What changed in your Tax returns and Tax reporting
MSME – MANUFACTURER
National Small Industries Corporation (NSIC), is aGovernment of India Enterprise under Ministry of MSME.NSIC has been working to promote, aid and foster thegrowth of micro, small and medium enterprises in thecountry. In addition, NSIC has set up Training cum IncubationCentre managed by professional manpower.
Are you marketing digitally ? Are you compliant with regulations?
Digital marketing has become an integral part of all businesses in recent years. Regulatory compliances are crucial since not only does it have an impact on the profit but would also attract additional levies in the form of interest and penalty. Let’s have a look at the regulatory compliances that would be applicable.
Update on MSMEs registration
The Ministry of MSME by notification dated 26th June 2020 has updated the procedures for seeking registration as MSME. The Registration of MSMEs would going forward becalled as UdyamRegistration.
GST ON DIRECTOR’S REMUNERATION
An independent director should not be an employee of the company in any of three financial year preceding the year he is proposed to be a director. Since, there is no relationship of employer or employee it does not fall under schedule III of CGST Act 2017 and therefore RCM is applicable for the company.
TReDS
An electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers.
Demands, Refunds and Rectifications
Computerized verification and processing upon filing of Income Tax Return by Centralized Processing Centre (CPC). On processing of return either demands arise or refunds are processed.
SECRETARIAL AUDIT
Secretarial Audit is a compliance audit, it is a part of total compliance management in an organization.The Secretarial Audit is an effective tool for corporate compliance management. It helps ensure timely corrective measures when non-compliance is detected.
Faceless Assessments, Tax Charter and Honouring the honest
In a recent address by PM Modi to the nation, pertaining to Faceless Assessment, Appeal and Tax Charter, following points were brought out: -Faceless Assessments: itsfeatures and benefits -The Tax Charter, listing the Income Tax Department’s duties to taxpayers and in turn highlighting the taxpayer’s responsibilities -Prime Minister launches platform for “Transparent Taxation – Honouring […]
Fee for Technical Services – Is the reduced rate of 2% applicable to you?
The Finance Bill, 2020, has bought in amendment in Section 194J to reduce the rate of TDS to 2%- specifically applicable for Fee for Technical Services, while the reduced rate is made specifically inapplicable for professional services and Royalty other than on distribution or exhibition of cinematographic films.