As per the provisions of the Indian Income tax law, Tax Deducted at Source (TDS) on payments/credits made during the month of March, needs to be deposited latest by 30 April. In wake of Covid-19, Indian government issued an ordinance on 31st March 2020, giving relief to tax payers from various tax compliances, adherence of…
Author: AKGVG & Associates
Synopsis Of Proposed Changes In GST Act
Addressingto challenges faced by taxpayers, FINMIN has proposed some changes in GST provisions through Finance Bill,2020 which majorly relates to restrictions in respect of availment of input tax credit (referred to as ‘ITC’) and cancellation of voluntary registration. To make headway against refinement of GST Act, following are amendments proposed in finance bill 2020: Entry…
Changes in Income tax Act proposed in Finance Bill, 2020
The Union Finance Minister Nirmala Sitharaman delivered budget speech breaking all previous records w.r.t. time. The budget speech began with a homage to late Mr Arun Jaitley with emphasis on Sabka Saath, Sabka Vikas, Sabka Vishwas. Synopsis of budget proposals in direct tax has been categorized here under: Direct tax rate card: New tax scheme…
IND AS 116 – LEASES
The Ministry of Corporate Affairs (MCA) has notified Ind AS 116, the new Indian Accounting Standard on Leases as on 30th March 2019. This Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. This amendment is effective from on 1st April 2019. Ind AS Definition: Ind AS-116 defines a lease as a contract, or part of a…
Tax On Non-Monetary Perquisites
As a normal practice, it is the employee who bears the tax on the salary earned by it, while the employer withholds such tax on salary and deposits it with income tax authorities. However, sometimes employees move across borders and work in different tax jurisdictions. In such a situation, it is a global practice for…
Sabka Vishwas Legacy Dispute Resolution Scheme
Introduction In theUnion Budget 2019-20, the Honourable Finance Minister Shrimati Nirmala Sitharaman announced the Sabka VishwasLegacy Dispute Resolution (SVLDR) Scheme, 2019, a one-time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration. The scheme provides…
Synopsis of Taxation Laws (Amendment) Ordinance, 2019
The Taxation Laws (Amendment) Ordinance, 2019 was promulgated by President on 20.09. 2019 which has amended the Income Tax Act, 1961, and the Finance (No. 2) Act, 2019. Compendium of major propositions: Income tax rate for domestic companies: Particular Old Tax rate New Tax rate (optional) Domestic companies with annual turnover of up to Rs…
New GST Return Format
1.1 Applicability: Major outcome of the 31st Council meet was to introduce new return system under GST. New return system will contain simplified return forms, for ease of filing. An insight of the new tool was provided in May 2019 with a prototype of the offline tool being shared on the GST Portal. The Ministry…
Internal Control Over Financial Reporting
INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR) can be defined as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. IFCR is mandatory for unlisted companies where a. Turnover is >= Rs. 50 Cr. and b….
SIGNIFICANT BENEFICIAL OWNERSHIP “SBO”
Ministry of Corporate Affairs (MCA) has always been vigilant in curbing black money and round tripping of funds. A current measure to unearth the information, MCA has redrafted the provisions of Section 90 of the Companies Act 2013 to disclose ultimate individual beneficial shareholder of a company in order to reveal legitimate individual owner hiding behind the veils…
