1. Amardeep M Jadeja has filed a Form 15G declaration for the financial year 2020-2021 to claim income from fixed deposits without tax deduction at source.
2. The declaration includes details of the declarant such as name, PAN, residential status and income details.
3. HDFC Bank, where the fixed deposits are held, is responsible for paying the income and will not deduct tax at source on the fixed deposit interest if the total income does not exceed the taxable limit based on the declaration.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
Under the upcoming GST ( Goods and service tax) environment in INDIA the migration of registered dealers under various State Vat to GST network has started. It is the duty of every dealer to migrate. This book is a handy guide for migration related information.
Corporate compliance calendar _ January 2020Lalit Rajput
Corporate compliance calendar for the month of January 2020
ABOUT ARTICLE :
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST)
3. Other Statutory Laws
4 Foreign Exchange Management Act, 1999 (FEMA)
5. SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. Companies Act, 2013 (MCA/ROC and LLP Compliance)
11. Investor Education and Protection Fund
12. ICSI Updates on e-CSIN
Corporate Compliance Calendar February 2020Lalit Rajput
Corporate Compliance Calendar for the month of February 2020.
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
Notifications & Circulars - GST - 9th & 10th June 2020Priyank Shah
The government has issued a few notifications and circulars on 9th & 10th June 2020, ahead of the GST Councils meet on 12th June 2020. We have summarized the said notifications and circulars for simple understanding.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
Under the upcoming GST ( Goods and service tax) environment in INDIA the migration of registered dealers under various State Vat to GST network has started. It is the duty of every dealer to migrate. This book is a handy guide for migration related information.
Corporate compliance calendar _ January 2020Lalit Rajput
Corporate compliance calendar for the month of January 2020
ABOUT ARTICLE :
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST)
3. Other Statutory Laws
4 Foreign Exchange Management Act, 1999 (FEMA)
5. SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. Companies Act, 2013 (MCA/ROC and LLP Compliance)
11. Investor Education and Protection Fund
12. ICSI Updates on e-CSIN
Corporate Compliance Calendar February 2020Lalit Rajput
Corporate Compliance Calendar for the month of February 2020.
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
Notifications & Circulars - GST - 9th & 10th June 2020Priyank Shah
The government has issued a few notifications and circulars on 9th & 10th June 2020, ahead of the GST Councils meet on 12th June 2020. We have summarized the said notifications and circulars for simple understanding.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
Understanding the Recent Developments in taxation of charitable & religious t...Taxmann
OVERVIEW OF NEW SCHEME OF REGISTRATION.
1. Under the existing law, NGOs are required to get registered under section 12A/12AA or to obtain approval under
section 10(23) to claim various exemptions and under Section, 80G to provide deductions to donors.
2. The Finance Act 2020 has introduced substantial changes to the provisions of registration of NGOs. A new section 12AB replaces the existing section 12AA. Similar amendments have been made to section 10(23C) and Section 80G. These changes are effective from 1st June 2020.
3. Registration and approvals of NGOs shall be completely electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions.
4. NGOs registered prior to 01-06-2020 are required to make an application again under a new scheme of registration.
5. The concept of the perpetuity of registration is withdrawn under the new scheme. The registration under a new scheme
shall be valid for a specified period, that is, up to 3 years for provisional cases and a maximum period of 5 years for
final registration.
6. Registration is required to be renewed every 5 years.
Concept of provisional registration introduced for new charity institutions that are yet to start their charitable activities.
Corporate compliance calendar april 2020Lalit Rajput
ABOUT ARTICLE :
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST) & 39th GST Council Meeting Updates
3. Other Statutory Laws
4 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018 and Circulars / Notifications
10. Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications
11. ICSI Updates on e-CSIN
12. . MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSME)
13. Insolvency and Bankruptcy Board of India (IBBI) Updates
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
Changes in the Finance Act, 2020 Viz-a-viz Finance Bill, 2020.
The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 bypassing the Finance Bill, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. The Finance Bill, 2020 has been passed with more than 50 changes.
New amendments have been made, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. The Bill has received the
Presidential assent on 27-03-2020. Snippets of all changes made in the Finance Act, 2020 viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented hereunder.
To understand the relevance of Form 15G and 15H - the purpose for which the forms are used and the rationale for providing such facility. To analyse the contents of the Forms and understand the eligibility criterias for the assessees to file the Forms. Further, the Webinar shall touch upon certain caveats to be kept in mind while filing the Forms.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
Newsletter on daily professional updates- 08/04/2020CA PRADEEP GOYAL
“Ideas are knowledge.
When we share knowledge in the written or verbal form, amazing things can happen.”
Here is your Daily dose of professional updates 08.04.2020
Understanding the Recent Developments in taxation of charitable & religious t...Taxmann
OVERVIEW OF NEW SCHEME OF REGISTRATION.
1. Under the existing law, NGOs are required to get registered under section 12A/12AA or to obtain approval under
section 10(23) to claim various exemptions and under Section, 80G to provide deductions to donors.
2. The Finance Act 2020 has introduced substantial changes to the provisions of registration of NGOs. A new section 12AB replaces the existing section 12AA. Similar amendments have been made to section 10(23C) and Section 80G. These changes are effective from 1st June 2020.
3. Registration and approvals of NGOs shall be completely electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions.
4. NGOs registered prior to 01-06-2020 are required to make an application again under a new scheme of registration.
5. The concept of the perpetuity of registration is withdrawn under the new scheme. The registration under a new scheme
shall be valid for a specified period, that is, up to 3 years for provisional cases and a maximum period of 5 years for
final registration.
