CA Mohamed Asharaf FCA, DISA(ICA); PAMA&C0

INCOME TAX ON DIVIDEND IN INDIA Pursuant to the changes introduced by the Finance Act 2020, w.e.f. April 1, 2020, the Company would be required to withhold taxes at prescribed rates on the dividend paid to its shareholders. The withholding tax rate would vary depending on the residential status of the shareholder and the documents submitted by them and accepted by the Company. Resident Shareholder Particulars Applicable Rate Documents Required (if any) With PAN 7.5% * Update the PAN, if not already done. Without PAN/ Invalid PAN 20% Submitting Form 15G/ Form 15H NIL Declaration in Form No.15G (applicable to any person other than a company or a firm)/Form 15H (applicable to an Individual who is 60 years and older), fulfilling certain conditions. Submitting Order under section 197 of the Income Tax Act, 1961 (Act) Rate provided in the Order Lower/NIL withholding ta...

Regional conference of SIRC of Institute of Chartered Accountants of India at Grand Hayat, Kochi.

31 st  GST Council Meeting- 7 things to know In the 31 st  GST Council meeting, the Council has proposed various relief to the taxpayers,  inter-alia , reduction of GST rates on goods and services, extension of due date for filing of Annual return and GST Audit. All such recommendations would be effective after the issuance of necessary notifications in this regard. Key takeaways from 31 st  GST Council meeting are as follows: 1. New Return Filing System The CBIC has already issued the draft mechanism for new return filing system. This new return filing system shall be introduced on trial basis from April 1, 2019, which shall be made mandatory from July 1, 2019. 2. Extension of due dates of various returns   a) The GST Council has made the recommendation for extension of due date for filing of GST Annual Return in Form GSTR-9 or GSTR-9A and GST Audit in Form GSTR-9C for financial year 2017-18. The revised due date shall be June 30, 2019.   b...

GST ANNUAL RETURN Every Registered Taxpayer including those opted for composition levy scheme are required to file Annual GST return in form GSTR 9. It’s a consolidated information of monthly & Quarterly Returns. It contains all details regarding Expenditure and Income during the assessment year under different tax heads i.e. CGST, SGST and IGST. APPLICABILITY Filing of Annual Return is applicable to all Taxable Persons other than: 1. Casual Taxable person: It means a person who gets registered under GST for Temporary period i.e. less than 90 days or period as may be prescribed by proper officer. 2. Input Service Distributor 3. Non-resident Taxable Person 4. Person paying TDS U/s 51. DUE DATE GSTR 9 shall be filed on or before 31 st  December of the subsequent financial year. A taxpayer has to file GSTR 1 & GSTR 2 and GSTR 3 will be auto populated with summary of above return in addition to some payment information. LATE FEE A...

 PROFESSIONAL  CALENDAR   FOR JULY 2018 7th July, 2018 ·        Deposit of tax deducted/collected at source for June 2018 (TDS & TCS) 10th July,2018 ·        Return of outward supplies of taxable goods and/or services for the Month of June 2018 (for Assesses having turnover exceeding 1.5 Cr.) i.e. GSTR-1 15th July, 2018 ·        PF Payment for June 2018. ·        ESIC Payment for June 2018 ·        Issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property ) & under 194-IB (TDS on Certain Rent payment) in the month of May, 2018. ·        Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) for quarter ending June, 2018 i.e. Form No. 15CC ·        Quarter...