06 January

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RoDTEP Scheme

The Central Government has recently announced that a new scheme, RoDTEP (Remission of Duties or Taxes on Export Products) Scheme will replace MEIS (Merchandise Exports from India) Scheme with effect from 1 January 2021. ...

30 December

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Due date for filing Annual Performance Report as per FEMA is 31st December 2020

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This is to be noted that the due date for filing annual performance report for the year ending 31st March 2020 as per FEMA wherein Indian parties have Overseas Direct Investment is 31st December 2020. Kindly take care and let us know for any assistance in this regard....

26 December

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Highlights of the Various GST Amendments

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in NewsletterAlerts

The CBIC has issued several notifications making various changes to the GST provisions and procedures. A brief summary of the changes made are given below for information. ...

10 December

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Vishnu Daya Newsletter- November 2020

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

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...

11 November

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Vishnu Daya Newsletter- October 2020

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

10 November

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Income-tax Exemption for payment of deemed LTC fare

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In order to provide the benefits to employees, it has been decided to provide income-tax exemption for the payment of cash equivalent of LTC fare....

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...

07 October

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Vishnu Daya Newsletter- September 2020

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

05 October

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TCS on sale of goods- Circular 17/2020 dated 29-09-2020 with clarifications

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in NewsletterAlerts

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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