The Finance Act 2021, has brought out new TDS provisions with effect from 1st July 2021 relating to: Applicability of TDS/TCS at higher rate in certain cases and TDS on purchase of goods. In this regard, following is the brief summary of the TDS provisions and the action points thereon which need to be taken care for the ease of compliance of these provisions....
Continue readingCBDT notifies Cost Inflation Index as 317 for FY 2021-22 w.e.f. April 1, 2022 applicable for AYs 2022-23 onwards....
Continue readingWe are pleased to present our monthly newsletter for the month of June 2021. ...
Continue readingCBDT extends relaxation for e-filing of Forms 15CA/15CB upto June 30, 2021. Relaxation is on account of difficulties reported by taxpayers in uploading Forms 15CA/15CB on the new Income Tax web portal. CBDT allows filing of forms manually with the authorised dealers and advises authorised dealers to accept the forms for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date....
Continue readingThis is to bring to your kind attention that the due date for payment of first instalment of advance tax (15%) for the financial year 2021-22 is 15.06.2021. 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. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid before 15th March (4th quarter) and hence no requirement of making payment in...
Continue readingThe GST Council has conducted the 43rd GST Council Meeting and has announced certain changes to the GST laws and procedures. ...
Continue readingCBDT has issued a press release on the launch of new e-filing portal of the Income Tax Department. For the preparation of the new launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available for a period of 6 days from 1st June 2021 to 6th June 2021. The assessing officers are also intimated not to issue any compliance dates during the above mentioned period. All Officers are directed to fix any hearing or compliances only from 10th June onwards to give taxpayers time to respond on the new system. If they have already...
Continue readingDue to the prevailing severe pandemic in the country, the Central Board of Direct Taxes (CBDT) has extended the time limits of certain compliances, vide Circular No. 9 of 2021 dated 20th May 2021. Please refer the below link to know more about the extension of time limits....
Continue readingThis is to bring to your notice that we are hereby enclosing the updates on recent GST notifications and circulars including due dates for certain GST compliances. Hope this may be timely and useful. ...
Continue readingMCA clarifies that where a company has contributed any amount to ‘PM CARES Fund’ as on 31.03.2020, which is over and above the minimum amount as prescribed under section 135(5) of the Companies Act, 2013 (“Act”) for FY 2019-20, and such excess amount or part thereof is offset against the requirement to spend under section 135(5) for FY 2020-21, then the same shall not be viewed as a violation subject to the conditions that: i. the amount offset as such shall have factored the unspent CSR amount for previous financial years, if any; ii. the Chief Financial Officer shall certify that the contribution...
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