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Taxpayers which have aggregate turnover of more than Rs. 5 crores in the Financial Year 2018-2019 will have to file GSTR-3B for the month of March, 2020 by 5th May, 2020. Thereafter interest will be calculated @9%p.a. if return is filed on or before 24th June 2020. Notification No. 31/2020 dated 03.04.2020 For any help related to GST Filing get in touch with our experts Visit us. www.taxdcs.co.in

APPLICABILITY OF GST ON DIRECTORS REMUNERATION As per Section 9(3) of the CGST Act , tax shall be paid on reverse charge basis by the recipient of such service. The Central Government vide Central Tax (Rate) Notification No. 13/2017 dated 28 th June 2017 notified few services on which tax has to be paid on reverse charge basis. Under Entry 6 of the said Notification it is mentioned that services supplied by a director of a company or a body corporate to the said company or the body corporate (located in the taxable territory) this will fall under Reverse Charge Mechanism, i.e. the company have to pay tax on the consideration paid to director and is eligible for Input Tax Credit. As per Clause I of Schedule III – Services by an employee to the employer in the course of or in relation to his employment is not be treated as supply of goods / services. Hence, director of a company are not treated as employee of the company. Based on the above provisions the AAR Bengaluru ...

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COMPANIES FRESH START SCHEME, 2020 (CFSS, 2020) The Ministry of Corporate Affairs vide General Circular No. 12/2020 dated 30/03/2020 has provided an opportunity to defaulting companies to make a fresh start on a clean slateby filing belated documents, statements, returns and forms including ANNUAL FILING FORMS (like AOC-4, MGT-7), DIR-3 KYC, INC-22A (ACTIVE) in the MCA-21 registry irrespective of its due date without any additional fees. THE DETAILS OF THE SCHEME ARE AS UNDER: • The companies which have failed to file Annual Returns and Financial Statement and various other documents, returns and forms filing fees of which are governed U/S 403 of the Actcan now be filed under this scheme at a nominal fees as prescribed under The Companies (Registration and Offices) Rules, 2014. Note: FORM MGT-14 is not covered U/S 403 of the Act and hence this Scheme is not applicable. • Only normal fees will be payable for filing the documents in the MCA 21 Registry. • Inac...

CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017. In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN) The same can be generated by logging-in to the e-filing website (https://incometaxindiaefiling.gov.in/) with the log in ID used for the purpose of filing the Income Tax Return of the reporting person / entity. Entity having PAN can take only PAN based ITDREIN. Entity having TAN can generate an ITDREIN only when such TAN's Organisational PAN is not available. The registration of reporting person (ITDR...

GST MIGRATION As government moves a step forward to “one nation one tax”, we help you migrate to GST. Once you handover the following documents to us, the responsibility of your migration to GST is ours. GST Migration for Service Tax Assessees has started. Please provide the documents at the earliest to avoid the last minute rush!  CHECKLIST FOR GST ENROLMENT 1.     ACES LOG IN ID & PASSWORD                               OR     PROVISIONAL ID RECEIVED FROM CBEC     PASSWORD RECEIVED FROM CBEC 2.    VALID EMAIL ADDRESS 3.    VALID MOBILE NUMBER 4.    DATE OF BIRTH/ DATE OF INCORPORATION 5.    MOTHER’S NAME OF AUTHORIZED SIGNATORY 6.    PRINCIPAL ITEM OF GOODS TRADED 7.    NAME OF 1 ST EMPLOYEE 8.     COPY OF SERVICE TAX REGISTRATION CERTIFICATE 9.   ...

NOTE DEMONETISATION: A MOVE TOWARDS NATION BUILDING 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced. 2. What is this scheme? The legal tender character of the existing bank notes in denominations of ₹500 and ₹1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and...