KSPM & Associates

https://studycafe.in/2020/08/purchase-cant-be-treated-as-bogus-when-payment-is-made-via-bank-itat.html

Purchase can’t be treated as Bogus when payment is made via Bank: ITAT Purchase can’t be treated as Bogus when payment is made via Bank: ITAT, bogus transactions, Bogus purchases, bogus purchases made from the grey market

*Why and who should take moratorium*

CASH IS KING 2020

In this crisis time businesses and people will find it difficult to get fresh loans. Consider the amount which you dont pay during moratorium as fresh loan at old rates.

Why?
There ample opportunities in everyone’s own business
1. You can raw materials cheap
2. You can buy property cheap
3. You can book vehicles at discounts
4. Today things are available at good discount as everyone is looking at liquidity.

So instead of repaying loans or interest from business or personal savings or reserve cash flows use it wisely to enhance the business opportunities.

1. All policy rates reduced by 0.40% so repo and reverse repo will come down
2. Moratorium extended for all loans extended by 3 months
3. WC interest for 6 months to be converted to Term loan with interest to be paid in remaining months of FY 20-21
4. All other measures announced earlier extended by 3 months including NPAs.

*Tax changes...*

1. All TDS n TCS rates reduced by 25% for Non Salaried Resident payments

2. All refunds to be issued immediately

3. Income tax returns due date extended to 30-11-2020

4. Tax Audit due date extended to 31-10-2020

5. All Assessments getting barred on 30-9-2020 extended to 31-12-2020

6. All Assessments getting barred on 31-3-2021 extended to 30-9-2021

7. Vivad Se Vishwas Scheme extended to 31-12-2020 without any additional payments

Proud to announce!!

Three articles from our office have become CA:

CA Henil Shah
CA Kushal Shah
CA Abhishek Jain

Its 3 !!!

*Welcome Judgement of Supreme Court*

Supreme Court says No concealment penalty even for non disclosing income in ITR if it is shown in balance sheet [Read Order]::

taxknowledge.in

Bye bye season #2019

Just to summarize, please accept this.... *FM ANNOUNCEMENT*

👉🏽Corporate tax rate to be 22% without exemptions, inclusive of surcharge and cess.
👉🏽No Minimum Alternate Tax (MAT) applicable on such companies
👉🏽Effective corporate tax rate after surcharge to be 25.17 percent
👉🏽To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent
👉🏽That effective tax for new companies shall be 17.01 percent, including cess and surcharge. Companies enjoying tax holidays would be able to avail concessional rates post the exemption period.
👉🏽Will give MAT relief for those opting to continue paying surcharge and cess. MAT has been reduced to 15 percent from 18.5 percent for companies who continue to avail exemptions and incentives:
👉🏽To stabilise flow of funds into the market the enhanced surcharge announced in Budget 2019 will not apply on capital gains arising on sale of any security, including derivatives by foreign portfolio investors (FPI)
👉🏽For listed companies which made announcement for public buyback before July 2019 it is provided that tax on buyback on shares of such companies will no be charged
👉🏽Total revenue foregone by undertaking these measures is Rs 1.45 lakh crore per year,

All Members are co-ordially invited for
"Public Meeting on Union Budget-2019" held by Goregaon Sports Club jointly with The Malad Chamber of Tax Consultation on 8th July, 2019 .
Venue: Goregoan Sports Club, Link Road, Malad West.
Timings : 6.15 pm to 8.45 pm.
Topics and Speakers
1) Direct Tax Proposal by CA Vimal Punmiya
2) Impact of Budget on Capital Market by CA Manish Chokshi
3) Indirect Tax Proposal by Adv Bharat Raichandani

Contact
9619721743 / 7039006655

Vaibhav D. Seth
President
The Malad Chamber of Tax Consultants

Calling all members and general public for “Meeting on Budget 2019” being hosted by Malad Chamber of Tax Consultants in association with Goregaon Sports Club on 8th July, 2019 at 5.45 pm.

Venue : Goregaon Sports Club