A view on the financial world.
The Finance Minister of India, Nirmala Sitharaman announced the various measures of the 20 lakh crore relief package over five tranches. However, these also included the relief announced by the Finance Minister earlier and liquidity measured provided by the RBI. Here is the breakup of the INR 20 lakh crore package- However, as per …
News is abuzz with the recent downfall of Lakshmi Vilas Bank. An incident that has again shook the confidence of the public in Private sector banks, after the Yes Bank Fiasco not too long ago. Let us try and understand the series of events that led to the current diabolical situation that the bank has …
There is often a certain level of confusion when it comes to contractual employees to file their returns. Do they show their income under head salaries or show under some other head? So income under head salaried is recorded only when there is an employer-employee contract. TDS for the same is deducted u/s 192. However, …
Continue reading "Taxation for Contractual Employees and Freelancers"
TCS on High Value sale of Goods - Section 206C (1H) > Applicable on sellers of goods whose turnover exceeds INR 10 crores during the last year. This means that for the provision to be applicable during FY20-21, the sales should have exceeded INR 10 crores during FY19-20.> TCS is to be collected from buyers …
Continue reading "Major TCS Amendments applicable from 1st October 2020"
I. New Classification for MSMEs As announced as a part of economic stimulus and reforms in response to Covid 19, the Ministry of Micro, Small and Medium Enterprises has modified the classification criteria for MSMEs as follows- Existing Criteria- New Criteria (Applicable from 1st July 2020)- Note: All units with GSTIN listed against same PAN …
Continue reading "Udyam Registration and New Classification for MSMEs – All You Need to Know."
