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Belated ITR, tax-saving deadlines, and Aadhaar-PAN, Vivad se Vishwas, extended to June 30, 2020 . Various income tax officials associations, tax Consultants, Political Leaders, Normal Taxpayers, and chartered accountants, since Monday, have been asking the Central Board of Direct Taxes (CBDT) to extend these deadlines because of the lockdowns across various states. What is in the extensions:- All of these actions had to be completed by March 31 earlier. Amid curfews and lockdowns due to the Covid-19 pandemic, the government has decided to extend the deadline for settling tax disputes under the Vivad se Vishwaas scheme without paying any interest and penalty from March 31, 2020, to June 30, 2020. The extension of the deadline means that individuals can now settle their tax disputes by the new deadline without paying any penalty and interest. Pointwise Extensions:- Compliance deadlines for individuals to June 30, 2020. Linking Aadhaar with PAN, Making investme...

Finance Minister extends deadline for GST returns to June 30 from March 31 The FM made these announcements during her address to the media on measures to tackle the economic impact of coronavirus the last date for filing  GST  returns for March, April and May has been extended to June 30. The deadline for composition returns on GST has been also been extended to June 30, 2020. companies with less than Rs 5 crore turnover won't be charged interest or penalty for the late filing of GST. Bigger companies will have have to pay the interest amount at 9 percent for delayed filing of GST, but no late fee or penalty will be levied. The last date for opting for the compensation scheme has been extended to June 30, 2020.

Tax Treatment of Composite Rent- Composite rent  means when the landlord or owner of a property receives  rent  in respect of building let out including (1) Other assets as for example furniture, fixtures, plant, and machinery. (2) For other services provided in the building, for e.g. (I) Renting of building and provisions of other services In such a case composite rent includes rent of buildings and charges for different services (like lift, watchman, electricity supply, etc.). In this situation, composite rent is to be split up and the sum attributable to the use of property is to be assessed under the head “Income from house property” and charges for various services will be taxed under the head “Profits and gains of business or profession” or “Income from other sources” (II) Renting of building and other assets: In such a case, composite rent includes rent of building and rent of other assets. This situation can further be classified as follows: (a) L...

What is Nature Of Supply?? Nature of Supply  and Place of  supply  are two of the most important concepts under GST. Determination of  Nature of supply  is very important to determine whether a  supply  is inter-state or intra-state. CGST and SGST will be levied on intra-state  supply  while inter-state  supplies  will be charged to IGST. After the Above segregation one can determine the right taxes on the supply which is as follows: 1. if it is Inter-State Supply —— > Tax – IGST 2. if it is Intra-state Supply in GST which is —— > Tax —CGST and  SGST or UGST Therefore,  it becomes pertinent to decide whether supplies shall be treated as intra-State supplies or inter-State supplies. Also, this is necessary to determine because it will be a decisive factor for charging correct taxes, i.e. CGST and SGST/UTGST or IGST. The relevant provisions for determining inter-State and intra-State supplies are gover...

LLP Settlement Scheme 2020 For defaulting LLPs An LLP is a business arrangement whereby the liability held by each of the partners is limited by law. The LLP business vehicle is a legal entity having its existence independent from its partners where their rights and duties are determined in terms of the agreement between them, owing such flexibility in nature small enterprises preferred the LLPs. But large number of LLPs are not filing their statutory documents with the registrar in a timely manner due to which LLPs and their designated partners are liable for criminal prosecution and huge financial burden also imposed on them in the form of an additional fee and the LLPs cannot be closed till all compliances are completed. To overcome difficulty, the Government promulgated LLP Settlement Scheme 2020,   as a part of  ease of doing business  to give a Onetime relaxation in additional fees to the defaulting LLPs to make good their default by filing pending do...

Long-term  capital  loss can be  set off  only against long-term  capital  gains. Short-term  capital  loss can be  set off  against short-term or long-term  capital  gains. Such loss can be  carried forward for  8 (eight) assessment years immediately succeeding the assessment year  in  which the loss was first computed. A summary of provisions dealing with set off and carry forward of Capital Gains under the Income Tax Act are discussed below : Capital Gains are of two types:- 1) Short Term Capital Gains :- Short - term gains  are taxed as regular  income  according to tax brackets up to 37%, as of 2020.  Long - term gains  are subject to more-favorable rates of 0%, 15%, and 20%, also based on  income .  Short - term gains  result from selling property owned for  one  year or less. a) Sale of  listed  securities – Sold within 12 month...

Who Is Managing Director? A Managing Director is someone who is responsible for the daily operations of a company, organization, or corporate division. This position is a part of the executive management of a company that is responsible for the day to day management of the company. What is Managing Director under Companies Act, 2013? As per Section 2(54) of the Companies Act, 2013, a “Managing Director” means a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial powers of management of the affairs of the company and includes a director occupying the position of managing director, by whatever name called. In other words, the Managing Director is a person who is entrusted with substantial powers of management of the affairs of the company. This position falls under the definition of “Key Managerial Personnel” under the Companies Act...