Which ITR to file? Know the Correct Income Tax Form

Which ITR to file? Know the Correct Income Tax Form

  Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed. In case taxpayers choose the wrong form, they will have to go through the process of filing their ITR again. To help the taxpayers pick the correct form, a brief synopsis of the applicable tax return forms has been tabulated below:…

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Various Due Dates of GST Returns due to Covid-19

Various Due Dates of GST Returns due to Covid-19

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended due dates for GST Returns filings and provided relief to taxpayers which includes Relief in late fee and interest to taxpayers filing Form GSTR-3B, GSTR-1 and other returns. The same is summarised below for your ready reference. DUE DATE OF GSTR-3B Taxpayers having turnover more than 5 crores in previous FY Month Original Due Date No late fees if filed by No Interest if filed by Interest @9%…

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MSME registration under Udyog Aadhaar- Benefits and Process

MSME registration under Udyog Aadhaar- Benefits and Process

  Background In order to promote the growth of Micro, small, and Medium Enterprises (MSMEs), the government of India gives various concessions and extends financial assistance exclusively to the units or enterprises which qualify to be micro, small or medium enterprises. It is one of the many sectors that have immensely impacted and hit during this pandemic situation. It not only contributes to our country’s GDP but also contributes massively by employing lakhs and lakhs of both skilled and unskilled…

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MCA releases Companies(Share Capital and Debenture) Amendment Rule 2020

MCA releases Companies(Share Capital and Debenture) Amendment Rule 2020

  [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section OA  MINISTRY OF CORPORATE AFFAIRS NOTIFICATION  New Delhi, 5th June, 2020  G.S.R.(E)- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely: – 1. Short title and commencement.- (1) These rules may be…

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Decoding impact of GST on CSR activities in relation to COVID-19

Decoding impact of GST on CSR activities in relation to COVID-19

MEANING OF CORPORATE SOCIAL RESPONSIBILITY: ‘Corporate Social Responsibility’ means and includes but is not limited to projects or program relating to activities specified in Schedule VII to The Act and projects or program relating to those activities which are undertaken by Board of directors of a company in ensuring the recommendation of the CSR Committee of the Board as per declared CSR policy of the Company along with the conditions that such policy will cover subjects specified in Schedule VII…

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GSTR-9 and Due Date to file GSTR-9

GSTR-9 and Due Date to file GSTR-9

GSTR-9 is an annual return, to be filled by registered dealers, which contains a consolidated summary of all monthly returns, i.e. GSTR-1, 2A, and 3B under CGST, SGST and IGST during the entire year, along with turnover and audit details for the same. Thus, GSTR-9 can be called a compilation return for all the supplies made and received during the year under different tax heads. The return can be filed at https://www.gst.gov.in/ either online or through an offline tool. However,…

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An overview of Internal Audit Series 100 and 200

An overview of Internal Audit Series 100 and 200

Brief on Internal Audit Definition:- Internal audit provides independent assurance on the effectiveness of internal controls and risk management processes to enhance governance and achieve organisational objectives What is key terms/features of Internal Audit Independence: Internal audit shall be an independent function, achieved through the position, organization structure and reporting of the internal auditor.An internal auditor is expected to evaluate the design and operating effectiveness of internal controls and risk management processes as designed and implemented by the management Organizational objectives…

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Taxability of foreign companies in India

Taxability of foreign companies in India

A: Scope of Taxability on Non resident companies in India In India, companies are taxed on their income according to their residential status. A company with residential status in India will be taxed on its global income whether earned in India or outside India whereas a non resident company will be taxed only on income received, accrued or arise in India. As per Section 6(3), Residential Status and scope of total income, A company is said to be resident in…

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Errors in GSTR 9 for Financial Year 2018-19

Errors in GSTR 9 for Financial Year 2018-19

As the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. Attention The forms GSTR-9 & GSTR-9C for the F.Y.18-19 were enabled in the month end of February in the GST portal. But there is no official notification with respect to the same. Errors in GSTR-9 form – Rectification Required There are two errors that are being faced by people while trying to file…

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All about LLP settlement scheme 2020

All about LLP settlement scheme 2020

LLP Settlement Scheme 2020 is announced by Ministry of Corporate Affairs with an aim to bring non-compliant LLPs into the legal fold. As per one estimate, the scheme could benefit 20-25 per cent of the 1.25 lakh LLPs registered in the country*. Under the scheme, LLPs will be given a three-month window to complete overdue filings of four forms viz. LLP Form 3, LLP Form 4, LLP Form 8 and LLP Form 11. The additional fees on the forms is…

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