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05/05/2021

*Major Relaxation Announced by Government in GST on May 1, 2021*
1. No late fees for filing 3B of March/April 3B upto 15 days and 30 days from original due date for taxpayer with turnover more than 5 cr and upto 5 cr respectively. For quarter ending 31st March, no late fees if 3B is filed within 30 days from original due date.
2. GSTR-4 due date extended to 31st May
3. ITC-04 due date extended to 31st May for Jan-Mar quarter
4. GSTR-1 due date for April'21 extended to 26th May and IFF due date extended to 28th May.
5. Timeline for all other proceedings, order etc..whose due date of completion falls between 15th April to 30th May is extended to 31st May.
6. Relaxation in rate of Interest for March and April returns.

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01/02/2021

The following are the *Key Highlights* from the *Union Budget 2021*, as presented by the Hon’ble Finance Minister.

*Direct Taxes*
• Vivad Se Viswas Scheme Last Date of filing extended to 28th February, 2021.
• Citizens of age 75 years and above who have only Pension and Interest income – Need not file Income Tax Returns
• Re-opening of Assessment to reduced to 3 years from 6 years. Only where evidence of concealment of Income of Rs. 50 lakhs or more – re-opening can be made upto 10 years & only with approval of Pr.CCIT.
• Reducing Litigation for small tax payers – Constitution of Faceless Dispute Resolution Panel for people with Total Income upto Rs.50 lakh and disputed income of Rs.10 lakh
• Income Tax Appellate Tribunal to become Faceless – Only electronic communication will be done
• Relaxation to NRIs – Rules to remove hardship of Double Taxation
• Tax Audit Limit to be increased to Rs.10 crores from Rs.5 crores for those having less than 5% cash transactions
• Dividend Tax- Dividend will be exempt from TDS. Advance tax liability on dividend income will arise only after declaration or payment of dividend. For Foreign Investors – lower treaty rate benefit will be given.
• Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March, 2022.
• Affordable Housing Projects – Tax Holiday extended till 31st March, 2022.
• Tax Holiday for Capital Gains for Aircraft Leasing Companies and Tax Exemption to Lease paid to Foreign Persons
• Pre-Filling of Returns – Details of Capital Gains, Dividend Income and Interest income will be pre-filled in the returns
• Relief to Trusts – Charitable trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore.
• Employee contribution not paid by employer will not be allowed as a deduction.
• Tax holiday for Start-Ups extended to 31st March, 2022. Capital Gains exemption on investment in start ups also extended to 31s March, 2022.

*MCA, Companies Act, LLP Act*
• Easing Compliance requirements of Small Companies – Threshold increased to Share Capital upto Rs.2 crore and Turnover upto Rs.20 crore will be Small Companies
• Allow One Person Companies (OPC) to grow without any restriction in Share Capital or Turnover. NRIs will be allowed to set-up OPCs. Presence in India of 120 days in a year enough to start an OPC.
• Launching MCA Version 3.0 – E-Scrutiny, E-Adjudication and Compliance management to be simplified.
• Decriminalisation of LLP Act, 2008
• Tribunals to be rationalised

26/01/2021

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06/09/2019

Guide to reconcile GSTR 2A and Purchase data

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02/02/2019

Dear All,

Interim Finance Budget 2019 was presented by Finance Minister Piyush Goyal with Fiscal Deficit of 3.4% of GDP and Revenue Deficit of 2.2%. Following are the main proposals :-

Individual Income Tax -



No income tax for persons having total income upto Rs 5,00,000/- p.a by increasing Rebate u/s 87A to Rs 12,500/- from Rs 2,500/-.Minor relief in tax for small tax payers.
Standard deduction of Rs 40,000/- p.a. on salary increased to Rs 50,000/- p.a. – Minor relief in tax on additional Rs 10,000/- at maximum applicable income tax rate .
The threshold limit for deduction of tax at source on interest income increased from Rs. 10,000/- to Rs. 40,000/-. Applicable only on interest received from banks, co-operative society or a post office .
The threshold limit for deduction of tax at source on rental income increased from Rs. 1,80,000/- to Rs. 2,40,000/-.
No income tax on notional rental income from second self-occupied house property. Amendment is beneficial to assesses having two self-occupied house properties ( i.e. not let out) need not to show Notional rent of second house property in their taxable income .
Benefit of roll-over capital gains on sale of residential house property extended to two houses can be availed just once in life time u/s 54 upto capital gain of Rs. 2,00,00,000. Assessee can purchase two house properties in his name from the sale proceeds of one house property. In such situation capital gain upto Rs 2 Cr on sold house property will be exempt u/s 54 .


Corporate Income Tax -



No changes in corporate tax rates.
Income tax refund to be simultaneous with electronic assessment of returns in two years.
Income tax - Scrutiny to be 100% automated in two years .
Other changes -

· Benefit for real estate - Exemption from notional rent extended to two years on unsold flats

· Stamp Duty on securities rationalised; Revenue to be shared with all States

· Section 80IB benefit to be extended for affordable housing scheme

· Rs 18500 Crore tax sops announced for 3 crore taxpayers

· Budget Allocations for education, child health & welfare of SC/ST hiked substantially.

· GST - Composition schemes for goods & services to benefit over 30 lakh assessees.

· Anti-black money measures unearthed income worth Rs 1.3 lakh crore in past years.

· NDA Govt vision for next 10 years - India to be USD 10 trillion economy by 2032.

· Fiscal 2019-20 - Fiscal deficit projected to be 3.4% .

