Uncategorized

TAX RELATED ANNOUNCEMENTS MADE BY FINANCE MINISTER IN PRESS CONFERENCE ON 24/03/2020

VARIOUS COMPLIANCE RELATED ANNOUNCEMENTS MADE BY FINANCE MINISTER IN PRESS CONFERENCE ON 24/03/2020

  VARIOUS COMPLIANCE RELATED ANNOUNCEMENTS MADE BY FINANCE MINISTER IN PRESS CONFERENCE ON 24/03/2020  INCOME TAX RELATED FY 2018-2019 | AY 2019-2020  ITR last date extended to 30th June 2020 Tax payment made till 30Th June- Interest reduced from 12% to 9% Delayed deposit of TDS till 3oth June- Reduced interest 9% Extension of dates for various compliances   Due date for all notices/orders/appeals/applications/reports/any other document/any compliance by taxpayers up-to 30th June, 2020  All investments/Saving instruments for rebates can be made…

Read More
ANNOUNCEMENTS MADE BY FINANCE

ANNOUNCEMENTS MADE BY FINANCE MINISTER IN PRESS CONFERENCE ON 24/03/2020

  Owing to the fact that the country is reeling under the impact of the sudden outburst of COVID – 19 and the Government has issued that the states should be shut down to prevent the further spread of the COVID – 19 Pandemic, our Finance Minister – Ms. Nirmala Sitharaman held a press conference on statutory and regulatory compliance matters. Addressing the media she said that the Central Government is preparing an economic package to help the country tide…

Read More
Company affirmation of readiness (CAR 2020) towards COVID-19

Introduction of CAR 2020

  “MCA has introduced CAR 2020 (Company affirmation of readiness towards COVID-19)”. Companies Affirmation of Readiness towards COVID-19 Form is a simple web form with minimum fields and which can be filed from anywhere. There is no requirement of DSC and does not involve payment of any fee. Companies/LLPs are advised to use the service w.e.f 23rd March 2020 in a staggered manner to avoid the load on the system. CLICK HERE to get the form.

Read More
certain deadlines which need to be met by 31st March 2020.

Would the Government extend the 31st March due date?

  March marks the closing a financial year. It’s that time of the year when people make their investments, do their last minute tax planning, pay their advance taxes etc. This March however, has been pretty exceptional for one reason – the Novel Corona virus (COVID 19) which has affected over 110 countries including India. Given the magnitude and extent of its spread, the WHO has declared it a Pandemic. Apart from human suffering, it’s also sent across a wave…

Read More
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