GST relief package 2.0

Central Board of Indirect Taxes and Customs (CBIC) on dated 05.05.2020 have issued some notifications for providing some relief under GST in this pandemic situation. Below is a brief summary of the notifications.
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Meaning of zero rated supply under GST

Zero rated supplies means export supplies and supplies made to SEZ units or SEZ developers. Further on zero rated supplies, input tax credit and refund is available even if supplies are exempt supplies.
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Time period for retention of records under GST

Every registered person is required to retain books of accounts and other records until the expiry of 6 years from the due date of furnishing of annual return or until the expiry of 1 year from the date of final disposal of any appeal etc., whichever is later.
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Meaning of relative under the income tax act

The term relative has been used many times in various sections of the Income Tax Act and meaning to term relative has been given differently according to the need of each section. In this article, we will discuss the meaning of relative as provided under different sections of the Income Tax Act, 1961.
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FAQ on Companies Fresh Start Scheme and LLP Settlement Scheme 2020

Ministry of Corporate Affairs (MCA) has recently launched the Companies Fresh Start Scheme 2020 (CFSS 2020) and LLP Settlement Scheme 2020. Both the schemes will remain in force from 01.04.2020 to 30.09.2020. Now to address the concerns of the various stakeholders, MCA has issued 50 Frequently Asked Questions (FAQ) on both schemes.
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Section 194N: TDS on cash withdrawal

In order to discourage cash transaction and a move towards less-cash economy, a new section 194N has been introduced for deduction of TDS on cash withdrawal from any account maintained with any bank or post office or co-operative society.
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