CBDT to start e-campaign on Voluntary Compliance of Income Tax
/ Business

CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020 to 31st July, 2020

Basis of e-campaign:The Campaign ending on 31st July, 2020 will emphasize on assessees/ taxpayers who have either not filed the returns or have discrepancies/deficiency in their returns for the FY 2018- 2019.The Campaign promotes voluntary compliance to facilitate tax payers to validate online their tax/ financial transaction information available with Income Tax department for FY …

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Labor Laws in India
/ Business

Labor Laws in India

Labor laws of India are almost almost like laws in the other country. India offers lot of potential for outsourcing IT functions, KPO and BPO operations due to availability of highly skilled and economical resources. So whenever someone cares fixing a subsidiary in India, the primary question is about labor laws in India. during this …

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Personal Finance Tips for the Long-Term
/ Business

Top 10 Personal Finance Tips for the Long-Term

While total financial independence isn’t a simple goal to succeed in , most of the people wish to a minimum of to spend their lives without struggling for creating their ends meet. Financial planning could assist you in meeting your long-term goal, however, you would like to place the plan into effective action. Here during …

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MINISTRY OF FINANCE
/ Others

MINISTRY OF FINANCE

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION No. 35/2020–Central Tax New Delhi, the 3rd April, 2020 G.S.R. 235(E).-In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with section 20 of the Integrated …

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The Institute of Chartered Accountants of India
/ ICAI

The Institute of Chartered Accountants of India

ANNOUNCEMENT MCA has introduced LLP Settlement Scheme, 2020 to give a Onetime relaxation in additional fees to the defaulting LLPs. The Ministry of Corporate Affairs has provided a one time opportunity to the LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future by introducing LLP …

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CARO 2020
/ Business

CARO 2020

MINISTRY OF CORPORATE AFFAIRS vide notification dated 25th February 2020, has published Companies (Auditor’s Report) Order, 2020 in exercise of the powers conferred by: Section 143(11) of the Companies Act, 2013 (18 of 2013) and in supersession of the Companies (Auditor’s Report) Order, 2016, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1228 (E), dated the …

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Standard Operating Procedure to Be Followed In Case of Non-Filers of GST Returns
/ GST (Goods & Services Tax)

Standard Operating Procedure to Be Followed In Case of Non-Filers of GST Returns (Circular No. 129/48/2019 – GST, Dated 24 December 2019)

In case of non-furnishing of return under Sec. 39 or Sec. 44 or Sec. 45 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”). It has further been brought to the notice that divergent practices are being followed in case of non-furnishing of the said returns.

In order to clarify the issue and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in exercise of its powers conferred by section 168 (1) of the CGST Act, hereby issues the following clarifications and guidelines.

Summarized circular of the same are explained as follows:

Standard Operating Procedure to Be Followed In Case of Non-Filers of GST Returns

The proper officer would initiate action under section 29(2) of the CGST Act for cancellation of registration in cases where the return has not been furnished for the period specified in section 29.