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Vishnu Daya & Co LLP > Newsletter (Page 19)
05 December
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Due Date for payment of third instalment of advance tax is 15th December, 2020

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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

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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

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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

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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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Vishnu Daya & Co LLP is a Professional Services Firm under which dedicated professionals have developed core competence in the field of audit, financial consulting services, financial advisory, risk management, direct and indirect taxation services to the clients.

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Vishnu Daya & Co LLP

Chartered Accountants
GF 7 & 3rd Floor,Karuna Complex
No. 337, Sampige Road, Malleshwaram
Bangalore - 560003

Phone: +91-80-23312779
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