Amidst the worldwide fear of Novel Coronavirus, (COVID – 19), MCA has rolled down a web-based form (CAR) – 2020, i.e. Company affirmation of Readiness towards COVID 19 and maintaining social distancing. The MCA Notification states that the same will be applicable to all Companies / LLP irrespective of any criteria levied on it. Amidst […]
As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,
Who is liable to deduct TDS u/s 194J? What is the point of deduction of TDS u/s 194J? At what rate tax to be deducted u/s 194J? Under what circumstances there is no need to deduct TDS u/s 194J? What is the meaning of professional Services in reference to S. 194J?
Provide appropriate relaxation to the registered person and extend due dates of filing all returns under GST, which fall in month of March and April, 2020 till 30th April, 2020. This would provide needed relaxation to the trade, in combating the circumstances arising out of Coronavirus.
Chamber of Tax Consultants has made a request to Finance Minister that a blanket extension of time upto 30th of April is granted for all statutory compliances and if the situation of Covid-19 worsens further extension for such compliances and also for payment of taxes be considered. Text of the representation is as follows:-
Under GST, payment of tax is accompanied by a return. GSTR 3B is a simple return form introduced by the CBIC which is to be filed by 20th of the following month. Wherein only total values for each field have to be provided, this value must be for the month for which return is being […]
ICAI submitted to CBIC that The system of providing separate login id to the Chartered Accountant is working very smoothly under Income Tax whereas Offline facility available under GST has some shortcoming like error in applying DSC, long time for uploading Audit File. Accordingly, your goodself is requested to adopt this system of separate login […]
In re Sterlite Technologies Ltd (GST AAR Gujarat) The Gujarat bench of Authority for Advance Ruling recently passed a ruling in case of M/s. Sterlite Technologies Ltd (applicant) which brought a sense of ambiguity in the minds of taxpayers. The Applicant sought advance ruling on two transactions which it propose to undertake. However, In this […]
CBIC vide press release dated 14 March 2020 stated that No Late fees for delayed filing of the Annual Return for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores. Before this, filing of GSTR 9 was made optional for those with a turnover of less than Rs 2 crores […]
Amid huge expectations from GST council from 39th meeting held on 14.03.2020, GST Council has recommended various changes in GST law to facilitate trade and industry at large. We present to you top 13 takeways from GST council meeting at New Delhi: 1. Interest on delayed payment to be calculated on net GST liability Council […]
