B J S And Associates

Income Tax Section 206C [1H] Explained

Income Tax Section 206C [1H] Explained

Introduction of 206C(1H) in Income tax act for collection of Tax at Source (TCS) on Sale of Goods w.e.f. 01-10-2020 (Today) Applicability Persons whose turnover in preceding financial years exceeds 10 Crore,  On sale of goods exceeding 50 lakhs except  export or goods  Sale of goods which are already covered in other TCS Provisions (I.e. […]

Revised, Belated Income Tax Returns For FY 2018-19 Extended to September 30, 2020

The government has formally extended the date to file belated and revised income tax returns for the financial year 2018-19, to September 30, 2020 from the earlier date of July 31, 2020. The Central Board of Direct Taxes (CBDT) issued a notification to the effect dated July 29. Prior to this, the government had extended the deadline to file belated income tax return (ITR) for FY […]

Relaxation In The Time Limit in the Deadline to Verify ITR V

In notification on July 13, the Income Tax Department has allowed one-time relaxation to the taxpayers for such onetime relaxation for the taxpayers under the verification of tax-returns that are pending due to non-filling of the Form ITR-V. The relaxations have been given those pending due to the non-filling of the form of ITR-V Form and processing  […]

Tax Compliances for the Month of August 2020

The Business entity such as Proprietary Concerns/Partnership Firms/ LLP/ AOP/HUF/ Companies, etc. must follow various statutory compliances monthly/quarterly/half-yearly/annually. For the benefit of all and timely compliances related to various laws applicable to be followed for the month of August (July Commitments) are listed below:  Due Date Category Description  03-08-2020 GST Quarterly Return for taxpayers having an aggregate turnover up to Rs.1.5 Crore […]

Recent updates on Income Tax & GST for the month of June 2020

Changes in Form 26AS Change in sectionEarlier Form 26AS was issued under Section 203AA r.w. rule 31AB. Now 26AS will be issued under section 285BB r.w. rule 114I. Change in NameEarlier name was “Annual Tax statement” and now the name is “Annual Information statement” Information reflectedIn addition to the information of TDS/TCS of the assessee, […]

Fresh start for defaulting company / LLP

Fresh start for defaulting company / LLP

There is good news and golden opportunity for all Companies and LLPs to file all pending forms, Returns, Annual Accounts, statements including all pending Annual Returns pending for any number of years without additional fees or penalty or prosecution 1. Companies Fresh Strat Scheme, 2020 & LLP Settlement Scheme, 2020http://www.mca.gov.in/Ministry/pdf/Circular12_30032020.pdf – Companyhttp://www.mca.gov.in/Ministry/pdf/Circular13_30032020.pdf – LLP 2. MCA NEWS & IMPORTANT […]

Secretarial compliance

Secretarial compliance

1.     Form DPT-3 (Return of deposits or particulars of transaction not considered as deposit)2.     MSME Form I (Half yearly return on outstanding dues to micro or small enterprises suppliers)3.     Form DIR-3 KYC / DIR-3 KYC WEB (DIN KYC) Please note that due to COVID-19, Late filing fees will not be charged on these forms between 1st April, 2020 to 30th September 2020.  1. Form DPT-3: Return […]

Guide to registering your company as MSME

Guide to registering your company as MSME

Many benefits are given by Government to MSME. There are 6.3 crore MSME however only 1.3 crore are registered. Therefore, to enable smooth and quick MSME registration Step by step process to register as MSME in easy manner with the help of screen shot is given below. It also provides Checklist of details required to […]

Advantages of registering your company for the MSME Scheme

Advantages of registering your company for the MSME Scheme

Union Budget 2020 India: India watched with bated breath as Finance Minister Nirmala Sitharaman unveiled the budget for the year 2020-21 on February 1st 2020. “This is the Budget to boost the income of people of India and enhance their purchasing power”, she affirmed. After a year of economic slowdown, this budget is focused on […]

Due dates for various tax compliances for the month of June-2020 (with COVID19 relief)

Due dates for various tax compliances for the month of June-2020 (with COVID19 relief)

Due dates for various tax compliances in the month of June-2020 Due dates for compliance under Goods & Service Tax (GST) Dues dates for filling GSTR-3B for the months of February to May 2020. T/o in last FY Interest Charged February 20 March 20 April 20 May 2020 Category I: More Than 5 Crores Yes […]