Income Tax Changes w.e.f 01.04.2020

2 Apr 20206 May 2020

1.Rates There have been no change in Tax, Surcharge and Cess Rates. However a new Section 115BAC has been introduced w.e.f. 01/04/2020 whereby an individual and HUF can opt to…

SUMMARY OF RECENT GST NOTIFICATIONS ISSUED BY CBIC

6 May 20206 May 2020

Central Board of Indirect Taxes and Customs issued the following Notifications on 05/05/2020 which have been summarized below: Notification No. 38/2020 – Central Tax1. A registered person registered under the…

CSR and COVID-19

15 Apr 2020

Definition of Corporate Social Responsibility (CSR) CSR can be defined as a Company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies…

CBIC Issues New Circular to Clarify Issues Faced by Taxpayers in Adhering to the Compliance Requirements under Provisions of the CGST Act

15 Apr 202015 Apr 2020

Since the CBIC issued Circular No.136/06/2020-GST dated 03/04/2020 regarding relief measures taken by the Government for facilitating taxpayers in meeting the compliance requirements under various provisions of the Central Goods…

ANALYSIS ON APPLICABILITY OF GST ON REMUNERATION PAID TO DIRECTORS

14 Apr 202014 Apr 2020

In a recent ruling, the Authority of Advance Ruling, Rajasthan (‘AAR’) in case of Clay Craft India Pvt. Ltd. held that the GST shall be chargeable on the remuneration paid…

RECENT CHANGES IN GST

4 Apr 202014 Apr 2020

1.Relief Measures relating to Statutory and Regulatory Compliance Matters regarding to GST in view of COVID-19 Outbreak Last date for filing GSTR-3B in March, April and May 2020 is extended…

COMPANY FRESH START SCHEME 2020

2 Apr 202014 Apr 2020

At the backdrop of several requests from companies/stakeholders for granting relief/reasonable opportunity, the Ministry of Corporate Affairs has introduced the Companies Fresh Start Scheme, 2020 vide General Circular No. 12/2020 dated March 30,…

VIVAD SE VISHWAS SCHEME, 2020

2 Apr 202014 Apr 2020

Vivad Se Vishwas Scheme is introduced by the Government of India with intent to resolve a major part of Income Tax litigations worth about Rs 4.8 lakh crores by way…

Contribution made to PM CARES FUND qualifies for CSR expenditure-clarified

29 Mar 2020

Ministry of corporate affairs has issued a office memorandum to clarify that any contribution made to the fund set up by Government of India as "PRIME MINISTER'S CITIZEN ASSISTANCE AND…

Income Tax Returns form 1 and 4 for AY 2020-21 notified

5 Jan 202028 Mar 2020

Income Tax Returns form 1 and 4 for AY 2020-21 notified Following are some changes in new ITR 4Sugam AY 2020-21 :- [1 ] If having Passport, its number is…