COMPLETE LIST OF RED, ORANGE AND GREEN ZONES IN INDIA

The Union health ministry has split 733 districts across India into red, orange and green zones, designating all metropolitan cities (Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Ahmedabad) into the ‘no activity’ zone as the lockdown was extended by two weeks beyond May 4. According to the list, there are 130 red zones, where more …

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CS AND CMA EXAMINATIONS FOR JUNE, 2020 SESSION POSTPONED DUE TO COVID-19

CS Exams Postponement Announcement : 30th April, 2020 IMPORTANT ANNOUNCEMENT Subject : Postponement of CS Examinations, June-2020 session The Institute of Company Secretaries of India, after due consideration of the prevalent situation and subsequent lockdown, due to Covid 19, has decided to postpone its Examinations (June – 2020 session) of Foundation, Executive and Professional Programme …

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CBIC NOTIFIES FORM GST PMT-09 W.E.F. 21st APRIL, 2020

Notification No. 37/2020 – Central Tax, Dated 28.04.2020 In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with clause (c) of rule 9 and rule 25 of the Central Goods and Services Tax (Fourth Amendment) Rules, 2019 (hereinafter referred to as the …

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UIDAI ALLOWS AADHAAR UPDATION FACILITY THROUGH CSCs

Ministry of Electronics & IT, vide press release 1618913 dated 28th April, 2020 has Announced major relief to Aadhaar holders, UIDAI allows Aadhaar updation facility through and 20,000 CSCs to offer this service to citizens. In view of the situation arising due to COVID-19 pandemic and extended lockdown period, this is a big relief to …

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MEASURES TO REVIVE INDIAN ECONOMY FROM CORONA VIRUS (COVID-19) IMPACT

Coronavirus outbreak was first reported in Wuhan, China on 31 December, 2019 and spread throughout world by the end of March 2020 with the number of COVID-19 cases leaning dangerously more than 29,00,000 and the worldwide death toll crossing more than 2,00,000 till the date of writing of this article. The World Health Organization (WHO) …

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LIST OF COVID-19 HOTSPOTS IN INDIA, WHERE MODIFIED LOCKDOWN IS NOT APPLICABLE

Maharashtra : Mumbai, Pune, Aurangabad, Sangli, Nagpur, Nashik, Thane, Mumbai Suburban, Buldhana, Ahmednagar, Yavatmal Delhi : South, South West, South East, West, North, Centre, East, Shahdara and New Delhi Uttar Pradesh : Noida, Meerut, Gautam Budhh Nagar, Agra, Lucknow, Firozabad, Shamli, Moradabad, Saharanpur, Ghaziabad Kerala : Kasaragod, Kannur, Mallapuram, Ernakulam, Pathanamthitta, Thiruvananthpuram Tamil Nadu : …

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COMPARISON BETWEEN CARO 2016 AND CARO 2020

I’m presenting my first article on the topic “Comparison between CARO 2016 and CARO 2020” I’ve briefly specified the subject matter of each clause and the corresponding clause, of that respective matter, in CARO 2016. I’m attaching the link at the end for detailed differences between the both. I hope this article would be of …

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FORM GST PMT-09 : AN URGE OF TAXPAYERS COMES TRUE

As per the Notification 31/2019, Central Tax Issued on 28th June, 2019 seeks about Important clarifications which were demanded by the taxpayers. Since the inception of the GST, there have always been Technical issues, or the reason might be that the people were not properly educated and aware of the GST mechanism and taxpayers have …

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MCA

DECODING MCA RELAXATION ON HOLDING OF AGM BY COMPANIES

Overview : > Holding of annual general meetings by companies whose financial year has ended on 31st December, 2019. > Ministry of Corporate Affairs vide General Circular No. 18/2020, F. No.2/4/2020-CL-V dated 21st day of April, 2020 has issued Clarification on Holding of annual general meetings by companies whose financial year has ended on 31st …

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ALL YOU NEED TO KNOW ABOUT FORM GST PMT-09

Form GST PMT-09 has been enabled on GST Portal and notifies w.e.f. 21.04.2020, so that taxpayers can transfer cash balance from one head to another. (Notification No. 37/2020 – Central Tax, Dated 28.04.2020) Following are the steps to file Form GST PMT-09 on GST Portal : Step-1 : Go to Electronic Cash Ledger and click …

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FORM GST PMT-09 IS NOW AVAILABLE ON GST PORTAL

