1. Section 269SU of Income Tax Act, 1961 Section 269SU requires every person who is carrying on business to provide the facility for accepting payments through prescribed electronic modes. These prescribed modes will be in addition to the facility for any other electronic mode of payment already provided to customers by such person. Section 269SU […]
In Union Budget 2020, our finance minister introduced amnesty scheme for disposal of appeal pending in direct tax matters. The bill has been named “The Direct Tax Vivad se Vishwas Bill, 2020”. The bill has been presented in Lok Sabha on 5th February, 2020 and shall come in to force once it gets approved by […]
Advertently or inadvertently, people failed to appreciate the provision of Section 16(4) of the CGST Act, while filing their GSTR-3B late. GST Department has started issuing notices to taxpayers stating that taxpayer was not allowed to avail input of invoices or debit note issued to them and is asking to pay amount equivalent to tax […]
♦ Residential status – Stay period decreased to 120 days from existing 182 days. ♦ An Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India, and accordingly will be taxed on his global income, in India. ♦ Filing of statement of donation […]
Follow the following process for making PTEC payment of Rs. 2,500 Steps-: 1) Go to site www.mahagst.gov.in 2) Changed to English by clicking on top of the page right hand side tab. 3) Click on e-payment tab and select the option – e-payment returns. 4) Select option PAN and enter PAN & captcha. 5) Select […]
TDS Rate Chart for Financial Year 2019-20 / Financial Year 2020-21 or Say TDS Rate Chart for Assessment Year 2020-21 / Assessment Year 2021-22. Article explains Nature of Payment on which TDS is dedutible, Rate of TDS Deductible, Threshold limit for TDS Deduction, TDS Rate if deductee is Individual, TDS Rate if deductee is Other […]
To achieve the dream of $5 Trillion Economy by 2024 , Finance Minister present its 1st budget of this Decade with substantial changes in Direct Taxes, policy for leveraging of technology, Infrastructure development projects. One of such changes is ,omission of existing and introduction, of below specified section`s under Income Tax Act:- 1. This Union […]
In order to get clarity regarding this concept we need to go through registration provisions under CGST Act. Section 22 of the CSGT Act (PERSON LIABLE FOR REGISTRATION) – It provides that every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where […]
Independent Directors serve as an important Institution of corporate governance contributing significantly at the boards by bringing a diverse set of skills with an independent judgement on the significant issues. Independent Directors need to act as the custodians of good governance by discharging monitoring and advisory role effectively.
AMENDMENT – NEW RULES – The Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2020 The Central Government hereby makes the following rules, further to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, namely:- In the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, (hereinafter referred to as the principal rules), in rule 3, after sub-rule […]
