Table of Contents
- Direct Taxation
- Indirect Taxation
- Ministry of Corporate Affairs (MCA)
Direct Taxation
Extension of due date to 30th September 2020 for Income Tax Returns for FY 2018-19.
The government has formally extended the date to file belated and revised income tax returns for the financial year 2018-19, to September 30, 2020 from the earlier date of July 31, 2020. The Central Board of Direct Taxes (CBDT) issued a Notification (No. 56/2020- Income Tax) to the effect dated July 29.
Prior to this, the government had extended the deadline to file belated income tax return (ITR) for FY 2018-19 twice. Read More
One time relaxation in time line to verify ITR V
In notification (No. 225/59/2020/ITA-II) on July 13, the Income Tax Department has allowed one-time relaxation to the taxpayers under the verification of tax-returns that are pending due to non-filling of the Form ITR-V. The relaxations have been given those pending due to the non-filling of the form of ITR-V Form and processing such returns. This one-time benefit is for the taxpayers for the verification of tax returns for the assessment years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 that are unresolved due to non-filing of ITR-V Form and the further processing of such returns. Read More
New Form 26AS is faceless hand-holding of taxpayers which will help file returns accurately
From this assessment year, taxpayers will see an improved Form 26AS carrying some additional details on taxpayers’ financial transactions as specified in the statement of financial transactions (SFTs) in various categories, which will now be shown in Part E of Form 26AS to facilitate voluntary compliance, tax accountability and ease of e-filing of returns. Read More
Indirect Taxation
E-invoice under GST for turnover above 500 Crores, SEZs are not required to follow e-invoicing rules
Synopsis
The government intends to implement e-invoicing or electronic submission of sales invoice to bring more transparency in sales reporting, automate data entry work, reduce errors and mismatches, capture sales related details in the system instantaneously and improve compliance.
Amendment: – Notification 61/2020- Central Tax
The Central Board of Indirect Taxes and Customs (CBIC) has notified e-invoicing for businesses with turnover above Rs 500 crore, increasing the threshold for mandatory issuing of electronic invoices from the earlier limit of Rs 100 crore turnover, providing relief to small scale companies. Read More
CBIC notifies revised format/schema for e Invoice under GST
Amendment: – Notification 60/2020- Central Tax
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council. Read More
Govt extends FY20 GST return filing date for composition dealers till 31 August 2020
The government has extended the due date for filing annual return by composition dealers for 2019-20 till 31 August 2020.
The Central Board of Indirect Taxes and Customs (CBIC) issued a notification, extending the deadline for filing GSTR-4 annual returns for 2019-20 by composition dealers from July 15 to August 31. Read More
Alcohol based Sanitizers to attract GST at 18%
Amid the ongoing debate over goods and services tax (GST) rate on hand sanitizers, the Goa bench of the GST Authority of Advance Ruling (AAR) has held that the alcohol-based hygiene product will attract 18 per cent GST. It added that its classification as an essential commodity cannot be a criteria for exemption from GST. Read More
Ministry of Corporate Affairs (MCA)
Companies (Ind AS) Amendment Rules , 2020 by the MCA
The Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Amendment Rules, 2020. The Rules seek to amend the Companies (Indian Accounting Standards) Rules, 2015. Read More
Implementation of Indian Accounting standards for NBFC and Asset reconstruction companies.
As per Notification No . DOR (NBFC).CC.PD.No.116/22.10.106/2020-21, there are certain clarifications regarding NBFC and asset reconstruction companies implementing Indian Accounting standards. Read More
