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Vishnu Daya & Co LLP > Newsletter (Page 24)

Extension of various time limits under Direct Tax & Benami laws

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March, 2020 which, inter alia, extended various time limits. In order to provide further relief to the taxpayers for making various compliances, the Central Board of Direct Taxes (CBDT) has issued Notification 35/ 2020 dated 24th June, 2020 extending various time limits under Direct Tax & Benami laws. ...

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PAN to become inoperative on failure to link with Aadhaar: Rule 114AAA

The CBDT has notified new Rule 114AAA to provide that the PAN of a person shall become inoperative if he fails to intimate his Aadhaar number u/s 139AA(2) by 31st March, 2020. However, where such person intimates his Aadhaar number after March 31st 2020, his PAN shall become operative again from the date of intimation of Aadhaar number. Further the Government has extended the said deadline of 31st March 2020 to 30th June 2020 for linking Aadhar with PAN. Hence it is to be noted that through this new Rule 114AAA the PAN of the individuals who are required to quote...

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Due Date for payment of advance tax is 15th June 2020

This is to bring to your kind attention that the due date for payment of first installment of advance tax (15%) for the financial year 2020-21 is 15.06.2020. 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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Changes in Statutory compliances during COVID-19

While businesses are responding to the stress caused by the coronavirus pandemic, it is of paramount importance to keep abreast of changes to the tax laws and the relief measures announced by the Government to help people and businesses navigate through the challenging times. Union and State Governments have recently announced a slew of relief measures to dispel the gloom caused by COVID-19, which has brought the business world to a grinding halt. We have made our best efforts to communicate the changes in statutory regulations as and when the government announces relief measures. In this article we are trying to...

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Vishnu Daya – Budget Highlights 2020-21

Dear Sir / Madam, We are delighted to provide you an analysis of the Union Budget presented by the Union Finance Minister Ms. Nirmala Sitharaman in the Lok Sabha on 1st February 2020. We have provided you an executive summary as well as the detailed analysis of all the direct and indirect tax proposals. We have made our best effort to summarise the key changes in simpler manner under this budget highlights. Trust the same would be found useful in understanding the taxation proposals. The provisions of Finance Bill, 2020 relating to direct taxes seek to amend the Income-tax Act, 1961, to continue to provide momentum to the buoyancy...

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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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Due Date for payment of advance tax is 15th December 2019

Dear Sir / Madam, This is to bring to your kind attention that the due date for payment of advance tax for the third installment of the financial year 2019-20 is 15.12.2019. Kindly take the necessary actions to make the payment within the due date. Further for the Corporates, the rates are slashed to 22% for domestic companies and 15% for new domestic manufacturing companies with certain restrictions and conditions, kindly consider the same for the above advance tax computation as applicable to your entity. I hope the above alert is both timely and useful. Kindly let us know for any help or...

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Due Date for payment of advance tax is 15th September 2019

Dear Sir / Madam, This is to bring to your kind attention that the due date for payment of advance tax for the second installment of the financial year 2019-20 is 15.09.2019. Kindly take necessary actions to make the payment within the due date. Hope the above alert is both timely and useful. Kindly let us know for any help or clarifications in this regard. Vishnu Daya Tax Alert Vishnu Daya & Co LLP Chartered Accountants, GF 7 & 3rd Floor, Karuna Complex, No. 337, Sampige Road, Malleswaram, Bangalore-560003. Office: +91-80-23312779 | +91-80-23560633 Fax: +91-80-23313725 Website: www.vishnudaya.com...

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