B M & R Associates

09/08/2020

Dear Tax payers whose registration has been cancelled earlier due to non- filing of returns can apply for revocation under the law:

Functionality to file Revocation Application under Removal of Difficulty.

In view of the Removal of Difficulty Order No. 01/2020 dated 25.06.2020, the restriction on filing revocation application, in case it was rejected, has been removed. Aggrieved taxpayers can file application for revocation of cancellation of registration once again.

Further, those taxpayer who have filed Appeal against rejection of the Revocation Application and the decision is still pending, they may also file the Revocation of Cancellation.

Taxpayer is required to login and navigate to Services> Registration> Application for Revocation to file the application for revocation.

If you find any difficulty in revocation, please write us.
We are happy to help
BRS Tax Solution
[email protected]

13/05/2020

Measures announced for Aatam - Nirbhar Bharat

*MSME measures*
1. Collateral free automatic loans. 4 year tenor with 12m moratorium. 100% credit guarantee on principal and interest - 3L Cr (60k Cr cover)

2. Subordinate Debt for stressed MSMEs (which are NPA or are stressed) - 20k Cr (4k Cr contribution of Govt to CGTMSE)

3. Fund of funds to be created for equity infusion (those which are viable) - 50k Cr

4. Definition of MSMEs being changed in favor of MSMEs. Limits on investments to be revised upwards. Additional criteria based on turnover also will be introduced. Differentiation between manufacturing and service units to be removed
*Micro units* - Investments upto 1 Cr + Turnover upto 5 Cr
*Small units* - 10 Cr + 50 Cr
*Medium units* - 20 Cr + 100 Cr

5. Government tenders upto 200 Cr will no longer be on global tender basis. Global tenders will be disallowed for upto 200 Cr. This will make MSMEs eligible to participate in Government purchases

6. Post Covid, e-market linkage to be provided for all MSMEs. Receivables by MSMEs from the Government will be cleared in next 45 days

*EPF Measures*
7. Liquidity relief for all EPF establishments (less than 100 employees with 90% drawing less than 15k). 12% of employer contribution and 12% employee contribution was borne by Government for March April and May. 3 months extra support to be provided by contributing total 24% for June July and August - 2.5k Cr

8. For other establishments, employers need to contribute 10% (vs 12% earlier) to EPF. Not applicable to Govt. and PSU enterprises - 6.75k Cr liquidity

*NBFC Measures*
9. 30k Cr liquidity scheme through Investment grade debt papers of NBFC, HFC and MFI fully guaranteed by GoI.

10. 45k Cr through partial credit guarantee scheme scope expansion. AA rated papers and below including unrated papers will be included under the scheme. First 20% loss to be borne by GoI.

*Discoms measures*

11. One time Emergency liquidity infusion - 90k Cr to all discoms against all receivables. Gen Cos should give rebates to discoms for passing on to consumers

*Contractors*

12. Ongoing public works - Concessional period to be extended by 3-6m for contractors. Govt agencies will partially release bank guarantees for partially completed contracts

*Real Estate*

13. Urban Development Ministry to issue advisories for regulators to announce Covid 19 can be used to invoke Force Majeure on contracts signed. All registrations registered after 25 March 2020 and contracts expiring after 25 March 2020 can be extended by 6m without specific applications for it

*Tax Measures*

14. TDS / TCS rates reduced by 25% on non salaried payments effective tomorrow upto 31 March 2021. Will apply to all payments - 50k Cr additional liquidity

15. All pending refunds to charitable trusts and non-corporate taxpayers (but including LLP) will be issued immediately

16. Due date for all income tax returns to be 30 November 2020 and tax audit due date to be 31 October 2020

17. Assessments getting barred on 30 September 2020 will get barred on 31 December 2020.
Cases getting barred on 31 March 2021 will get barred on 30 September 2021

18. Vivaad se Vishwaas scheme extended upto 31 December 2020 without any extra payments

19/05/2018

Good Morning

मंजिल चाहे कितनी भी ऊँची क्यों ना हो रास्ता हमेशा पैरों क नीचे ही होता है।

The one who truly understand himself is able to stand by himself.

“ *FIRST*” Updates:

# *GST*: 22 MAY 2018 is the extended last date of filing of GSTR-3B for the m/o April, 2018 – N.N. 23/2018 – Central Tax, dt.18.05.2018.

# *MCA* has issued a General Circular to clarify Condonation of Delay Scheme, 2018 w.r.t Pending Revival applications at NCLT.

# *CBIT* has notified the Customs Brokers Licensing Regulations, 2018.

# *GST*: Valuation - there is no discernible difference in the statutory concept of Transaction Value and the evolved meaning of Normal Price – CCE Vs. Grasim Ind. Ltd. (2018 (5) TMI 915 - SC).

# *IT*: LTCG - Assessee cannot claim deduction u/s 54F in proportion to increase in capital gains due to valuation u/s 50C as per stamp duty - V. Nish*tha Reddy Vs. ITO (2018 (5) TMI 1005 - ITAT Hyd.).

# *IT*: Disallowance of business expenditure - business activity not commenced - In absence of any income generation, it was difficult to understand how the staff was paid bonus as claimed by the assesse – Nischay Fab Pvt. Ltd. Vs. ITO (2018 (5) TMI 1091 - Gujarat HC).

Income tax and gst Audit = please contact us for your income tax and gst Audit. We will complete it before due dates.

Thanks and Regards
B M & R

13/03/2018

GST # Due Dates for Returns

21/08/2017

Conditions for claiming ITC under GST

16/05/2012

Every week we choose one of our fans as "fan of the week". No winners this time, but post on our wall or comment / like our posts and we might pick you next.

11/01/2012

13/07/2011

FILE U R RETURN BEFORE 31-07-2010 / PAY TAX N TAKE REST

30/04/2011

30/04/2011

www

30/04/2011

Home