6. Registration is required to be renewed every 5 years.
Concept of provisional registration introduced for new charity institutions that are yet to start their charitable activities.
Corporate compliance calendar april 2020Lalit Rajput
ABOUT ARTICLE :
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST) & 39th GST Council Meeting Updates
3. Other Statutory Laws
4 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018 and Circulars / Notifications
10. Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications
11. ICSI Updates on e-CSIN
12. . MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSME)
13. Insolvency and Bankruptcy Board of India (IBBI) Updates
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
Changes in the Finance Act, 2020 Viz-a-viz Finance Bill, 2020.
The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 bypassing the Finance Bill, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. The Finance Bill, 2020 has been passed with more than 50 changes.
New amendments have been made, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. The Bill has received the
Presidential assent on 27-03-2020. Snippets of all changes made in the Finance Act, 2020 viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented hereunder.
To understand the relevance of Form 15G and 15H - the purpose for which the forms are used and the rationale for providing such facility. To analyse the contents of the Forms and understand the eligibility criterias for the assessees to file the Forms. Further, the Webinar shall touch upon certain caveats to be kept in mind while filing the Forms.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
The govt. is trying to move towards ONE NATION ONE TAX- GOODS & SERVICE TAX. Through this presentation we have tried our best to give a clear insight about the biggest tax reform.
With a shit to GST, the Indian taxation system has undergone a tremendous transformation.
This article deals with the first and the most important step towards the shift, Registration.
2. Declaration / Verification10
* I/ We ................................................. do hereby declare that to the best of *my/ our knowledge and belief what is stated above is correct, complete and is truly stated. *I/ We declare that the incomes referred to
in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. *I/ We further declare that the tax *on/ our estimated total income including *income/
incomes referred to in column 16 *and aggregate amount of *income/ incomes referred to in column 18 computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on
31st Mar 2021 relevant to the assessment year 2021-2022 will be nil. *I/ We also declare that *my/ our *income/ incomes referred to in column 16 *and the aggregate amount of *income/ incomes referred to in
column 18 for the previous year ending on 31st Mar 2021 relevant to the assessment year 2021-2022 will not exceed the maximum amount which is not chargeable to income-tax.
Place: ..................................................
Date: ..................................................
......................................................
Signature of declarant9
PART II
[To be filled by the person responsible for paying the income referred to in column 16 of part I]
1. Name of the Person responsible for paying.
HDFC BANK LTD
2. Unique Identification No.11
3. Pan of the Person
responsible for paying. AAACH2702H
4. Complete Address
HDFC Bank House, Senapati Bapat Marg,
Lower Parel, Mumbai, Maharashtra - 400013
5. TAN of the person responsible for paying
MUMH03189E
6. Email : support@hdfcbank.com 7. Telephone No. (with STD code) and Mobile No. 8. Amount of income
paid 12
9. Date on which Declaration is received(DD/MM/YYYY) 10. Date on which the income has been
Paid/credited(DD/MM/YYYY)
....................................................................
Signature of the person responsible for
Place: ............................................. paying the income referred to in
Date: ............................................. Column 16 of Part I
Notes:
*
Delete whichever is not applicable
1
As per provisions of section 206AA(2), the declaration under section 197A(1) or 197A(1A) shall be invalid if the declarant fails to furnish his valid
Permanent Account Number (PAN).
2
Declaration can be furnished by an individual under section 197A(1) and a person (other than a company or a firm) under section 197A(1A).
3
The financial year to which the income pertains.
4
Please mention the residential status as per the provisions of section 6 of the Income-tax Act, 1961.
5
Please mention "Yes" if assessed to tax under the provisions of Income-tax Act, 1961 for any of the assessment year out of six assessment years
preceding the year in which the declaration is filed.
6
Please mention the amount of estimated total income of the previous year for which the declaration is filed including the amount of income for which
this declaration is made.
7
In case any declaration(s) in Form No. 15G is filed before filing this declaration during the previous year, mention the total numer of such Form No.
15G filed along with the aggregate amount of income for which said declaration(s) have been filed.
8
Mention the distinctive number of shares, account number of term deposit, recurring deposit, Naitonal Savings Scheme, life insurance policy number,
employee code, etc.
9
Indicate the capacity in which the declaration is furnished on behalf of a HUF, AOP, etc.
10
Before signing the declaration/ verification, the declarant should satisfy himself that the information furnished in this form is true, correct and complete
in all respects. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961 and
on conviction be punishable-
(i) in a case where tax sought to be evaded exceeds twenty-five lakh rupees, with rigorous imprisonment which shall not be less than six months but
which may extend to seven years and with fine.
(ii) in any other case, rigorous imprisonment which shall not be less than three months but which may extend to two years and with fine.
11
The person responsible for paying the income referred to in column 16 of Part I shall allot a unique identification number to all the Form No. 15G
received by him during a quarter of the financial year and report this reference number along with the particulars prescribed in rule 31A(4)(vii) of the
Income-tax Rules, 1962 in the TDS statement furnished for the same quarter. In case the person has also received Form No. 15H during the same
quarter, please allot separate series of serial number for Form No. 15G and Form No. 15H.
12
The person responsible for paying the income referred to in column 16 of Part I shall not accept the declaration where the amount of income of the
nature referred to in sub-section (1) or sub-section (1A) of section 197A or the aggregate of the amounts of such income credited or paid or likely to be
credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to tax. For
deciding the eligibility, he is required to verify income or the aggregate amount of incomes, as the case may be, reported by the declarant in columns
16 and 18.