As per Notification no. 61/2020 dated 30.07.2020 E-Invoice is applicable for assessee’s having turnover above 500 crores with effect from 01.10.2020 and SEZ are excluded from e-invoicing. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION No. 61/2020- Central Tax New Delhi, the 30th July, 2020 G.S.R. 481(E).—In exercise of […]
Month: July 2020
Deadlines that ends on 31st July, 2020
Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers. In this context, the government has been extended the due date for filing of the income tax return for the financial year 2018-19 (2019-20) to 30th September 2020 via notification no. 56/2020 dated 29.07.2020. It should […]
Deadline for filing ITR for FY 2018-19 further extended to 30th Sep., 2020
CBDT via notification no. 56/2020 dated 29.07.2020 extend the ITR filing due date of financial year 2018-19 to 30th September 2020. Now the assessee can file originally or revise ITR of the financial year 2018-19 till 30th September 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the […]
Extension of time for submission of financial results for the quarter/half year/ financial year ended 30th June 2020
SEBI, vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 dated June 24, 2020, had extended the timeline for submission of financial results by listed entities for the quarter / half- year / financial year ended 31st March 2020 to July 31, 2020 due to the impact of the CoVID- 19 pandemic. Regulation 33 of the SEBI (Listing Obligations and […]
Is PAN Mandatory for some transactions?
A. PAN IN RETURNS OR CERTIFICATES OR CORRESPONDENCE Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions specified in rule 114B and given in the table below: […]
Updated Due Date Chart of Income Tax Compliance
Due to COVID-19 pandemic and challenges faced by taxpayers, the Government has extended dates for direct taxes. A list of Due dates/Extended due dates are as follows: Nature of Compliance Due Date/Extended Due Date Making Tax saving Investments For A/Y 2020-21 31st July, 2020 Filing of belated or revised ITR for A/Y 2019-20 31st July, […]
House Rent Allowance : A Tax Saving Lifeline for Salaried Person
House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]
CHANGE IN FORM 26AS
On 18th of July, 2020, CBDT issued a press release on new form 26AS. Now, Form 26AS will not only for TDS, TCS or other taxes paid but will also show high value transactions of taxpayers. First, we will discuss about Annual Information return for background of new form 26AS. ANNUAL INFORMATION RETURN An Annual […]
Consumer Protection Act, 2019 comes into force on 20th July 2020
The Consumer Protection Act, 2019 received the assent of the President of India and was published in the official gazette on 9 August 2019. New Consumer Protection Act will replace 34 year old act and come into effect from July 20, 2020. Consumer Protection Act, 2019 It is a law to protect the interests of […]
CA/CMA Coaching Institutes are not exempted from GST: AAR, AP
Applicant: M/s Master Minds AAR NO. 08/AP/GST/2020 dated 05.03.2020 Fact of the case The applicant is providing coaching to students for chartered Accountancy certificate (‘CA’); Cost and Works Accountancy Certificate (‘ICWA) and Intermediate Certificate. The coaching provided by the applicant enables the students to appear for the examinations conducted by the respective statutory bodies. The […]