Annual Accounts & Compliances related to Financial Year 2020-21
Financial Year 2020-21 is coming to an end in a couple of weeks and it is time to get ready for closing of the fiscal period for accounting purposes and related regulatory compliances that includes Statutory & Tax Audits, filing of Income Tax and other returns by July/ September 2021.
read more ...Budget Highlights 2021-22
This year budget is all about revival of our economy and making everything digital, providing you with the following updates we thought will be useful for you.
read more ...Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme under GST
To further ease the process of doing business and for lesser compliance under GST, The Central Board of Indirect Taxes & Customs on 10th of Nov, 2020.
read more ...New Provisions related Registration and Renewals of Charitable and Religious organizations
For every Charitable and Religious Organizations registered under whatever relevant Acts, the registration under section 12A was necessary to claim exemption under Income Tax Act.
read more ...Extension of due date for holding Annual General Meeting for the financial year 2019-2020
The Ministry of Corporate Affairs (MCA) has granted 3 months extension to Companies for holding Annual General Meeting (AGM) for the Financial Year 2019 - 20.
read more ...Trademark Registration / Renewal Services
As part of statutory compliance education and support endeavour, we are sharing the information related to the issues impacting businesses from time to time.
read more ...FCRA Complaint
As part of statutory compliance education and support endeavour, we started sharing the information related to the issues impacting businesses from time to time.
read more ...MSMEs Registration
To help you navigate through the COVID 19 pandemic in whatever manner we can, we started sharing the information related to the issues impacting businesses from time to time.
read more ...Further extension in Income Tax compliance deadlines
Vide the Notification No. 35/2020 dated 24.06.2020 Central Board of Direct Taxes extended various time limits under the Direct Tax & Benami laws related to AY 2019-20 and 2020-21.
read more ...Conducting Company Meetings through video conferencing or other audio-visual means
The Companies Act, 2013 allows the meetings of the Board of Directors to be convened and conducted through video conferencing or other audio-visual means.
read more ...30 June 2020, just 2 weeks ahead, is last chance for your Tax Saving Investments!
Extension of the last date for making Tax Saving Investments for the Financial Year 2019-20 from March 31, 2020 to June 30, 2020 is one of the COVID-19 outbreak regulatory relief measure mandated by THE TAXATION AND OTHER LAWS ORDINANCE, 2020 dated 31 March 2020.
read more ...Tax Deducted at Source [TDS] Compliances for the month of March 2020
There is no change in the due date i.e. 30 April 2020 for payment of TDS for the month of March 2020.
The due date for filing TDS returns [Form 24Q and 26Q] for the last quarter of financial year
2019-20 is 31 May 2020 which now has been extended to 30 June 2020.
Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)
In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14 May, 2020 to 31 March, 2021
read more ...Reduced TDS and TCS Rates
As part of direct tax measures under Aatmanirbhar Bharat Abhiyaan, Finance Minister Ms. Nirmala Sitharaman has announced Reduction in Rates of Tax Deduction at Source (TDS) and Tax Collected at Source (TCS). Effective from 14 May 2020, TDS/TCS rates for non-salary payments to residents are reduced by 25 percent for the remaining months of the fiscal i.e. from 14.05.2020 to 31.03.2021. This reduction in rate is expected to infuse a liquidity of Rs 50,000 crore.
read more ...Direct Tax measures in the 'Atmanirbhar Bharat (self-reliant India)' package
Union Finance Minister Nirmala Sitharaman announced different measures as part of the Prime Minister Narendra Modi’s Rs. 20 lakh crore ‘Atmanirbhar Bharat (self-reliant India)’ package to help the country fight back the economic standstill, caused due to the COVID-19 pandemic.
read more ...MSMEs redefined
Delivering the economic package, part of the Aatmanirbhar Bharat Abhiyaan, Finance Minister Ms. Nirmala Sitharaman today announced revisions in the definition of Micro Small and Medium Enterprises (MSME). Earlier, the MSMEs were defined on the basis of investments put in.
read more ...Suggestions For Economic Revival
Key demands/suggestions across the sectors and industry at this current standstill or rather worsening economic conditions obviously include: improving liquidity; cutting duties and taxes; expediting tax refunds; halt on tax scrutinies; pausing of tax litigations; and extension of tax returns filing timelines.
read more ...Covid 19 - IT, GST & RBI Relaxations
The last date of 31 March 2020 for filing the income tax return for AY 2019-20 (FY 2018-19) has been extended to 30 June 2020.
