CAclubindia Articles

Section 115BAC- Is the new Income Tax Regime beneficial?

Mayank Mohanka 07 April 2020 at 10:36

The new income tax regime u/s 115BAC has come into effect from financial year 2020-21. It is optional to opt for the New Tax Regime. Here is a break-even analysis od the New Income Tax regime.

COVID-19 Relaxation from ITC restriction under rule 36(4)

Atul Rathod 07 April 2020 at 10:36

ITC restriction in respect of the invoices the details of which have not been uploaded by supplier in GSTR-3B under rule 36(4)shall apply cumulatively for the period Feb, March, April, May, June, July and Aug, 2020 and the return in FORM GSTR-3B for the tax period Sep, 2020 shall be furnished with the cumulative adjustment of ITC for the said months.

Relief taxpayers for e-way bill and ITC during lockdown

CA Umesh Sharma 07 April 2020 at 10:36

The government has given relaxations to GST taxpayers fee on late filing of GSTR-1 has been waived off. The validity of e-way bills has been extended and the restriction of ITC under rule36(4) will be cumulatively applicable for Feb to August.

Amendments for Trusts and Institutions in Union Budget 2020

CA Ekta Thacker 07 April 2020 at 10:36

The Union Budget 2020 announced few amendments for Trusts and Charitable Institutions. In the proposed regime after processing the application, trust or institution�s registration is given for a limited period of 5 years.

GST Update on refund related issues

Pradeep Jain 07 April 2020 at 10:36

Clarifications were issued by CBIC on GST refund related issues. It has been decided to remove the restriction on clubbing of tax periods across Financial Years. There are guidelines for a refund of ITC and the new requirement to mention HSN/SAC Code.

RCM on import of services including intellectual property

CA Akshay Hiregange 07 April 2020 at 10:36

This article would help persons who have large number of foreign clients, persons who attend foreign business events held outside India, or have holding company outside India including procurement of services from outside India.

Advance Ruling under the Income Tax Act

CA Udit Gupta 07 April 2020 at 10:36

The Advance Ruling Mechanism was incorporated under Income Tax Act on the recommendations of Wanchoo Committee.

Recent changes in GST due to COVID 19

Bimal Jain 07 April 2020 at 10:36

The FM announced changes in GST Rules due to the outbreak of COVID-19. Due dates to file GST Returns were extended and relaxation was given from late fees on late filing.

FAQs on Companies Fresh Start Scheme, 2020

DEEPAK SETH 06 April 2020 at 12:21

The Companies Fresh Start Scheme 2020 gives a chance to all the companies to make a fresh start by condoning the delay in filing of documents without charging any additional fees.

FAQs on Modified LLP Settlement Scheme, 2020

DEEPAK SETH 06 April 2020 at 12:21

The LLP Settlement Scheme was an amnesty scheme launched for the LLPsby MCA which was later modified due to the outbreak of COVID-19 to allow one-time relaxation to LLPs to file their pending forms without paying any late fee.