admin

GST changes in Law and Procedures

GST Changes

  39th GST Council Recommendations on changes in Law & Procedures HELD ON 14TH MARCH 2020 The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 14th March 2020. Many long awaited issues are discussed and useful clarifications are recommended by Council. The GST Council has made the following recommendations on Law & Procedures changes. Press release issued by the Ministry of Finance as below- 1. Interest for delay in payment…

Read More
LLP Settlement Scheme 2020

MCA Update LLP Settlement Scheme 2020

  MCA Update on “LLP Settlement Scheme 2020” Features of Scheme: This scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020. The defaulting LLPs may themselves avail of the scheme for filing documents which have not been filed or registered in time on payment of additional fee Rs 10 – per day for delay in addition to any fee as is payable for filing of such document or return, provided…

Read More
File your ROI by 31st March 2020.

File your ROI by 31st March 2020.

  It’s almost the end of Financial Year 2019 – 2020. Since, March is the last month of the financial year, there are certain crucial deadlines which taxpayers must be aware of especially if they still have to file their return of income. 31st March 2020 is the last date for filing of Income Tax Return for FY 2018 – 2019. In case the return of income is not filed on or before 31st March 2020, the same cannot be filed unless…

Read More
FAQ's on Vivad Se Vishwas Scheme

CBDT issues FAQ’s on Vivad Se Vishwas Scheme

  In order to provide a better understanding and clarity on the ‘Direct Tax Vivad Se Vishwas Bill, 2020’, the CBDT has issued FAQ’s. During the Union Budget. 2020 presentation, the ‘Vivad se Vishwas’ Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (Vivad se Vishwas) was introduced in the Lok Sabha on 5th Feb, 2020. The objective of Vivad se Vishwas…

Read More
TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit

TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit

The IT Department has stepped up enforcement action against TDS default cases.  TDS collection contributes to over 45% of the total direct tax collection in the country. The TDS wing of the Department unearthed default of TDS incase of a Telcom Operator in Delhi. The company failed to deduct TDS under s. 194J on technical contracts worth INR 4,000/- crore. Several hospitals as well were found violating TDS norms. A survey was undertaken a two premier hospitals, one of them…

Read More
Lok Sabha consents 'Direct Tax Vivad Se Vishwas Bill, 2020

Lok Sabha consents ‘Direct Tax Vivad Se Vishwas Bill, 2020

  The Lok Sabha has consented to the Direct Tax Vivad Se Vishwas Bill, 2020 for dispute resolution. The Direct Tax Vivad Se Vishwas Bill, 2020 seeks to provide taxpayers a lucrative opportunity to settle direct tax disputes within the current financial year by waiving interest and penalties on their pending taxes. The Bill was introduced in the Budget 2020 with a view to dispose of the pending litigation cases pertaining to Direct Taxes before the CIT(A), ITAT, High Court…

Read More
CBDT notifies Rule for non - linking of PAN with Aadhar

CBDT notifies Rule for non – linking of PAN with Aadhar

CBDT has introduced Rule 114AAA to provide the manner in which PAN of person will become inoperative if the same is not linked with Aadhar on or before 31st March 2020. If the PAN of an assessee becomes inoperative, it shall be deemed that the assessee has not furnished or intimated or quoted his PAN. However, subsequently, the PAN can be re-activated by intimating the Aadhar to the Department. Notification herein for your reference

Read More