CA. Kavit Vijay

MSME Registration | New Requirements & Procedures
MSME
CA. Kavit Vijay

MSME Registration | New Requirements & Procedures

Registrations of entities under Micro, Small and Medium enterprises (“MSME”) is increasing every day due to various benefits being offered by the government for MSMEs such as Loan at subsidies rate of interest, subsidies, secured payment from corporates etc. Provisions of MSME are prevailing since 2006 and basis of classification of an entity under MSME and other provisions are prevailing since then without any modifications. Considering the current scenarios, the government has made some changes under MSME Act vide Notification No. [F. No. 21(5)/2019-P&G/Policy (Pt-IV)] dated 26th June, 2020 such as criteria of classifying of an entity under MSME, manner

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Amendment under Income Tax
Finance Budget
CA. Kavit Vijay

Amendment under Income Tax | Finance Bill, 2021-Union Budget

Following are the amendments proposals  in the Finance Bill 2021 1. TDS in case of specified senior citizen and exempt for filing ITR For the ease of compliance , the senior citizens of the country (aged 75 years or above) are proposed to exclude from filing of Income Tax Return subject to fulfilment of following condition: senior citizens must have only Interest Income apart from pension Income. Tax has been deducted under section 194P on such interest Income by the bank. The bank where interest income credited should be the same where pension is credited into the senior citizen’s Account.

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Extension of due dates of Income Tax Return, Tax Audit and GST Annual Return
Audits
CA. Kavit Vijay

New due dates of Income Tax and GST for FY 2019-20 | ITR| Tax Audit| GST Audit

1. New Income Tax Return filing due dates for FY 2019-20, AY 2020-2021 Compliance Period Earlier extended Due Date* Extended Due Date No. of days extended Income Tax Return- Who is required to get his account audit AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Partners Whose firms are liable to get his account audit AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Companies  AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Who is required to furnish report in respect of international/specified domestic transactions AY

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Amendments by The Finance Act, 2020
Income Tax
CA. Kavit Vijay

15 important changes in Income tax applicable from 2020 onwards

Hon’ble Finance Minister presented the Budget for the Year 2020-2021 on 1st February, 2020. This budget was a landmark budget so far as it introduced notable amendments providing major relief across all the sectors, ranging from individuals to the corporates. Amendments were provided for both Income Tax Act and Goods and Service Tax Act and various other important statues.

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