Embedded Files
Professional Updates
UPDATES
UPDATES
GST
GST
➡️ Reduced/Waiver of Late Fee for non-furnishing Form GSTR-3B for July 2017 to Jan 2020
▪️For all those who have No Tax Liability - Nil Late Fee
▪️For people who have Tax Liability - Maximum late fee Rs. 500/- per return
(This will apply to all returns filed during Jul 1, 2020 - Sep 30, 2020)
➡️ For Small tax payers whose aggregate turnover is up to ₹ 5 crore
▪️ For the period from Feb to April 2020 - GST returns file after July 6, 2020 rate of interest is being reduced from 18% to 9%
▪️ For the period from May to July 2020 - No Late Fee and Interest if they file the form GSTR-3B by September, 2020.
Extension of due dates for filing GSTR 3B for registered persons whose principal place of business is in the Union Territory of Jammu and Kashmir. [Notification 42/2020 dated 05.05.2020]
Date of appointment of IRP / RP extended till within thirty days of the appointment or by 30th June, 2020, whichever is later [Notification 39/2020 dated 05.05.2020]
Company can now verified GSTR-3B for the period from 21st day of April, 2020 to the 30th day of June, 2020 through electronic verification code (EVC). [Notification 38/2020 dated 05.05.2020]
Income Tax
Income Tax
CBDT notified Cost Inflation Index (CII) for Financial Year 2020-21 at 301. [Notification No. 32/2020 dated 12.06.2020]
The Government of India on 01.06.2020 decided for further upward revision of MSME definition. After the package announcement on 13th May, 2020, there were several representations that the announced revision is still not in tune with market and pricing conditions and it should be further revised upwards. Keeping in mind these representations, Prime Minister decided to further increase the limit for medium manufacturing and service units.
the limit of micro unit was increased to Rs. 1 crore of investment and Rs. 5 crore of turnover.
The limit of small unit was increased to Rs. 10 crore of investment and Rs 50 crore of turnover.
Similarly, the limit of a medium unit was increased to Rs 20 crore of investment and Rs. 100 crore of turnover. Now it increased to Rs. 50 crore of investment and Rs. 250 crore of turnover.
It has also been decided that the turnover with respect to exports will not be counted in the
limits of turnover for any category of MSME units whether micro, small or medium.
A new schedule D1 has been inserted to claim benefit of investment, Deposit and payments made between 01.04.2020 to 30.06.2020 for the previous year 2019-2020.
Form 26AS - Annual Tax Statement will get replaced with Annual Information Statement with effect from 1 June 2020 [Notification No. 30/2020 dated 28.05.2020]
Allocation for MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme)
Ease of Doing business through IBC related measures
Structural Policy reforms in growth-oriented sectors - Coal, Minerals, Defence Production, Air Space Management, Airports, MRO, Distribution Companies in UTs, Space Sector and Atomic Energy
11 Booster Shots for India's farmers
Mudra Shishu Loan - 2% Interest subvention
Street Vendors - Working Capital facility upto Rs. 10,000/- per person to be launch within next 1
Middle Income Group - Credit Linked subsidy scheme for middle Income Group (Annual Income of
Rs. 6 - 18 Lakh) extended upto 31st March,2021
Due date of all income-tax return for FY 2019-20 will be extended from 31st July,2020 & 31st October,2020 to 30th November,2020 and Tax audit from 30th September, 2020 to 31st October,2020.
Date of assessments getting barred on 30th September,2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021.
Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020
ROC
ROC
Google Sites
Report abuse