DDS & ASSOCIATES

  The government has decided to reduce the e-invoice limit from Rs. 10 Crores to Rs. 5 Crores from 1st August 2023. This means that any taxpayer who has an aggregate turnover exceeding Rs. 5 Crores in any financial year from 2017-18 to 2022-23 will be required to generate e-invoices from 1st August 2023 onwards. In simpler terms, businesses with turnover above Rs. 5 Crores will be required to generate electronic invoices for their transactions.

  Extension of due date for Renewal of Registration under 12AB, 10(23C) and 80G NGO [ TRUST, SOCIETY, SEC 8 COMPANY ] GETS INCOME TAX EXEMPTION IF THE SAME IS REGISTERED U/S 12AB, 10(23C). IF NGO FAILS TO GET FRESH REGISTRATION OR IF ALREADY REGISTERED U/S12AA, RE-REGISTRAION , THEN, NGO WILL LOOSE TAX EXEMPTION. THE NGO REGISTERED U/S 80G WILL HAVE TO TAKE FRESH REGISTRAITON BEFOE 31/03/2022 The Ministry of Finance vide Circular No. 16 dated 29 th  August, 2021, has extended the due dates for various compliances under the Income Tax Act, 1961 in view of the genuine hardship faced due to the pandemic. One of the significant changes for the NGO sector is that the last date for  revalidation of registration under 12AB, 10(23C) and 80G of the Act has been further extended from 31 st   August 2021 to 31 st  March 2022.    ALL NGO NEED TO CHECK ABOUT THE FRESH REGISTRATION  TAKEN OR NOT TO AVOIDE LOSS OF TAX EXEMPTIONS…………………...

  NBFC…THE FORMAL WAY OF DOING FINANCE BUSINESS IN INDIA…….KNEE OF OVERALL FINANCE BUSINESS WHY NBFC: It’s a formal way of doing finance business in India , not as a bank but not less than Bank. The rapidly-growing Indian economy has provided the biggest & profitable opportunity to Non-Banking Financial Companies (NBFCs) in creating a niche for themselves in recent years. The NBFCs do not hold banking licenses but they offer almost every service that banks do including accepting deposits, offering loans, performing financial intermediation, offering cash advances, leasing, hire purchases, etc. In a thickly populated country like India, mainstream banking services are not capable of fulfilling the financial needs of all the citizens. Owing to this fact, the NBFC has been able to carve a space for itself by making inroads into the country. NBFCs have grown at a remarkable pace in the last decade as a consequence of their customer-friendly approach, great flexibility, ...

Now 10% variation between Circle Rate and Dastavej Values will be allowed to execute the Dastavej and by no need to make it on Circle rate in case where sale consideration is less than Circle Rate PRESS RELEASE Income Tax relief for Real-estate Developers and Home Buyers As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought in for real-estate developers and home buyers. Up to 2018, section 43CA of the Income-tax Act, 1961 (‘the Act’) provided for deeming of the stamp duty value (circle rate) as sale consideration for transfer of real-estate inventory in the case the circle rate exceeded the declared consideration. Consequentially, stamp duty value was deemed as purchase consideration in case of buyer under section 56(2)(x) of the Act. In order to provide relief to real estate developers and buyers, the Finance Act, 2018, provided a safe harbour of 5%. Accordingly, these deeming pro...

BUSINESS   OR   PROFESSION AND REQUIREMENTS OF BOOKS OF ACCOUNTS…..A LEGAL OBLIGATION It is called that Accounts is the Mirror of Business……….take it a very small person, who deals with the Pasti or scrape or any person doing small business activity for his livelihood, keeps small accounts in his diary or note book in a very unorganized way…….BECAUSE AT THE END OF DAY…MONTH OR YEAR…HE WANTS TO KNOW WHAT HE HAS EARNED AND WHERE HE IS…….same way….Income Tax department has also framed some rules and regulations to keep and maintain Books of Accounts to workout the exact taxable Income for Taxation purpose. Today we will look at all those provisions which mandatorily impose responsibility for maintenance of Accounts. THRESHHOLD LIMIT OF TURNOVER / INCOME: IF YOU ARE AN INDIVIDUAL OR HUF……..means you are doing Business or Profession under Proprietorship and Proprietor is INDIVIDUAL OR HUF, then You must maintain minimum books of accounts as follows: FOR BUSIN...

TDS on payment to resident contractors and professionals     Section194M A New Section 194M is inserted on 24 December 2019 in The Income Tax Act, 1961 ['The Act'] vide Finance Act, 2019. ->    Levy of TDS at the rate of 5% on the sum paid or credited in a particular year on account of contractual work or professional fees by an individual or a Hindu undivided family (HUF) -> If aggregate of such sums exceeds INR 50,00,000/- in that year. -> The said Section does not apply to an Individual or HUF who is required to deduct TDS as per the provisions of Section 194C, 194H or 194J of the Act. ->    Individuals or HUFs can deposit the tax deducted using their PAN and is not required to obtain TAN. ->    Before 01/09/2019, There was no liability on an individual or HUF to deduct TDS on any payment made to a resident contractor or professional when it is for their personal use. NOW, FROM 01/09/2019...