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01/09/2020
NAA deletes Profiteering Charges against Construction Service provider, A***n Hometec The National Anti-Profiteering Authority did not find the construction service provider, M/s A***n Hometec guilty of profiteering
01/09/2020
Expenditure on Replacement of Jigs and Fixtures is Revenue Expenditure: ITAT The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while upholding the order of CIT(A) said the whenever the jigs and fixtures were
27/03/2020
RBI Live: Shaktikanta Das allows to pause loan EMIs for 3 months; announces 75 bps emergency repo rate cut Reserve Bank of India Governor Shaktikanta Das announced that the MPC voted for an emergency rate cut of 75 basis point bringing the repo rate to 4.4%.
Updates from press conference of Finance Minister on 24th March, 2020
1. FY 2018-19 returns last date 30th June 2020
Interest rates for delayed payment reduced from 12 to 9%
2. Interest on late payment of TDS will be 9% upto 30th June 2020
3. Aadhar pan linking date extended to 30th June 2020
4. Vivaad se Vishwas scheme extended to 30th June 2020. No 10% additional charge upto 30th June 2020.
5. Due date for investment in 80C and any benefit under capital gains extended to 30th June 2020
6. All assessment appeal filings extended to 30th June 2020
7. Last date for filing March April May extended to 30th June 2020 (staggered dates will be given)
8. For companies with less than 5cr turnover, no interest, late fees and penalty.
9. For companies with turnover more than 5cr, only interest at 9% will be applicable.
10. Last date for option composition scheme extended to 30th June 2020
11. Sabka vishwas extended to 30th June 2020. No interest levied on payments upto 30th June 2020
12. Customs clearance will operate 24x7 upto 30th June 2020
13. Board meetings requirements relaxed for 60 days till the next 2 quarters.
14. Companies auditor's report order to be applicable from 2020-21 instead of 2019-20
15. If independent directors have not been part of meeting in 2019-20 it shall not be seen as a violation.
16. Filing of form for commencement of operations extended by 6 months
17. Director non-compliant with 182 days requirement relaxed to not be treated as a violation.
18. Deposit reserve date extended to 30th June 2020
19. Requirement of investing 15% debentures in specified instruments extended to 30th June 2020.
For delayed deposit of TDS, interest has been reduced to 9 % from 18%
Aadhaar Pan linking date has been extended from March 2020 to 30th June 2020
All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020
Last date for filing March April May GST returns extended to June 30, 2020
Due date for return from March 2020 has been extended till 30th June 2020!
28/12/2019
28/10/2019
Under Section 17 of the GST Act, Companies or any dealer have to transfer any reduction in Tax to their Consumers. This must be done by reducing the price of the Goods/Services proportionately.
The Govt can deploy the authority to check on whether the lower GST have brought the lower prices.
By setting up the DGSTI, the Govt has made it clear that any case of Anti-Profiteering by Companies would lead to severe action.
Lets understand Anti-Profiteering with the help of this image: