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01st February 2021
 
Dear Reader,

We hope you and all 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 have analyzed various recent amendments\notifications and following are the highlights for your reference:

A] Income Tax :
  1. Extension of various due dates for certain compliances amid the existing uncertainties due to the outbreak of Covid-19…read more
     
  2. Clarification regarding ambiguity faced by an employer whether to deduct tax on salary as per old or new regime of income tax…read more
     
  3. Abeyance of clauses in Tax Audit Report with respect to GST and GAAR extended till 31.03.2021...read more
     
  4. Residential status of individuals visiting India during 2019-20 who had to prolong their stay in India owing to outbreak of Covid-19 and lock down clarified...read more
     
  5. Facility of generating instant PAN through Aadhar based e-KYC…read more
     
  6. Relief to applicants of lower TDS deduction certificates on account of disruption in working of income tax office due to covid-19 outbreak…read more
     
B] MSME :
  1. Definition of Medium Enterprise limits further revised upward to cover more enterprises under MSME definition…read more
     
  2. Exports shall not be counted in turnover criteria of MSME… read more
     
  3. Handholding mechanism named “Champions” to assist new MSMEs for their queries or complaints...read more
     
 C] Corporate Law :
  1. New rules on applicability of Secretarial Audit and appointment of Company Secretary… read more
     
  2. Relaxation of time for filing forms related to creation or modification of charges… read more
     
  3. Extension of time for holding Extra Ordinary General Meetings through VC or such other means...read more
     
  4. Extension of last date for registration of details of Independent Directors... read more
     
 D] Goods and Service Tax :
  1. Waiver of late fees for filing Goods and Service Tax (GST) returns for certain cases… read more
     
  2. Relief towards restoration of cancelled GST registrations… read more
     
  3. Extension of filing GST Annual Return and GST Audit for financial year 2018-19 announced...read more
     
  4. Waiver and reduction in rate of interest for delay in filing of GST returns for various months in different states announced by government on account of disruption due to Covid-19...read more
     
 If you wish to read the entire document...read more

We hereby draw your attention to these announcements for your necessary further action.

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

Regards,
KDP
info@kdpacountants.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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