Deepak Goyal & Associates

14/05/2020

Dear friends,

* points of the of Honorable :*

👉 *Six major steps for *
1. Collateral Free Loan to MSME. No guarantee required. Period 4 Years. No principal repayment for 1 year.
2. Stressed MSME: Subordinate 20,000 crore
3. MSME doing viable business: 50,000 cr. equity infusion for expansion
4. Definition of MSME changed:
a. Micro: Limit revised upward Investment upto 1 cr. or upto 5 cr.
b. Small: Limit revised upward Investment upto 10 cr. or Turnover upto 50 cr.
c. Medium: Limit revised upward Investment upto 20 cr. or Turnover upto 100 cr.
d. No difference in manufacturing and service sector for Micro Enterprises
5. Tenders: Global tenders will be disallowed upto 200 cr.
6. E linkage for MSME. Within next 45 days all payments will be made to MSME.
👉 EPF: For June, July and August will be paid by Government (72,22,000 employees will be benefitted). Total Rs. 2500 benefit cr.
👉 EPF: Statutory PF deposit limit reduced from 12% to 10% for next 3 months. (6,750 cr.) (except CG and PSU’s)
👉*NBFC, HFC & MFI*; Rs. 30,000 cr. Special liquidity scheme
👉Partial credit guarantee scheme for NBFC: Rs. 45,000 cr scheme. Govt. of India will be guarantor. 20% will be borne by GOI.
👉 *Discom:* Liquidity crisis. Rs. 90,000 cr. infused for improving Liquidity crises. This amount will be paid by PFC and REC.
👉 *Contractors:* Extension upto 6 months to comply with contract conditions.
👉 *Real Estate:* Coviid 19, an event of 'Force Majeure'. Registration and Completion extended for 6 months for all projects expiring o or after 25.03.2020
👉 *Direct tax:*
- TDS rates reduced by 25% of existing rates from tomorrow to 31.03.2021(Non salaried to residents and TCS) Payment for - VSVS extending upto 31.12.2020. pay without any additional amount.
- Pending refunds of charitable trusts, non corporate business, proprietorship, partnership, LLP and society will be issued immediately.
- *Due dates of IT return for FY 2019-20*
Earlier 31.07.2020 & 31.10.2020 Now 30.11.2020
Tax Audit due date: Earlier 30.09.2020 Now 31.10.2020
- *Date of assessment extended*
From those barring on 30.09.2020 to 31.12.2020
From those barring on 31.12.2021 to 30.09.2021

Hope you will find useful.

Warm regards

26/10/2019

This , may you be blessed with good fortune as long as Ganeshji’s trunk, and as big as his stomach, as sweet as his laddoos and may your trouble be as small as his mouse.

