‘Part B’ for registration related services.
The Ministry of Corporate Affairs (MCA) has made certain amendments in Schedule III of the Companies Act, 2013 vide its notification dated 11th October 2018. Pursuant to the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in compliance of […]
NEWS DIRECT TAX 1. CBDT prescribes ‘Other Electronics Modes’ for the purpose of electronic payments & receipts. [Ref: NOTIFICATION NO. 8/2020 [G.S.R. 56(E)/ F.NO.370142/14/2019-TPL], DATED 29-1-2020] 2. CBDT notifies ‘Institute of Pesticide Formulation Technology’ for the purpose of sec. 35 deduction. [Ref: NOTIFICATION NO. S.O. 389(E) [NO. 7/2020/F. NO. 203/02/2019(ITA-II)], DATED 28-1-2020] 3. CBDT proposes new Form […]
E-Way bill has been integrated with the Vahan System of Transport Department. Vahan System provides a nationwide search over the digitized data of Registered Vehicles. The vehicle number entered in the e-way bill will now be verified with the Vahan System. Initially, there will be an alert message but later on, the portal will not […]
The Indian Finance Minister Smt. Nirmala Sitharaman presented comprehensive budget before the Parliament on 1st February, 2020 to address multi-dimentional issues facing the economy. The Indian Government has taken a number of steps in the recent past & in this budget to achieve its objective of providing ease of doing business in India & proceed towards better tax compliant society. We have […]
