Threshold for MSME Classification revised

In a move which will be vastly beneficial to India’ Micro, Small and Medium Enterprises, the Government has raised the threshold levels for classification of the same which shall enable more businesses to be classified as MSMEs and take the benefit of the same. Existing and Revised Definition of MSMEs                                                                 Existing MSME Classification […]

Extension in Income Tax Returns due dates

Considering the situation created due to the prevailing Coronavirus situation and the subsequent expected delays both in deployment of the income tax return preparation utilities and the calculation of the same, the Government has extended the due dates for Financial Year 2019-20 (Assessment Year 2020-21) to November 30, 2020 for filing of income tax returns […]

Due date extension for GST payments

Government has given certain extension and relief in interest liabilities for GST payments. Same is given in tabular form below: 1. Interest liability for filing Form GSTR-3B a. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Tax period(a) Interest not payable,if filed by(b) Date from which interest is payable@ 9% till date […]