Dear Entrepreneurs,

Government of India has modified Udyog Adhaar Registration procedure; now it is called ‘Udyam Registration’.
Entities already registered as Entrepreneurs Memorandum (EM) Part-III Udyog/ Aadhaar Memorandum (UAM) before 30th June 2020 should also apply afresh (however clarification has been issued by the government of India on the validity of the existing registration that it shall be valid for period upto 31st March 20201)
For detailed guidelines, procedure for registration and benefits of registering under Udyam Registration:
Click on the link below:


Instant PAN allotment in near to real time is available at free of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the PAN allotment facility.

1) Easy and Paperless Process
2) Get PAN Within 10 Minutes
3) Holds same value as Physical PAN Card
All you need is Aadhaar card and linked Mobile number

New ITR-4 for AY 2021 notified by CBDT

CBDT released New ITR-4 (Sugam) for the AY 2020-21
Following are the key changes made in the said form:
1. If having Passport, its number is to be given
2. If incurred aggregate expenses exceeding Rs. 2 lakh on foreign Travel for self or for others, then amount to be specified
3. If deposited aggregate amount exceeding Rs. 1 crore in one or more current accounts then aggregate of amount deposited in all such accounts to be specified.
4. If spent amount exceeding Rs. 1 lakh on electricity consumption then specify such aggregate amount.
Click on the link to know more:
5. If any assessee owns property in coownership then he will not be eligible to file ITR 1 Sahaj or 4 Sugam.
6. In case of 44AD or 44ADA or 44AE now the assessee will be required to give opening balance of cash in hand and opening balance of bank accounts and also will be required to give total amount received in cash during the year total Amount deposited in bank during the year, total amount of cash outflow out of cash balance during the year, total amount of withdrawal from Bank during the year and closing balance of cash in hand and closing balance of banks.
7. Now there will be no need to provide figures of unsecured loans, sundry debtors, sundry creditors, amount of closing stock, etc. as was required in earlier years
#incometax #ITRforms #AY2021 #CBDT

Key Decisions Taken at GST 38th Council Meeting:

1) Due Date to file GST Annual Return and Audit (GSTR-9 &
9C) extended to 31.01.2020
2) Provisional ITC claim in GSTR-3B is further restricted to
10% as against 20%
3) Late Fee waiver on GSTR-1 through amnesty Scheme
(GSTR-1 can be filed for the period July 2018 to November
2019 without penalty if it is filed before 10th of January
4) GST Council decided to levy tax @28% on all lotteries
(From March 2020)
#GSTCouncil #GSTR9 #GSTR9C #GSTAnnualreturn #GSTAudit #38thmeeting

Note: The above information is based on the press release from GST council, further we are waiting for official notification to be released.

Section 194N of the Income Tax Act, 1961

As you all aware from 1st September 2019  every i)Banking Company ii) Co-operative society  iii) Post office who is responsible for paying any sum, or, as the case may be, aggregate of sums, in cash, in excess of one crore rupees during the previous year, to any person (herein referred to as the recipient) from one or more accounts maintained by the recipient with it shall, at the time of payment of such sum, deducts an amount equal to Two per cent of sum exceeding one crore rupees, as income-tax

Persons Covered

  1. Banking Company: a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act)
  2. Co-operative Society: a co-operative society engaged in carrying on the business of banking.
  • Post Office



Payment made to,—

  1. The Government
  2. Any Banking Company co-operative society engaged in carrying on the business of banking or a post office
  • any business correspondent of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the guidelines issued in this regard by the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934);

any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);