N J S S and Associates

N J S S and Associates We are firm of Chartered Accountants and this page has been created to interact and share knowledge

14/11/2020

Wish everyone a very happy Diwali!!

29/07/2020

Self assessment tax paid under section 140A within 31 July 2020 shall be deemed to be Advance Tax for calculation of interest under section 234A

29/07/2020

Due date for filing tax return for AY 2019-20 extended till 30 September 2020.

Government cuts interest rates on small savings scheme
31/03/2020

Government cuts interest rates on small savings scheme

26/03/2020

FM relief package for the poor announced.

1) 1,70,000 crore relief package.

2) 50 lakh insurance cover for each covid warrior(health care workers including doctors,sanitation workers,Asha workers,nurses,paramedics)

3) Pradhan mantri gareeb kalyan anna yojana to feed 80 cr poor
Additional 5 kg of wheat/rice for next 3 month. For each one household one kg of pulse(preferred and region specific) for next 3 month

4) Farmers: First instalment of 2000 Rs ofPM Kisan by April7 directly in their bank accounts

5) MNREGA:Wage increase from Rs182 to Rs 202

6) Old aged population above the age of 60 yrs,poor widows and poor among the divyang and disabled to receive one time ex gratia amount of 1000 Rs directly into their bank account

7) Women jan dhan account holders to receive exgratia amount of Rs 500 each month for the next 3 months

8) Free gas cylinders for the next 3 months to the families covered under ujjawala yojana

9) Women self help group to get collateral free loan upto 20 lakh(At present the limit is upto 10 lakh)

10) Organised sector under PM gareeb Kalyan Yojana:
Govt of india will pay the EPFO both of employer and employee12%+12% for the next 3 months
*Applicable for establishment with 100 employees
*90% of them earning less than 15000 salary

11) Govt of india will amend the regulations that regulate the EPFO scheme so as to enable withdrawal of 75% of the amount as a non refundable advance or salary of 3 months whichever is lower.

24/03/2020

Direct Tax -Income Tax:-
1. FY 18-19 ITR due date Extended 30.06.2020 and For delayed payments interest rate reduecd to 9 percent.
2. No extention but interest rate reduced to 9 percent on delayed deposit of TDS till 30.06.2020.
3. Various other dates for notices extended to 30.06.2020.
4. Pan aadhar linking date extended to 30.06.2020.
5. Vivad se vishwas scheme has also been extended to 30.06.2020 with no 10 percent additional charge.
6. Due date of issue of intimation, issue of notice, sanction order passing , appeal filing , order passing , investments for benefits of Capital Gain, equalization levy , saving instruments etc tax extended to 30.06.2020

GST
1. Last date for march april and may 2020 all are extended to 30.06.2020
2. Companies having less than 5crore turnover no interst ,penality ,late fee will not be charges .
3. Date for opting of compostion scheme extended to 30.06.2020.

*No benefit for Feb GST Return*

19/03/2020

Dear Friends,

The Vivad se Vishwas scheme has now received the President's assent and the necessary infrastructure for making an application under the scheme is now available.

Accordingly, if there are any pending Income Tax litigation before the Commissioner of Income Tax (Appeals) or higher forums, it is highly recommended to evaluate the scheme as it may enable timely closure of the matter with limited outflow.

For any clarification, please do connect with us.

15/03/2020

GST Council Meeting Outcome

1. Hiked the rate on mobile phones to 18 percent from 12 percent

2. Gave relief to domestic maintenance, repair and overhaul (MRO) service providers. It has decided to bring parity with allowing 5 percent GST with full input tax credit (ITC)

3. GSTR-9 and 9C due date pushed to 30th June 2020 for FY 2018-19 from 31 March 2020; Increases the turnover limit from Rs 2 cr to Rs 5 cr for the mandatory annual return filing.

4. The GST Council will continue with GSTR-1, GSTR-2A and GSTR-3B till September 2020 and defer the new GST return system till such time.

14/03/2020

Dear Friends,

The government had announced Vivad se Vishwas scheme during the Union Budget 2020. The same has been passed with certain amendments by both the houses of Parliament and is awaiting for the President assent.

Accordingly, if there are any pending Income Tax litigation before the Commissioner of Income Tax (Appeals) or higher forums, it is highly recommended to evaluate the scheme as it may enable timely closure of the matter with limited outflow.

For any clarification, please do connect with us.

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23B NS Road
Kolkata
700001

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Wednesday 9am - 7pm
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Friday 9am - 5pm
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