Most awaited Form GST PMT-09 is now available on GST Portal. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess head under IGST, CGST and SGST in the electronic cash ledger. Hence, if a taxpayer has …

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VIJAY MALLYA LOSES APPEAL IN UK HIGH COURT AGAINST EXTRADITION TO INDIA

The United Kingdom High Court Monday dismissed a plea filed by liquor baron Vijay Mallya against his extradition to India. The case will now go to UK home secretary, Priti Patel, for a final decision on his extradition. Mallya is facing charges of fraud and money laundering amounting to Rs 9,000 crore by a consortium …

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ANALYSIS OF GST LIABILITY ON DIRECTOR’S REMUNERATION

Background : The Background on which the whole discussion of RCM Liability on Directors Remuneration is connected with the Notification 13/2017 CTR dated 28.06.2017 called as the RCM notified services list. In this list as per the entry number 6 of this notification services supplied by a Director of a company or a body corporate …

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WEBINAR BY TAX BAR ASSOCIATION, JODHPUR ON CURRENT ISSUES RELATING TO INCOME TAX, GST AND OTHERS

Dear Members, It is immense pleasure to introduce Series of Webinar’s on Current Issues Relating to Income Tax, GST and Others, which will be done alternate days as follows :- Sunday, 19th April, 2020 Tuesday, 21st April, 2020 Thursday, 23rd April, 2020 Saturday, 25th April, 2020 From 11 AM to 1 PM (Every day) Detail …

WEBINAR BY TAX BAR ASSOCIATION, JODHPUR ON CURRENT ISSUES RELATING TO INCOME TAX, GST AND OTHERS Read More »

BIG NEWS FOR LOAN BORROWERS. ADDITIONAL 90 DAYS PROVIDED FOR PAYMENT OF EMI

Highlights The Reserve Bank has issued a directive that the loan borrowers will be given an additional 90 days after the 3-month moratorium period so that they can resume EMI. The RBI has currently changed the definition of loan defaulters. In his address, Governor Shaktikanta Das said that loan holders who have opted for the …

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INDUSTRIAL ESTABLISHMENTS AND OTHER ACTIVITIES TO BE ALLOWED TO OPERATE AFTER 20th APRIL

Following Industrial Establishments allowed after 20th April : 1. Industries in rural areas, SEZ and export oriented units, industrial estates, industrial townships. 2. Manufacturing units of essential goods, IT hardware, food processing units, jute industries. 3. Coal and mineral production & O&G refinery, brick kilns in rural areas. 4. Construction activities including roads, irrigation projects, …

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RBI FAQs ON TARGETED LONG TERM REPO OPERATIONS (TLTROs)

Overview RBI governor vide Press Conference dated 27.03.2020 has discussed about various relaxation due to COVID 19. Reserve Bank will conduct auctions of targeted term repos of up to three years tenor of appropriate sizes for a total amount of up to ₹ 1,00,000 crore at a floating rate linked to the policy repo rate. …

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THE PREVENTION OF MONEY-LAUNDERING (MAINTENANCE OF RECORDS) THIRD AMENDMENT RULES, 2020

Overview : MINISTRY OF FINANCE (Department of Revenue) vide notification / Gazette id No. CG-DL-E-16042020-219065 and G.S.R. 254(E) issue and publish date 16th April, 2020, has published the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2020 in exercise of the powers conferred by section 73 read with section 11A and section 12AA of …

THE PREVENTION OF MONEY-LAUNDERING (MAINTENANCE OF RECORDS) THIRD AMENDMENT RULES, 2020 Read More »

20 KEY HIGHLIGHTS OF RBI PRESS CONFERENCE DATED 17th APRIL, 2020

RBI governor vide Press Conference dated 17.04.2020 thanked Corona Warriors, forefront of the battle against COVID-19 and discussed about various relaxation due to COVID-19. Key Highlights of Press Conference : 1. Launch of TLTRO 2.0 worth Rs. 50,000 crore. 2. India expected to post a sharp turnaround in FY22 with 7.4% growth, as per IMF. …

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HOW TO USE ZOOM MEETING PLATFORM : ADVISORY BY MHA

MHA issues Advisory on Secure use of ZOOM Meeting Platform. Overview : Ministry of Home Affairs vide Press Release Id No: 1615008 dated 16.04.2020 has issued Advisory on Secure use of ZOOM Meeting Platform. Key Highlights : (1.) The Cyber Coordination Centre (CyCord) has issued an advisory on secure use of ZOOM Meeting Platform by …

