SLR Consultancy & Co.

29/05/2021

Key Highlights of 43rd Council meeting

- GSTR9 filing will remain optional for FY 2020-21 for taxpayers with annual turnover is up to 2 Cr. GSTR9C will remain applicable for taxpayers with an annual turnover of above 5 Cr allowing on self-certification i.e. certification from not required.

- Companies can continue filing GST returns by using instead of till 31st August 2021.

- GST scheme for up to 31st August 2021, relief in the late fee for non-furnishing of GSTR-3B for the period July, 2017 to April, 2021:

• Nil returns - Max Rs. 500 per return
• Other returns - Max Rs. 1000 per return

- GST Exemption on Import of all COVID-19 relief materials and medicines (Including free of cost ) till 31st August 2021.

- Group of Ministers to be formed and they will submit the report by 8th Jun 2021 to decide upon further reductions in GST rates.

20/11/2020

Urgent requirement of an accountant (Male) for full time at Transport nagar jaipur location.
Exp : 0.6 -1 year

16/11/2020

Investment in 54 EC capital gain tax exemption Bonds (Available to Individuals and members of HUF)

* 54EC bonds are specifically meant for investors earning long-term capital gains and would like tax exemption on these gains.

* 54EC bonds do not allow any tax exemption on short-term capital gains tax.

* The maximum limit for investing in 54EC bonds is Rs. 50,00,000.

* The eligible bonds under Section 54EC are REC (Rural Electrification Corporation Ltd), PFC (Power Finance Corporation Ltd) and NHAI (National Highways Authority of India) and IRFC (Indian Railways Finance Corporation Limited).

* Interest Rate 5 %

* Interest on 54EC bonds is taxable. Ans No TDS is deducted on interest from 54EC Bonds.

* Online/Offline both options are available.

13/07/2020

CBDT has issued Circular No. 13/2020 dated 13th July 2020 giving one time relaxation for pending verification of Tax Returns for AY 15-16 to 19-20 by various modes upto 30th September, 2020.

10/07/2020

incometax

01/07/2020

24/06/2020

tax

03/06/2020

Income Tax Department issues new ITR forms for FY 2019-20. Which form have to be file by Assessee in Income Tax.

02/06/2020

Bookkeeping For Small and medium enterprises; Involves Tracking Sales, Expenses, Payables, Receivables & Inventory. Outsource Your Bookkeeping Services To SLR To Save Time & Accurate Results.

31/05/2020

How to change Option to pay under Forward Charge by the GTA Service Provider?
(Why he will change option - Service provider may opt to pay under Forward Charge for availment of Input Tax Credit.)

In case the Service Providers wishes to pay under forward charge, he should be registered under the CGST Act, 2017.

And file a declaration in Annexure I with the jurisdictional CGST or SGST Commissioner,before commencement of a financial year for the option to be effective from that financial year.

This declaration would be valid up to the end of the financial year.

Such declaration is to be filed for each financial year.

31/05/2020

Transger of ITC now Enabled on Portal.
( For those who obtained sperate GST Registration for multiple place of business in a Single State.)

As per Rule 41A of CGST Rules, where taxpayer has obtained seperate registration for multiple place of busines in single state and where he wants to Transfer part of full unutilized ITC to such Newly registered place of busines then functionality to Transfer ITC by way of ITC-02A form has been enabled on GST common portal.