Biz Bridge Consulting group

13/08/2020

Faceless Assessment and Taxpayers' Charter effective from today.
Faceless Appeal to be effective from 25th September 2020

Value of qualitative & technically sound professional will increase.

Previously before selecting professional firm, client use to see professional who has sound relation with department, which will now change.

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.*

24/03/2020

FM Nirmala Sitharaman Announcements today on Compliances (24.03.2020):

*1. INCOME TAX*
- Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020
- Interest Rate delayed payment reduced from 12% to 9%
- Delayed deposit of TDS interest rate 9% till 30.06.2020

*2. Due date extended to 30.06.2020*
- Aadhar- Pan Linking
- Vivad se Vishwas Scheme
- Sanction/Appeal/ Certificate/ Order/ Application etc including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June : All extended to 30th June

*3. GST*
- Last date of March, April and May of GST Return filing extended to 30.06.2020
- Companies less than 5 Crore : No late fees, interest, penalty
- Companies more than 5 Crore : No late fees, penalty; Interest leviable at 9%
- Composition Scheme Option avail upto 30.06

*4. Customs and Central Excise*
- Sabka Vishwas extended to 30.06.2020

- Customs Clearance will work 24*7 upto 30.06.2020

*5. MCA*
- Board meeting holding relaxed for 60 days for next 2 Quarters
- CARO Applicability postponed to FY 2020-21
- No violation even if Independent Director held no meeting
- Newly incorporated company - Commencement of business certificate : additional 6 months
- Resident Director requirement not violation
- Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested : till 30.4.2020 extended to 30.6.2020

*6. IBC*
- Default threshold increased from Rs. 1 lakh to Rs. 1 crore
- Section 7, 9, 10 may be suspended for 6 months

24/03/2020

1. FY 18-19 - return filing last date extended to 30.06.2020
2. Vivaad Se Vishwas Scheme extended to 30.06.2020 (without additional 10% of tax)
3. Interest rate at 9% for Late deposition of TDS till 30.06.2020
4. PAN Aadhar linking deadline now 30.06.2020
5. All notices / proceedings / filing dates till 31.03.2020 - gets extended to 30.06.2020

13/02/2020

New GST Returns Applicable from April 2020

01/02/2020

Impact of new slab rates on your Income.

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

Umang Thakkar & Co. established in the year 2013 is a professionally managed firm by Mr. Umang R.Thakkar who is C.A, C.S, M.com, LLB and NET Clear

31/01/2020

GSTR-9 and GSTR-9C for FY 2017-18 has been extended in a staggered manner for different groups of States to 3rd, 5th and 7th February 2020 as under.

Group 1: Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana, Andhra Pradesh, Other Territory - 3rd February 2020

Group 2: Jammu and Kashmir, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Gujarat- 5th February 2020

Group 3: Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Andaman & Nicobar Islands, Jharkhand, Odisha, Chhattisgarh, Dadra and Nagar Haveli and Daman and Diu, Lakshadweep, Madhya Pradesh, Uttar Pradesh- 7th February 2020

30/01/2020

*Due Date this week*

# *31.01.2020* is LAST DATE to pay *ICAI membership & COP Fees* for FY 2019-20 for all *CAs*.

# *31.01.2020* is the due date to file *TDS Return* (24Q, 26Q, 27Q) for *QIII of F.Y. 2019-20.*

# *01.02.2020* is the *due date to IMPLEMENT* mandatory payment facility through *“RUPAY, BHIM-UPI”* for businesses with turnover *more than INR 50 crores*.

*31.01.2020* is the due date to *file GSTR-9/9C* for F.Y. 2017-18.

# *31.01.2020* is the due date to file *GSTR-1* (turnover upto INR 1.50 crores) for *Q3 (2019-20)*.

Umang Thakkar & Co. established in the year 2013 is a professionally managed firm by Mr. Umang R.Thakkar who is C.A, C.S, M.com, LLB and NET Clear

29/10/2019

MCA Circular dated 29/10/2019: ROC Annual Filing * AOC-4 Date extended till 30-11-2019* and MGT-7 till 31-12-2019.

07/10/2019

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