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Legal-Updates - Page 6

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

September 30, 2020

[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who receives Rs.7 Lacs or more from person for remittance out

Income Tax

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions (including NGOs) which are registered or approved under section 12A, section 12AA, section 10(23C) & section 80G are compulsorily required to switch to section 12AB for fresh registration in order to continue availing exemption under section 10 or

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

Goods and Services Tax (GST) e-invoicing is the most discussed topic for

QRMP scheme launched for GST payers with turnover up to Rs.5 crore

The government has launched the Quarterly Return filing & Monthly Payment of

Recent Service Tax Updates

April 17, 2013

Service Tax & CBEC

Due date for filing ST-3 Return for the period July- Sept’12 extended till 30th April, 2013 Considering the difficulties in filing returns, causing inconvenience to the assessee, the CBEC has revised the due date of filing ST-3 Return. [Order No. 02/2013 ST dated 12.04.2013] Erection of pandal or shamiana is

Gujarat Budget 2013-14 proposals enacted

April 11, 2013

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] Gujarat Value Added Tax (Amendment) Act, 2013 enacted through Gujarat Act No.9 of 2013 VAT Amendments proposed in Gujarat Budget 2013-14 presented on 24-Feb-2013, was enacted & received the assent of the Governor on 30-Mar-2013. The tax amendments made in the budget and notified vide

Consolidated FDI Policy Circular effective April 5, 2013 – Policy or a mere consolidation???

April 9, 2013

RBI & FEMA

[By CA Tirthesh Bagadia (Partner), Bagadiya & Jain] The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India has come out with a FDI policy that is in tandem with its name – only a mere consolidation of the already issued press notes/ press

RBI Circular – “Write-off

March 15, 2013

RBI & FEMA

RBI/2012-13/435 A.P. (DIR Series) Circular No. 88 March 12, 2013 To All Category – I Authorized Dealer Banks Madam / Sir, “Write-off

Gujarat Budget 2013-14 – Proposed changes in VAT & Other Tax Rates

February 22, 2013

Gujarat VAT & CST

[By Shaleen Shah (Partner), with Kirit Rana (Manager) & Kushal Shah (CA Student), VNCA] The Gujarat Finance Minister placed the Budget for 2013-14 before the State Assembly on 24-Feb-2013. The Budget proposals include the following changes in VAT & Other Tax Rates: Sr. No. TOPIC DESCRIPTION Existing rates Proposed rates

CBDT Circular Clarifying Issues Relating To Export Of Computer Software

February 1, 2013

Income Tax

F. No. 178/84/2012-ITA.I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th January 2013 Circular No. 01/2013 Subject: Issues relating to export of computer software – Direct tax benefits – Clarification reg The Indian Software Industry has been the beneficiary of

Extension of time limit for filing ITR-V forms for AY 2010-11, 2011-12 & 2012-13

January 10, 2013

Income Tax

Notification No. 1/2013 [F. No. DIT(S)-III/ITR-V Extension/ 2012-13] UNDER CPR SCHEME 2011, Dated 7-1-2013 In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 2011’, issued vide CBDT Notification No. SO 16(E), dated 4-1-2012, the

CBDT Circular – How to calculate TDS on Salary for FY 12-13 (AY 13-14)

December 7, 2012

Income Tax

Section 192 of the Income-tax Act, 1961 – Deduction of tax at source – Salary – Income-tax deduction from salaries under section 192 during the financial year 2012-13 Circular no. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012 Download PDF – CBDT Circular – How to calculate TDS on Salary for FY 12-13.pdf

No TDS Default If Payee Has Paid Tax: CA Certificate Format Prescribed

September 25, 2012

Income Tax

The First Proviso to section 201(1) as inserted by the Finance Act 2012 w.e.f. 1.7.2012 provides that any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid

Medical Samples To Doctors Violates Law & Not Allowable As Deduction

August 4, 2012

Income Tax

The CBDT has issued a Circular stating that the giving of "freebies" (medical samples) by Pharma companies to doctors violates the Medical Council Rules and that it has to be disallowed under the Explanation to s. 37(1). It is clarified that such samples are, however, taxable in the hands of

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Legal-Updates - Page 6

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

QRMP scheme launched for GST payers with turnover up to Rs.5 crore

Recent Service Tax Updates

Gujarat Budget 2013-14 proposals enacted

Consolidated FDI Policy Circular effective April 5, 2013 – Policy or a mere consolidation???

RBI Circular – “Write-off

Gujarat Budget 2013-14 – Proposed changes in VAT & Other Tax Rates

CBDT Circular Clarifying Issues Relating To Export Of Computer Software

Extension of time limit for filing ITR-V forms for AY 2010-11, 2011-12 & 2012-13

CBDT Circular – How to calculate TDS on Salary for FY 12-13 (AY 13-14)

No TDS Default If Payee Has Paid Tax: CA Certificate Format Prescribed

Medical Samples To Doctors Violates Law & Not Allowable As Deduction

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