· One rank one pension scheme - Rs 35000 Cr disbursed in last few years.

· Rs 3 lakh crore defence budget announced for current fiscal.

· India achieves top rank of fastest highway developer in world.

· Railway to have over Rs 64000 Cr capital outlay for 2019-20.

· Govt sets up Welfare Board for nomadic & semi-nomadic communities .

· Interest subvention scheme extended to farmers of Animal Husbandry .

· FM announces Pension Yojana for workers of unorganised sector from current fiscal; Rs 500 Cr allocated.

· Rs 75000 Cr allocated for PM Kishan Yojana.

· Current A/c deficit likely to be only 2.5% .

· Farmer Income Scheme to benefit Rs 12 crore beneficiaries; to be effective from Dec, 2018.

· FM announces setting up National Kamdhendu Commission to upgrade welfare of cows.

· FM announces Rs 6000 per month income support scheme to small and marginal farmers

01/02/2019

HIGHLIGHTS OF BUDGET 2019

*Tax*
1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. *Full Tax rebate upto 5 lakh annual income after all deductions.*
7. Standard deduction has increase from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.
*Other Areas*
14. State share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs seats will increase for the reservation of 10%
17. 60000 crores for manrega
18. 1.7 Lakh crore to ensure food for all
19. 22nd AIIMS has to be opened in Haryana
20. Approval has to be given to PM Kisan Yojana
21. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of India film makers

31/01/2019

*14 Amendments to take effect under GST from 1st Feb 2019*

1. Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr.

2. A Composite dealer(in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding -

Higher of 10% of turnover in the preceding financial year, or Rs. 5 lakh.

3. The threshold limit of Turnover for exemption from registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand shall be increased to Rs. Twenty Lakh from Rs. Ten Lakh.

4. In case of purchase of notified goods from unregistered suppliers, Reverse charge mechanism shall be applicable to notified registered persons.

5. Taxpayers may opt for multiple registrations within a State/U.T in respect of multiple places of business located within the same State/U.T on the same PAN.

6. Mandatory registration is required for only those e-commerce operators who are required to collect tax at source.

7. Registration shall be remain temporarily suspended while cancellation of registration is under process, so that the taxpayer could get relief of further continued compliance under the law.(i.e Taxpayers will not be required to file returns).

8. The following transactions shall not treated as supply (i.e no tax payable under GST) under Schedule III:-

a. Supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India;

b. Supply of warehoused goods to any person before clearance for home consumption; and

c. Supply of goods in case of high sea sales.

9. Input tax credit would now be available in respect of the following:-

a. Most of the activities or transactions specified in Schedule III;

b. Motor vehicles for transportation of persons having seating capacity of more than thirteen (including driver), vessels and aircraft;

c. Services of general insurance, repair and maintenance in respect of motor vehicles, vessels and aircraft on which credit is available; and

d. Goods or services which are obligatory for an employer to provide to its employees, under any law for the time being in force.

10. Registered persons may issue consolidated credit/debit notes to a party in respect of multiple invoices issued in a Financial Year to that party.

11. Commissioner may extend the time limit for return of inputs and capital sent on job work, upto a period of 1 year and 2 years, respectively.

12. If RBI would permit, Supply of services outside India shall be regarded as exports, even if payment is received in Indian Rupees.

13. Place of supply shall be outside India, where job work or any treatment or process has been done on goods temporarily imported into India and then exported out of India without putting them to any other use in India except the uses which were necessary for the purpose of such job work or treatment or process.

14. Recovery of taxes, interest, fine, penalty etc. can be made from distinct persons, even if such distinct persons are present in different State/Union territories.

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07/01/2018

Statutory Due Dates for the month of January 2018
07-01-2018 Income Tax Due date for deposit of Tax deducted/ collected for the month of December, 2017.
10-01-2018 GST Filing of returns by registered person with aggregate turnover upto 1.50 crores. (GSTR-1) for July to September 2017.
10-01-2018 GST Filing of returns by registered person with aggregate turnover more than 1.50 crores. (GSTR-1) for July to November 2017.
15-01-2018 Income Tax Due date for furnishing of Form 24G by an office of the Government where TDS for the month of December, 2017 has been paid without the production of a challan.
15-01-2018 PF Monthly PF payment for December 2017
15-01-2018 Income Tax Due date for issue of TDS Certificate for tax deducted u/s 194-IA in the month of December, 2017
15-01-2018 ESIC payment for the month of December 2017
15-01-2018 TCS returns for the quarter ending December 2017
18-01-2018 Quarterly return for composition dealer GSTR-4 for October to December 2017
20-01-2018 GST monthly return for the month of December 2017 (GSTR-3B)
25-01-2018 Provident Fund (includes EDLI) PF Return filing for December 2017
30-01-2018 Income Tax Monthly challan-cum- statement for December 2017 of TDS u/s 194IA (FORM 26QB)
31-01-2018 GST Filing of returns by a NRI taxable person (July-Dec.) (GSTR-5)
31-01-2018 FORM GSTR-5A (Details of Supplies of Online Information and Database Access or Retrieval Services by a person located outside India made to Non-Taxable persons in India) for the months of July, August, September, November, and December, 2017
31-01-2018 FORM GST ITC-01 (Declaration for claim of Input Tax credit under Sub-section(1) of Section 18 ) by the registered persons, who have become eligible during the months of July, August, September, October, and November, 2017
31-01-2018 FORM GST CMP-03 (Intimation of details of stock on date of opting for composition levy)
31-01-2018 TDS returns for the quarter ending December