Due to the Covid-19, the central government has issued the notification wherein relaxation was provided to Companies and LLPs in the filing of forms without payment of any additional fees where it has been due for filing for a specified period, the Ministry has issued a clarification listing out the forms covered under such relaxation. … Read more
FIEO seeks immediate release of export benefits from government agencies to make the shipments more profitable. The benefits include MEIS (Merchandise Exports from India Scheme), GST, and RoDTEP (Remission of Duties and Tax on Exports Products). FIEO stands for The Federation of Indian Export Organizations that comes under the Ministry of Commerce and it was … Read more
Due to the Covid-19, the Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30. In this article, we will discuss Income Tax … Read more
The destination-based Goods and Services Tax (GST) was launched in the year 2017 to make India a unified market. Since its launch, there has been a surge in the collection of indirect taxes in the country to clear all pending GST refund claims. However, it also had its own challenges in the journey down the … Read more
Due to the Covid-19, the Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal. Of this personal income tax refunds worth Rs 7,458 crore has been issued in over 14.98 lakh cases. Corporate tax refunds of Rs 17,334 crore have … Read more
Due to the Covid-19 pandemic, the Goods and service Tax Network (GSTN) department announced that the GSTR-2B for April 2021 will be generated after the Due dates. In this article we will discuss on Date of GSTR-2B (Details of ITC) for April 2021 extended. What is IFF and GSTR-1? The Invoice providing Facility (IFF) is … Read more
The Agricultural and Processed Food Export Development Authority, a wing of the central government runs various schemes for the promotion of processed food and agricultural products. Recently APEDA extends the timeline for Financial Assistance for the Agricultural and Processed Food Export Promotion Scheme and it will continue until 30.06.2021. The extended timeline has opened the gate … Read more
EPF account holders are eligible for the benefits of Provident fund (PF) under the Employees’ Provident fund. The employer is responsible for deduction and the EPF funds provide social security for the eligible candidates. Equal contribution is one of the key elements wherein both the employee and the employer have to contribute 12% of the … Read more
The Cabinet approves MoU between ICAI and QFCA. Consequently, It will now have a positive impact on the economies of both countries. Therefore, to start availing the benefits, the business in India should hire experts for Bookkeeping and Accounting Services. In this article, we will read about the news of Cabinet clears India-Qatar deal on … Read more
Nowadays, the Business houses are entering into sale and lease back transaction of capital assets to meet the working capital provision of the transaction. The Sale and lease back transaction requires to be carefully analysed to deduce the correct tax implications.A humble attempt to list down the GST implication on sale and lease back transaction. … Read more