FAQ 1. Whether the financial year is changed to June 2020 closing? a) No, the financial year closure is not extended. Only the date of compliance which were required by 31stMarch 2020 either by the taxpayers or by the tax authorities has been deferred till...
1. Income tax: · Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020.· Aadhaar-PAN linking date to be extended from 31st March, 2020 to 30th June, 2020.· Vivad se Vis...
It is a common practice followed by many companies, particularly by private limited companies, to register the motor cars purchased by them under the Motor Vehicles Act in the name of their directors and treat the same as its own asset in the books of account. Since the company finances the purchase of these motor cars and uses it for the purp...
The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: Existing MSME Classification · For Enterprises engaged in the manufacture or production, process...
Presentation made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 dated on 13.05.2020 for Business including MSMEs- Part-1 Pradhan Mantri Garib Kalyan Package Rs. 1.70 Lakh Crore relief package under Pradhan Mantri...
Presentation made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 dated on 14.05.2020 for Poor, including migrants and farmers - Part-2 Direct Support to Farmers & Rural Economy provided post COVID...
Presentation made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 dated on 15.05.2020 for Agriculture - Part-3 Agriculture: Additional Steps during COVID · &nb...
Presentation made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 dated on 16.05.2020 for New Horizons of Growth - Part-4 Policy Reforms to fast-track Investment – Effort towards Atmanirbhar Bharat...
Presentation made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 dated on 17.05.2020 for Government Reforms and Enablers - Part-5 Health Related Steps taken so far for COVID conta...
Benefits of MSME Registration In IndiaThe Indian government has always been in favor of providing benefits to Micro, small and medium enterprises (MSMEs). There are many advantages of obtaining MSME registration in India, which can be only availed if the business had registered itself as an MSME/SSI under MSME Act. The following are a few advan...
· Registered person with aggregate turnover upto INR 5 Crores during preceding year- Need to mention HSN Code of minimum 4 digits.· Registered person with aggregate turnover of more than INR 5 Crores during preceding year- Need to mention HSN Code of minimum 6 d...
1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the se...
Section 206 C (1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time...
Applicability of Section 206AA and 206CCA Date of Applicability- This provision will be applicable with effect from 1st July 2021. The new 206AB and Section 206CCA has been inserted after Section 206AA and Section 206CC respectively of the Act which provides for the higher rate of TDS/TCS for non-furnishing of PAN (P...
· Income tax user id & password.· Form 16 Part A & Part B.· All bank Statement/Passbook for the period of 01/04/2022 to 31/03/2023 for interest on a savings account.· In...
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