read more ...Annual Accounts & Compliances related to Financial Year 2019-20
With the financial year 2019-20 ending on 31 March 2020, albeit unhappily due to COVID 19, it is time to start preparing for various statutory compliances that includes Statutory & Tax Audits, filing of Income Tax and other returns by July/ September 2020.
read more ...Company Fresh Start Scheme, 2020(CFSS-2020)
Vide the Ministry’s Circular No. 12/2020, dated 30th March 2020, in order to facilitate the companies registered in India to make a fresh start on a clean slate the Ministry of Corporate Affairs (MCA) has introduced a scheme named ‘COMPANIES FRESH START SCHEME 2020’ (CFSS 2020)
read more ...Relief Measures Relating To Statutory And Regulatory Compliance Matters
Finance Minister Nirmala Sitaram announced several relief measures relating to Statutory and Regulatory compliance matters in view of COVID_19 pandemic.
read more ...Three-month moratorium on EMIs of all term loans
With a view to ease the financial stress caused by COVID‐19 disruptions and to help borrowers tide over the liquidity issues due to the pandemic, Reserve Bank of India (RBI) instructed all banks and other financial institutions to provide a moratorium of three months for all Term Loan Equated Monthly Instalments (EMIs) which are due for payment between 1 March and 31 May 2020.
for more ...New Income Tax Forms for the Assessment Year 2020-21
On 3rd January 2020 Central Board of Direct Taxes has notified two forms ITR-1 and ITR-4 for the ensuing Assessment Year 2020-21.
for more ...Budget 2020 Highlights - Direct & Indirect Tax Proposals
New tax scheme for Individual and HUF: Proposed to provide an alternative to Individuals and HUFs to pay tax at lower rates. The income under this scheme shall be computed without claiming any deduction under Chapter VI-A (except Sections 80CCD or 80JJAA) or Section 24 or exemptions.
for more ...Tax Deduction at Source on Cash withdrawals
In order to discourage cash transactions and promote the digital economy, a new Section 194 N to provide deduction of tax on cash withdrawals over and above Rs 1 crore has been introduced with effect from September 1, 2019 in the Income Tax Act, 1961.
for more ...Reduction In Corporate Tax Rates
The President Ram Nath Kovind on 20 September 2019 promulgated the Taxation Laws (Amendment) Ordinance 2019 to give effect to amendments in the Income Tax Act, 1961 and Finance Act, 2019.
for more ...Budget 2019: Highlights of Tax Benefits
No changes in personal income tax rates and slabs proposed by Union Finance Minister in the Budget for 2019 in Parliament on Friday, July 5, 2019. Corporate tax with turnover of up to Rs 400 crore reduced to 25 % from a current rate of 30 %.
for more ...A new e-form to be filed by all companies incorporated on or before December 31, 2017
In terms of the new Rule 25A of Companies (Incorporation) Amendment Rules, 2019, effective from 25th February, 2019 ....
for more ...MSME Form I - Information about payment to micro and small enterprise suppliers, to be filed by all companies every half-year.
Ministry of Corporate Affairs vide Notification dated January 22, 2019 - Specified Companies (Furnishing of information about payment ....
for more ...Highlights of Tax Benefits
No tax liability for individuals having taxable annual income up to INR 5,00,000 is one of the key tax benefits proposed by Union Finance Minister in the Interim Budget for 2019 in Parliament on Friday, 1st February 2019.
for more ...
NEW PROVISIONS FOR STRIKING OFF COMPANIES UNDER COMPANIES ACT, 2013
Ministry of Corporate Affairs, Government of India vide a notification dated 26 December 2016, has notified Companies (Removal of Names of Companies from Register of Companies) Rules, 2016 for getting the Companies that failed to commence their businesses within one year of their incorporation; or Companies that have not carried any business for a period of two years for striking off their names from the Register of Companies
These Rules shall come into force from 26 December 2016.
for more ...
INCOME UNDER PMGKY SCHEME
Ministry of Finance, Government of India vide a notification dated 16 December 2016, has
announced Pradhan Mantri Garib Kalyan Deposit Scheme providing opportunity for
declaration of undisclosed income in the form of cash or deposits. The scheme shall be in
force from 17 December 2016 up to 31 March 2017.
for more
DEMONETIZATION OF CURRENCY
Vide a notification, Ministry of Finance, Government of India, declared that the existing series of 500 rupees and 1000 rupees currency shall cease to be legal tender and from 9 November 2016.
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GST Rate Structure
A 4-tier rate structure of 5, 12, 18 and 28 per cent was decided by GST Council on 3 November 2016.
The lowest rate of 5 % for the common use items, two standard rates of 12 and 18 % which would fall on the bulk of the goods and services,