Articles
Tax Incentive for Employment Generation under Section 80JJAA of Income Tax Act
Section 80JJAA of Income Tax Act Background
Section 80JJAA of income tax act was introduced to provide incentives to industries to generate employment for semi-skilled and unskilled labours. It was amended by Finance Act, 2016...
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GST update – Clarifications on treatment of various sales promotion schemes provided by CBIC through circular
CBIC has clarified various doubts as regards treatment of various sales promotional schemes under GST vide circular 92/11/2019 dated 7th March 2019 to ensure uniform implementation of the law. Summary of the said circular is as...
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GST Update – CBIC notifies return due dates and applicability of pronouncements made by GST council in Jan. 2019
Highlights of notifications issued by CBIC dated 7th March 2019 are as below.
Increase in turnover threshold limit for dealers under composition scheme
Threshold limit of aggregate turnover for composition scheme dealers u/s.10 of CGST Act has been...
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Salient features of Banning of Unregulated Deposit Scheme Ordinance, 2019 restricting acceptance of loans & deposits from any person other than relatives
Ministry of Law and Justice notified The Banning of Unregulated Deposit Schemes Ordinance 2019 vide notification published in official Gazette on 21st February 2019. It provides a comprehensive mechanism to ban the unregulated deposit schemes...
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KYC for Companies to be filed with Registrar latest by 25th April, 2019 as notified by MCA
Ministry of Corporate Affairs (MCA) has introduced KYC of Companies by inserting Rule 25A under Companies (Incorporation) Rules, 2014. This has been notified by MCA vide notification dated 21st February 2019 and shall be effective from 25th February 2019. Below...
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GST Update – Circulars issued by CBIC related to returns & invoices
GST Policy Wing, CBIC has issued three circulars on 18th February, 2019 as listed below in brief.
Circular No. 90/09/2019 – GST dated 18-02-19:
All registered persons making supply of goods or services or both in...
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Norms for Angel tax relaxed; no tax on issuance of shares up to Rs. 25 crore
The Department for Promotion of Industry and Internal Trade (DPIIT) has issued a new notification in supersession of its earlier notification no. GSR 364(E), dated 11-04-2018. The DPIIT has extended the definition of the start-up and...
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Penalty u/s 271I – Non furnishing of Form 15CA and Form 15CB
Notice u/s 271I states that if the assessee has failed to furnish information or has furnished inaccurate information u/s 195(6) in form of filing of Form 15CA and 15CB, there is a penalty for Rs....
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