S R Chakravarthy and Associates
Chartered Accountants
India is Now the 4th Largest Economy in the World – Surpassing Japan! India’s rise as an economic powerhouse is neither accidental nor coincidental. It is the result of proactive strategic reforms, a dynamic and decisive government, resilient entrepreneurship, a thriving digital ecosystem, and a rapidly expanding consumer market. Historically, India was the largest economy … Continue reading India becomes the 4th Largest Economy
Budget 2022 was an interesting Budget. There were different expectations from various stakeholders of the Indian Economy. While Salaried individuals expect an increase in the threshold limit of deductions available under Section 80C, 24(b), HRA and the like, business class expect operational reforms in the areas pertaining to indirect taxes. While MSMEs expect increased support … Continue reading Virtual Digital Assets
The Central Board of Direct Taxes (CBDT), considering the difficulties faced by tax payers and various stakeholders with respect to the Income Tax portal, extended the due dates for filing tax returns and forms for the FY 2020-21 (AY 2021-22). Significant extensions are provided herein: Particulars Current Due Date Extended Due Date Filing of Income … Continue reading Extensions for various Income Tax Filings
1. Pre-filled ITR Forms A major change in ITR Form is expected as per Budget 2021 (Pre-Filed ITR) will be introduced. The Pre-filled ITR Forms will have information of Capital Gains from Listed Securities, Dividend Income, Interest from Banks/Post Office, etc. Earlier Pre-filed ITR form was available for Salaried employees where Income was reflected on basis … Continue reading Significant Changes in Income Tax from 01-04-2021
The Central Board of Indirect Taxes (CBIC) issued Notification No. 12/2017-Central Tax dated June 28, 2017, to show specified digits of Harmonised System of Nomenclature (HSN)/ Service Accounting Code (SAC) Code on raising of tax invoices for supply of goods or services as under: S. No. Aggregate Turnover in the preceding Financial Year Number of Digits of … Continue reading HSN/SAC update under GST regime
Please find below the due dates for compliances under Income Tax Law, GST Law and Labour Laws for FY 2019-20 (AY 2020-21) for the month of November 2020. It also includes due dates for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 … Continue reading Tax Compliance Calendar- November 2020
Updates, Notifications and Circulars under GST pertaining to areas such as: Nil return in FORM GSTR-3B by SMS Refunds Extension of period to pass order under Section 54(7) of CGST Act Extension of validity of e-way bill GST on Director’s Remuneration Updates can be found in the links provided below
Highlights of 40th Meeting of GST Council.
Write up covering the important announcements made by Honourable Finance Minister Smt. Nirmala Sitharaman under the Aatmanirbhar Bharat initiative to kickstart the Indian economy and to make India a self reliant nation. Document can be found in the link provided below
An informative article on assessment of charitable trusts pertaining to the issue of ‘Excess application of Income over Income derived’ by the Trusts. The article discusses whether the excess application of income by the trusts in India over the income derived is eligible to be carried forward in the subsequent years. https://taxguru.in/income-tax/assessments-charitable-trusts-excess-application-income.html
S R Chakravarthy and Associates 