CA Pankaj Kumar Mishra

Bank Sanctions Against the Economic Package Recently Announced

On May 12, the Prime Minister, Mr. Narendra Modi, announced a special economic package of Rs 20 lakh crore (equivalent to 10% of India’s GDP) with the aim of making the country independent against the tough competition in the global supply chain and to help in empowering the poor, labourers, migrants who have been adversely …

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Withdrawing cash and not filing ITR? Now pay TDS u/s 194N on cash withdrawals above Rs 20 lakh:

The Income Tax Department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates on cash withdrawals above Rs 20 lakh in case of a non-filer and above Rs 1 crore in case of a filer of the income tax return (ITR). So far, more than …

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RBI ANNOUNCEMENTS AND ITS IMPACT ON BORROWER,DEPOSITORS AND BUSINESS STAKEHOLDERS 5 THINGS TO KNOW

RBI ANNOUNCEMENTS AND ITS IMPACT ON BORROWER, DEPOSITIRS AND BUSINESSS STAKEHOLDERS 5 things to know:The Monetary Policy Committee ( MPC) of the Reserve Bank of India (RBI) in an off-cycle meeting decided to cut the repo rate by 40 basis points (bps) to 4 per cent while the reverse repo rate was reduced simultaneously to 3.35 …

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GST:- Due date for filing of GST Annual Returns and Reconcilitions ( GSTR9 and GSR9C) for the Finanncial Year 2018-19 Extended September 30,2020 and E-way Bill Extension.

With a View to provide relief to Business segments from the compliance burden and Goods & Services Tax (GST) assesses can breathe easy on the compliance front, The Finance Ministry has Brought in the following changes 1.Annual Returns Extended the date for filing annual return for financial year 2018-19 till September 30. In one notification, …

GST:- Due date for filing of GST Annual Returns and Reconcilitions ( GSTR9 and GSR9C) for the Finanncial Year 2018-19 Extended September 30,2020 and E-way Bill Extension. Read More »

GST:- Govt Allows Businesses to Verify monthly GST Return Through EVC

With requirement of digital signature delaying monthly GST return filings and tax payment, the government has allowed businesses to verify the return through EVC till June 30. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from the April 21, 2020 to June 30, 2020, …

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CBDT Prescribes Two-years window to resolve Disputes Through MAP ( Mutual Agreement Procedures)

To Provide Speedy dispute resolution for investors, the Central Board of Direct Taxes (CBDT) has modified the norms for Mutual Agreement Procedures (MAP) by prescribing two years as the average time-frame for resolving cases. What is MAP?MAP is aimed at bringing in certainty via an alternative dispute resolution mechanism. It forms part of a tax …

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Trust Complainces As per Income Tax Act :-

1.Introdcution: Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, exemption under section 11. The term religious purpose is not defined under the Income-Tax Act. However, Section 2(15) of the Act defines “charitable purpose” to include relief of the poor, …

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Active Company Tagging Identities and Verification (Amendment In Companies Act)

URGENT(1) Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019.Provided that any company which has not filed its due financial statements under section 137 or due annual returns under section …

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