img

GSAP Alert - Income-tax Due date extension 11092021

Due dates for filing of income tax return, tax audit report, TP compliance, etc. have been extended. In this regard please find an Alert prepared by GSAP. Download
img

GSAP Alert: Retail and Wholesale Trade in MSME 06072021

Government has decided to include retail and wholesale trades as Micro, Small and Medium Enterprises (MSMEs). Now, retail and wholesale traders can register on Udyam Registration Portal. However, benefits to retail and wholesale trade MSMEs are restricted to priority sector lending under RBI guidelines. Download
img

GSAP Alert_Due date extension and tax exemptions 28062021

In view of the COVID-19 outbreak the Government issued Press Release to further extend timelines of certain compliances under the Income-tax Act, 1961. Government also announced tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid. More details of these exemptions will be known when circular/ notification will be issued in this regard. In this alert, we have discussed these revised timelines and tax exemptions. Download
img

GSAP Alert - 43rd GST Council meeting 01062021

The GST Council met for the 43rd time on May 28, 2021 and recommended various changes related to GST law and procedures to provide relief to taxpayers amidst COVID-19 pandemic. These recommendations will be applicable once notified by the government. In this alert, we have discussed key recommendations made by the GST Council. Download
img

GSAP Alert- New TDS and TCS requirements 20210504

The Finance Act, 2021 had inserted new sections 194Q, 206AB and 206CCA in the Income-tax Act, 1961 applicable with effect from July 1, 2021. Section 194Q provides for TDS on the purchase of goods whereas section 206AB and 206CCA provides for the higher rate of TDS and TCS respectively for non-filers of income-tax returns.
In this alert we have discussed these new TDS/TCS requirements.
Download
img

SFT return 20210521

Entities executing certain specified financial transactions are required to report those transactions to income-tax authorities by furnishing a SFT return in Form 61A on or before the 31st May, immediately the following the financial year.
This due has been extended for the FY 2020-21 from May 31, 2021 to June 30, 2021. Transactions which are reportable are discussed in this alert.
Download
img

Income Tax - Due dates extension 20210520

In view of the COVID-19 outbreak, the Government has announced several important relaxations in statutory and compliance due dates under income-tax for the FY 2020-21.In this alert, we have discussed these revised timelines. Download
img

GSAP Alert CBDT Clarification regarding Tax Residential Status for FY 2020-21_20210306

The CBDT, vide Circular No. 2 of 2021 dated March 3, 2021 has denied to provide any further relaxation with regard to the Residential Status of foreign citizens and Indians who live abroad but were on a visit in India during the period of lockdown imposed starting from March 22, 2020 and who could not return back immediately even on resumption of international flights during FY 2020-21 Download
img

India Budget 2021: Summary

Indian Finance Minister Mrs. Nirmala Sitaraman presented Economic Survey 2020-21 in the Parliament on January 29, 2021 and Union Budget 2021 on February 1, 2021. In this article we have discussed the highlights of economic survey and key direct tax and indirect tax proposals for the FY 2021-22. Download
img

GSAP Alert – FY 2019-20 ITR filing and other relevant compliance dates extended further

In view of the COVID-19 outbreak, the Government has again extended the due dates for filing of income-tax returns and audit reports under the Income-tax Act for the AY 2020-21 (FY 2019-20). In this Alert GSAP has discussed extended due dates. Download
img

Seller of goods? - Take care of new Tax Collection at source (TCS) requirement

The Finance Act, 2020 had inserted a new sub-section (1H) to section 206C of the Income-tax Act, 1961 with effect from October 1, 2020. As per section 206C(1H) scope of TCS provisions has been extended to sale of goods as well. These provisions apply to all goods other than goods mentioned in sub-section 1 to section 206C (like alcoholic liquor, tendu leaves, timber, scrap and certain minerals) and motor cars. TCS is fully creditable in the hands of buyer. In this Alert we have discussed this new TCS requirement and recent clarifications in this regard Download
img

Extension of ITR and other due dates under Income Tax Act

Due dates for filing of tax return and other statements for FY 2018-19, 2019-20 and 2020-21 have been extended in view of COVID-19 pandemic. In this alert we have discussed various timelines as extended. Download
img

Tax on Cash withdrawal

Section 194N of the Income Tax Act, 1961 (“Act”) provides for tax deduction at source (TDS) at the rate of 2% on cash withdrawal by a person in excess of INR 10 Million. With effect from July 1, 2020 the cash withdrawal limit will be further reduced and rate of TDS will be increased. In this Alert we have discussed these changes in section 194N. Download
img

Tax Ordinance June 24,2020

In view of COVID-19 outbreak, the Union Finance Minister has on March 24th announced several important relaxations in statutory and compliance matters in areas of income-tax, GST, customs & central excise, etc. The Ministry of finance on June 24, 2020 has provided further relief to the taxpayers on various statutory and regulatory compliance matters. In this alert, we have discussed the key points of this press release. Download
img

