7th August 2020
 
Dear Reader,

We hope you and all your loved ones are safe. In this time of lock down, we at KDP have made arrangements to work remotely and we are working hard to ensure all compliances are met within the prescribed timelines. We truly appreciate your support.

We hereby draw your attention to some of the recent updates under tax and FEMA regulations:

A] Income Tax :
  1. Extension of due date for filing income tax return for FY 2018-19amid the existing uncertainties due to the outbreak of Covid-19…read more
     
  2. Self-assessment tax paid by senior citizen individuals to be considered as advance tax…read more
     
  3. One-time relaxation for verification of income tax returns for various assessment years (AY)...read more
     
  4. Additional information to enable transparency and accountability will be available in the new Form 26AS...read more
     
  5. Exemption granted to various parties on whom tax deducted at source (TDS) provisions were applicable for withdrawal of cash from banks or post offices…read more
     
  6. Utility to ascertain TDS rates applicable on cash withdrawals released…read more
     
  7. Memorandum of Understanding (MoU) between Central Board of Direct Taxes (CBDT) and Securities & Exchange Board of India (SEBI) signed…read more
     
  8. Memorandum of Understanding (MoU) between (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) signed…read more
     
  9. Memorandum of Understanding (MoU) between (CBDT) and Ministry of Micro, Small and Medium Enterprises (MoMSME) signed…read more
     
B] Goods and Service Tax:
  1. Clarification on chargeability of GST on remuneration to directors announced…read more
     
  2. Extension of filing GST return for Composition Dealers announced… read more
     
 C] FEMA :
  1. Extension of due date for filing Foreign Liabilities and Assets… read more
     
 If you wish to read the entire document...read more

We hope you will find these updates useful for your necessary further action.

In case of you need any additional information, kindly write to us on info@kdpaccountants.com
 

Disclaimer:

  • This note does not form an opinion from our end and before taking any decision based on above, it is recommended to consult our experts on the subject.

  • Kamdar Desai & Patel will not be liable for any damages (including, without limitation, damages for loss of business projects, or loss of profits) arising in contract, tort or otherwise from the use of or inability to use this article, or any of its contents, or from any action taken (or refrained from being taken) as a result of using this article or any such contents.

 

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