N D Bansal and Company

31/03/2024

Hiring for Articles N D Bansal & Co.

Requirement of two Article Trainee.
Send your resume to [email protected]
First year – 7000
Second year – 9000
Third year – 12000

11/03/2022

27/06/2020

*Most awaited update on MSME*
Ministry of Micro, Small and Medium Enterprises vide notification dated 26th June, 2020 has issued new guidelines for existing MSMEs and the upcoming MSMEs.

Some highlights are as follows:-

1. *All existing enterprises registered under Udyog Aadhar Memorandum shall register again on or after 01.07.2020.*
2. Registration will be called *Udyam Registration*;
3.Classification of Enterprises;
4. Turnover Calculation;
5. Investment calculation; 6. Registration Process for new enterprises; 7. Registration for existing enterprises; 8. Facilitation and Grivevance redressal of Enterprises. 9. Information of Turnover will be linked to IT Act or CGST Act and GSTIN; 10. Effective date will be 01.07.2020

For more info, please read at:-

24/06/2020

CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

21/06/2020

It’s a great pleasure to inform that the much desired wish of most of the members and students... the website of ICAI has been revamped

Please visit the new website - www.icai.org to experience the new look, feel and content display.

The New Website is developed as per Industry Best Practices for the benefit of all Members, Students and Other Stakeholders. Some new features of the Website worth a visit include:

•New Home Page
• ICAI Wall for all Portals & Websites of ICAI
• Committees of ICAI
• Photo Gallery
• Quick Links which also contain links to other important websites.
http://www.icai.org

ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. ###VIII of 1949)

12/06/2020

Key Decision's taken by GST Council in the 40th Council Meeting: -

1) Late fee for GSTR-3B for the period July 2017 to January 2020
- If NIL Liability: - no late fees
- If any liability: - Maximum late fees capped to Rs 500 per return
(GSTR-3B for the period to be filed between July 2020 to September 2020 to avail this benefit)

2) Relief on late filing of GSTR-3B for taxpayers where aggregate turnover is up to Rs 5 Crore
- For Feb, Mar & Apr 2020 - Interest would be applicable @ 9%
- For May, June & July 2020 - No late fee and no interest would be levied
(Provided that GSTR-3B are filed for Feb to July 20 up to Sep-20)

3) Revocation of Cancelled Registration
- Registrations cancelled up to 12-June-2020
- Application can be filed up to 30-Sep-20 to restore registration

4) GST Council will be meeting again in July-20 to discuss on Compensation Cess

5) Inverted Duty Structure - To rationalize GST rates and correct inversion, the decision has been postponed and will be discussed in the next council meeting.

11/06/2020

Much awaited Clarification in respect of levy of GST on Director’s RemunerationCircular No: 140/10/2020 - GST dated 10.06.2020It 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.

11/06/2020

CBIC clarifies refund of accumulated ITC in respect of imports, ISD invoices, RCM etc for which invoices are not reflected in GSTR-2A shall not be restricted in terms of para 5 of Circular 135/05/2020-GST, the restriction applies only in respect of invoices not uploaded in GSTR-1.

01/06/2020

Copied

01/06/2020

Some of the new disclosures asked in the new ITR forms 1to7 are:

1. _*House ownership*_: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.

2. _*Passport*_: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.

3. _*Cash deposit*_: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.

4. *_Foreign travel_*: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.

5. *_Electricity_* consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.

6. *_Investment details_*: Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.

For every assessment year, the last date for filing tax returns is July 31, However, this year *ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19*

Regards
N D Bansal & Co.
https://www.facebook.com/N-D-Bansal-and-Company-112949517073785/

Financial service

28/05/2020

🔔*GST Portal Update:*

EVC option has been activated for *GSTR-1 return.*

Now, we can also file GSTR-1 along with GSTR-3B with EVC option in the case of companies also.