INDIA – Has the economy turned around.

A. INTRODUCTION: COVID-19 affected the entire world making no difference between the rich and the poor, between the strong and poor nations. Wealth could not avoid the catastrophe and could not also guarantee a good life. Well laid rules of economics were tested. The well-established health care systems of advanced nations were also severely tested…

DUE DATE EXTENDED

The government on Wednesday extended the date for filing income tax return to January 10 from December 31, 2020, for individual taxpayers. The government on Wednesday extended the deadline to file income tax return (ITR) for individuals by 10 days to January 10, 2021. The deadline for filing tax returns by businesses too has been…

Income Tax relief for Real-estate Developers and Home Buyers : Press Release

Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi, 13th November, 2020 PRESS RELEASE Income Tax relief for Real-estate Developers and Home Buyers As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought…

Eligibility of Input Tax Credit (ITC) under RCM on supply received from unregistered persons Even after Expiry of Time Limit Specified in Section 16(4):-

There is a lot of confusion around sec 16(4) and there are many taxpayers who are suffering from lapses of ITC due provision of Sec 16(4) especially in the case of RCM where they forgot to deposit RCM on supply received from an unregistered person now they want to claim ITC on RCM even after…

Tax Compliance Calendar for November 2020

Article compliance due date under Income Tax Law, GST Law and Labour Laws. Same includes due date for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due of Furnishing Tax Audit Report for A/Y 2020-21. It further includes due date of…

Saving Western Ghats-Our Lifeline.

Rajajinagar Residents Welfare Association has started an online petition to save Western Ghats which is a bio-diversity hotspot in the world and our lifeline. Enclosed is the link to add your might by signing for the petition.Kindly sign and share and let your signature matter. http://chng.it/smB2QKkd

Here are five things to know about the new EPF rules

This move will also introduce liquidity of Rs 6,750 crores to employers and employees over the course of three months. The labour ministry has notified the new rules for employees’ provident fund or EPF contribution. In an announcement last week, Finance Minister Nirmala Sitharama stated that the statutory provident fund contribution by the employers as…

Aftermath of Covid-19- The Way Ahead

We are all seeing the most catastrophic event affecting the world by way of coronavirus (COVID-19). Nations across the globe have been severely affected in ways which they had least anticipated and were unprepared for. Economies of the nations have been affected, their health care systems have been severely tested and employment opportunities have been…

Dimensions of Prevention of Money Laundering Act, 2002

Background Throughout the world, money earned through illegal means is a major cause for worry for the Government. The illegal money which is earned, is masked and reintroduced into the regular economy through varied ways, thereby bringing a shell of respectability for ill-gotten wealth and depriving the Government revenue arising out of such transactions. The…

MSMED Act, 2006

Introduction The Global Economy is currently growing at a slow pace. The same can be said of the Indian Economy also, which is growing at a sluggish rate. To ensure that Indian economy is back on track and to ensure that it is one of the fastest growing economies in the world, focus on development…