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Adhaar Authentication process rolled in for GST Registration

ADHAAR AUTHENTICATION PROCESS The Unique Identification Authority of India (UIDAI) is a statutory body established under the provisions of Adhaar. UIDAI was created with the purpose of issuing Unique Identification numbers (UDN). Under the Adhaar Act, 2016 UIDAI is responsible for Adhaar enrollment and Authentication. Section 95 of the Finance Act Inserted Section 25(6A) to … Read more

Detailed procedure to file ITR-2 (online)

STEPS TO FILE ITR-2 FOR THE A.Y 2020-2021 In the view of Difficulties faced by the taxpayers due to COVID-19 pandemic situation, the Government vides Income Tax notification dated 24 June 2020, has extended the deadline for filing return of income for A.Y. 2020-21 from the original due date of 31st July 2020  to 30th November 2020.   … Read more

Section 44ADA: Presumptive Taxation Scheme for Professionals

SECTION 44ADA- PRESUMPTIVE TAXATION SCHEME FOR PROFESSIONALS Section 44ADA was inserted after Section 44AD of Income Tax Act, 1961 with the effect from the financial year 2016-2017. This section provides special provisions for computing profits and gains of profession on a presumptive basis. The Presumptive Taxation Scheme is inserted to give relaxation to all small … Read more

Extension of AGM by Filing GNL-1 for the year 2020

ANNUAL GENERAL MEETING EXTENSION EXTENSION FOR THE YEAR 2020 Ministry of Corporate Affairs has issued a circular 28/2020 dated 17th August 2020 about the extension of holding AGM for the companies completing their financial year 31st March 2020. The Circular states that old provision for the application of GNL-1 for extension of AGM. Ministry of … Read more

GST DEADLINES THAT ENDS ON 31ST AUGUST 2020

DEADLINES THAT ENDS ON 31ST AUGUST 2020 Due to COVID-19, considering the difficulties the Government has given relaxation to the taxpayers the due dates of GST returns have been extended. Many GST compliance deadlines ends on 31st August 2020. This article is a reminder for the taxpayers to file their GST returns before 31st August … Read more

NOTIFICATIONS AND CIRCULARS ISSUED BY CBDT

DIRECT TAXES UPDATES: One time relaxations for verification: In case of returns for the Assessment Years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which were uploaded electronically by the taxpayer within the time allowed under section 139 of the Income-tax Act, 1961 and which have remained incomplete due to non-submission of ITR-V Form for verification, CBDT … Read more

Pay Advance Tax to avoid penalty

PAY ADVANCE INCOME TAX TO AVOID PENALTY By Taxpayer discharging their Income Tax liability, the government believes that they can simultaneously earn and pay tax. This can be done by two modes i.e collection and deduction of tax at source in most cases like salary, interest, rental, brokerage, commission, and professional fees. Taxpayers who have not … Read more

Registration and benefits of GEM: For Startups and MSMEs

  Government E-marketplace – GeM Government e-marketplace primarily known as GeM is an initiative taken by the government of India on 9th August 2016 to run its own e-marketplace. It is a one-stop solution for all Central Government and State Government Ministries, Departments, Public Sector Units (PSUs) and affiliated bodies to facilitate easy procurement of … Read more