GSAP Alert - 40th GST Council Meeting

40th GST Council meeting happened on 12th June wherein several big decisions were taken regarding waiving of late fee and reduction of interest, etc. In this alert these decisions are summarised. Download
img

GSAP Alert - Changes in MSME Classification threshold

Ministry of Micro, Small and Medium Enterprises has issued notification which seeks to increase the threshold criteria for classification of Micro, Small and Medium Enterprises (MSME) and made certain other changes. These changes are discussed in this alert. Download
img

GSAP Alert: Measures for relief to support Indian Economy’s fight against Covid-19

In view of COVID-19, the Union Finance Minister has on May 13th to 17th announced several relief measures for various sectors and relaxations in statutory and compliance matters to support Indian Economy. In this alert, we have highlighted the key announcements related to direct tax. Download
img

GST notifications for timelines relaxation

Government has further relaxed certain timelines in GST law (including annual return for FY 2018-19 extended till September 30, 2020). Download
img

GSAP Alert- Clarification by CBDT regarding lower/nil withholding tax certificate

In view of the COVID-19 outbreak, there is a severe disruption in the functioning of the Income-tax Department which is causing delay in issuing lower/nil withholding tax certificate for FY 2020-21. To mitigate hardship faced by taxpayers CBDT has issued several directions/clarifications and extended the validity of certificate issued for the FY 2019-20 up to June 30, 2020 subject to conditions. Download
img

GSAP Alert-Equalisation levy

The Finance Act, 2020 introduced a new section 194-O in the Income-tax Act, 1961 which requires an e-commerce operator to withhold tax for facilitating any sale of goods or services through its portal. Further, a new tax, called Equalisation Levy, has been levied on e-commerce operators which will be charged @2% of the value of e-commerce transaction subject to certain conditions. Download
img

GSAP Alert - Company Fresh Start Scheme 2020

The Ministry of Corporate Affairs (“MCA”) has provided a one time opportunity to companies and LLPs registered in India that have defaulted in filing any forms, documents, etc. with MCA-21 registry (“defaulting companies“), to make a fresh start by enabling them to file belated documents without any additional fees under the Companies Fresh Start Scheme, 2020 (“CFSS-2020”) and LLP Settlement Scheme, 2020 (“LLPSS-2020”) respectively. Please refer this alert for a brief summary of these schemes. Download
img

GSAP Alert_New Companies (Auditor's Report) Order

A new Companies (Auditor’s report) Order, 2020 (CARO 2020) notified by Ministry of Corporate Affairs (MCA). For major changes with respect to Company Auditor’s Report please refer this alert. Download
img

GSAP Alert_CS Secretarial Audit

Ministry of Corporate Affairs (MCA) has issued notification which seeks to (a) increase the threshold for appointment of whole time Company Secretary and (b) broaden the scope of Secretarial Audit to private limited companies as well. In this Alert we have discussed these important changes. Download
img

GSAP Alert_Form 15E

CBDT has proposed to introduce a new Form 15E for application by payers to tax authorities to determine the appropriate proportion of sum on which tax should be withheld or tax should not be withheld at all on payments to non-residents. This will be different from Form 13, which is currently filed by recipients for NIL or lower withholding tax certification. Download
img

Clarification issued by CBDT on section 115BAA

Clarification issued by CBDT with regard to allowability of set-off of brought forward losses attributable to additional depreciation and utilization of brought forward MAT credit, where a company opts for reduced tax rate of 22% under section 115BAA. In this alert we have discussed these clarifications. Download
img

Taxation Laws (Amendment) Ordinance, 2019 – Summary in English

Indian government has announced major fiscal relief by substantially reducing corporate tax rates to promote growth and investments in India through Taxation Laws (Amendment) Ordinance, 2019. In this alert we have discussed these fiscal benefits. Download
img

Taxation Laws (Amendment) Ordinance, 2019 – Summary in Japanese

Description: Indian government announced major fiscal relief announce by Indian Government for all companies in general and manufacturing companies in particular to promote growth and investments in India through Taxation Laws (Amendment) Ordinance, 2019. In this alert we have discussed these fiscal benefits. Download
img

Scheme for faceless assessments under income-tax- Summary in English

CBDT issued detailed scheme for e-assessments (or faceless assessments) under income-tax. In this alert we have discussed the scheme of faceless assessments. Download
img

Scheme for faceless assessments under income-tax –Summary in Japanese

CBDT issued detailed scheme for e-assessments (or faceless assessments) under income-tax. In this alert we have discussed the scheme of faceless assessments. Download
img

India Budget 2019 – Summary in Japanese

Summary (in Japanese) of the reforms announced by the Indian Government laid before the Parliament on July 5, 2019 and as accented to by the President of India. Download
img

India Budget 2019 – Summary in English

Summary (in English) of the reforms announced by the Indian Government laid before the Parliament on July 5, 2019 and as accented to by the President of India. Download
img

Insolvency and Bankruptcy Code (IBC) – Boon in debt recovery

This presentation explains the provisions of the IBC and how to use them for recovery of outstanding debt Download

GSAP NEWSLETTER