Introduction of Forms 10-IC and 10-ID
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Section 115BAA deals with new tax rate for domestic companies and Section 115BAB deals with Corporate tax rate for new manufacturing companies from FY 2019-20 onwards. Now CBDT has released FORM No. 10-IC for Application for exercise of option under sub-section (5) of section 115BAA of the Income tax Act, 1961 read with rule newly inserted Rule 21AE and FORM No. 10-ID for Application for exercise of option under sub-section (7) of section 115BAB of the Income-tax Act, 1961 read with newly inserted rule 21AF of Income-tax Rules, 1962.
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GST updates
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Due dates for filing of return in Form GSTR-3B
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FORM GSTR-3B can be filed in a staggered manner for the months of January, February and March, 2020.
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Applicability |
Extended due date |
Taxpayers having annual turnover of Rs.5 crores and above in the previous FY |
20th of the month |
Taxpayers having annual turnover below Rs.5 crores have been divided into 2 categories: |
22nd of the following month |
1. tax filers from 15 States/ UTs * |
2. remaining taxpayers ** |
24th of the following month |
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*The tax filers from 15 States/ UTs, i.e., States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep
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**For the remaining taxpayers whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi
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Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.
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