Direct Taxes – Income Tax A new provision is introduced to allow taxpayers to update the past return and include omitted income by payment of additional tax. The updated return can be filed within 2 years from the end of the relevant assessment year. Tax incentives extended by 1 year for […]
Ministry of Finance Recommendations of 43rd GST Council meeting COVID-19 related medical goods including Amphotericin B for free distribution given full exemption from IGST upto 31.08.2021 Custom duty exemption also given to Amphotericin B Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns ; Late fee also […]
Budget 2021: Updates as on 1st February 2021 Section 16 amended to allow taxpayers’ claim of input tax credit based on GSTR-2A and 2B. Henceforth, ITC on invoices and debit notes may be availed only when the details of such invoice or debit note have been furnished by the supplier in […]
Circular No. 142/12/2020- GST Page 1 of 3 F. No. CBIC/20/06/14/2020-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, the 9th October, 2020 To The Pr. Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central […]
Extension of various time limits under Direct Tax & Benami laws Posted On: 24 JUN 2020 8:48PM by PIB Delhi In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the […]
Following measures were announced today:- Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs To provide relief to the business, additional working capital finance of 20% of the outstanding credit as on 29 February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. This […]
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 40/2020 – Central Tax New Delhi, the 5th May, 2020 G.S.R…..(E).– In exercise of the powers conferred by […]
TDS payment for the month of March 2020 Payment of tax deducted at source (TDS) for the month of March 2020 into the Govt. treasury: · No change in time for payment which is 30 April 2020 · However, reduced interest rate @ 0.75% per month or part thereof would be [...]
What is GST PMT 09? Earlier launched by CBIC via notification no. 31/2019 CT on 28th June 2019, PMT 09 is the prescribed challan for relocating the falsely or erroneously paid ITC. For example, if you have paid CGST instead of SGST, you can rectify it by using this challan which […]
Corona Relief provided to taxpayers by non-application of Rule 36(4) for seven tax period/months (Feb to August 2020)Recently vide Notification No. 30/2020 – CT dated 03-04-2020 the following proviso has been inserted in Rule 36(4) which reads as under:“Provided that the said condition shall apply cumulatively for the period February, March, [...]
