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Company Fresh Start Scheme,2020 & LLP Settlement Scheme, 2020:

Considering the impact of #COVID19 on businesses, MCA has introduced above schemes.

Avail scheme & avoid late fees of ₹200 per day.
• Before 30th June - LLP
• Before 30th Sept - Company

Useful Alerts from Nirmala Sitharaman's Speech Dt. 13-May-2020 (Extracts) 📌:

❇ Statutory PF contribution under EPFO reduced (both employer & employee) from 12% to 10% for next 3 months

❇ Due date of all Income Tax Returns for A.Y. 2020-21 extended to 30.Nov.20

❇ Rates of TDS and TCS reduced by 25% for remaining period of FY 20-21

🚨 Key Updates of 40th GST Council Meeting:-
👉🏻Reduction in Late Fee for past Returns:
As a measure to clean up pendency in return filing, the late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, has been reduced/waived as under: –
1. ‘NIL’ late fee if there is no tax liability;
2. Maximum late fee capped at Rs. 500/- per return if there is any tax liability.
The reduced rate of the late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020

👉🏻Further relief for small taxpayers for late filing of returns for February, March & April 2020 Tax periods:
For small taxpayers (aggregate turnover up to Rs. 5 Crores), for the supplies effected in the month of February, March and April, 2020, the rate of interest for late furnishing of return for the said months beyond specified dates (staggered upto 6th July 2020) is reduced from 18% per annum to 9% per annum till In other words, for these months, small taxpayers will not be charged any interest till the notified dates for relief (staggered upto 6th July 2020) and thereafter interest will be charged till 30.09.2020.

👉🏻Relief for small taxpayers for subsequent tax periods (May, June & July 2020):
In wake Of COVID-19 pandemic, for taxpayers having aggregate turnover upto Rs. 5 crore, further relief provided by waiver Of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in the months Of May, June and July, 2020 are furnished by September 2020 (staggered dates to be notified).

👉🏻One time extension in period for seeking revocation Of cancellation Of registration:
To facilitate taxpayers who could not get their canceled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.

Regards,
LPC Services Team
https://lpcservices.in/.

CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac.

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020.

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020.
www.lpcservices.in

Notification no. 62/2020 dated 20/08/2020

Aadhaar verification or Physical verification of premises mandatory for GST registration from 21.08.2020.

Now if you have only Sales Return during any month and no sales during that month...then you dnt need to worry
The #Gstn has enabled the option to mention the Negative figures in Table 3 #GSTR3B.