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PUBLICATIONS
"Knowledge is like a garden; if it is not cultivated, it cannot be harvested" by Anonymous
April 09, 2022
| Income-tax | TDS & TCS Rates for FY 2022-23:
TDS and TCS rate charts as applicable for the financial year 2022-23 ( AY 2023-24) can be viewed by clicking the below link:
TDS & TCS Rate Chart for FY 2022-23
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June 25, 2021
| Income Tax, Corporate Law | Disclosure Requirements relating to Micro, Small and Medium Enterprises:
In the recent years, there has been numerous reporting requirements / compliances / disclosures made mandatory with regard to the transactions with MSMEs and many benefits/concessions have been provided to MSMEs. In this regard, let us understand how to classify MSMEs, reporting/disclosure requirements under the Companies Act, 2013 and Income-Tax Act, 1961, through this note: Read More... |
June 7, 2021
| Income Tax | TDS on Purchase of Goods - Section 194Q - Effective from July 1, 2021:
The Finance Act 2021, has introduced a new section 194Q in the Income-tax Act, 1961 to deduct tax on purchase of goods. With effect from July 1, 2021, a buyer will have to deduct TDS 0.1% for paying any sum to any resident seller for purchase of any goods. Let us have a detailed view in this regard, comparing the same with S. 206C (1H), for better understanding of the provisions and its applicability, through this note: Read More...
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June 5, 2021
| Income Tax | Higher TDS/ TCS Rate - Section 206AB/206CCA - Effective from July 1, 2021:
The Finance Act 2021, has broadened the scope for collection of tax from the very source to ensure proper income reporting by every assessee. With effect from July 1, 2021, a person will have to deduct/collect TDS/TCS at a higher rate if the other party has not filed its Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years. Let us have a detailed view in this regard, for better understanding of the provisions and its applicability, through this note: Read More...
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May 22, 2021
| COVID Impact | Income Tax Due Date Extensions - Covid 2nd Wave:
In order to provide further relief to taxpayers in view of severe
pandemic, the Board vide Circular no. 9/2021, dated 20-05-2021 has further
extended the time limits of certain compliances. Brief summary of some of the
important change in due dates is provided in this note: Read More...
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May 10, 2021
| COVID Impact | Relief Measures - Covid 2nd Wave:
The government has extended key compliance timelines for Income Tax & GST (Goods & Services Tax) and has waived late fees to ease the compliance burden in
view of second wave of Covid-19. Let us take a look at the announcements as of May 1st week, in this note: Read More...
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April 02, 2021
March 13, 2021
| Income-tax | Dividend Tax Saving- for resident individuals: The Finance Act, 2020 has abolished the DDT and has moved to the
classical system of taxation, wherein dividends
are taxed in the hands of investors. Hence, this note helps investors’ to be aware of the
various ways through which this tax can be planned and reduced. Read More... |
February 10, 2021
| Budget | Budget 2021-22 Snapshot
We present here a snapshot on the Union Budget presented by the Finance Minister, Smt. Nirmala Sitharaman. This presentation focusses on the highlights of the economic survey, direct tax and indirect tax- related announcements and also a sectoral review of various policy proposals. Read More... | February 02, 2021
| Budget | Budget 2021- Important Updates on Direct Taxes
The Finance Minister, Smt. Nirmala Sitharaman, has presented the First Union Budget of this decade amid the COVID-19- Pandemic. This budget has proposed many new measures to prop up the flagging economy in the midst of pandemic and boost spending across sectors. Read More... |
January 20, 2021
| GST | Quarterly Return Monthly Payment scheme under GST:
