Neha M Jain & Co.

30/09/2020

21/09/2020

The Companies Amendment) Bill,2020

19/09/2020

Direct Taxes
High lights of the RACP Bill 2020 introduced in Lok Sabha.(Bill no- 116 of 2020)

1) ITR filing for AY 2019-20 is to be extended from 30th Sep to 31-3-2021.
2) ITR filing for AY 2020-21 is to be extended from 30th Nov. to 31-3-2021.
3) Filing of audit reports under any provision for AY 2020-21 is to be extended from 31st Oct to 31-3-2021.
4) TDS/TCS returns for Feb & March-20 and Q 4 for March 20 (as the case)under all sub sections are to be extended to31-3-2021.
5) Furnishing of certificate u/s 192 is to be extended from 15th Aug to 31-3-2021.
6) Sections 54 to 54GB
a)The time limit for completion or compliance is to be extended from 29th Sep to 31-12-2021.
b) For making such completion or compliance is to be extended from 30th Sep to
31-3-2021.
7) Chapter - VI A under heading B -
a) The time limit for completion or compliance is to be extended from 30th July to 31-12-2020,
b) For making such completion or compliance the date is to be extended from 31st July to 31-3-2021.
😎 Vivad se vishvas act-20
a) Time limit to be extended from 30th Dec 20 to 31-12-2020.
b) For completion or compliance is to be extended from 31-12-2020 to 31-3-2021.
9) No extension of payment of taxes.
10) Interest rate for late payment of taxes 3/4% pm or part of there of.( Only if tax payable is above Rs.1 lac)
11) No penalty will be levied & No prosecution shall be sanctioned for the delay period for payment of taxes.
Explanation- The period of delay means the period between the due date and the time of payment.
12) The new provisions for charitable trusts for reregistration etc Approval
u/s 10(23)(C),
Re registration u/s 12A/ 12AA and 80G is proposed to come in to force from 01-04-2021 from earlier extended date of 1-10-2020.
Plus
There are other amendments are also proposed in Income tax Act.

16/09/2020

TCS Rate 0.1% (0.075% till 31.03.2021) on Sales after crossing 50 Lakh means No TCS on First 50 Lakh. TCS to be deposited on receipt basis i.e. after payment received from buyer. No TCS in case of Exports, Sales to Governments, Local Authority. TCS Rate will be 1% if buyer don’t provide PAN or Aadhar.

16/09/2020

TCS on Goods Sold u/s 206C (1H) w.e.f 1st October 2020: Applicable if Turnover is more than 10 Crore last year. Seller to Collect TCS from Buyer on Sales exceeding Rs. 50 Lakhs in year. Sale of Goods covered only. No TCS on Sale of Services.

11/09/2020

Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above Rs. 7 lakh, will attract a TCS beginning 1 October unless you are making the remittance from income that is already TDS. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances, the tax will kick in only for the amount spent above Rs. 7 lakh. For education-related foreign remittances funded by loans, though, the tax will be just 0.5% for the amount above Rs. 7 lakh, considering many Indian students take loans to pursue education abroad...

09/09/2020

Kindly Note : Carefully....

08/09/2020

MCA Update

AGM due date for the F.Y. ended 31-03-2020 has been extended till 31-12-2020 for all companies.

Regards
CA Neha Jain