Who can use the designation of Charted Accountant or designatory letters as CA. According to Section 7 of the Chartered Accountants Act 1949 empowers only a person who has been enrolled as a member of the ICAI to use the designation of Chartered Accountant along with his name. In other words, it is clarified that […]
Finance Minister announces several relief measures relating to Income Tax and GST/Indirect Tax compliance matters across Sectors in view of COVID-19 outbreak Dated- 24 MAR 2020 Compliance (GST and Income Tax) Current Date Extend last date Income Tax F.Y-2018-19 Last date for Income Tax returns for (FY 18-19) 31st March, 2020 30th June, 2020. Aadhaar-PAN linking […]
Reserve Bank of India allows banks to put EMIs on hold for 3 months This Statement sets out various developmental and regulatory policies that directly address the stress in financial conditions caused by COVID-19. 5. Moratorium on Term Loans All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, […]
Date Particular 31st March 2020 GST GSTR 9 – All tax payers except for Composition Dealer and CTP/ISD/TDS/NRTP GST GSTR 9C – All tax payers with annual aggregate turnover above Rupees 2 Crore Form GSTR 9 due date, Form GSTR 9C due date 20.03.2020 GSTR-3B (Feb, 2020) In case of Turnover is more than Rs. 5 Crore, […]
Due dates for Compliances under GST Date Particular GSTR 9 –ALL registered persons having an aggregate turnover of more than 2 Crores Rupees or opted to file GST Annual Return and GSTR-9C for FY 2017-18 by registered person whose Annual Turnover for FY 2017-18 is above Rs. 2 Cores (Annual Return +GST Audit+ Reconciliation Statement […]
Due Date of GSTR-9 and GSTR-9C for FY 2017-18 it has been extend Considering the difficulties being faced by taxpayers in filing Form GSTR-9 and GSTR-9C for FY 2017-18, CBDT has been decided to extend the due dates in a staggered manner for different 3 groups of States to 3rd Feb, 5th Feb and 7th […]
Composite Supply and Mixed Supply under GST Introduction- The taxable event under Goods and Service Tax (GST) is “supply of goods or services or both”. Goods and Service Tax will be payable on every supply of goods or services or both unless otherwise exempted. The rates at which Goods and Service Tax (GST) is payable […]
Income deemed to accrue or arise in India As per section 9 of Income tax Act 1961 the following incomes are treated as incomes deemed to have accrued or arisen in India:- Income Received from Capital gain arising on transfer of property situated in India. Income Received from business connection in India. Income from salary […]
38th Meeting of the GST Council, at New Delhi dated 18 December, 2019 In the 38th meeting of the GST Council held on Dated 18.12.2019, the GST Council recommended the following: (GRC) Grievance Redressal Committees will be constituted at Zonal/State level with both CGST (Central) and SGST (State) officers and including representatives of trade and […]
Export Will duty Drawback scheme continue under GST regime? If yes, what will be the rates of Duty Drawback? ||Duty drawback scheme after GST Duty drawback scheme after GST– Yes. Duty Drawback scheme with certain modifications (in GST regime) will continue under the GST regime. The changes in Duty Drawback scheme are as follows: • […]