Happy Diwali

Deepak Goyal

05/08/2019

05/07/2019

*Budget 2019 Highlights*

1. Upto 1 Crore loan to MSME in 59 minutes.

2. Propose to set up National Research Foundation (NRF).

3. Issuance of Aadhaar for NRI’s with Indian Passport.

4. Again this time Thanks to Tax Payers by FM.

5. Direct tax revenue increased to 11.37 lakh crores in 2018 from 6.38 crore in 2013-14.

6. Tax Rate of 25% on Companies with T/o of upto Rs. 400 crores. 99.3 % companies will cover under this.

7. GST rate reduced on electric vehicle from 12% to 5%.

8. Additional Income tax deduction of Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.

9. Additional deduction of Rs. 1.5 lakh for interest on housing loans borrowed for housing

10. Interchangeability of PAN and Aadhaar for Income Tax Returns.

11. E-assessment under Income Tax.

12. TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account in a year.

13. No charges for customer on Digital payment.

14. Automated GST refund system will soon launched.

15. Custom duty increased on Auto Parts and CCTV’s.

05/07/2019

UNION BUDGET 2019 Direct Tax Highlights

- 25% corporate tax rate for companies having turnover upto 400 crores
- Section 35AD tax exemption for manufacturers of batteries
- Additional exemption of 1.5 lakhs on interest paid on loan taken for purchase of electric vehicles
- To resolve angel tax issue, startups that file declaration will not be subjected to scrutiny in valuation
- *Return can now be filed using Aadhar Card for those not having PAN card*
- Tax notices to be sent online only without disclosing name and designation of Assessing Officer
- Additional deduction of 1.5 lakhs on interest on money borrowed till 31.03.2020 for purchase of residential property of upto 45 lakhs
- TDS introduced at the rate of 2% on cash withdrawal of more than 1 crore in a year
- Rate of surcharge to increase by 3% for annual taxable income from 2 to 5 crores and by 7% for annual taxable income above 5 crores
- Securities Transaction Tax to be restricted to difference between settlement and strike price of options
- Increase in period of exemption of capital gains from sale of residential houses for investment in startups upto March 2021
- *Provision of No tax upto income of 5 lakhs introduced in interim budget to continue*

03/07/2019

* regarding and Reconciliation Statement via Release, of , 03rd July 2019*

points:-

📍Role of CA is made clear. It is confined only to reconciliation of GSTR 9 and books and nothing beyond books.

📍 reco - Details of expenses on which has been availed need to be given.

📍 for is to be reckoned from July 2017 to March 2018 and not for full financial year.

📍Table 8 is only for settlement purpose and will not be reckoned adversely.

📍Table 16A (Information on supplies from composite suppliers) and 18 (HSN summary of inward supplies) also for informative purpose only.

01/02/2019

* Limit is not raised for FY 2019-20*

All those who are misunderstanding that government has raised the Basic Exemption slab to Rs.5,00000 for everyone .
THIS IS NOT SO.

THEY HAVEN’T CHANGED THE BASIC EXEMPTION LIMIT .
They have just made changes in sec 87A i.e. Rebate which was earlier available for Assessee’s whose Total was up to Rs.350,000 is now raised to Rs.500,000 and amount of Rebate is raised from Rs.2500 to Rs.12,500.

IMPLICATIONS OF AFOREMENTIONED AMENDMENTS:
Assessee’s whose total income is above Rs.500,000 will not get any tax advantage. Infact they will be governed by existing slab rates of Rs.250,000 and so on.

01/02/2019

OF 2019

*Tax*
1. Within 2 years, assessment will be done electronically
2. returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central .
4. duty has abolished from 36 Capital Goods
5. Recommendations to council for reducing GST rates for home buyers
6. *Full Tax rebate upto 5 lakh annual income after all deductions.*
7. Standard has increase from 40000 to 50000
8. on tax on second self-occupied house
9. Ceiling Limit of u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of u/s 194I has increased from 180000 to 240000
11. tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. u/s 80IB has increased to one more year i.e. 2020
13. has given to unsold inventory has increased to one year to two years.
*Other Areas*
14. share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs seats will increase for the reservation of 10%
17. 60000 crores for
18. 1.7 Lakh crore to ensure food for all
19. 22nd has to be opened in Haryana
20. Approval has to be given to Yojana
21. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free limit increase to 20 Lakhs from 10 Lakhs
26. will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28. Our delivered 6 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of India film makers.

01/02/2019

No tax upto total taxable Income of 5Lakh is in the form of rebate under section 87A which means *It will be available to only those Individuals whose Total Taxable Income is less than or equal to 5Lakh (after availing all available deductions).*

*There is no change in Tax slabs and there is no exemption to those Individuals whose total Taxable Income (after all deductions) is more than 5Lakh.*

31/01/2019

u/s 9(4)* i.e. on purchases from unregistered persons will be applicable *from 1st of February, 2019* on the categories of persons.

However *no * has been issued in this regard so *no * as of now.

31/01/2019

Now all invoices declared in E-Way Bill system can directly be imported into Form GSTR-1. Therefore, no need to punch all Invoices in GSTR-1.

Only those invoices will be punched, for which no Eway Bill has been generated.

24/01/2019

*Now you can amend invoices, Debit and Credit notes of FY 2017-18 in GST Portal*

Giving effect to the *Order No. 2/2018 - Central Tax* - Seeks to extend the due date for availing ITC on the invoices or debit notes relating to such invoices issued during the FY 2017-18

*GST Portal enabled Option to amend Invoices, Debit and Credit notes pertaining to FY 2017-18 from January 2019 GSTR1*

*Order PDF*