TYASuite - Cloud ERP Solutions

Compliances are critical part of the Indian Businesses. In India Compliances are complex, vast and never ending. From monthly to quarterly to annual, there are countless number of compliances a business entity has to take care in India. As the Covid-19 has hit the entire business world, government has given relaxations in various due dates. For the benefit of business world, we have summarized key due dates and their revised due dates. VARIOUS COMPLIANCES DUE DATES & OTHER IMPLICATIONS AFTER COVID-19 PANDEMIC Name of compliances For the period/ FY/Months Revised Due Date/ Other implications Original Due Date/ Other implications Income Tax Return FY 2018-19 (AY 2019-20) 30 th  June 2020 31 st  March 2020 Income Tax Return – for Non-Auditable Assessee FY 2019-20 (AY 2020-21) 30 th  November 2020 31 st  July 2020 Income Tax Return – for Auditable Assessee FY 2019-20 (AY 2020-21) 30 th  November 2020 31 st  October 2020 Tax & Statutory A...

               Atma-Nirbhar Bharat Prime Minister Sri Narendra Modi emphasized the importance of a ‘Self Reliant India’ in fighting the COVID-19 crisis during his speech on May 12 th , 2020. The Core focus of his speech was  “Go Local”, “Be Vocal”  and  “Make it Global”.  He announced a recovery package of Rs. 20 lakh core which approximates 10% of India’s GDP. The package is targeted to cater to various sections including cottage industry, MSMEs, laborers, farmers & middle class. His vision for a  Self-Reliant India  will stand on the following five pillars: Economy  - Which brings quantum jumps and not incremental jumps Infrastructure  -Which should become the identity of India System  - Which are based on 21 st  century technology Vibrant Demography  - Which is our source of energy for a Self Reliant India Demand  - Whereby our demand and supply chain should be ut...

                                     Micro Small and Medium Enterprises (MSME) MSMEs are the lifeblood of the Indian economy, and experts across the globe have agreed that they will be instrumental in the recovery of the country’s economic health from the COVID-19 financial crisis. They are also the sector that has been worst affected by the economic downturn of the global pandemic, as they lack the financial cushion required to weather such a violent storm of losses due to the lockdown. The Ministry of Micro, Small and Medium Enterprises (MSME), Govt. of India, has formulated several new schemes to help Indian MSMEs survive this crisis, and here is a quick summary of those benefits – 1.  Priority refund of GST and Income tax upto Rs. 5 lakhs with immediate effect 2.  Notification regarding Taxation - GST and TDS relaxations  - Relaxations have been made by the Inco...