The Provision for a special withdrawal from the EPF scheme to face the COVID 19 pandemic is part of urgent notification introduced on 28th March 2020 .The package has provided timely relief to the working class of the nation . Under PMGKY scheme amount to the extent of 75 % of the amount standing to
Read MoreThe Central Govt has announced a subsidy package whereby both employer and employee contribution of the Provident fund will be paid by the Government for the next three months . This is to support business employing less than 100 employees . The scheme will cover the period of wages from March 2020 to May 2020
Read MoreThe Act came in to effect on 17th March 2020 .The Act is is in the direction of bringing tax dispute to an end and bringing the disputed money in various appellate forum in the mainstream of the economy . What is Act ? The Act aims in unlocking the disputed tax arrears which are
Read MoreThe Government has came out with a one-time settlement scheme for Limited Liability Partnerships (LLPs) that will provide more time to submit their pending documents as well as immunity from prosecution for defaults. The LLP settlement Scheme, 2020 to be in force from 16th March 2020 to 13th June ,2020. It would permit a “ONE
Read MoreThe Scheme was launched by the Finance Minister in her Budget speech on Feb 1 ,2020 .The scheme is in the direction of bringing tax dispute to an end and bringing the disputed money in various appellate forum in the mainstream of the economy . What is scheme ? The scheme aims in unlocking the
Read MoreUnion BUDGET 2020 MAJOR TAX PROPOSALS TAXPAYERs’ CHARTER in various Acts like Companies Act, for removing harassment of and protecting Taxpayers. DIRECT TAX- 1. VIVAD SE VISHWAS SCHEME IN INCOME TAX – No interest & penalty if tax paid by 31st March 2020. Some additional amt. By 30th June. 2. Option to Individual without around
Read MoreAs per Rule 36(4) of the CGST Rules 2017 notified w.e.f. 09.10.2019, restricts availment of credit to 120% of the eligible credit based on invoices/debit notes uploaded by the supplier in their GSTR-1s. From 1st January 2020, the eligibility has got reduced to 110% of such eligible credit. In case availment is in excess of
Read MoreIt is observed from last few days there are series of notices from the department in which it is instructed by the department to pay the excess ITC along with interest . In the first instance all these notice are without DIN ( Document Identification Number ) and department has itself declare that any communication
Read MoreAs per Section 16(4) of the CGST Act, 2017 any of the registered persons filing their GSTR-3B return in respect of the last two financial years (July 2017-March 2018 and 2018-19) after 30.04.2019 and 20.10.2019 respectively, could not have availed any credit on invoices or a debit note pertaining to the relevant financial year except in
Read MoreHow much cash can be kept at home by any person legally? A: There is no such limit for cash to be kept at home. But, in case of any inquiry, you need to explain the source of such cash balance. Unexplained source can lead to a penalty up to 137% of cash balance. Q:
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