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Rajesh Raj Gupta & Associates LLP (RRGA)

RRGA is a Limited Liability Partnership firm and partners have rich experience of 20 years together. The clientele include small, medium sized and large enterprises (Domestic as well as MNCs).

The partners have wide experience of dealing with the International as well as Domestic clients. We have PAN India Network of associates for providing services at various locations.

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Newsletter

⇒ Central Board of Indirect Taxes and Customs has directed its offices to not send show-cause notices for service tax defaults, merely on the basis of discrepancies between income tax returns and service tax amount. ⇒ Bombay high court has recently held that income tax officers can adjust refund only to the extent of 20% of the income tax demanded. ⇒ Option to choose from FY 2020-21 onwards new slab rate(No tax up to 5 Lakhs, 10% for income between 5-7.5 Lakhs, 15% for income between 7.5-10 Lakhs and 20% for income between 10-12.5 Lakhs) foregoing deductions and exemptions. ⇒ Dividend Distribution Tax (DDT) has now been abolished. ⇒ Deduction for dividend received by the holding company from its subsidiary. ⇒ Concessional Rate of Tax @15% extended to new domestic companies engaged in the generation of electricity. ⇒ ESOP will be taxable earliest of the i) 5 Years or ii) till the employee leave company or iii) whenever shares will be sold by the employee ⇒ Turnover for claiming profit linked deduction by startups has been increased from 25 crores to 100 crores. ⇒ Option to pay tax @ 22%, Surcharge @ 10% and Cess @ 4% to cooperative societies foregoing exemption, additional depreciation. brought forward losses and deduction along with no liability to pay AMT. The option once exercised cannot be withdrawn subsequently. ⇒ The tax audit limit increased for MSME from 1 crore to 5 crores provided cash transactions do not exceed 5% of the aggregate business transactions. ⇒ URN will be issued to all existing and new charitable institutions through the income tax portal online mode.⇒ New Charitable organization will be allowed to have provisional registration for 3 years. ⇒ “VIVAD se VISHVAS” Scheme will be introduced to reduce litigations. The taxpayer only needs to pay disputed tax by 31st March’2020. In case of disputed interest or penalty, 25% of the disputed interest or penalty need to be paid. There will be some additional fees in case the scheme opted during the period 01st April’2020 to 30th June’2020. ⇒ PAN will be instantly allotted on the basis of aadhar card. ⇒ HIGHLIGHTS OF ORDINANCE PASSED ON SEPTEMBER 20TH, 2019 FOR AMENDMENT OF TAXATION LAWS. For existing domestic companies: -Tax rates reduced to 22% subject to non-availment of deductions, exemptions and incentives. -Effective tax rate shall be 25.17% -No MAT liability. Change in tax rate is applicable for FY 2018-19, next advance tax liability to be prepared accordingly. For new domestic manufacturing companies incorporated after 1st October 2019: -Tax rates reduced to 15% subject to certain conditions and non-availment of deductions, exemptions and incentives. -Effective tax rate shall be 17.01% -No MAT liability. Reduction in rate of mat to 15% from 18.5% for companies who do not opt concessional tax regime. Enhanced surcharge not to apply in case of capital gains arising on sale of: • equity share or equity-oriented funds or unit of business trust liable to STT in the hands of individual, HUF, AOP, BOI and AJP. • any security including derivatives in the hands of FPIs. SCOPE OF CSR 2% SPENDING EXPANDED TO INCLUDE incubators funded by central and state government or agency, PSUs, IITs etc. ⇒ W.e.f. 1st July, 2019, ESI contribution reduced from 6.5 % to 4 % i.e. employer's portion is 3.25% and employee's portion is 0.75 %. ⇒ Circular issue by CBIC for electronic filing of Central Excise returns and for electronic payment or Excise Duty and Service Tax arrears under the new portal www.cbic - gst.gov.in. ⇒ Deferment of reporting of clause 30c and clause 44 pertaining to GAAR and GST respectively in the Tax Audit Report(Form 3CD) vide circular no. 9 / 2019 dated 14 - 5 - 2019. ⇒ The High Court of Telangana in Megha Engineering & Infrastructure Ltd.has held interest under section 50 for delay in payment of GST should be charged on the gross tax liability including the portion paid by input tax credits. ⇒ The Punjab LWF(Haryana Amendment) Act, 2019 dated 14.03.2019 : -The employee has to contribute every month 0.2 % of his / her salary / wages subject to maximum of INR 25 and employer has to contribute double the amount contributed by employee. ⇒ SEBI Clarification - No Transfer of securities held in physical on or after April 1, 2019. ⇒ India signs Bilateral Agreement for Exchange of Country - by - Country Reports(CbCR) with USA for financial years commencing on or after 1st January, 2016. ⇒ UDIN made mandatory for all the certificates and reports issued by CA w.e.f. 01st Febuary, 2019. ⇒ The annual return under GST(Form GSTR 9) for FY 2017 - 18 is now available for filing on the GST portal. ⇒ Income tax exemption limit on gratuity increased to INR 20 Lacs. ⇒ While computing GST, TCS portion(levied as per provision of Income Tax) need to be excluded from value of goods and services. ⇒ MCA has published Amendment according to which every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e - Form ACTIVE extended upto 15 june 2019(Due date). ⇒ directed that all companies, who get supplies of goods or services from micro and small enterprises and whose payments to MSME suppliers exceed forty five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of MSME Act, 2006, shall submit a “MSME Form I” which includes Details of all outstanding dues to such Enterprises Suppliers existing on the Date of Notification of this Order within 30 days from January 22, 2019. ⇒ Special allowance or any other allowance(unless it is variable or linked to working capacity improvment) shall be considered along with basic wage for determining epf contrbution.landmark ruling of the Apex Court in the case of The Regional Provident Fund Commissioner & Others V.VIVEKANANDA VIDYAMANDIR & OTHERS dated 28th February, 2019.");

OVERVIEW OF SERVICES

We have PAN India Network of associates for providing services at various locations.

We have clients in the following sectors:

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Banking/NBFC

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Logistics

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Healthcare

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Information Technology

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Engineering

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Procurement & Commissioning

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Tourism

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Manufacturing

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Trading

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Construction

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Automobiles

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Outsourcing/BPO/KPO