D.G. & Company

D.G. & Company GST Consultancy Service. VAT Consultancy Service. Income Tax Consultancy Service. All Tax Return Fi

03/04/2021

🔮 BULLET POINTS

❤️ Income Tax

🔥 1. PAN if not linked with Adhaar by 31 March’2021 shall remain inoperative till such period, it is linked. Inoperative Pan means TDS will be deducted at higher rates, ITR cannot be filed and penalty of 10000.00 may be imposed.

🪔 2. 31.03.2021 is last date to file/revise ITR of FY 2019-20.

🍒 3. 31.03.2021 is last date of investments for deduction u/s 80C or 80D etc for FY 2020-21.

💉 4. 31.03.2021 Is last date to file Q1 & Q2 TDS Returns of FY 2020-21 without Late Fee.

🫐 5. Next Year wef 01.07.2021 TDS @ 0.1% will have to be paid on Purchases of more than 50 Lacs if Turnover in FY 2020-21 exceeded 10 Crore. u/s 194Q.

🍔 6. Charitable Institutions/Trusts already registered with Income Tax Deptt will have to re-register themselves in 2021-22.

🪁 7. Income Tax Audit will not be required for FY 2020-21 for persons having turnover up to 10 Crores if Cash Component does not exceed 5% of total Receipts/Payments. Payments received or made by cheque other than Account Payee Cheques will be counted as cash component.

🏵️ 8 ITR of FY 2020-21 can not be filed after 31.Dec’21. ( means 3 months lesser period made available next year ).

03/04/2021

🔮 BULLET POINTS

🥎 GST

🎪 1. Existing LUT for export without payment of IGST expires on 31.03.2021. Seek renewal for 2021-22.

🪀 2. Those who want to opt in or opt out of QRMP scheme for Q1/2021-22 can do so by 30.04.2021.

🚨 3. 31.03.2021 is last date of GST Audit and filling Annual Return of 2019-20. This Year’s Finance Bill has scrapped Sec 35(5). GST Audit, therefore stands abolished for coming years.

⛲ 4. Those willing to shift to Composition Scheme for 2021-22 can do so by filling CMP 02 by 31.03.2021.

🏟️ 5. E-Invoicing made mandatory wef 01.04.2021 for dealers with Annual Turnover of 50 Cr or more in any preceding Year. Those buying from such dealers without E-Invoice will loose Input Tax Credit on such purchases.

🧲 6. Till now HSN code was not mandatory for dealers up to 1.5 Cr. 2/4 Digits HSN was required from others. Wef 01.04.2021, 4 digits HSN has been made mandatory for dealers having Turnover up to 5 Cr in 2020-21 for B2B transactions. 6 Digits HSN is mandatory for others both for B2B & B2C transactions. Export Invoices will have 8 digits HSN as per the requirement of FTP (Foreign Trade Policy). HSN details will have to be given in GSTR1 also. Those who do not follow new HSN rules, will face penalty of 50,000.00 u/s 125 alongwith other liabilities.

🧭 7. QR code for B2C transactions for dealers having turnover more than 500 Cr in any preceding year is mandatory wef 01.07.2021. (extended date)

GST-3B LATE FEE REDUCED AND WAIVED OFF...
13/06/2020

GST-3B LATE FEE REDUCED AND WAIVED OFF...

*Latest GST Update* 📣*New Circular issued with respect to Levy of GST on Director Remuneration*
11/06/2020

*Latest GST Update* 📣

*New Circular issued with respect to Levy of GST on Director Remuneration*

10/06/2020

*GST UPDATE:*
*Clarification in respect of levy of GST on Director’s remuneration*

✴Independent Directors terms of section 149(6) of the Companies Act, 2013:
✅The said Director is not an employee
✅RCM is Applicable and Taxable

✴Director not an employee of the company (including Non Whole Time Director):
✅The said director not an employee
✅RCM is Applicable and Taxable

✴Director who is an employee of the company (including Whole Time Director in employment)
✅The said director an employee
✅RCM NOT Applicable and No Supply

✴Whole Time Director not in employment of the company (Illogical to certain extent)
✅The said Director is not an employee
✅RCM is Applicable and Taxable

✴Managing Director (Who is an employee)
✅The said director an employee
✅RCM NOT Applicable and No Supply

*NOTE:*
🌟“contract of service” or “contract for service” is an important element to be ascertained for an employee director.

🌟contractual relationship of master and servant

🌟Director's remuneration which are declared as "Salaries‟ in the books of a company and subjected to TDS under Section 192 of the IT Act:
TO BE TREATED AS SALARIES (SCHEDULE III) AND NO RCM

🌟Director's remuneration which is declared separately other than "salaries‟ in the Company‟s accounts and subjected to TDS under Section 194J of the IT Act (Fees for professional or Technical Services):
TO BE TREATED AS TAXABLE AND RCM APPLICABLE

🌟Company, is liable to discharge the applicable GST on it on reverse charge basis.

