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Author: Vishnu Daya

Vishnu Daya & Co LLP > Articles posted by Vishnu Daya (Page 28)

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

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

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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Update on GST E-Invoice

The CBIC has issued notifications making changes to the GST E-Invoicing related provisions. As per the amendment made, the E-Invoice requirement is not applicable for the unit in SEZ and also, the turnover limit for complying with the E-Invoicing requirement has been increased from the earlier notified limit of Rs. 100 crores to Rs. 500 crores. ...

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Extension of due date for filing of Income Tax return for FY 2019-20 & Implications

The Government, on May 13, 2020 announced the extension of income tax return (ITR) filing deadline for FY 2019-20 to November 30, 2020 in all the cases. This has been notified now vide Notification 35/ 2020 dated 24th June, 2020. In this regard, we wish to bring to bring to your kind attention the possible impacts of the extended due dates on the tax liability and the interest obligations. ...

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Important Due Dates of Tax Compliances for June 2020

Due to Covid-19 pandemic, Government of India has announced various relief measures in the statutory/regulatory compliances for businesses/ individuals. The ordinance passed on 31st March, 2020 provides the extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/issued under these Acts. We try to sum up all the due dates of Direct & Indirect taxes which are to be adhered by 30th June 2020 in this newsletter. We hope that this will help you in meeting the statutory compliances on time and...

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