Censeo Consultancy Private Limited

Some Important Key Take Away from Union Budget 2021

Income Tax

1. Purchase Goodwill will not form part of Intangible Assets.

2. Slum sale can be in Kind also

3. Employer contribution will be deducted minimum of 12% or 750000

4. Salary employee can deposit max 250000 in PF in year, there will be tax on interest earn on and above 250000.

5. Payment of employee contribution will not be deductible if not paid within Due date.

6. Corpus donation is exepmted if invested as per rule.

7. Upto 30-June 21, builder can sale property upto 20% less than RR rate, subject to condition.

8. Tax exemption on affordable housing rental Income.

9. Last date of filling the belated or revised return has made 31st Dec from 31st March

10. Scrutiny Assessment notice can be issue upto 30th June.

11. Completion of assessment has to done within 9 month.

12.New section 194Q introduce, where buyer need to deduct TDS if its turnover in previous FY is more than 10cr.

13. Double the rate of TDS need to deducted if party not filled ITR for last 2 years

14. Settlement commission has been abolished.

15. Introduction of Dispute settlement commission.

16. Sec 271 is further tighten by giving power of provisional attachment of property.

GST

1. Sec 7 of CGST Act, clarified that transaction between Club and member is taxable.

2. Sec 83 of CGST Act amended to give power of provision attachment of property and Bank account, even when case is under Investigation. No rule to be follow for the same.

3. Government will notify the type of exporter or the type of goods which are allowed to get refund of IGST.

4.In case of seizure of goods during transit option to release the goods on provisional basis gone away.

Regards
CA Manish Agarwal

DUE DATE FOR FILING GSTR 9 AND 9C FOR THE FY 2018-19 HAS BEEN EXTENDED UPTO 31ST OCT 2020

Our Company first article in SiliconIndia Magazine. 10 most promising Taxation Servicev Provider.

Looking for the candidate who has passed both group of CA IPCC and have good experience in Statutory and Internal Audit along with working knowledge of Transfer pricing and Internal Financial Control.

May this season of lights brighten your world 🌏

GST Transition Rules
2. Persons having Excise Invoice for Stocks lying as on 30th June will be entitled to take full credit of Excise Duty mentioned in the Invoice

GST Transition Rules
1. Persons entitles to take the credit will have to submit a declaration within 90 days (30th Sep) specifying the credit he wants to take on stock lying with him on 30th June.

GST UPDATE: Annual turnover threshold for purpose of availing composition scheme increased to Rs. 75 lakhs from Rs. 50 lakhs for traders, manufacturers and restaurants

GST Is final to rolled out from 1st July 2017

Censeo Consultancy Private Limited CCPL provide gamut of advisory services built on the bases of spectrum of knowledge and expertise in

Censeo Consultancy, is a Mumbai based Consultancy Company,Which provide one roof solution to all your Accounting, Auditing, Internal Controls and Statutory Compliance need.