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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
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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
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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
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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
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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
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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
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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
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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
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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
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Immediate Responses by Income Tax Administration to COVID-19: A Comparative Study

In this article published by Taxsutra the GSAP partners have listed out the comparative analysis of taxation related measures taken by Indian and other Governments in view of COVID-19 and what else Indian Government can do. Download
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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
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FM’s Press conference

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, corporate affairs, Insolvency & Bankruptcy Code (IBC), etc. Separate notifications will be issued in this regard. In this alert, we have discussed key announcements from FM’s press conference. Download
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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
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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
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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
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APA Programme – progress so far – article 20191218

CBDT published third Annual Report (2018-19) of the Indian APA programme in November 2019. In this article the Authors have presented their views on the progress of APA Programme so far in India. Download
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MLI- Impact on India -Japan tax treaty _ENJP - Final

In November 2016, over 100 countries concluded negotiations on the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI") that will swiftly implement a series of tax treaty measures to update international... Download
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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
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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
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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
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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
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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
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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
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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
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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
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MSME Act

A brief note on the benefits of the Micro, Small and Medium Enterprises Development Act, 2006 (“MSME Act”) and how to get benefits out of it. Download
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Note on SBO Rules

A detailed note on the recently introduced the Companies (Significant Beneficial Owners) Rules, 2018 (“SBO Rules”). In this note, we have discussed the relevant provisions of the SBO Rules, filing requirements and penal consequences of non-compliance Download

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