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Finance Act 2020: Residential Status
In order to bring prevent tax abuse the Finance Act, 2020 modified the Residency Provision.According to the un-amended Section 6, an individual is said to be resident in India in any previous year, if...
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TDS on Cash Withdrawal of more than 1 Crore (Section 194N)
In order to discourage cash transactions and move towards less cash economy, With effect from 01/09/2019 a new Section 194N is inserted to levy for TDS at the rate of 2% on cash payment in excess of R...
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Key amendments by Finance Act , 2020 in Comparison to changes Proposed by Finance Bill 2020.
Rate of income taxA taxpayer having no business income can opt for the existing regime or the proposed regime every year upon analysing what is more beneficial. However, a taxpayer having a business i...
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Section 206C(1H) (New TCS Provisions & Practical Issues)
The recent Union Budget 2020 is with regard to Tax Collection at Source (TCS) which is embedded in section 206C of the Income Tax Act-1961, has proposed to widen the TCS net with following 3 additiona...
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Section 115BAC (Concessional tax regime for individual and HUF is also applicable to PROFESSIONAL)
The Finance Bill, 2020 has proposed concessional tax regime for individual and HUF by inserting Section 115BAC to the Income-tax Act, 1961. This provision provides an option for payment of taxes at th...
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Direct Tax Vivad se Vishwas Act, 2020
is An Act to provide for resolution of disputed tax and for matters connected therewith or incidental thereto.ObjectiveTax disputes consume copious amount of time, energy and resources both on the par...
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Finance Ministry issues Press Release detailing GST relief measures, extending Sabka Vishwas Scheme due-date
Pursuant to announcements made by FM today during a press conference through video conference, FinMin releases Press Release detailing several relief measures across multiple sectors in view of COVID-...
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COVID-19 Checklist for Business_Being Cyber Safe
The global pandemic has hit large and small businesses alike, creating immense uncertainty within organisations.With the solitary remedy to curb the spread of the virus being self-quarantine, organisa...
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Potential Effects of the Coronavirus Outbreak on Financial Reporting
Every financial year end is marked with significant chaos as most companies are trying to match their accounts and generate year-end financial statements. This financial year end is however marked wit...
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Extend due dates for tax filings in view of Pandemic Corona (Covid-19)
Tax Bar Association, Jodhpur has requested Finance Minister to Kindly extend the date falling on 31.03.2020 to 30.06.2020. Meaning thereby that last date to file belated income tax return for the asse...
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CCI guidance note on Pre-Filing Consultation through video-conferencing
Pre-Filing Consultation through video-conferencingThe Competition Commission of India (CCI) allows for pre-filing consultation (PFC) to Parties seeking informal guidance interalia on (i) determining f...
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Comprehensive review of IFRS for SMEs Standard issued by IASB
Request for Information for comprehensive review of IFRS for SMEs Standard issued by the IASB for comments.The Institute of Chartered Accountants of IndiaIntroductionInternational Accounting Standards...
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Delhi CGST detects fraudulent ITC to the tune of Rs. 24 crores
Officers of Anti-Evasion, CGST, Delhi East, have unravelled an operation involving availment of fraudulent Input Tax Credit on the basis of fake invoices and evasion of GST by utilizing the said fraud...
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Extend due dates of VAT assessments, Fill vacant posts: JCTBA
JHARKHAND COMMERCIAL TAXES BAR ASSOCIATIONMarch 19, 2020To,Hon’ble Finance MinisterGovernment of JharkhandRanchi.Sub : Practical difficulties in day to day affairs Respected Sir,Our Association was fo...
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Extend due date of Return under GST due to COVID-19: ICAI
The Institute of Chartered Accountants of IndiaICAI/IDTC/2020-21/Rep/9Date: 18th March, 2020Shri Yogendra GargPrincipal Commissioner,GST Policy Wing,Central Board of Indirect Taxes & Customs,Governmen...
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Web form CAR- Board meetings with physical presence of directors relaxed -MCA
Requirement of holding Board meetings with physical presence of directors relaxed upto 30th June 2020. The web form named CAR (Company Affirmation of Readiness towards COVID-19) should be filed by an...
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Companies (Meetings of Board and its Powers) Amendment Rules, 2020
Reg: Board meetings under the Companies Act, 2013: Considering the need to take precautionary steps to overcome the outbreak of the coronavirus (Covid-19), the Government has in-principle decided to r...
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COVID-19- Companies & LLPs to file web Form CAR
Advisory on Preventive measures to contain the spread of COVID-19Dear Chairman/MD/CEO,As we all are aware: the Novel Coronavirus (COVID-19) has affected over 110 countries, including India. Given the...
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Sensitization of Nidhi companies towards section 406 compliance
Sensitization of Nidhi companies towards compliance of provisions of section 406 of Companies Act, 2013 and Nidhi Rules, 2014 as amended vide Nidhi (Amendment) Rules, 2019 w.e.f 15.08.2019 and general...
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ITAT Mumbai to hear urgent matters through video conferencing via skype or WhatsApp
F.No.22-Ad(AT)/2019-20INCOME TAX APPELLATE TRIBUNALPratishtha Bhawan, 3rd $ 4th Floors,101, M.K.Marg,Mumbai-400020.Date: 20th March,2020OFFICE ORDERIn order to contain the spread of Novel Coronavirus...