GST

E-Invoice under GST for turnover above 500 crore & SEZ excluded

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 […]

INCOME TAX

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 […]

OTHER

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 […]

INCOME TAX

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 […]

GST

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 […]