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. ...

27 July

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Trade Receivables e-Discounting System (TReDS)

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TReDS is an electronic platform facilitating the financing/discounting the Trade receivables of the Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. This scheme was introduced by RBI to meet the liquidity crisis of the MSMEs by providing a mechanism for financing their trade receivables....

06 July

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Vishnu Daya Newsletter June 2020

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We are pleased to present our monthly newsletter for the month of June, 2020. Hope this is both timely and useful for you....

06 July

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

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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. ...

29 June

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Important Due Dates of Tax Compliances for June 2020

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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...

28 June

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Due date for filing FLA Return is 15th July 2020

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The due date for filing annual return of Foreign Assets and Liabilities ( FLA) by every Indian Resident Companies and LLPs for whom it is applicable for the FY 2019-2020 is 15th July 2020...

26 June

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Extension of various time limits under Direct Tax & Benami laws

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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. ...

26 June

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