A dividend is a share of profit given by a company to its shareholders out of current or accumulated profits. Section 115-O of the Income Tax Act 1961, provides that, In addition to the income-tax chargeable in respect of the…
ITC Statement Form GSTR-2B has been made available on GST Portal for the taxpayers. The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system…
Now, Businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay…
Today on 13th August 2020, Prime Minister Shri Narendra Modi launched the platform for “Transparent Taxation – Honoring the Honest”. PM Modi said, “The new platform launched has major reforms like Faceless Assessment, Faceless Appeal and Taxpayers Charter. Faceless Assessment…
The Composition Taxpayers can now prepare the Form GSTR-4 (Annual) using the offline utility for FY19-20. An EXCEL based offline utility (tool) has been provided on the GST portal for composition taxpayers to prepare their GSTR-4 (Annual) Return. Form GSTR-4…
In India every year, every company (listed/Non-listed or Indian/Foreign) is required to submit RBI due diligence report for the Previous Financial year to all the bankers with whom the company is having banking limits (Such as working capital loan, short…
The Sovereign Gold Bond (SGB) scheme 2020-21- Series V, issued by RBI is open for subscription from 03 Aug 2020 to 07 Aug 2020. The issue price of Series V has been fixed at Rs 5,334 per gram of gold,…
Ministry of Finance has issued a press release that states that IT Department is working very fast to complete all Faceless e-Assessments by mid-September. The IT Department in October 2019 rolled out the faceless e-assessment scheme that eliminates physical interface…
CBDT has extended the due date for filing of ITR (Income Tax Returns) for FY 2018-19 (AY 2019-20) by 2 months i.e. from 31st July 2020 to 30th September 2020, vide Notification in S.O. 2512 (E) dated 29th July 2020.…
All the countries in the world have adopted key economic policy measures to fight against COVID-19 & limit the impact of Coronavirus pandemic. Below are the details of key Economic measures adopted by the top 10 countries by GDP. 1.…
