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…
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Extensions for various Income Tax Filings
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: ParticularsCurrent Due DateExtended Due DateFiling of Income Tax Returns by…
Significant Changes in Income Tax from 01-04-2021
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…
HSN/SAC update under GST regime
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 YearNumber of Digits of HSN Code1.Upto…
Tax Compliance Calendar- November 2020
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…
GST Updates
Updates, Notifications and Circulars under GST pertaining to areas such as: Nil return in FORM GSTR-3B by SMSRefundsExtension of period to pass order under Section 54(7) of CGST ActExtension of validity of e-way billGST on Director’s Remuneration Updates can be found in the links provided below Updates 01Download Updates 02Download
40th GST Council Meeting- highlights
Highlights of 40th Meeting of GST Council.
Aatmanirbhar Bharat
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 Aatmanirbhar BharatDownload
Assessment of Charitable Trusts
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 Charitable trustsDownload
India’s role in the world post covid-19
Article on how India can play a crucial role in restoring the Global economies and markets post covid-19 pandemic. Article can be found HERE
S R Chakravarthy and Associates 