🔔 *Latest GST Update**Time Limit to Issue Refund Order Extended*
10/06/2020

🔔 *Latest GST Update*

*Time Limit to Issue Refund Order Extended*

🔔 Latest GST Update**Validity of E-Way Bills Extended once again!*
10/06/2020

🔔 Latest GST Update*

*Validity of E-Way Bills Extended once again!*

Important Update in GST :"E-Way Bill Validity Extended"Share this update with all your professional friends and colleagu...
20/05/2020

Important Update in GST :
"E-Way Bill Validity Extended"
Share this update with all your professional friends and colleagues.

Like our page for more such GST Updates!!

Date Extend of LUT Filling for the Year 2020-2021..
16/05/2020

Date Extend of LUT Filling for the Year 2020-2021..

Benefits of MSME Registration in India.
15/05/2020

Benefits of MSME Registration in India.

13/05/2020

*Summary of Package by FM announcement 13.05.2020 (DAY 1)*

1. *MSME Step-1*- 20% top-up loan, to outstanding loan (as on 29.02.2020) Collateral Free Automatic Loan for MSME. Those MSME having Loan upto 25cr and turnover upto 100cr will be covered in this scheme. 100% Central Govt Guaranteed. This loan will be for 4 Yrs with a Moratorium of 12 Months.

2. *MSME Step-2*- 20,000Cr will be infused as Subordinate Debt for stressed MSME thru CGTSME Trust.

3. *MSME Step-3*- Their is a Fund of Fund to be created. Rs 50,000cr will be infused as equity to standard MSME. Will help them to expand their capacities.

4. *MSME Step-4*- Definition of MSME changed. Investment Limit which defines a SME is changed. Now Turnover criteria is also introduced. Different between manufacturing and service SME is removed. Micro Units- Investment limit increased to 1Cr from 20Lakh. And Turnover can be upto 5Cr. Other changes are also done. For Medium Enterprise the limit increased to 10 Cr Investment and turnover 50Cr. 20Cr and 100Cr

5. *MSME Step-5*- Tenders upto 200Cr relating to Govt procurement will not be Global Tenders any more. MSME will get big benefit out of it

6. *MSME Step-6*- All Central Govt outstanding will be cleared within 45 Days by Govt Help of all MSME.

7. *EPF Step-1*- EPF Payment was paid by Govt for Mar, April and May now Extended by another 3 Months. 12%+12% will be paid by Govt of India.

8. *EPF Step-2*- Contribution reduced from 12% to 10% for those organisation having more than 100 employee is done now.

9. *NBFC, MFI, HFC-Step-1*- Special 30,000cr Liquidity window will be given. Govt will buy debt papers of these institutions even if investment grade. These will be fully guaranteed by govt of India.

10. *NBFC Step-2*- To Give 45,000cr Liquidity to NBFC. First 20% Loss will be born by Govt of India. Even unrated papers will get money under this scheme.

11. *Discom Steps*- Discom not able to pay the power generation Companies. 90,000cr Special fund created to pay all outstanding of Power Generation Companies. PFC and REC will give this money

12. *Contractors Step* 6 Month extension will be given to all Govt contractors of Railways, Roads, Other departments. Govt Agencies will partially release Bank Guarantees to the extent of work completed. A Big Step.

13. *Realestate Step*- Covid19 can be treated as act of God. Using the Force Major Clause the project registration will be extended by 6 Month automatically. Completion dates of existing projects to be extended automatically by 6 Months by Govt authorities.

14. *Tax Related Step*- Non Salaried TDS and TCS rates will be reduced by 25% (from existing Level rates). This will be effective from tomorrow and will remain till 31-03-2021.

15. *Tax Related Step*-
- *TDS rates* reduced by *25% of existing rates* from tomorrow to 31.03.2021(Non salaried residents and TCS)

Payment for VSVS extending upto *31.12.2020* pay without any additional amount.

- All *Pending Refunds* will be issued immediately upto 5 Lakhs of charitable trusts, non corporate business, proprietorship, partnership, LLP and society.

- *Due dates of IT return for FY 2019-20*

Earlier 31.07.2020 & 31.10.2020.
Now *30.11.2020*

- *Tax Audit due date*: Earlier 30.09.2020 Now *31.10.2020*

- *Date of assessment extended*
From those barring on 30.09.2020 to *31.12.2020*

From those barring on 31.12.2021 to *30.09.2021*

Advocate Govind Singhal
+91- 8979872782

13/05/2020






Aadhaar card
Pan card
GST registration certificate
Bank account details


Aadhaar card of partners
Pan card of partners
Partnership deed
GST registration certificate
Bank account details


Aadhaar card of directors
Pan card of directors
Certificate of incorporation
GST registration certificate
Bank account details.

Team
D G & COMPANY
+91-8979872782
+91-9897892006

Address

216, IInd Floor, Ansal Sumangalam Building, RDC, Raj Nagar
Ghaziabad
201002

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm
Saturday 9am - 6pm
Sunday 9am - 6pm

Website

Alerts

Be the first to know and let us send you an email when D.G. & Company posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category