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tds certificate
Blog
CA. Kavit Vijay

APPLICATION FOR NIL/LOWER RATE OF TDS DEDUCTION CERTIFICATE FOR FY 2020-21 CAN BE MADE FROM 28th FEBRUARY 2020

According to the Income Tax Act provisions, Tax deducted at Sources (TDS) deduction is mandatory while making payments. Application for lower TDS deduction rates can be made from 28th February 2020. The taxpayer who is making the payment, has to deduct the TDS and deposit it to the Income Tax Department before the assigned due date of depositing TDS. At times TDS is deducted from the total revenue/ inpayer i.e receiver whereas the taypayer’s total tax liability is computed on the profit of that financial year. It is in accordance with the prevailing Income Tax Rates/Rules, which may be less

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union budget 2020
Blog
CA. Shilpi Goyal

UNION BUDGET 2020: KEY CHANGES | INCOME TAX ACT

Hon’ble Finance Minister Nirmala Sitharaman presented union budget 2020 – 21 in parliament on 1st February 2020 around 3 prominent themes – Aspirational India, Economic Development and Caring society. Apart from allocation of funds for different sectors such as education, railway, etc. she proposed various major amendments in Income Tax Act, 1961 and few amendments in Goods and Service tax law. In this article, we will go through around all major amendments in Income Tax Act, 1961. AMENDMENTS IN INCOME TAX ACT, 1961 proposes in Budget 2020 Amendments in Income Tax Act, 1961 proposed with objective of stimulate growth, simplified

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tcs on foreign remittances
Blog
CA. Kapil Mittal

TCS on Foreign remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5%

Your foreign trips are going to be costlier very soon. As the finance minister Nirmala Sitharaman announced Budget 2020, TCS on Foreign Remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5% has been imposed under Budget 2020 from 1st April 2020. 1. Let’s understand what foreign remittances are covered under LRS of RBI Under LRS, RBI allows individual to remit a certain amount in a financial year to outside India under automatic route for which no permission is require up to define limits. The current prescribe limit is USD 2,50,000 per financial year. Permissible

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Section269SU
Blog
CA. Kavit Vijay

Section 269SU Online Compliance on e-Filing Portal – Due Date | Penalty for Non Compliance

The Income Tax department is sending email notifications to the taxpayers with more than Rs. 50 crore turnover about the applicability of section 269SU. Taxpayers need to furnish an online report on the e-filing website from their own account. The due date to file the report is 31st January 2020. The Finance Act 2019 has come up with a new section, namely, section 269SU. A person with businesses having a turn over of more than Rs 50 Crore mandatorily need to offer facilities for payments through electronic transactions. Section 269SU actually became effective from the 1st November, 2019. As per

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E-Invoice
Blog
CA. Kapil Mittal

Electronic Invoice under GST|Detailed Discussion on E-Invoice

Electronic Invoice or E-invoicing under Goods and Service Tax (“GST”) is in discussion since long time and GST Council has decided to implement e-invoicing system in a phased manner with effect from 1st January, 2020 on Voluntary Basis. However e-invoicing under GST is mandatory application from 1st October 2020 for tax payer having turnover more than 500 cr. In this article we have made an attempt to discuss concept of electronic invoice in detail and we will cover various topics such as what is the need of electronic invoice? What is the process of generation of electronic invoice? Benefits of

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Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
Blog
CA. Kapil Mittal

Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

Mid of the year 2019, Central Board of Indirect Taxes & Customs (“CBIC”) introduced “Amnesty Scheme” by the name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” vide Chapter V of Finance Act, 2019 wherein Government has provided option to resolve litigation pending under Central Excise Act, Finance Act, 1994 and other notified acts by way of granting partial waiver from liability of tax, interest, and penalty. Accordingly, Scheme provides an option to taxpayer to resolve pending dispute by way of paying partial liability of applicable taxes. Taxpayer was eligible to opt benefit of scheme only where

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Sabka Vishwas Legacy Dispute Resolution) Scheme
Blog
CA. Kapil Mittal

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019| Chapter V of Finance Act, 2019

Government introduces the “Amnesty Scheme” to resolve long pending litigation by granting a waiver in tax, interest, and penalty amount to some extent. Dictionary meaning of Amnesty is “an official pardon for people who have been convicted of political offenses”. The major objective behind such Sabka Vishwas (Legacy Dispute Resolution) scheme is to resolve litigation without wasting the time of departmental authorities and attractive tax reliefs are provided so that the maximum taxpayers can pay their defaulted amounts. On the same lines, an Amnesty scheme in name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” has been

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measures to boost exports
Information
CA. Kapil Mittal

Measures to Boost Exports | Part 2 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 14 September 2019 In order to address the concerns raised by global as well as domestic investors and provide assurance to the Industry at large on the Government’s commitment to steering the economy to growth, the Hon’ble Finance Minister Smt. Nirmala Sitharaman (‘FM’) has been holding Press conferences announcing various interim measures and relief in the nature of clarifications on existing concerns, prospective policy changes, proposed amendments in law and commitments for additional fiscal support by the Government. The Hon’ble FM has made detailed ‘corporate style presentations’

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Measures to Boost Economy
Information
CA. Kavit Vijay

Measures to Boost Economy – Part 1 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 23 August 2019 The Indian Parliament had passed the Finance Act (No. 2), 2019 during July 2019. Being the first Budget presented by the Government after a sweeping majority in the recent elections to the Lower House of the Parliament, the focus was on stabilising the economy and undertaking structural macro-economic reforms to inter alia derive benefits from the demonetisation exercise conducted in November 2016 and the introduction of Goods and Services Tax in July 2017.  The budget was also focussed on tax optimisation, increasing the tax

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Insolvency and Bankruptcy Code, 2016 is the bankruptcy law
Company Law
CA. Kavit Vijay

Insolvency and Bankruptcy Code, 2016 is the bankruptcy law

Insolvency and Bankruptcy Code, 2016 (“The Code”) is the bankruptcy law which contains provisions related to insolvency of companies, partnership firms and individuals. Ministry of Corporate affairs issued a press release dated 17th July, 2019 specifying that Union cabinet approved the proposal to introduce Insolvency and Bankruptcy Code (Amendment) Bill, 2019 (“The Bill”) in parliament on 17th July, 2019 itself. The bill will propose 8 amendments in the code. Major objective of the bill is to fill the critical gaps in the corporate insolvency resolution framework with simultaneously maximizing value from Corporate Insolvency Resolution Process (“CIRP”). CIRP section of the

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