Sumit Ramesh & Associates

09/03/2021

24/10/2020

08/09/2020

3 months general extension for holding AGM has been granted to all the co's because of Covid 19. No need of any application.

03/07/2020

ICAI has decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations, with due carryover of all benefits already available to students including fee paid and exemptions

03/07/2020

Hare krishna

10/06/2020

*Clarification in respect of levy of GST on Director’s Remuneration*

Circular No: 140/10/2020 - GST dated 10.06.2020

It is clarified that the part of Director's remuneration which are declared as *"Salaries‟ in the books of a company and subjected to TDS under Section 192 of the IT Act, are not subject to GST* and not treated as supply in terms of Schedule III of the CGST Act, 2017.

It is further clarified that the part of Director's remuneration which is declared separately *other than "salaries" in the Company's accounts and subjected to TDS under Section 194J of the IT Act as Fees for professional or Technical Services shall be treated as taxable supply for GST and company is liable to discharge the applicable GST on it on RCM basis.*

31/03/2020

100% deduction for PM CARES FUND. Govt issues Ordinance. - Efforts ultimately succeeds
Relevant part of press release reads as under
“4.​A special fund “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)” has been set up for providing relief to the persons affected from the outbreak of Corona virus. The Ordinance also amended the provisions of the Income-tax Act to provide the same tax treatment to PM CARES Fund as available to Prime Minister National Relief Fund. Therefore, the donation made to the PM CARES Fund shall be eligible for 100% deduction under section 80G of the IT Act. Further, the limit on deduction of 10% of gross income shall also not be applicable for donation made to PM CARES Fund.
As the date for claiming deduction u/s 80G under IT Act has been extended up to 30.06.2020, the donation made up to 30.06.2020 shall also be eligible for deduction from income of FY 2019-20. Hence, any person including corporate paying concessional tax on income of FY 2020-21 under new regime can make donation to PM CARES Fund up to 30.06.2020 and can claim deduction u/s 80G against income of FY 2019-20 and shall also not lose his eligibility to pay tax in concessional taxation regime for income of FY 2020-21.”

30/03/2020

Confusing Year End March Or June 2020 in this lockdown & Due dates
This is the biggest confusion in the minds of the taxpayers. Following points clarifies some of the issues:-

1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances.

2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.

3) In the FY 2019-20, income is taxable till 31st March only and not up to 30th June, i.e. for taxability of income financial year is considered till 31st March only.

4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.

5) New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.

6) Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due up to 31st March can be claimed as deduction even if paid till 30th June.

7) Housing loan interest is eligible for deduction on an accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However, Installments due up to 31st March can be claimed as deduction ever if paid till 30th June.