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This tag is associated with 109 posts

Relaxations for the Companies and LLPs to make good any filing related defaults

Relaxations for the Companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity by 30th September, 2020 In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to address the […]

CBDT notifies reduced TDS/TCS rates applicable from May 14, 2020

The Central Board of Direct Taxes (CBDT) has notified the reduced rate of TDS and TCS for the period from 14-05-2020 to 31-03-2021. The board has also clarified that the benefit of reduced rate shall not be available if tax is required to be deducted/collected due to non-furnishing of PAN/Aadhaar number. CBDT Notification – New […]

Additional relief in GST compliance

With most part of the country under lockdown or partial lockdown, government has notified some fresh relief measures in GST compliance. 1) Due date to furnish GST annual return for FY 2018-19 is further extended to September 30, 2020. 2) Validity period of e-way bill expiring between 20-3-2020 to 15-4-2020 extended till 31-5-2020. 3) CBIC […]

GST Amendment – relief to exporters of goods

The exercise of option to export under (1) LUT, or (2) on payment of IGST is left to the exporters. However, in the Month of October 2017, the Government while restoring the tax-free procurements, for EOU’s, under Advance authorization/ EPCG etc., restricted the second option for such exporters. Recently, the Government vide Notification No. 16/2020-CT […]

ICAI Advisory on “Impact of Coronavirus on Financial Reporting and the Auditors Consideration”

Apart from the health and safety of mankind, COVID-19 has unfavourably affected the economic environment which in turn has consequential impact on the results in the financial statements and reporting. There is also a need to advise the preparers of financial statements to ensure that the potential impact of COVID-19 is suitably considered in preparing […]

Some Important Relief Measures in view of COVID-19

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under […]

CSR funds can be used to fight Covid-19

[Source: CSR Committee of The Institute of Chartered Accountants of India] The Finance Minister Nirmala Sitharaman, said on March 23, 2020 that “In view of the spread of novel Corona Virus in India, its declaration as pandemic by the WHO, and decision of Government of India, to treat this as notified disaster, it is hereby […]

Recommendations of 39th GST Council meeting

[Source: pib.gov.in] Recommendations of GST council related to law & procedure The 39th GST Council in its meeting held on 14th March, 2020, has made the following recommendations on Law & Procedures changes. 1)       Measures for Trade facilitation: a)      Interest for delay in payment of GST to be charged on the net cash tax liability […]

Direct Tax Vivad se Vishwas (Legacy Dispute Resolution Scheme)

Tax disputes consume time, energy and resources both on the part of the Government as well as taxpayers. Moreover, they also deprive the Government of the timely collection of revenue. The Finance Minister, Smt. Nirmala Sitharaman, in her budget speech, has proposed to bring a scheme similar to the Sabka Vishwas (Legacy Dispute Resolution) Scheme, […]

BUDGET 2020 Tax Rates & other proposals applicable to Individuals & HUFs

Download PDF Tax rates for Individuals/HUF Resident individual aged above 60 years but less than 80 years Total Income Tax Rate A.Y. 2020-21 Tax Rate A.Y. 2021-22 (Proposed) Upto Rs.3 Lacs Nil There are no changes to the slab rates. > Rs.3 Lacs upto Rs.5 Lacs 5% > Rs.5 Lacs upto Rs.10 Lacs 20% > […]