Tuesday, March 2, 2021
The Government, via Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019, has introduced a favorable tax regime for new manufacturing companies.  It has inserted Section 115BAB offering a low tax rate of 15% (plus Surcharge and Health and Education Cess) making an effective rate of 17.16%...
On 5th February 2020, the Honourable Finance Minister of India, Mrs. Nirmala Sitharaman introduced The Direct Tax Vivad se Vishwas Bill, 2020 in the Parliament. After introduction of the Bill, a notice for moving amendments to the provisions of the Bill has been proposed to the Parliament on 14th...
Background Section 80JJAA was introduced to provide incentives to industries to generate employment for semi-skilled and unskilled labours. It was amended by Finance Act, 2016 and again under Finance Act, 2018. We have summarized important provisions as below. Eligibility for claiming...
Government through Circular No. 136/06/2020-GST dated 3rd April 2020 has extended the due dates of GST filings in order to give relief to various businesses due to the spread of Covid-19 pandemic. The revised GST due date for filing of returns as well as making the payment...
Guided by “Sabka Saath, Sabka Vikas, Sabka Vishwas”, the Finance Minister Smt. Nirmala Sitharaman had introduced a new No Dispute but Trust Scheme – ‘Vivad Se Vishwas’ in the Budget 2020 in the Lok Sabha on 5th February, 2020. Expectations are that the new scheme will work better than...
Filing of Income Tax Returns and paying taxes are the responsibility of every Indian citizen. Failure in paying the tax or filing the ITR can lead to interest payments. It is in your utmost interest to file your Income Tax Returns on a regular basis within the...
The Ministry of Corporate Affairs, Government of India has introduced the "LLP Settlement Scheme 2020" vide General Circular No. 06/2020 dated 04.03.2020 and modified the same further vide General Circular No. 13/2020 dated 30.03.2020. The objective of introducing this Scheme is to promote ease of doing business and hence Central...
The year 2019 has been a very significant one to the taxation regime as the government has introduced various revolutionary changes in the laws and rules and regulations. The contribution of the judiciary including the Supreme Court and various High Courts and...
Extensions in Due Dates & Reduction in the Interest Rates was announced by the Finance Minister on 24th March 2020 through Press Release to relax some of the key compliance timelines & various relief measures Statutory and Regulatory compliance matters across Sectors for the taxpayers so that compliances can be met and there are no penal consequences for delays which are beyond the control of the everyone.
“Question: Hey! What is your Tax History? Are you compliant and paying Income tax properly?? Tax Payers (before): I do pay taxes regularly, but I need to check with my accountant whether there are any defaults with the tax department! Tax Payers (now):...