GARG C AND CO. (CA FIRM)

01/02/2025

Key Tax Proposals in Budget 2025-26

1. Revised Income Tax Slabs under the New Regime:

o ₹0 – ₹4 lakh → Nil
o ₹4 – ₹8 lakh → 5%
o ₹8 – ₹12 lakh → 10%
o ₹12 – ₹16 lakh → 15%
o ₹16 – ₹20 lakh → 20%
o ₹20 – ₹24 lakh → 25%
o Above ₹24 lakh → 30%

01/02/2025

WOFA (ICAI) 2025

17/03/2022

26/01/2022

01/05/2021

Covid relaxation in GST Compliance

1. No late fees for filing 3b of Mar/April 3b upto 15 days and 30 days from original due date for taxpayer with turnover more than 5 cr and upto 5 crore respectively. For quarter ending 31st mar, no late fees if 3b filed by 30 days from original due date

2. GSTR-4 due date extended to 31st May

3. ITC-04 due date extended to 31st May for Jan-Mar quarter

4. GSTR-1 due daye for April'21 extended to 26th May and IFF due date extended to 28th May.

5. Timeline for all other proceedings, asset order etc. Whose last date of completion falls between 15th April to 30th May is extended to 31st May

6. Relaxation in Interest rate for Mar and April returns

As Recived

28/02/2021

Press Note regarding extension of due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 to March 31, 2021.

24/10/2020

Extension of due dates for Annual return for 2018-19

10/06/2020

*GST UPDATE:*
*Clarification in respect of levy of GST on Director’s remuneration*

✴Independent Directors terms of section 149(6) of the Companies Act, 2013:
✅The said Director is not an employee
✅RCM is Applicable and Taxable

✴Director not an employee of the company (including Non Whole Time Director):
✅The said director not an employee
✅RCM is Applicable and Taxable

✴Director who is an employee of the company (including Whole Time Director in employment)
✅The said director an employee
✅RCM NOT Applicable and No Supply

✴Whole Time Director not in employment of the company (Illogical to certain extent)
✅The said Director is not an employee
✅RCM is Applicable and Taxable

✴Managing Director (Who is an employee)
✅The said director an employee
✅RCM NOT Applicable and No Supply

*NOTE:*
🌟“contract of service” or “contract for service” is an important element to be ascertained for an employee director.

🌟contractual relationship of master and servant

🌟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:
TO BE TREATED AS SALARIES (SCHEDULE III) AND NO RCM

🌟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 (Fees for professional or Technical Services):
TO BE TREATED AS TAXABLE AND RCM APPLICABLE

🌟Company, is liable to discharge the applicable GST on it on reverse charge basis.

13/05/2020

Economic stimulus package

21/04/2020

*Good News for GST Taxpayers*

Form PMT - 09 is available on GST portal. Now, taxpayer can transfer the cash balance available under one head to another head of tax i.e. from CGST to SGST or interest or penalty or vice versa which means GST deposited under wrong head can be corrected.