Cdshah & CO

12/06/2020

13/05/2020

Measures announced today:

MSME measures

1. Collateral free automatic loans. 4 year tenor with 12m moratorium. 100% credit guarantee on principal and interest - 3L Cr (60k Cr cover)

2. Subordinate Debt for stressed MSMEs (which are NPA or are stressed) - 20k Cr (4k Cr contribution of Govt to CGTMSE)

3. Fund of funds to be created for equity infusion (those which are viable) - 50k Cr

4. Definition of MSMEs being changed in favor of MSMEs. Limits on investments to be revised upwards. Additional criteria based on turnover also will be introduced. Differentiation between manufacturing and service units to be removed
Micro units - Investments upto 1 Cr + Turnover upto 5 Cr
Small units - 10 Cr + 50 Cr
Medium units - 20 Cr + 100 Cr

5. Government tenders upto 200 Cr will no longer be on global tender basis. Global tenders will be disallowed for upto 200 Cr. This will make MSMEs eligible to participate in Government purchases

6. Post Covid, e-market linkage to be provided for all MSMEs. Receivables by MSMEs from the Government will be cleared in next 45 days

EPF Measures

7. *Liquidity relief for all EPF establishments (less than 100 employees with 90% drawing less than 15k). 12% of employer contribution and 12% employee contribution was borne by Government for March April and May. 3 months extra support to be provided by contributing total 24% for June July and August - 2.5k Cr*

8. For other establishments, employers need to contribute 10% (vs 12% earlier) to EPF. Not applicable to Govt. and PSU enterprises - 6.75k Cr liquidity

NBFC Measures

9. 30k Cr liquidity scheme through Investment grade debt papers of NBFC, HFC and MFI fully guaranteed by GoI.

10. 45k Cr through partial credit guarantee scheme scope expansion. AA rated papers and below including unrated papers will be included under the scheme. First 20% loss to be borne by GoI.

Discoms measures

11. One time Emergency liquidity infusion - 90k Cr to all discoms against all receivables. Gen Cos should give rebates to discoms for passing on to consumers

Contractors

12. Ongoing public works - Concessional period to be extended by 3-6m for contractors. Govt agencies will partially release bank guarantees for partially completed contracts

Real Estate

13. Urban Development Ministry to issue advisories for regulators to announce Covid 19 can be used to invoke Force Majeure on contracts signed. All registrations registered after 25 March 2020 and contracts expiring after 25 March 2020 can be extended by 6m without specific applications for it

Tax Measures

14. *TDS / TCS rates reduced by 25% on non salaried payments effective tomorrow upto 31 March 2021. Will apply to all payments - 50k Cr additional liquidity*

15. All pending refunds to charitable trusts and non-corporate taxpayers (but including LLP) will be issued immediately

16. *Due date for all income tax returns to be 30 November 2020 and tax audit due date to be 31 October 2020*

17. Assessments getting barred on 30 September 2020 will get barred on 31 December 2020.
Cases getting barred on 31 March 2021 will get barred on 30 September 2021

18. Vivaad se Vishwaas scheme extended upto 31 December 2020 without any extra payments

12/04/2020

24/03/2020

FM announces the following on 24 March 2020:

*Income Tax Announcements:*
1. FY 18-19 IT return extended to 30 June 2020. Interest rate reduced to 9% from 12%.

2. On Delayed deposit of TDS, reduced interest of 9% from 18% upto 30 June 2020.

3. Date extended to 30 June for following:
a. Aadhar Pan linking
b. Vivad se vishwas - no additional charge of 10%
c. Notice, intimations, notification, approval order, appeal filing, furnishing returns, return statements, application, reports, any other docs or compliance included investment in saving instrument's, investment for rollover benefit of capital gains, etc to be done by taxpayer extended to 30 June 2020

*GST Announcements*
1. March, April and May 2020 returns extended to 30 June 2020 (Staggering Dates)

2. Co less than 5 cr turnover, no interest, late fee, penalty to be charged. For Others, only interest @9%

3. Date to opt composition scheme extended to 30 June 2020

26/09/2019

On consideration of representations recd from across the country,CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019 *to 31st of Oct,2019* in respect of persons whose accounts are required to be audited. Formal Notification will follow.
CA Chintan Shah

14/09/2019

Cost Inflation Index For Capital Gain Financial Year 2019-20 Is - 289.

