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Author: Vishnu Daya

Vishnu Daya & Co LLP > Articles posted by Vishnu Daya (Page 21)
05 December
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Due Date for payment of third instalment of advance tax is 15th December, 2020

Posted by Vishnu Daya
in NewsletterAlerts

This is to bring to your kind attention that the due date for payment of third instalment of advance tax (75%) for the financial year 2020-21 is 15.12.2020. Kindly take necessary actions to make the payment within the due date. Applicability:  Advance tax applies to all taxpayers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older, and do not have income from business/ profession are exempt from paying advance tax. If your total tax liability (after deducting TDS and other prepaid taxes) is Rs.10,000 or more in a financial year you are liable to pay advance tax.  For taxpayers opting...

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14 October
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FCRA Account- based on The Foreign Contribution (Regulation) Amendment Act, 2020

Posted by Vishnu Daya
in NewsletterAlerts

In pursuance to the Foreign Contribution (Regulation) Amendment Act, 2020, Ministry of Home Affairs (MHA), FCRA Wing has released a Public Notice dated 13th October 2020, detailing the procedure to open FCRA Account in terms of Section 17 of the Foreign Contribution (Regulation) Amendment Act, 2020. The order mandates all NGOs seeking foreign donations to open a designated FCRA account at the State Bank of India’s New Delhi branch by March 31, 2021. Accordingly, the following actions has to be taken by all the persons/NGOs/associations who have been granted FCRA registration: 1. FCRA Account to be opened in the New Delhi Main...

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05 October
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TCS on sale of goods- Circular 17/2020 dated 29-09-2020 with clarifications

Posted by Vishnu Daya
in NewsletterAlerts

Union Budget, 2020 expanded the scope of collection of tax at source (TCS) to cover any domestic sale of goods. Sellers are required to collect tax @ 0.1% on receipt of sale consideration exceeding INR 50 lakhs during the financial year from a person. Multiple representations were made seeking clarification on the ambiguities in the TCS provisions and Central Board of Direct Taxes (CBDT) vide its circular dated 29th September 2020 and the press release dated 30th September 2020 has addressed some of them. The circular may necessitate changes in ERP system and could be overwhelming given that TCS provisions...

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03 October
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The Foreign Contribution (Regulation) Amendment Act, 2020

Posted by Vishnu Daya
in NewsletterAlerts

The Foreign Contribution (Regulation) Amendment Act, 2020 (FCRA 2020) has received the assent of the President on September 28, 2020. The FCRA 2020 significantly amends the previous Foreign Contribution (Regulation) Act 2010 (FCRA) and provides for broad rules and measures which would effectively restrict access to foreign funding particularly for public servants and smaller non-governmental organizations. It adds onerous governmental oversight, additional regulations and certification processes, and operational requirements, while simultaneously reducing the limit of administrative expenditure that can be allocated to foreign contributions to 20 percent from the previous 50 percent....

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29 September
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New TDS and TCS provisions – effective from 1st October 2020

Posted by Vishnu Daya
in NewsletterAlerts

In order to widen and deepen the tax net, the Indian government is committed to taking initiatives. In this regard major amendments introduced by the Finance Act 2020 is insertion of sub-section (1G) and (1H) in section 206C and also introduction of 194-O in the Income tax Act, 1961 ('the Act'). These amendments are applicable from 1st October 2020. Hope this is timely and useful. ...

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12 September
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Due Date for payment of second installment of advance tax is 15th September, 2020

Posted by Vishnu Daya
in NewsletterAlerts

This is to bring to your kind attention that the due date for payment of second installment of advance tax (45%) for the financial year 2020-21 is 15.09.2020. Kindly take necessary actions to make the payment within the due date. It is to be noted that though Government of India has announced series of relief measures due to COVID- 19, there is no change in timeline for payment of tax. However, reduced interest rate 0.75% per month or part thereof would be applicable for delay in deposit of tax (instead of 1%) per month or part thereof for payment of taxes...

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