As all of us are aware that the nation is under lockdown due to Covid 19. The financial year ending tasks are still not done. It is advisable to to do the following tasks and keep the suitable documentary evidences ready as soon as the lockdown is lifted and the businesses get back to their […]
Offering trade and cash discounts is a built-in promotional scheme of almost every entity and Discounts and price reductions during negotiations after supply of goods and services is very common in business. Business generally offer trade discounts to increase sales, while cash discounts are given to recover payments speedily.
Illuminating insertion /amendments made in TDS provisions under Income Tax Act, 1961 Recently in Finance Bill, 2020; amendment as well as insertion has been made in various section of Income Tax Act,1961. Some new sections has been inserted under chapter XVII along with amendments in earlier provisions. Accordingly, from now under section 194A,194C,194H,194I,194J of Income […]
1. The journey of GST commenced from 1st July 2017, and lot many changes have taken place since then. Due to a large number of amendments in the Act, there is a confusion as regards to threshold limit for registration under the Act. In this article, an attempt has been made to explain the requirement […]
Every business entity engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 Lakhs in a financial year is required to be registered under the GST Act. For supply of services, aggregate turnover of Rs 20 Lakhs (10 Lakhs in special category States ) is the […]
Joint Development Arrangement (JDA) has always been a bone of contention between the assessee and the tax department. The dispute lies is in measuring the correct amount of tax both under Direct and Indirect Taxes. Hence it has always been an area of litigation. But inspite of this fact, JDA is the most common and […]
The Public Provident Fund (PPF) account/ Sukanya Sarnriddhi Account (SSA) holders will be eligible to make a single deposit each in account(s) opened in his own name and/or account(s) opened in the name of minor(s), as the case may be for FY 2019-2o till 30.06.2020 subject to the condition of maximum deposit ceilings prescribed in the PH/ SSA scheme provisions.
Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year 2021-22 (i.e Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the Central Government has made various amendments to existing provisions […]
Pandemic Legal intelligence – FAQs on Compliance Relaxation under GST Introduction The Central Board of Indirect Taxes and Customs (‘CBIC’) has issued several notifications in order to implement the compliance relaxation announced by Hon’ble Finance Minister amid Pandemic COVID 19. We have analysed the relaxations provided by the Central Government and collated few FAQs on […]
1. Government vide Notifications No. 31/2020 & 32/2020 dated 03.04 2020 has notified waiver of late fee & penalty / lower rate of interest for late filing of GSTR 1 and GSTR 3B. However, due dates for filing GSTR 1 and GSTR 3B have not been extended. 2. As per Notification No. 31/2020 , the […]
