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Vishnu Daya & Co LLP > Articles posted by admin

Changes in Statutory compliances during COVID-19

While businesses are responding to the stress caused by the coronavirus pandemic, it is of paramount importance to keep abreast of changes to the tax laws and the relief measures announced by the Government to help people and businesses navigate through the challenging times. Union and State Governments have recently announced a slew of relief measures to dispel the gloom caused by COVID-19, which has brought the business world to a grinding halt. We have made our best efforts to communicate the changes in statutory regulations as and when the government announces relief measures. In this article we are trying to...

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Vishnu Daya – Budget Highlights 2020-21

Dear Sir / Madam, We are delighted to provide you an analysis of the Union Budget presented by the Union Finance Minister Ms. Nirmala Sitharaman in the Lok Sabha on 1st February 2020. We have provided you an executive summary as well as the detailed analysis of all the direct and indirect tax proposals. We have made our best effort to summarise the key changes in simpler manner under this budget highlights. Trust the same would be found useful in understanding the taxation proposals. The provisions of Finance Bill, 2020 relating to direct taxes seek to amend the Income-tax Act, 1961, to continue to provide momentum to the buoyancy...

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CBDT prescribes electronic payment modes for newly inserted Sec. 269SU purpose

Dear Sir / Madam, Mandating acceptance of payments through prescribed electronic modes (Section 269SU):  In order to achieve the mission of the Government to move towards a less-cash economy to reduce generation and circulation of black money and to promote digital economy, a new section 269SU was inserted by Finance (No.2) Act 2019 w.e.f  01-11-2019 in the Income-tax Act, 1961 (Act) so as to provide that every person, carrying on business, shall, provide facility for accepting payment through the prescribed electronic modes, in addition to the facility for other electronic modes of payment, if any, being provided by such person if his total sales,...

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Due Date for payment of advance tax is 15th December 2019

Dear Sir / Madam, This is to bring to your kind attention that the due date for payment of advance tax for the third installment of the financial year 2019-20 is 15.12.2019. Kindly take the necessary actions to make the payment within the due date. Further for the Corporates, the rates are slashed to 22% for domestic companies and 15% for new domestic manufacturing companies with certain restrictions and conditions, kindly consider the same for the above advance tax computation as applicable to your entity. I hope the above alert is both timely and useful. Kindly let us know for any help or...

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Due Date for payment of advance tax is 15th September 2019

Dear Sir / Madam, This is to bring to your kind attention that the due date for payment of advance tax for the second installment of the financial year 2019-20 is 15.09.2019. Kindly take necessary actions to make the payment within the due date. Hope the above alert is both timely and useful. Kindly let us know for any help or clarifications in this regard. Vishnu Daya Tax Alert Vishnu Daya & Co LLP Chartered Accountants, GF 7 & 3rd Floor, Karuna Complex, No. 337, Sampige Road, Malleswaram, Bangalore-560003. Office: +91-80-23312779 | +91-80-23560633 Fax: +91-80-23313725 Website: www.vishnudaya.com...

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Due date for filing Form BEN- 2 is 30th July 2019

Dear Sir / Madam, The Ministry of Corporate Affairs (MCA) on 13 June, 2018 had notified the amendment to section 90 of the Companies Act, 2013 (the Act) through the Companies (Amendment) Act, 2017, and issued the Companies (Significant Beneficial Owners) Rules, 2018 (Rules) outlining the requirements for declaration of significant beneficial owners (SBO) in an Indian company. Every reporting company, where its member (other than an individual), holds not less than ten per cent of its;- (a) shares, or (b) voting rights, or (c) right to receive or participate in the dividend or any other distribution payable in a financial year, give notice to such member, seeking...

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Due date for filing FLA Return is 15th July 2019

Dear Sir / Madam, Every Indian Resident companies and LLP’s which have received FDI and/ or made overseas investment in any of the previous year(s), including current year should file the annual return on Foreign Liabilities and Assets(FLA) under FEMA (Foreign Exchange and Management Act, 1999) by 15th July every year. Hence FLA return should be filed on or before 15th July 2019 for the year 18-19 by every Indian Resident Companies and LLP’s for whom it is applicable. As per the recent Notification No RBI/2018-19/226 of RBI dated 28th June 2018, the present email-based reporting system for submission of the FLA return will be replaced by the web-based system online reporting...

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Due date for filing equalisation levy statement is 30th June 2019

Dear Sir / Madam, We would like to bring to your kind notice that the due date to file Form-1 i.e., furnishing of equalisation levy statement for the transactions during financial year 2018-19 is June 30th 2019 (Sec 167 of Finance Act, 2016). Applicability: Filing of the statement is applicable only for those companies which have withheld tax @6% from payment to non-resident as Equalisation Levy for specified services i.e., Online advertisement and any provision for digital advertising space or facilities/ service for the purpose of online advertisement and discharged the same by paying to government authorities through challan No. / ITNS 285. Penalty for failure...

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Due date for filing Form DPT-3 is 29th June 2019

Dear Sir / Madam, As per Rule 16(A) sub rule 3, of the Companies Act, Every Company other than Government Company shall file a onetime return of outstanding receipt of money or Loan by a company but not considered as deposits in terms of Clause (c) of sub–rule 1of rule 2 from the 1st April 2014, to the date of Publication of this notification in the official Gazette specified in form DPT-3 within ninety days from 31st March, 2019 i.e., on or before 29th June 2019 with the applicable fees. Hence Form DPT-3 should be filed on or before 29th June 2019 by every Company (other than a Government...

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Due Date for payment of advance tax is 15th June 2019

This is to bring to your kind attention that the due date for payment of advance tax for the first instalment of the financial year 2019-20 is 15.06.2019. Kindly take necessary actions to make the payment within the due date. Hope the above alert is both timely and useful. Kindly let us know for any help or clarifications in this regard. Vishnu Daya Tax Alert Vishnu Daya & Co LLP Chartered Accountants, GF 7 & 3rd Floor, Karuna Complex, No. 337, Sampige Road, Malleswaram, Bangalore-560003. Office: +91-80-23312779 | +91-80-23560633 Fax: +91-80-23313725 Website: www.vishnudaya.com...

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