The Finance Act, 2020 has made certain changes in the slab rates for individuals giving them option either to opt for the new tax regime or to continue with the old tax regime. New Tax Regime* Income Slab Applicable Tax… Read More
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Income Tax Slabs for the AY 2020-2021(FY 2019-2020)
Latest Update: ITR for the AY 2019-20 (FY 2018-19) can be filed and revised upto 30th June, 2020 amid COVID-19 Pandemic. (Last Opportunity) Amid COVID-19 Pandemic in the country the Finance Minister Mrs. Nirmala Sitharaman has announced an extension for… Read More
LLP Annual Compliances
Annual Return Filing with ROC All the Limited Liability Partnerships (LLPs) have to file Annual Return in Form 11 and Statement of Accounts and Solvency with the Registrar of Companies every financial year. Similar to a Private Limited Company an… Read More
80G Donations in Cash
As we know that the major portion of income of a Charitable Trust are donations. Donations may be corpus fund donations or voluntary contributions. Corpus fund donations are not included in the total income of a Charitable Organization, but taxability… Read More
MCA extends validity of reserved name for Company Incorporation and Resubmission of Forms
The ministry of Corporate affairs on 23rd April, 2020 extended the validity of names reserved for the new incorporation and change of name of already registered companies beyond 20 days counting from 3rd May,2020, when the lockdown was extended for… Read More
Section 269SU – Prescribed electronic modes for acceptance of payment of business
Latest Update As per the Circular No. 12/2020 dated 20th May, 2020, has clarified that the provisions of Section 269SU will not be applicable to ; The specified persons having B2B transactions only. At least 95% of the aggregate receipts… Read More
Relaxations under the Income Tax Act, 1961 amid COVID-19 Pandemic
As the world is going through COVID-19 pandemic, most of the Countries are under Lock Down in the fight against COVID-19. Industries are shut and Government is encouraging the employers to give their employees work from home . The deadly… Read More
Amendment under Section 194J by Finance Act, 2020
Prior to the Finance Act, 2020, there was a uniform rate of TDS under Section 194J of the Income Tax Act, the amendment has now introduced another rate of 2% TDS in addition to the existing 10% for certain payments.… Read More
Transfer your GST Cash ledger balance paid by mistake under wrong head (PMT-09)
The Central Board of Indirect Taxes and Customs (CBIC) has recently come up with the a new Challan Form PMT-09 for shifting the GST wrongly paid. It will help the taxpayer to transfer the wrongly paid any amount of tax,… Read More
Revised LLP Settlement Scheme, 2020
Ministry of Corporate Affairs vide it General Circular No. 06/2020 dated 4th March, 2020 notified LLP Settlement Scheme, 2020, in continues of the same Ministry of Corporate Affairs vide General Circular No. 13/2020 dated 30 th March, 2020, made some… Read More