Income Tax on Capital Gains: Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain. 1. Short Term Capital…
Read MoreStatutory and Compliance Relief Measures due to COVID-19 Statutory and compliance reliefs issued by the Government of India under the following laws: ♦ CLICK HERE TO DOWNLOAD Indirect Tax (GST) …
Read MoreWhat is this Company Fresh Start Scheme – 2020 (CFSS-2020) The Ministry of Corporate Affairs has provided an opportunity to corporates to make a “Fresh Start” in their life by issuing a General Circular No. 12/2020 dated 30th March 2020. MCA introduced a scheme called ‘COMPANIES FRESH START SCHEME 2020 (CFSS-2020)’. The salient features of this scheme…
Read MoreSection 115BAB- Lower Income Tax Rate 15% for New Manufacturing Companies: Who is eligible for claiming lower tax rate? A new domestic company will be eligible to claim a lower tax rate of 15% (Plus Surcharge and Cess) from AY 2020-21 onwards only if ALL of the following conditions are cummulatively satisfied:- 1. The assessee…
Read MoreCompanies (Auditor’s Report) Order, 2020- Analysis The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020), on 25th February 2020. This order is applicable for FY 2019-20 onwards. CARO 2020 applicable to every company including a foreign company except: (a) Banking company (b) Insurance company (c) Section 8 Companies (charitable companies) (d) A one person…
Read MoreTDS on E Commerce Transactions under Section 194O with effect from 01st April 2020 Newly inserted section 194-O which specifies the applicability of TDS on E commerce transactions, which will be applicable from 01st Apr 2020. In this article the following points will be covered: Scope Applicability Rate at which TDS will be deducted Miscellaneous Before we…
Read MoreThe updated provisions of Section 17(5) of the CGST Act, 2017 is tabulated below: Clause of Section 17(5) Blocked Credit When ITC is available and not blocked Remarks (a), b(i)) & (ab) Motor vehicles for transportation of persons having approved seating capacity of not more than 13 persons (including the driver) including…
Read MoreGST Audit One of approaching GST compliance is GST Audit. The last date to file GST Annual return for July 2017- March 2018 is 30th June 2019. 1. What is an Audit as per Goods and Services Tax? Sec 2(13) of the CGST Act 2017 defines the term audit as mentioned below. It means- the examination of records, returns and other…
Read MoreChanges in Income Tax/ GST (FY 2019-20) As we are here towards the beginning of a new financial year, i.e., Financial Year 2019-20, it’s important to know about the provisions of law applicable from April 1st 2019. The Government had made various changes under Income-tax law and GST which shall be applicable from April 1,…
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