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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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Amendment in file format to submit TDS statement for Form 24Q Quarter 4 and changes in Part B of Form 16

Dear Sir / Madam, As you may be aware, the Income Tax Department has, through, Notification No. 36/2019 dated 12.04.2019 recently made certain changes in Form 24Q Quarter 4 and Part B of Form 16. The revised format is applicable with effect from May 12, 2019 onwards. All the deductors are requested to download the new free versions of RPU and FVU software from TIN website: Kindly find the attached new format of Form 16 and Form 24Q and the notification for your reference. Part B (Annexure) Details of Salary Paid and any other income and tax deducted 1. Gross Salary (a) Salary as per provisions contained...

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Mandatory requirement of implementing Internal Financial Controls for all Companies

Companies Act, 2013 has introduced a new requirement for listed companies and also all other companies making the Board of Directors (Sec 134), Audit Committee (Sec 177) and Independent Directors (Sch. IV) responsible for laying down internal financial controls (IFC) and to conform on adequacy and operating effectiveness of the framework for IFC.   The revised guidance note issued by the ICAI recently have also extended the requirement of opinion from the external auditors to the consolidated financial statements, thereby emphasizing the focus required on completing the management design and testing across all companies within a group.   These provisions are applicable for the Financial...

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Amendment to the Payment of Bonus Act, 1965

Dear Mr. T S Shankar Deepa,   The Payment of Bonus (Amendment) Act, 2015 received the assent of the President on 31st December 2015.  The Amendment Act shall be deemed to have come into force on 01st April, 2014 i.e. with retrospective effect.   The major changes brought in by the amendment are as follows:   Existing position Amendments Impact Employees eligible for bonus As per Section 2(13) of the Act, ‘employee’ means a person (other than apprentice) employed on salary or wages not exceeding INR 10,000 per month.   The limit of INR 10,000 per month is increased to INR 21,000 per month.   More number of employees brought into the ambit of...

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Advance tax due date is 15.12.2015

This is to bring to your kind notice that the due date for payment of third installment of advance tax for companies (second installment for other than companies) for the financial year 2015-16 is 15.12.2015. Kindly take necessary actions to make the payment within the due date.   Kindly let us know for any help from us in this regard.   Thanks and Regards   VD Tax Alert Team Vishnu Daya & Co., Chartered Accountants, GF 7, Karuna Complex, No. 337, Sampige Road, Malleswaram,Bangalore-560003. Office: +91-80-23312779 | +91-80-23560633 Cell: +91-9880715963 | Fax: +91-80-23313725 Website: Thank you for considering the environmental impact of printing emails.   *****************************************************************************************************DISCLAIMER**************************************************************************************************** The information contained in this e-mail, and attachment(s) thereto, is confidential and may...

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Note on Swachh Bharath Cess

We are pleased to present this Tax Alert which summarizes the recent Clarifications issued with regard to levy of Swachh Bharat Cess effective from 15 November 2015.   We hope this alert will be useful to all concerned.   Best Regards Vishnu Daya Alert Team   Vishnu Daya & Co., Chartered Accountants,   GF No.7 & 3rd Floor, Karuna Complex, No.337, Sampige Road, Malleswaram, Bangalore – 560003 Office: +91-80-23312779 | +91-80-23560633 Cell: +91-9880715963 | Fax: +91-80-23313725 Website:   Thank you for considering the environmental impact of printing emails.   Disclaimer The information contained in this e-mail, and attachment(s) thereto, is confidential and may contain privileged communications. If you are not the intended recipient, you are hereby notified that any dissemination, distribution,...

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