Areete
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40th GST Council Meeting
No late fee- For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020.
*Late fee capped to Rs 500- For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020.
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CBDT
CBDT has recently notified Income Tax Return forms applicable for all assessees for AY 2020-21. As per the new forms, assessees would be able to avail deduction of tax savings investments made from April 1, 2020 to June 30, 2020 while filing returns for FY 2019-20.
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Key announcements by Finance Minister on 24 March 2020
Given below are the highlights of the announcements made by Hon’ble Finance Minister Ms. Nirmala Sitharaman on March 24, 2020 amidst the complete lockdown in India during Pandemic Covid-19 outbreak.
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Amendments to Finance Bill 2020
The definition of ‘residency’ under the tax provisions has been modified. As per the extant provisions, an Indian citizen or PIO, who being outside India, comes on a visit to India is considered to be Indian resident if he / she is in
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Budget 2020 Key takeaways
A new optional taxation regime is proposed to be introduced for individuals and HUFs. The assessees opting for this scheme will have to forgo many exemptions/ deductions in order to avail the new concessional tax rates.
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Significant Beneficial Ownership Rules
The Ministry of Corporate Affairs (“MCA”) has recently amended the rules relating to ‘Significant Beneficial Ownership’ and released the Companies (Significant Beneficial Owners) Amendment Rules 2019.
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FLA return July 2019
All Indian companies which have received FDI and or made overseas investments in the previous years or the current year are required to submit FLA by July 15 every year.
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