We all know Input Tax Credit (ITC) is available on all Inward Supplies under GST. But there are certain cases where Input Tax Credit (ITC) under GST cannot be claimed. Let us explore those cases. Sl. No Nature of Input Tax credit not allowed Exceptions 1 Input Tax Credit on Motor Vehicles , aircrafts & […]
List of cases where GST Input Tax Credit cannot be availed Read More »
Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. The taxpayers have now been provided with a facility on the GST Portal to: Report in their Form GSTR-1 or in Form GSTR-6, single credit note or
The Finance Act,2020 has introduced a new provision for Tax Collection at Source (TCS) u/s. 206C(1H) of the Income tax act,1961. This is w.e.f. 1st Oct 2020. As per this provision, Tax has to be Collected at source (TCS) in respect of Sale of Goods @ 0.1% on the consideration received on sale of such
New provision – TCS on Goods Sold (Tax On Purchase) Read More »
In view of the Carona Pandamic, the due date for conducting Annual General Meeting in respect of Companies governed by Companies Act 2013 has been deemed to have been extended for a further period of 3 months (till 31st Dec 2020). Accordingly, since all the Registrars are empowered to provide this extension, all the Registrar
Extension of time for Annual General Meeting for Companies Read More »
The last date for filing GSTR 4 returns (Annual return for Compounding dealers) extended to 31st Oct 2020.
Last date for filing GSTR 4 extended Read More »
CBDT provides one time relaxation for verification of electronically filed IT Returns for Assessment Yrs 2015-16 to 2019-20 which are pending due to non-filing of ITR-V form & processing of such returns. CBDT Circular No.13/2020 dt 13th July,2020 issued.
One time relaxation for verification of old Income-tax returns Read More »
The cost inflation Index for the year 2020-21 has been notified. The relevant notification is reproduced below
Cost Inflation Index for the year 2020-21 notified Read More »
The MCA , vide its Gazette Notification No GSR 313(E) dtd 26th may 2020 has made a significant change in the CSR Spending claims w.r.t. Contribution to PMCARES fund. As per this notification, the PM CARES fund is eligible to receive contributions from corporate social responsibility (CSR) corposus of Corporates. Accordingly, changes have been made
Contribution to PM CARES fund – eligible as CSR Spending Read More »
GST updates for 05.05.2020 1. Validity E way bill expiring between 20th Mar 2020 to 15th Apr 2020 has been extended to 31st Mar 2020 2. GSTR 9 & 9C for the year 2018-19 date extended to 30th Sept 2020 3. Companies can now file GSTR 3B through EVC. Digital Signature is not mandatory. This
GST Updates – 05 05 2020 Read More »
Due to the Covid 19 outbreak and the related Lockdown, the Government has announced various relaxation in Compliances relating to GST Filing and Compliances and notifications in this regard were issued vide Notication Nos 30/2020 CT to 36/2020, providing various reliefs. Points to Note :- There is no Change in the last date of filing
GST FILING & COMPLIANCE – RELAXATION DUE TO OUTBREAK OF COVID 19 Read More »
The Central Board of Direct taxes (CBDT) vide its Notification No 12 of 2020 dtd 19th March 2020 has notified the procedure to be followed for making declaration under Vivad Se Vishwas Scheme 2020. The relevant notification is reproduced below
Procedure to make declaration under Vivad Se Vishwas Scheme Notified Read More »
The following are the some of the important decisions made at the 39th meeting of the GST council held on 14th March 2020. Interest on GST Net liability to be charged w.e.f. 01st Jul 2017. The law will be amended retrospectively. In case of cancelled registration, request for revocation of cancellation can be made upto
Decisions of the 39th GST Council held on 14.03.2020 Read More »
The final Instalment of payment of Advance Tax is due on 15th March 2020. Remember 15th March 2020 falls on Sunday. Hence please pay on or before 15th March and avoid last minute rush ups. Click here to calculate your Advance Tax Liability Click here to make Advance Tax Payment online
Advance Tax Payment – Due on 15th Mar 2020 Read More »
The Central Board of Direct Taxes (CBDT) has released a document containing Frequently Asked Questions (FAQs) on Vivad Se Vishwas Bill ,2020. The FAQ is provided below :- www.incometaxindiaefiling.gov.in
Vivad Se Vishwas Scheme – FAQs Read More »
Compliance Under Compliance Due date Income-tax Act, 1961 Deposit of Tax Deducted/Collected (TDS/TCS) 7th March 2020 GST Return for TDS under GST 10th March 2020 GST Return for Outward Supplies of Taxable Goods and/or Services 11th March 2020 Income-tax Act,1961 Advance Income Tax – Final Instalment for all Assessees 15th March 2020 Provident Fund Deposit
Statutory Obligations for the month of March 2020 Read More »
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