14/06/2018

No DOB required for login on income tax portal and pdf is also opening without password ............

Very good step by income tax department.

06/10/2017

DECISION TAKEN IN 22ND GST COUNCIL MEETING

1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturrs & 5% for Restaurent
2. Filing of Returns upto Turnover of Rs. 1.50 Cr - Quarterly (Non Composition Assessee)
3. Refund to Exporters - To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually
4. From now Onwards Refund will be granted immediately after filing the Return to the Exporters
5. Postponment of RCM till Dt. 31.03.2018
6. E way Bill implementation postponed till April 2018
7. PAN not needed for Jewellery below Rs. 2.00 Lacs
8. 5 Member Committee to be Constituted for review of Rate of GST for Restaurant & Inter State Sales Transaction for Composition Assessee and Exclusion of Exempted Goods from Total Turnover and ITC to Manufacturers opting Composition Scheme
9. E-Wallet Facility to Exporters from April 2018
10. Advance Licence Holder, 100% EOU, & EPCG Holder can export @ 0.1% till 31.03.2018
11. Exemption from Inter State Service from RCM if Service Provider is having below 20.00 Lacs Turnover
12. TDS / TCS postponed till April 2018
13. Rate of GST changed for 32 Items
14. Man Made Yarn to be Taxed at 12% in stead of 18%
15. Services Job Work of Jari from 12% to 5%
16. Printing Jobwork 5%
17. Govt. Contracts involving High Element of Labour @5%
18. Leasing of Vehicle abatement of 65% which are contracted before 01.07.2017

Wait for official Notification for these changes to take Place

Next Meeting on Dt. 09.11.2017 & 10.11.2017 at Guwahati

GST (Good & Simple Tax)

-C. D. SHAH & CO.

04/09/2017

new deadline for forms
July
GSTR-1- 10th Sep
GSTR-2- 25th Sep
GSTR-3- 30th Sep
August
GSTR-1- 5th Oct
GSTR-2- 10th Oct
GSTR-3- 15th Oct

08/08/2017

If haven't filled your Income Tax Return for FY 16-17 then read the following:-
Many people fail to file their ITR within the due date as prescribed by the income tax department. But even if you have missed the deadline of filing return, you can still file your income tax return. There is a provision in income tax for late filing of income tax return which is called belated return.
There is NO PENALTY for late filling of ITR for FY 16-17. But there are certain disadvantage of late filling, like:-
1. Loss in interest on refunds :-
In case you claim a refund in your return, of any advance tax paid/TDS, you would lose some of the interest paid by the tax department on such refund. The interest on refund is normally computed from April 1 of the assessment year (the year immediately following the financial year for which the return is filed) till the date of grant of refund.However, in case of a belated return (i.e. return filed after due date) interest is computed from the actual date of filing the return till the date when refund is granted. This means loss of the interest that would have been paid for the period April 1 till date of filing the return. Even if you file the return one day after the due date you would be losing interest for at least four months - April, May, June and July (presuming due date is not extended beyond July 31).
2. No carry forward of losses :-
If you file a belated return you cannot carry forward losses (except loss from house property). "Losses under the following heads of income: Income from business and profession including speculation business, capital gains, and income from other sources cannot be carried forward in case a belated return is filed by the tax payer. The return filer will not be allowed to carry forward these losses even if all taxes have been paid in time if the return is belated".
3. Delayed return where tax remains unpaid :-
If you have any unpaid tax liability, filing your return after the due date would result in levy of penal interest @ 1% per month from the due date of filing the return till the actual date of filing. This would be a heavy and avoidable payout. What is more, tax authorities can initiate prosecution if the return is delayed beyond the relevant assessment year and the amount of unpaid tax exceeds Rs. 3,000.
4. If return is not filed even by end of relevant Assessment Year :-
If you do not file your tax return even by 31st March of the relevant assessment year (i.e. the year immediately after the financial year for which the return is to be filed) but no taxes are due, a penalty of Rs. 5,000 can be levied by the tax authorities if you are unable to provide a reasonable cause for the delay.

18/07/2017

Final: Group I-13.62%; Grp II-16.2% and Both Group-22.98% and thus 10276 Students became CA today and CPT 40.52 Students passed.