GST

Advisory on GSTR1/IFF enhancements and improvements on GST portal

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enhancements in gstr1 on gst portal

1. The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of […]

DGFT

Now Update IEC code every year, else de- activation

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import export code

All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible. IEC related provisions in Chapter-1 and Chapter-2 of Foreign […]

Income Tax

Rate of TDS for FY 2021-22

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tdsratesfy2021-22

Applicable Threshold limit as effective from 01/04/2021 from the Financial year 2021- 22 is as under: Section under which TDS is applicable Nature of Payment Cut Off Limit above which TDS is applicable Rate of TDS 192 Salary Income Income Tax Slab As per applicable slab according to old or new tax regime opted by […]

Income Tax

TCS u/s 206C (1G) on various commodities

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tcs under section 206C (1G)

TCS U/s 206C (1G) on Shares, Commodity contract, Motor Vehicle, Coal, Timber, Road Contract, Electricity, etc TCS is on sale of Goods. If it is not sale of GOODS, then the TCS provision is not at all applicable. TCS is required by the seller whose turnover in the preceding financial year is exceeding Rs. 10 […]

GST

Compliance Calendar: September 2020

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compliances for the month of September 2020

✅ INCOME TAX FY 2018-19 Extended due date of ITR for AY 2019-20 for all assessee : 30th September 2020 The due date for filing of return of income U/s 139 for the AY 2020-21 has been extended to 30/11/2020. FY 2020-21 ▪️07th September 2020- TDS deducted /TCS collected for the month of August, 2020 […]

GST

GST Compliances Before 31st August 2020

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GST: Compliances Before 31st August 2020 The tax compliances in the last 6 months has undergone a total change. Entire compliances schedule has been changed in view of the prevailing pandemic. File GSTR-4 of FY 2019-20): 31st August, 2020 is the last date for filing of GSTR-4 for financial year 2019-20. Notification No. 59/2020 dated 13.07.2020. It […]

MCA

Newly incorporated Companies to automatically get enrollment certificate and registration certificate under the Maharashtra Professional Tax Act, 1975

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In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Ordinance, 2020 (Mah. Ord. XIII of 2020), is hereby published under the authority of the Governor. By order and in the name of the Governor […]

Income Tax

34 Authorities notified by CBDT for Faceless Assessment

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Faceless Assessment: 34 Authorities notified by CBDT Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi Notification No. 64/2020, Dated: August 13, 2020 S.O. 2756(E).-In pursuance of the powers conferred by sub-sections (1), (2) and (5) of section 120 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said […]

Income Tax

Income Tax- Section wise Deductions for A.Y. 2020-21/F.Y. 2019-20

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section wise income tax deductions for fy 2019-20
SectionNature of DeductionWho can claim ? Against Salaries 16(ia)Standard Deduction [Rs. 50,000 or the amount of salary, whichever is lower]Individual – Salaried Employee & Pensioners 16(ii)Entertainment allowance [actual or at the rate of 1/5th of salary, whichever is less] [limited to Rs. 5,000]Government employees 16(iii)Professional Tax upto Rs 2500Salaried assessees Against income from House Property [...]
Income Tax

Clarification on extension of due dates of Capital Gains

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extension of due dates of capital gains to 30.09.2020

Clarification on extension of due dates of Capital Gains to 30.09.2020 Government has already given various relaxation to the taxpayers vide Taxation & other Laws (Relaxation of certain provisions) Ordinance 2020 issued in the month of March – 2020. Thereafter, the dates of relief is further extended vide Notification No. 35/2020 Dated 24.06.2020. As a […]

Income Tax

Income from renting of commercial property, owned by assessee is ‘Income from house property’ or ‘Business Income’ ?

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Overview: Where assessee was mainly engaged in business of leasing of properties and its substantial income was also from leasing of properties and it was carrying out all the activities, which were relevant for earning the income for those properties by extending various facilities, it could be said that holding of properties and earning income by […]