The fourth instalment of Advance tax payment for the financial year 2020-21 falls due on 15th March 2021. You can check your advance tax liability using the below link provided by the Income-tax Department. https://www.incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx Kindly note :- 1) In case if you have not paid / made short payments in the previous 3 instalments,
Advance tax payment due on 15th Mar 2021 Read More »
A new scheme for Small tax payers in GST has been introduced. The salient features of this scheme is provided below :- What is “Quarterly Returns with Monthly Payment (QRMP)” Scheme?QRMP scheme is for small taxpayers to file their FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax dues monthly through
All about Quarterly Returns with Monthly Payment (QRMP) Scheme Read More »
The following important tasks should be taken care/done while filing the September 2020 return which falls due on 20th October 2020. Correction of GSTR 1 for the FY 2019-20 If you have any corrections to be made in your GSTR 1 with regard to Tax Invoice, B2C sales, Export Sales, Debit/Credit Notes, etc., the same
IMPORTANT TASKS TO BE DONE WHILE FILING SEPTEMBER 2020 GST RETURNS Read More »
The GSTIN portal has released small write-ups on all information about GSTR 2B. It is provided to you for your reference. Source :- GSTIN
The Ministry of Corporate affairs had earlier announced a scheme for Companies & LLP who are in default of filing their Annual Returns and other ROC returns. Under the scheme, there was a substantial reduction in the additional fees for late fees payable. These schemes were originally to end on 30th Sep 2020. Now due
Companies & LLP Fresh Start Scheme deadline extended Read More »
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 »
