Composition scheme is an alternative, simple & hassle free compliance scheme for small taxpayers with minimal procedures. Under this scheme, a taxpayer would be required to pay tax on the turnover based on prescribed percentage as the tax rate is comparatively low than those prescribed for normal taxpayers. The threshold limit of composition scheme extended from INR 1 crore to INR 1.5 crore which shall also include 10% provision of normal taxpayer annual turnover within the composition scheme if in case the given 10% is provided as the service. The illuminating feature of this scheme is that the business or … Read more
Income tax assessees are set to come across certain impediments while selecting the income tax return (ITR) forms to be used for assessment year (AY) 2019-20. However, some sections in the forms have been rationalized and reporting requirements has been increased. Individuals and businesses both are liable to file their ITRs for the income earned in financial year 2018-19 using these forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. These seven forms were notified by the Income Tax Department in the last month.
Various changes in the ITR forms for AY 2019-20 are as below:
- If the taxpayer is
Within last six months, the GST portal keeps rolling out new updates to help taxpayers file their returns more smoothly and effectively. Taxpayers need to be up-to-dated in order to avoid missing out on vital compliances, which in turn would prevent notices being issued to them. Below is the gist of updates rolled out for the taxpayers:
Contrasting liability declared and input tax credit claimed
A new functionality is released by the portal which will help tax filers comparing their GSTR-3B tax liabilities with the GSTR-1s that have been filed before. Along with this, users can also make comparison of … Read more
A Company is a legal entity with no physical appearance and needs natural persons to run its affairs. Directors are the individuals authorized to manage day to day affairs of a company. They are the officers who play an important role in running the company on behalf of the shareholders who appoint them. Each director of company is required to obtain Directors Identification Number (DIN) as per Companies Act, 2013.
IN is a unique 8-digit identification number allotted by the central government to an individual appointed as a director of the company. Perhaps, the provisions of Company law interdict application … Read more
The government of India recently constituted a committee to enhance and create more opportunities by reshaping the existing rules and regulations. This is in relation to the Company Law for which SEBI (Securities Exchange Board of India) has come up with amendments providing a phased timeline from October 1, 2018 to April 1, 2020 for most of the impediments.
Below are certain key amendments which shall become effective from April 1, 2019:
- Divulgence of related party transactions on consolidation basis
In accordance to Regulation 23 of SEBI (LODR) (‘’Listing Obligations and Disclosures Requirements’’) (Amendment) Regulations, 2018, disclosure of related party
The enactment of tax reform legislation will have far-reaching consequences for businesses and individuals. Finance budget is changed every year in the month of February by the government which are generally applicable to the next following financial year beginning from April 1st unless otherwise specified. As we are stepping ahead towards the beginning of a new financial year (“FY”) 2019-20, various amendments and provisions under Income- tax and GST (Goods and service tax) laws are regulated which shall be applicable from April 1, 2019.
Emendations to Income tax Act
- Section 87A rebate
An amount of INR 2,500 is raised
Tax is the primary compulsory public contribution of government revenue where finance data may have a direct impact on taxes triggering a company’s operations, risks or opportunities. Taxation could change radically as with effect from April 1, 2019 of the financial year, the taxman will begin looking into 360-degree profiles of Indian taxpayers. Tax evasion is an unethical action which results biased income distribution and a halt to the stability of economy. It is usually associated with informal economy. But now, life will be a change for the taxpayers whose spending patterns don’t match their earning declarations. A range of … Read more
Goods and services Tax (GST) is a broad based, comprehensive tax to be levied on goods and services aiming at a simple and transparent tax structure to positively incentivize trade and industry. Under GST, the term “assessment” means determination of tax liability under this Act i.e. to figure out how much tax is to be paid actually, a GST assessment is organized. Various forms of assessments under GST include:
- Provisional assessment
- Scrutiny assessment
- Best judgement assessment
- Assessment of unregistered persons
- Summary assessment
Self-assessment (Sec 59)
A taxable person undergoes his self-assessment where all GST filings are based on his … Read more