To reduce the compliance burden of the
taxpayers, GST Department has introduced changes in GST returns filing system
with effect from 1st January, 2021, wherein all taxpayers
with aggregate turnover up to Rs. 5 crores in the preceding financial year
may choose to file returns quarterly. Thereby, filing only 4 GSTR-1 returns and
4 GSTR-3B returns for the whole year. Read More...
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October 02, 2020
| Income-tax | TCS on Sale of Goods u/s 206C (1H): Tax Collected at Source is a type of Income Tax, which is collected by the seller from the buyer. However, TCS was only applicable for certain categories of goods. Now, with the introduction of sub-section 1H, sale of all goods, are liable to TCS deduction, when certain conditions are satisfied. Read More... |
October 02, 2020
| Income-tax | TDS u/s 194 O – E-Commerce Transaction:
According to Section 194O (introduced in the Union Budget 2020), an E-Commerce Operator is required to deduct TDS for facilitating any sale of goods or providing services through an E-Commerce Participant. TDS on E-Commerce Operators under section 194-O is applicable from 1st October 2020. Read More... |
August 14, 2020
| Income-tax | Dividend Tax Treatment - from FY 2020-21:
The Finance Act, 2020 has abolished the DDT and has moved to the classical system of taxation, wherein dividends are taxed in the hands of investors. Hence, rate of tax on dividend in the hands of resident and non-resident shareholders under various circumstances and tax withholding requirement is captured. Read More...
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June 25, 2020
| Income-tax | Extension of Various Due dates
In order to provide further relief to the income-tax payers for making various direct-tax compliances, the Government has issued a Notification on 24th June, 2020 Read More...
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June 2, 2020| Income-tax | A New version of Form 26AS
The CBDT has notified new Rule 114-I which prescribes uploading of annual information statement in Form 26AS in the registered account of assessee. A new Form 26AS has been notified for reporting of information related to TDS/TCS, specified financial statements, payment of taxes, demand & refund, pending & completed proceedings & any info. in relation to sub-rule(2) of 114-I which includes info. received under agreement referred to in section 90 or 90A. Read More...
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May 14, 2020Economic Relief Package
Part-1 | Economic Relief Package Part 1 - Hon’ble Prime Minister Shri Narendra Modi announced a Special economic and comprehensive package of Rs 20 lakh crores - equivalent to 10% of India’s GDP. He gave a clarion call for Aatmanirbhar or Self-Reliant India Movement. He also outlined five pillars of Aatmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand. As part of the package, the Union Finance Minister Smt. Nirmala Sitharaman yesterday announced the Economic Relief Package – Part -1 to boost the economy to recover from the Impact of COVID-19. The measures mainly focused on giving liquidity in the hands of micro, small and medium enterprises (MSMEs), Relaxation/Extension on certain timelines under Direct Taxes, Financial assistance by way of extending the contribution of EPF by government, measures to Real Estate sectors etc.. Read More....
Revised Rates of TDS/TCS:
Revised TDS rates with effect from May 14, 2020
Revised TCS rates with effect from May 14, 2020 |
May 13, 2020| Corporate Law | Due date for filing Forms for Company & LLP:
Annual Filing of forms of Company & LLP under respective laws for the financial year 2019-20. click here |
May 12, 2020| Accounting | Impact of COVID-19 on Preparation and Presentation of Financials Statements:
Institute of Chartered Accountant of India (ICAI) has come out with its guidelines for care to be taken by the PREPARER and AUDITOR of the financial statements. This guidance from the ICAI addresses the common issues which would be encountered on account of COVID 19 while preparing the financial statements and its audits and how they should be addressed. For better understanding, we have segregated the guidelines into two parts:
i) From Company's Viewpoint
ii) Auditor's Viewpoint. |
May 10, 2020
| Personal Taxation | Personal Taxation under Existing Scheme vs New Scheme
Budget 2020 introduced a new income tax regime as per section 115BAC of the Income-tax Act 1961 (the Act) for Individual taxpayers. However, the option for such concessional tax regime requires the taxpayer to forego certain specified deductions. We have summarised vide this note the finer points which will help understand the provisions under both the regime. Read More.... |
May 05, 2020
April 30, 2020
| COVID Impact | Relief Measures due to COVID-19
Dear All,The outbreak of the coronavirus (COVID-19) presents an alarming health crisis that the world is grappling with. The impact of the COVID-19 pandemic are significant on the economies of various countries and financial markets. There is an urgent need to take note of the relief measures taken by the Government in relation to extension in due dates and reduction in rate of interest for late payment of taxes and filing of various returns under Income-tax/GST/Corporate Law/Labour Laws/Banking/FEMA. Covid 19 Relief Measures under each area is provided below: - Labour Laws - Read More
- Banking - Read More
- Company Law - Read More
- FEMA - Read More
- GST - Read More
- Income-tax - Read More
We hope you will find the attachment useful.
Team SandS
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