All listed entities are required to disclose the impact of #Covid-19 on their financial statements in their results. Detailed disclosures are also required in notes. The auditor is also required to comment on the same in his audit report. In the attached file, we have compiled disclosures made by various companies in this regard. Hope you will find it useful.
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During the current pandemic, the government has given certain extensions and relaxations regarding #Income #Tax compliance. We have summarized them in our presentation below:
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Presentation on Section 115BAC – TDS on Employees Salary
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The #government has introduced a new section #194M requiring deduction by individuals on certain specified payments above Rs.50 Lacs. These provisions have come into effect from 1st September, 2019
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Note on Recent Changes in Law in connection with #issue of #certificate u/s 197 of the Income Tax Act
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Section 40A(3) of the Income Tax Act contains provision for disallowance of expenditure where any payments are aggregate of payments made to a person in a day otherwise then by account payee cheque / bank draft and electronic clearing system which exceeds Rs.20,000/-
TAX RATES
i) No change in exemption slab. However, the slab rate of tax between Rs.2.5 lakh and Rs. 5 lakh will be reduced from 10% to 5%.
ii) Individual /HUF/AOP/BOI/artificial juridical person having income above Rs.50 lakh will be subject to surcharge of 10% of income-tax. In case of these taxpayers (as well as other taxpayers) having income above Rs.1 crore, the current surcharge of 15% will continue. Continue reading
O.P. Bagla & Co. was established in 1967 as a sole proprietorship firm by Mr. O.P. Bagla who has a rich experience of more than 40 years. New partners were inducted in a phased manner, according to growth of business. We have a large and diverse client base spread all over the country and overseas, engaged in various business activities i.e. from retail business houses to large industrial undertakings.
O.P. Bagla & Co. is a premier chartered accountant Firm focused on providing high quality services to its clients in the tax and regulatory domains and adding value by blending practical business advice with tax and regulatory inputs.
We have a stated policy of ensuring that high quality services are provided to each client irrespective of its location and size. This we achieve by bringing the professional and analytical skills to an assignment, which we have developed, through the academic background, internal training, continuing professional education and engagement experience of our personnel.
We expect to realise this vision by placing our clients’ needs front and center at all times, hiring the best professionals, investing continuously in their personal and professional development and adhering rigorously to a set of values that are at the core of everything we do.
providing support when you actually need it
To help our clients meet their goals through our people, services and solutions.