R J R CA WEEKLY BULLETIN

R J R CA WEEKLY BULLETIN 97 - 11.04.2020:

?? STAY HOME STAY HEALTHY ??

?? Special RJR Note:

## Due to “COVID-19 Pandemic”, Government has been decided to issue all the pending income tax refunds upto Rs. 5 Lakhs and to issue all pending GST and custom refunds like duty drawback immediately. 

A. MASTER UPDATES OF THE WEEK:

1?? RJR/Income Tax:

## CBDT issues directions relating to issuance of lower or nil rate of TDS/TCS deduction certificate:

a. Assessees have filed application for the certificate for FY 2020-21 and applications are pending with the department, in that case Certificates issued for FY 2019-20 would be applicable till 30.06.2020.

b. If assessees have not filed application for FY 2020-21. In that case also Certificates issued for FY 2019-20 would be applicable till 30.06.2020. However, they need to apply before 30.06.2020 by giving details of the transactions.  

c. If assessees do not have such certificate for FY 2019-20 and not applied on TRACES Portal for the same till date, a modified procedure for application laid down by CBDT is given in annexure of the directions issued.

2?? RJR/Goods & Services Tax:

## Taxpayers who wants to apply composition scheme, should not file any GSTR-1/GSTR-3B for any tax period of FY 2020-21, from any of the GSTIN on the associated PAN otherwise they will be considered as normal taxpayers for FY 2020-21.

## Taxpayers who are already registered as composition scheme in the previous financial year are not required to opt-in the scheme again.

3?? RJR/Corporate & Allied Laws:

## MCA has issued a clarification on passing of ordinary and special resolution, companies are requested to take all decisions of urgent nature requiring the approval of members through postal ballot/e-voting through registered emails, without holding physical general meeting. (Refer General Circular No. 14/2020 for detailed clarification)

B. KEY PRACTICAL TAKE-AWAYS:

1?? RJR/Income Tax:

## Investment/Construction/Purchase made in respect of capital gains u/s 54 to 54GB upto 30.06.2020 shall be eligible for claiming deduction from capital gains during FY 2019-20.

## Deduction of amounts contributed to PM-CARES Fund will be allowed @ 100% without any limit under Section 80G.

2?? RJR/Goods & Services Tax:

## The functionality to track the status of refund application has been available on the GST Portal, taxpayers can track the stage at which the refund application is pending. For bank account validation and disbursal of refund amount, go through PFMS Portal.

( RJR Note: To track refund status please visit to both the portal i.e. GST and PFMS Portal)

3?? RJR/Corporate & Allied Laws:

## Chief Minister’s Relief Fund or State Relief Fund for COVID-19 are not included in admissible CSR Expenditure.

## If any ex-gratia payment is made to temporary/casual workers/daily wage workers over and above the wages, for fighting COVID-19, same shall be considered as CSR Expenditure if declaration is duly certified by the Statutory Auditor.  

( RJR Note: Please help to these types of workers, if you have remaining balance in CSR Funds)  

C. UPCOMING DUE DATES:

## Due to “COVID-19 Pandemic”, all the Upcoming Due Dates have been extended. Refer “Master Updates of the Week” of Weekly Bulletin 96-04.04.2020 to track new due dates.

Contributed By:

CA. Bipin Kumar Jha (9654977731)

CA. Yogesh Raheja – AIR 6 (8506049347)

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