Master Update

Monthly Archives: December 2020

Master Update

 

 

  • Digital signature is mandatorily required to furnish ITR of all the companies and the assessee needs to be audited u/s 44AB of the income tax act.In all other cases, DSC attachment is optional.
  • Rebate of Rs. 12500 u/s 87A can be claimed by Resident Individual assessee having total income upto Rs. 5 Lakhs.
  • MCA has been extended LLP settlement scheme ,2020 till 30.11.2020 for defaulting LLP. In this scheme, no additional fees shall be payable for filing any belated documents.
  • A Limited Liability Partnership(LLP) is not eligible to take the benefit of section 44AD of the Income Tax Act.
  • ITC can be availed of motor vehicles used to transport persons, having a seating capacity of greater than of equal to 13 persons (including the driver) and also for the motor vehicles used for the transportation of goods from one place to another.
  • Internal Financial Control is not applicable on one person company(OPC) small company and private company having turnover< Rs. 50 crores (as per latest audited financial statements) and borrowings< Rs. 25 crores at any point of time during the financial year.
  • MCA has extended the moratorium period from 30.09.2020 to 31.12.2020 for filing of ROC Forms and no additional fees will be charged.
  • GSTR-9 (GST Annual Return), GSTR-9C (Audited Reconciliation statement) for FY 2018-19 extended due date is 31.12.2020.
  • Filing of TDS/TCS Return for Q1 and Q2 (FY 2020-21) is 31.03.2021.
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