e-Invoicing will be implemented soon, especially for large scale Businesses from October 2020. A test run for the e-Invoicing Portal- Invoice Registration Portal has already begun in Karnataka. Understand what e-Invoicing really is, how it is going to affect the workflow of your Business & how to register on the IRP. Some of […]
Rates of TDS applicable for Financial Year 2020-21 Assessment Year 2021-22 w.e.f 14th May 2020 Nature of Payment Basic Cut off (Rs.) Individuals /Company and others New Rate %) Individuals /Company and others (Old Rate %) If No Pan or Invalid PAN (Rate %) 192 – Salaries Slab Rate Slab Rates Slab Rates 22.5% 192A- […]
GST Return filing date extended, relief from late fee, penalties Act / Law Particulars/ Return Actual Due Date Extended due date Remarks 1 GSTR3B (Turnover less than 1.50 crores) Feb Month return 20th of subsequent 30th June, 2020 Both Interest and Late fee waived only if filed before the extended due date March Month return […]
Blocking of e-Way Bill system-Consequences of Non-compliance with GST e-Way Bills under GST for Goods transportation The Government of India mandated the e way bill generation System from April 2018. e-Way Bill was made a mandatory document to be carried while inter & intra-state movement of Goods worth Rs. 50,000 or more. The vehicles at […]
Changes in the interest rate and Penalty waive off late fee for the taxpayers: CBIC has issued Notifications on dated 3rd April, 2020 S. No. Forms Class of registered Person Rate of Interest Late fee Tax period Condition 1 FORM GSTR-3B Taxpayers having an aggregate turnover of more than INR 5 crores in the preceeding […]
Section 194N – TDS on Cash withdrawal of more than 1 crore Meta Description: Finance Minister Nirmala Sitharaman delivered her maiden Union Budget on 5th July, 2019. It included a Section 194N where tax would be deducted for withdrawals exceeding ₹1 crore. Since assuming office as the Minister of Finance and Corporate Affairs on 30th […]