Charan Dass & Co.

01/02/2020

Some more budget highlights:-

Taxpayer charter to be instituted in the charter, a part of our statutes, we remain committed to take measures to ensure citizens are free of tax harassment.

Companies Act will be amended to abolish 'criminal liability' for 'civil offences'.

A National Recruitment Agency will be set up. It will conduct a common entrance test for non-gazetted positions in the government and public-sector enterprises.

100 more airports to be developed by 2024.

Introducion of more Tejas-like trains.

Large solar power capacity to be set up alongside rail tracks, on land owned by Railways

Government to come up new education policy soon.

01/02/2020

Dividend Distribution Tax to be removed, companies will not be required to pay DDT; dividend to be taxed only at the hands of recipients, at applicable rates

01/02/2020

Turnover threshold for audit of MSMEs to be increased from 1 crore to 5 crore rupees, to those businesses which carry out less than 5% of their business in cash

- FM

01/02/2020

Option to be provided to cooperative societies to be taxed at 22% + 10% surcharge and 4% cess, with no exemptions or deductions; to be exempted also from Minimum Alternative Tax: FM

01/02/2020

An alternate Personal Income Tax Regime in

10%: Rs 5 – 7.5 lakh (Versus 20%)
15%: Rs 7.5 – 10 lakh (Versus 20%)
20%: Rs 10 – 12.5 lakh (Versus 30%)
25%: Rs 12.5 – 15 lakh (Versus 30%)
30%: Above Rs 15 lakh (Versus 30%)
No exemptions.

OR

the old slabs as usual.

31/01/2020

Tweet by CBIC:

Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided to extend the due dates in a staggered manner for different groups of States to 3rd, 5th and 7th February 2020 as under. Notifications will follow.

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

Notifications will follow.

18/12/2019

Due date for filing GSTR-9 and 9C for the year 2017-18 to be extended to 31st January,2020 as per the recommendations of 38th GST Council meeting.

09/12/2019

CBIC enables RESET option for GSTR-3B in GST Portal

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled RESET option for GSTR-3B in Goods and Services Tax ( GST ) Portal. This facility can be used in GST Portal where GST Return submitted but it is not filed.
GSTR-3B is a monthly return. All regular taxpayers need to file this return till March 2019. You can file your return on GST Portal. The Goods and Service Tax (GST) mandates the filing of GSTR 3B return even by those taxpayers with nil returns. It is a monthly self-declarationform that has to be filed by all taxpayers irrespective of the returns.

14/11/2019

07/11/2019

Electronic payment mandatory for businesses over Rs 50 crore from November 1: CBDT

The government has also prohibited banks and payment system providers from imposing any charge on transactions through electronic modes of payments
Government has asked businesses with turnover exceeding Rs 50 crore to mandatorily provide electronic modes of payment from November 1. To this end, a new provision, namely Section 269SU, has been inserted in the Income-tax Act, said Central Board of Direct Taxes in a statement on Friday.

The CBDT further said that another provision, Section 10A, has been added to Payment and Settlement Systems Act. The provision prohibits banks and payment system providers from imposing any charge on transactions through electronic modes of payments specified in Section 269SU of the Income-tax Act.

These new provisions will come into effect from November 1, 2019, the CBDT said. The Centre has invited applications from banks and system providers to include their payment systems under the list of prescribed modes of digital transaction under Section 269SU.

In her Budget speech earlier this year, Finance Minister Nirmala Sitharaman had proposed to add a section to the Income-tax Act directing business with an annual turnover over Rs 50 crore to provide low-cost electronic modes of payments. These include systems like BHIM UPI, UPI-QR Code, Aadhaar Pay, certain Debit cards, NEFT and RTGS.

For ensuring compliance, a suitable penalty provision is also proposed to be inserted in the Act, the Finance Minister had said. In line with this, the Finance (No 2) Act 2019 prescribes a penalty of Rs 5,000 for every day that an eligible entity fails to comply with Section 269SU.