Accounting

Late filing of Income Tax Return (ITR): Here are the consequences

The following are the consequences of delay in filing the return of income by a tax payer: Losses: Losses other than the loss from house property cannot be carried forward. Levy of interest under section 234A: The taxpayer is liable to pay simple interest at 1% per month or part of a month for delay in filing the …

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CBDT to Levy Penalty for not providing Facility to Accept Digital Payments from 1st Feb

The Central Board of Direct Taxes ( CBDT ) to levy a penalty for not providing facility to accept digital payments from February 1st, 2020. In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, a new provision namely Section 269SU of the Income Tax …

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18% GST on the entire maintenance charge if Maintenance charges exceed Rs.7500

If Flat owner pay more than ₹7,500 per month as maintenance charges for flat, then they should pay more GST now than before. As per Advance ruling authority circular, It has been held that if Maintenance charges  collected by a registered housing society or a resident welfare association (RWA) exceeds ₹7,500 per month per flat, …

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How to Apply to ROC for removing company name from Register of Companies

E-Form STK-2 is required to be filed for applying to ROC for removing company name from Register of Companies.   Followings documents  are to be attached with the E-Form STK 3 1. An Indemnity bond signed by every director of the Company in the Form STK 3 – (stamp paper of Rs 200/- duly notarised). …

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TDS on income by way of interest from an Indian Company or a business trust- Section 194LC of Income Tax Act 1963

Applicability of Section 194LC – The Indian Company or a business trust paying interest income to a non-resident, not being a company, or to a foreign company is liable to deduct TDS. Interest is related with money borrowed by the Indian Company or the business trust in foreign currency from a source outside India by …

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Compliance Calender of GST under Goods & Services Tax Act, (GST) 2017

Applicable Laws/Acts Due Dates Compliance Particulars Forms/  (Filing mode) GST, Act, 2017 31.08.2019 Form GSTR-7 (Period: From October 2018 to July 2019)  TDS Deductor) GSTR-7 GST, Act, 2017 10.08.2019 Form GSTR-8 TCS Collector (for the month of July, 2019) GSTR – 8 GST, Act, 2017 11.08.2019 Return of outward supplies of taxable goods and/or services for …

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Compliance calender of August 2019 under Income Tax act, 1961

Applicable Laws / Acts Due Dates Compliance Particulars Forms / (Filing mode) Income Tax Act, 1961 07.08.2019 Due date for deposit of Tax deducted/collected for the month of July, 2019.However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is …

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