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Increase your working capital cash flow by applying for Lower Tax Deduction Certificate from Income Tax Department. For assistance in obtaining the same, please DM.

TDS deposition date for the month of April, 2020 is 7th May, 2020. Late payment shall attract interest @ 0.75% if unpaid till 30.06.2020.

In case of Private Limited Companies, the option to file GSTR-3B via EVC instead of DSC is now available on GSTIN portal.

Private Companies can now submit GSTR-3B without DSC by using Electronic Verification Code.

Facility to file GST PMT- 09 has been made enabled on GST common portal (www.gst.gov.in). Login to GST portal account >Go to dashboard> services> ledgers> electronic cash ledger.

PMT-09 allows a taxpayer to transfer amount of tax (CGST/ SGST/ UTGST/ IGST/ Cess) from one head to another head in electronic cash ledger.

Contribution to PM Care Fund is eligible for 100% deduction under section 80G. Deduction can also be claimed for FY 2019-20 if the donation is made till 30.06.2020.

Limit of 10% of adjusted total income is not applicable on such donation.

Any delay in deposit of TDS for the quarter Apr to Mar, 2020 shall attract interest on late payment @0.75% per month instead of @1.5% per month, if the TDS is paid by 30.06.2020.

In view of outbreak of epidemic Covid -19, in order to mitigate risk on taxpayers CBDT has issued order that LTDC applicable for FY 2019-20 shall be applicable for the period 01.04.2020 to 30.06.2020. However, the deductee has to obtain LTDC for FY 2020-21 as per prescribed procedure.

As per tweet of CBDT, due date of filing ITRs and Tax Audit Reports has been extended from 30th Sep to 31st Oct 2019 whose accounts are required to get audited.

Official notification shall be released soon.

E- assessment scheme 2019 has been introduced by Central Government vide its notification dated 12th September 2019.

National e-assessment centre, assessment units, review units and technical units shall be set up by government in this regard.

Through use of digital platform, representations shall be held through video conferencing.

All Communications shall be made online by department.

App based notifications shall be sent by department.

This move will not only create transparency but also ensure corruption free tax assessment in the country.

Tax rate of domestic companies has been slashed from 30% to 22% (excl. of surcharge and cess) provided certain exemption / incentives shall not be allowed to companies who have opted for this lower rate.

Minimum Alternative Tax has been reduced from 18.5% to 15%.

Finance Minister has announced certain fiscal measures yesterday to boost economy.