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Reserve Bank of India imposes monetary penalty on State Bank of India

SBI ACCOUNT HOLDERS GOT A BIG SHOCK. THIS DECISION IMPLEMENTED ON SAVING ACCOUNTS

If you have a Saving Account in the State Bank of India (SBI), then this information is for you. Prior to the nationwide lockdown due to Coronavirus, the bank announced a reduction in the interest received in the savings account. This announcement has been effective from Wednesday 15 April. With this announcement, now account holders …

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MOST IGNORED CLAUSE OF TAX AUDIT : CLAUSE 22 OF FORM-3CD

Background –This clause was inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962.Clause 22 of Form-3CD : Interest Paid to MSME Creditors The tax auditor is required to state the amount of interest inadmissible under section 23 …

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EPFO DUE DATE EXTENDED TO 15th MAY DUE TO COVID-19

EPFO Due Date extended to 15.05.2020. Grace Period Allowed for 30 days (From 16.04.2020 to 15.05.2020) > Employees’ Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has extended Due date for Filing return vide Circular No. C-I/Misc./2019-20/Vol.II./Part./9 dated 15.04.2020. > Extension of due date for payment of contributions and administrative charges/Inspection …

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WHAT IS COVID-19 HOTSPOT AREA AND WHAT ARE THE PENAL PROVISIONS FOR VIOLATING COVID-19 LOCKDOWN

What is COVID-19 Hotspot Area? A geographical area where six or more people test positive for corona virus is considered as a COVID-19 Hotspot. In such areas, stepping out from home including visits to grocery stores, pharmacies, ATM and bank are prohibited. However, home delivery of grocery and other essentials are allowed. How will declaring …

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MINISTRY OF HOME AFFAIRS (MHA) ISSUES REVISED GUIDELINES FOR LOCKDOWN 2.0

The Home Ministry on Wednesday issued guidelines for lockdown 2.0 allowing certain sectors to function from April 20 in order to ease public hardship in the wake of COVID-19 outbreak. While, the air, rail and inter-state travel remains suspended, the government has allowed agricultural activties, health services and industries operating in rural area are also …

MINISTRY OF HOME AFFAIRS (MHA) ISSUES REVISED GUIDELINES FOR LOCKDOWN 2.0 Read More »

CBIC CLARIFICATION ON GST REFUND MATTERS AND GSTR-7

> Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws-reg. > Certain challenges are being faced by taxpayers in adhering to the compliance requirements under various other provisions of the CGST Act which also need to be clarified. Overview Central Board of Indirect Taxes and Customs …

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FOR TDS FROM SALARY, YOU WILL HAVE TO CHOOSE YOUR TAX REGIME NOW : CBDT CIRCULAR

The finance ministry has clarified that an employer will have to deduct TDS for FY2020-21, from an employee’s salary on the basis of the new lower tax regime if the employee opts for it and informs the employer of the same. It is further clarified that once the regime is opted by an individual at …

FOR TDS FROM SALARY, YOU WILL HAVE TO CHOOSE YOUR TAX REGIME NOW : CBDT CIRCULAR Read More »

CHARTERED ACCOUNTANTS TO USE E-SIGNATURE FOR SIGNING AUDIT REPORTS AND CERTIFICATES

Announcement Auditing and Assurance Standards Board The Institute of Chartered Accountants of India Announcement for Attention of the Members Use of Electronic Signature for Signing Audit Reports and Certificates Attention of the members is invited to paragraph 46 (Signature of the Auditor) of SA 700(Revised), “Forming an Opinion and Reporting on Financial Statements”. The corresponding …

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Format of Certificate/ Declaration for ESIC & EPF

FORMAT OF CERTIFICATE/ DECLARATION FOR EMPLOYER TO AVAIL ESIC & EPF RELIEF SCHEME DUE TO COVID-19

In this article, we are coming with Draft Format of Certificate/ Declaration for Employer to Avail ESIC & EPF Relief Scheme due to COVID-19. Overview The Govt. of India on 26.03.2020 relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the Central Govt. proposes to pay 24 % of the monthly wages into EPF …

FORMAT OF CERTIFICATE/ DECLARATION FOR EMPLOYER TO AVAIL ESIC & EPF RELIEF SCHEME DUE TO COVID-19 Read More »