Indirect Tax updates: Policymakers could merge the 12% and 18% slabs under the goods and services tax going forward as revenue increases, thereby effectively making it a two-tier tax. Jaitley made the suggestion in a Facebook post on the second anniversary of the GST roll out. He had opted out of the new government due to …
Due date DPT 3 is 30th June 2021 for FY 2020-21 The govt in conjunction with the RBI, has notified a change to the Companies (Acceptance of Deposits) Rules 2014 through the Companies (Acceptance of Deposits) Amendment Rules 2019. This is to protect the interests of creditors or depositors. Before vs. After DPT-3 Filing Timeline …
Direct Tax Updates: CBDT has tightened framework for compounding of offences almost shutting the window for money laundering, non-disclosure of foreign assets or possession of a benami asset. The latest guidelines which come into effect from June 17, clearly state offences in this category cannot normally be compounded. However, finance minister can relax restrictions on …
Direct Tax Updates: Income Tax Advance Tax last date is 15.06.19 of first instalment for FY 2019-20. Pay on time & avoid levy of penal interest. If your landlord happens to be an NRI, make sure you deduct TDS each month from the rental payment. TDS needs to be 31.2% of the rent, unless the …
RBI Updates: The Reserve Bank of India (RBI)-appointed committee to review the economic capital framework of the central bank failed to arrive at a consensus during a meeting held here on Wednesday, leading to a delay in finalising its report, a top official said. The six-member committee headed by former RBI governor Bimal Jalan decided to …
Direct Tax Updates: Govt dismisses from service, 12 Senior Income Tax Officers (IRSs), including one of the Joint Commissioner, on charges of corruption and professional misconduct, sexual harassment etc. Indirect Tax Updates: The Finance Ministry said Tuesday the new monthly GST return filing system will be rolled out from October. The rollout is three months behind …
Direct Tax: Income Tax : Pune ITAT allows deduction to assessee for interest paid on Share application money received from shareholders pending allotment. [TS-304-ITAT-2016(PUN)] Income Tax : Compensation and interest awarded by the Motor Accident Claims cannot be categorized or even described as income – TDS is not liable to be deducted – Chinnadurai Vs. Tamil Nadu …
Direct Tax Updates: India could review the goods and services tax (GST) structure to further prune the number of items in the highest slab of 28% as it attempts to stave off a slump in demand. Some states have favoured a reduction in tax rates, worried that the slowdown may get entrenched, and have communicated their …
Conversion of Partnership Firm to LLP INTRODUCTION In India, one can form different forms of businesses like – Partnership Firms, Limited Liability Partnership, Private Limited Company, One Person Company, Sole Proprietorship, Public Company. Thus, as an entrepreneur, once has to analyses all these forms and choose the best one that suits them the most. All of the …
Direct Tax Updates: Income tax Due date for filing returns for Financial year 2018-2019 is 31 July 2019.So, Provide all required Documents for filling your Income tax Return AY 19-20 as soon As possible. penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed …