Salient features of GST Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme w.e.f. 01.01.2021

Salient features of GST Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme w.e.f. 01.01.2021   Who can opt for the scheme:Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 :   An RP who is required to file Form GSTR …

No requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares, ITR FY 19-20

There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain from share trading in case of stock traders or day traders is generally categorised as short-term capital gains or business …

Clarification on doubts arising on account of new TCS provisions by CBDT

There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applicability of these …

Rate of exchange for conversion into rupees of income expressed in foreign currency. Rule 115

[(1)] The rate of exchange for the calculation of the value in rupees of any income accruing or arising or deemed to accrue or arise to the assessee in foreign currency or received or deemed to be received by him or on his behalf in foreign currency shall be the …

Highlights of Today’s speech by Honourable Finance Minister and Minister of State in Finance relating to Income tax, GST, Companies Act 2013 Compliance, Insolvency and Bankruptcy Code and Banking services regulatory compliance considering COVID-19

Highlights of Today’s speech by Honourable Finance Minister and Minister of State in Finance relating to Income tax, GST, Companies Act 2013 Compliance, Insolvency and Bankruptcy Code and Banking services regulatory compliance considering COVID-19:   * Income Tax* Last date for belated return 30th June 2020 and interest rate under …