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The CBDT vide notification dtd. 30th September 2020 has extended the due date for filing of Income Tax Returns for AY 2019 – 2020 (FY 2018 – 2019) to 30th September 2020. The due date for filing of original & belated return of AY 2019 – 2020 was initially 31st March 2020. In view of the lockdown and in order to mitigate the hardship to taxpayers, the date has been extended twice since then. Notification attached for your reference.

Central Government amended Schedule VII of Companies Act 2013, in item (vi), after the words “war widows and their dependents”, the words “Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows;” has been inserted Kindly find attached notification w.r.t Same.

MCA notifies Companies (Indian Accounting Standards) Amendment Rules, 2020 The Rules seek to amend the Companies (Indian Accounting Standards) Rules, 2015. The Amendments have been made to the: Ind AS 1 related to Presentation of Financial Statements; Ind AS 103 related to Business Combinations; Ind AS 107 related to Financial Instruments i.e. Disclosures; Ind AS 109 related to Financial Instruments; Ind AS 116 related to Leases; Ind AS 8 related to Operating Segments; Ind AS 10 related to Events after…

A Memorandum of Association (MOU) has been signed between CBDT & CBIC for exchange of information between the two organizations. This MoU supersedes the MOU signed between the CBDT and the erstwhile CBEC in the year 2015. Significant developments have taken place since the signing of the earlier MOU. This MOU shall facilitate the sharing of the data and information between CBDT and CBIC on an automatic and regular basis. This is an ongoing initiative of CBDT and CBIC who…

Can India revive the economy as an ‘Atmanirbhar’ nation? Balancing FDI And ‘Atmanirbhar’ Mission – A New Challenge (1)

The CBDT has provided a one – time relaxation for verification of tax – returns for the assessment years (AY) 2015 – 16 to AY 2019 – 20 which are pending due to non – filing of ITR-V and processing of such returns. Vide Circular No 3/2020 dtd. 13th July 2020 the CBDT stated that a large number of electronically filed ITRs still remain pending with the Income – tax Department for want of receipt of a valid ITR-V…

The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above INR 20 lacs in case of non – filer of income tax return and that of above INR 1 Crore in case of filer of the income – tax return. The CBDT said that the functionality was available as ‘verification of applicability u/s 194N’ on www.incometaxindiaefiling.gov.in since 1st July 2020 and the same is also…

The Central Govt. has notified revised method of classification of micro, small and medium enterprises w.e.f. 1st July 2020. The classification of entities based on investment in plant & machinery or equipment and/or aggregate turnover is proposed as follows: Micro units- investment in plant & machinery or equipment (P&M or E) upto Rs. 1 Cr. and turnover upto Rs. 5 Cr. Small units- investment in P&M or E upto Rs. 10 Cr. and turnover upto Rs. 50 Cr. Medium units-…

Under the Credit Guarantee Scheme for Subordinate Debt (CGSSD), the government will provide a subordinate debt facility to the promoters of micro, small and medium enterprises that are either distressed or classified under non-performing assets. In case of default, creditors giving subordinate debt are paid after primary debt is settled in full. The scheme will provide a guarantee cover worth Rs 20,000 crore to more than two lakh MSMEs. Kindly find attached Credit Guarantee Scheme for Subordinate Debt (CGSSD) -…

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31st March, 2020 which, inter alia, extended various time limits. In order to provide further relief to the taxpayers for making various compliances, the Government has issued a Notification on 24th June, 2020, the salient…