Alay S. Thakor & Co.

01/04/2023

Celebrate 10th work anniversary of our firm with family and office staff

20/05/2022

31/05/2020

Income Tax Returns forms 1 to 7 for AY 2020-21 notified .

CBDT has notified the new ITR forms for FY 2019-20/ AY 2020-21 in line with the amendments made by the Finance Act, 2019.

13/05/2020

Direct tax updates

01/02/2020

*Union Budget 2020*

* Proposed Direct Tax Reforms*

* New Simplified Personal Income Tax Regime for Individual Tax Payers
• no deduction or exemption
• 5-7.5 Lakhs - 10 %
• 7.5 - 10 Lakhs - 15 %
• 10 - 12.5 Lakhs - 20 %
• 12.5 - 15 Lakhs - 25 %
• Above 15 Lakhs - 30 %
• optional for tax payers
• simplified income tax return
• removal of 70 deductions

* Dividend Distribution Tax on companies removed and dividend to be taxed in hands of the recipient.

* 15% concessional rate of corporate tax extended to Power Sector

* Foreign Investment encouraged by extending lower withholding tax rate to interest on various securities in respect of foreign investment

* Start ups provided with more income tax benefits

* Cooperative societies provided an option to be taxed at 22 % with no exemption

* Tax Audit threshold increased to 5 crores if less than 5 % turnover is in cash

* New Charitable Institution registration process to be completely electronic

* Faceless Appeals to be enabled in lines of faceless assessments

* Vivaad se Vishvash
• no Dispute but Trust Scheme
• Direct Tax Dispute Resolution
• payment of all taxes will lead to waiver of penalty and interest
• applicable for all pending appeals at all levels

* PAN to be allotted instantly on basis on Adhar

01/02/2020

New Income Tax Slabs & Rates

₹5 - ₹7.5 Lakhs income - 10%
₹7.5 - ₹10 Lakhs income - 15%
₹10 - ₹12.5 Lakhs income - 20%
₹12.5 - ₹15 Lakhs income - 25%

*Without claiming benefits of exemptions

27/01/2020

24/01/2020

Suprem Court Issues Directions for Speedy Disposal of Dishonor of Cheque Cases

The Court took into consideration use of modern technologies for enabling speedy disposal of cases under Section 138 of Negotiable instrument Act and noted that use of modern technology needs to be considered not only for paperless Courts but also to reduce overcrowding of Courts. There appears to be need to consider categories of cases which can be partly or entirely concluded “online” without physical presence of the parties by simplifying procedures where seriously disputed questions are not required to be adjudicated. Traffic challans may perhaps be one such category.

Atleast some number of Section 138 cases can be decided online. If complaint with affidavits and documents can be filed online, process issued online and accused pays the specified amount online, it may obviate the need for personal appearance of the complainant or the accused. Only if the accused contests, need for appearance of parties may arise which may be through Counsel and wherever viable, video conferencing can be used. Personal appearances can be dispensed with on suitable self-operating conditions.

24/01/2020

A geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. In order to function as a GI, a sign must identify a product as originating in a given place.

22/01/2020

Ministry of Finance

Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner
Posted On: 22 JAN 2020 6:29PM by PIB Delhi

Considering the difficulties faced by trade and industry in filing of returns, the government has decided to introduce several measures to ease the process. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner.
Presently the last date of filing GSTR-3B returns for every taxpayer is 20 of every month. From now on, the last date for filing of GSTR-3B for the taxpayers having annual turnover of Rs 5 crore and above in the previous financial year would be 20 of the month. Thus, around 8 lakh regular taxpayers would have the last date of GSTR-3B filing as 20 of every month without late fees.
The taxpayers having annual turnover below Rs 5 crore in previous financial year will be divided further in two categories. The tax filers from 15 States/ UTs, i.e., Chhattisgarh, Madhya Pradesh, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh will now be having the last date of filing GSTR-3B returns as 22 of the month without late fees. This category would have around 49 lakh GSTR-3B filers who would now have 22 of every month as their last date for filing GSTR-3B returns.
For the remaining 46 lakh taxpayers from the 22 States/UTs of Jammu and Kashmir, Laddakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha having annual turnover below Rs 5 crore in previous financial year will now be having last date of filing the GSTR-3B as 24 of the month without late fees.

08/11/2019

The Word "PAN" substituted by ["PAN" or "Aadhaar Number"] in the Entire Income Tax Laws:

Vide Notification No. 95/2019 dated November-07-2019 more than Hundreds of Forms, Statements, Audit Reports formats have been updated so as to give effect that wherever the word Permanent Account Number "(PAN)" has been mentioned, shall be Substituted by the Words, ["PAN" or "Aadhaar Number"].

In simple words, now 100% compliances under Income Tax Laws can also be completed with Aadhaar Number of the Taxpayer in the absence of PAN Number of the Taxpayer.

20/08/2019

File your Income Tax Return before 31st August 2019.