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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cryptocurrency: Supreme Court lifts ban

cryptocurrency: Supreme Court lifts ban

The Supreme Court of India lifted ban on the cryptocurrency on the 4th of March 2020. The Reserve Bank of India had issued a circular in the year 2018 which barred banks in India from dealing in cryptocurrency. A plea challenging the RBI’s circular was raised which had now been allowed by the Supreme Court of India. Trading in cryptocurrencies will now be allowed, after lifting the ban on cryptocurrency. What do you think will be the possible implications in the tax regime?…

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Provision for Quarterly Payment of GST by MSMEs

Provision for Quarterly Payment of GST by MSMEs

The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore. Department of Revenue have informed that there is no such proposal at this stage. Quarterly payment of GST is available to those MSMEs who opt for composition levy under section 10 of CGST Act, 2017. This information was given by…

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Major racket of fake invoicing of Rs 7896 crore busted involving network of 23 shell companies

Major racket of fake invoicing of Rs 7896 crore busted involving network of 23 shell companies

Major racket of fake invoicing of Rs 7896 crore busted involving network of 23 shell companies Two Accused Arrested & Remanded to 14 Days Judicial Custody The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs.7896 crore involving fraudulent Input Tax Credit (ITC) of Rs.1709 crore, using a network of 23 shell companies, which procured and generated invoices without actual supply of goods and availed as well as…

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GST Revenue collection for February crosses 1 lakh crores

GST Revenue collection for February crosses 1 lakh crores

GST Revenue collection for February, 2020 Rs. 1,05,366 crore gross GST revenue collected in February The gross GST revenue collected in the month of February, 2020 is Rs. 1,05,366 crore of which CGST is Rs. 20,569 crore, SGST is Rs. 27,348 crore, IGST is Rs. 48,503 crore (including Rs. 20,745 crore collected on imports) and Cess is Rs. 8,947 crore (including Rs. 1,040 crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29th February, 2020 is 83.53 lakh. The government has settled Rs. 22,586 crore to CGST and Rs. 16,553 crore to SGST…

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Section 194O| TDS on ecommerce transaction

Section 194O| TDS on ecommerce transaction

Finance Bill, 2020 proposed to Insert sec 194-O, where Ecommerce Operator (“Operator”)  liable to deduct TDS from payment made to Ecommerce participant (“Participant”) in respect of sale of goods or services or both facilitated by operator through its digital or electronic platform, at rate of 1%, at time of credit or payment w. e. earlier. If PAN or Aadhaar not furnished TDS to be deducted at rate of 5%. TDS not required to be deducted where participant is Individual or…

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GST problems require immediate solution

GST problems require immediate solution

The GST is at vital stage at present. The Department is concerned about revenue and the Taxpayers are anxious about actions to be initiated against them for technical and innocent Mistakes done by them while trying to follow the back to back stringent GST procedures without any intension of evasion of tax. Number of Notices is increasing day by day and there is no solution of real problems. This situation will certainly damage the GST and in turn the Indian…

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Companies Auditor Report Order (CARO) Rules, 2020

Companies Auditor Report Order (CARO) Rules, 2020

The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020), on 25th February 2020. This order has been issued in supersession of the Companies (Auditor’s Report) Order, 2016, and is applicable for reporting on financial statements of companies whose financial year commences on or after 1st April 2019. CARO 2016 was issued by MCA in supersession of CARO 2015. Now, the MCA has kept the applicability of CARO 2020 to companies same as CARO 2016. The CARO 2020…

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Tax Audit Applicability u/s. 44AB of Income Tax Act, 1961

Tax Audit Applicability u/s. 44AB of Income Tax Act, 1961

1. Before 2016, the turnover limit for sec 44AB and Sec 44AD were identical. Thereafter, in Budget 2016, the turnover limit for Sec 44AD has been raised to INR 2 Cr from INR 1 Cr, while no such change has been made in Sec 44AB(a) in this regard. Hence, they intact the turnover limit of INR 1 Cr for the assesses, other than eligible assesses for sec 44AD. This situation creates inconsistency. 2. Further, in Budget 2020, Govt introduces one…

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Plan your International Tour before 31st March,2020

Plan your International Tour before 31st March,2020

If you are planning a International Tour this year, you can do that before April 1 to avoid paying an additional 5%/10% as TCS as Budget 2020 proposed by Finance Minister Ms. Nirmala Sitharaman can make your dream to study overseas or enjoy an exotic holiday abroad more costlier. The reason being new provisions to collect TCS (Tax Collected at Source) shall be introduced from 01st April, 2020. This article deals with the various issues emerging out of the said…

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