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JULY 2020 COMPLIANCE CALENDAR

July Sl. No Particulars Revised Due Date Direct Tax 1 Deposit of TDS & TCS for June 2020 07 July 2020 2 Due date for issue of TDS Certificate for tax deducted under Section 194-IA & 194-IB in the month of May, 2020. 30 July 2020 3 Furnishing of challan-cum-statement in respect of tax deducted […]

JUNE 2020 Compliance Calendar

  June Sl. No Particulars Revised Due Date Direct Tax 1 Deadline for PAN – Aadhaar linking 30 June 2020 2 Advance Tax – Q1, FY. 2020-21 15 June 2020 3 Filing of Normal & Revised Income Tax Return for the FY 2018-19 30 June 2020 4 Furnishing of challan-cum-statement in respect of tax deducted […]

Atma Nirbhar Bharat Abhiyan Scheme

  The Finance Minister of India, Smt. Nirmala Sitharaman has recently announced Aatmanirbhar Bharat Abhiyaan. As per this scheme the Government has broadened the definition of MSMEs; Particulars Investment Limit Turnover Limit Micro Enterprises 1Cr 5Cr Small Enterprises 10Cr 50Cr Medium Enterprises 20Cr 100Cr As per this scheme; The due date of all Income Tax […]

Companies Fresh Start Scheme 2020

A golden opportunity for defaulter companies to become compliant with savings of lakhs of rupees. What is Companies Fresh Start Scheme 2020 (CFSS 2020)? In order to facilitate the companies registered in India to make a fresh start on a clean slate, Ministry of Corporate Affairs has introduced Company Fresh Start Scheme 2020 vide MCA […]

Important Due Dates

MARCH 2020 – Compliance calendar

Date Category Compliance for (Due dates) Form/ Challan no: 7 Income tax Deposit of TDS/TCS for Feb 2020 ITNS 281 11 GST GSTR 1 for furnishing outward supplies for Feb 2020(Turnover exceeding Rs. 1.50 Cr or opted to file monthly Return) GSTR 1 15 Income tax Issue of TDS Certificate for tax deducted u/s 194-IA […]

Frauds & misappropriation of funds in Auto Dealership

The auto dealership is one business activity where the impact of fraud and misappropriation of funds are comparatively higher. Therefore, the success of this business to a large extent depends on containment of fraud and pilferage through proper and effective internal control measures. The complexity of auto dealership operations gives many opportunities to its employees […]

FEBRUARY 2020 – Compliance calendar

  Date Category Compliance for (Due dates) Form/ Challan no: 7 Income tax Deposit of TDS/TCS for Jan 2020 ITNS 281 11 GST GSTR 1 for furnishing outward supplies for Jan 2020(Turnover exceeding Rs. 1.50 Cr or opted to file monthly Return) GSTR 1 14 Income tax Issue of TDS Certificate for tax deducted u/s […]

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TDS on sale of Property by NRI

Problem Non-residents who are selling immovable property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it is a short term or a long term capital gains. When a property is sold, after two years from the date it was […]

Capital Gain Tax on Compulsory Acquisition

Problem Our client had a plot of land (non-agricultural) situated near a busy junction (Sreekaryam) in Thiruvananthapuram. Kerala State Government decided to construct an overbridge at the junction mentioned above to reduce traffic congestion. The government was compulsorily acquired the abovementioned plot of land for this purpose, and our client was awarded a package sum […]

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JULY 2020 COMPLIANCE CALENDAR

July Sl. No Particulars Revised Due Date Direct Tax 1 Deposit of TDS & TCS for June 2020 07 July 2020 2 Due date for issue of TDS Certificate for tax deducted under Section 194-IA & 194-IB in the month of May, 2020. 30 July 2020 3 Furnishing of challan-cum-statement in respect of tax deducted […]

JUNE 2020 Compliance Calendar

  June Sl. No Particulars Revised Due Date Direct Tax 1 Deadline for PAN – Aadhaar linking 30 June 2020 2 Advance Tax – Q1, FY. 2020-21 15 June 2020 3 Filing of Normal & Revised Income Tax Return for the FY 2018-19 30 June 2020 4 Furnishing of challan-cum-statement in respect of tax deducted […]

Atma Nirbhar Bharat Abhiyan Scheme

  The Finance Minister of India, Smt. Nirmala Sitharaman has recently announced Aatmanirbhar Bharat Abhiyaan. As per this scheme the Government has broadened the definition of MSMEs; Particulars Investment Limit Turnover Limit Micro Enterprises 1Cr 5Cr Small Enterprises 10Cr 50Cr Medium Enterprises 20Cr 100Cr As per this scheme; The due date of all Income Tax […]

Companies Fresh Start Scheme 2020

A golden opportunity for defaulter companies to become compliant with savings of lakhs of rupees. What is Companies Fresh Start Scheme 2020 (CFSS 2020)? In order to facilitate the companies registered in India to make a fresh start on a clean slate, Ministry of Corporate Affairs has introduced Company Fresh Start Scheme 2020 vide MCA […]

Important Due Dates

MARCH 2020 – Compliance calendar

Date Category Compliance for (Due dates) Form/ Challan no: 7 Income tax Deposit of TDS/TCS for Feb 2020 ITNS 281 11 GST GSTR 1 for furnishing outward supplies for Feb 2020(Turnover exceeding Rs. 1.50 Cr or opted to file monthly Return) GSTR 1 15 Income tax Issue of TDS Certificate for tax deducted u/s 194-IA […]

Frauds & misappropriation of funds in Auto Dealership

The auto dealership is one business activity where the impact of fraud and misappropriation of funds are comparatively higher. Therefore, the success of this business to a large extent depends on containment of fraud and pilferage through proper and effective internal control measures. The complexity of auto dealership operations gives many opportunities to its employees […]

FEBRUARY 2020 – Compliance calendar

  Date Category Compliance for (Due dates) Form/ Challan no: 7 Income tax Deposit of TDS/TCS for Jan 2020 ITNS 281 11 GST GSTR 1 for furnishing outward supplies for Jan 2020(Turnover exceeding Rs. 1.50 Cr or opted to file monthly Return) GSTR 1 14 Income tax Issue of TDS Certificate for tax deducted u/s […]

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case Study

TDS on sale of Property by NRI

Problem Non-residents who are selling immovable property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it is a short term or a long term capital gains. When a property is sold, after two years from the date it was […]

Capital Gain Tax on Compulsory Acquisition

Problem Our client had a plot of land (non-agricultural) situated near a busy junction (Sreekaryam) in Thiruvananthapuram. Kerala State Government decided to construct an overbridge at the junction mentioned above to reduce traffic congestion. The government was compulsorily acquired the abovementioned plot of land for this purpose, and our client was awarded a package sum […]

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