This article contains various Compliance requirements for the Month of July 2021 under various Statutory Laws.

Compliance Requirement Under


Income Tax Slab for Resident Individuals aged less than 60 Years (Both Male & Female)

Budget 2020 has given the individuals options to choose from FY 2020–21 onwards. Either opt for the same tax rates which were applicable last year or the new tax regime.

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Both these tax rates will apply for FY 2020–21 (AY 2021–22), the option to choose has been given to the taxpayer.

Income Tax Rates for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens (Both Male& Female)

The resident senior citizens will have an option to choose an income tax slab for the FY 2020–21(AY 2021–22) amongst


Section 195 of the Income Tax Act, 1961, is basically concerned about the Tax Deducted at Source (TDS) for the non-resident people of India. This section basically highlights the tax rates and deductions related to all business transactions.

Tax Deducted at Source is the first way of collecting taxes. Section 195 of the Income Tax Act is a section that covers the TDS on Non-resident payments. This section identifies the tax rates and deductions on the business transactions with a non-resident on a day–to–day basis.

Under Section 195, the income is chargeable under Income Tax Act. Any sum is charged…


Income Tax Slab for Resident Individuals aged less than 60 Years(Both Male & Female)

Budget 2020 has given the individuals options to choose from FY 2020–21 onwards. Either opt for the same tax rates which were applicable last year or the new tax regime.

OPTION 1OPTION 2Old Income Tax SlabNew Tax RegimeUpto Rs 2,50,000NILUpto Rs 2,50,000NILRs 2,50,001 — Rs 5,00,0005%Rs 2,50,001 — Rs 5,00,0005%Rs 5,00,001 — Rs 10,00,00020%Rs 5,00,001 — Rs 7,50,00010%Rs 7,50,001 — Rs 10,00,00015%Above Rs 10,00,00030%Rs 10,00,001 — Rs 12,50,00020%Rs 12,50,001 — Rs 15,00,00025%Above Rs 15,00,00030%

Both these tax rates will apply for FY 2020–21 (AY 2021–22), the option to choose has been given to the taxpayer.

Income Tax Rates for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens (Both Male& Female)

The resident senior citizens will…


Ministry of Corporate Affairs vide Press Release no. 1695473, dated 05th February 2021 has come out with MCA Version 3.0 outline and key features. This Version will have additional modules for e-Adjudication, e-Consultation, and Compliance Management.

MCA Version 3.0

MCA21 V3 Project is a technology-driven forward-looking project, envisioned to strengthen enforcement, promote Ease of Doing Business, enhance the user experience, facilitate seamless integration and data exchange among Regulators. The project will have a Micro-services architecture with high scalability and capabilities for advanced analytics.

Aligned with global best practices and aided by emerging technologies such…


GST Audit

Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorized expert.

GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed his tax liability a robust audit mechanism is a must. …


The Central Board of Indirect Taxes & Customs (CBIC) introduced an option to file returns on a Quarterly basis and Payment of GST on a Monthly basis under GST to help small taxpayers whose turnover is less than Rs.5 crores.

This scheme is called the QRMP Scheme. This scheme allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.

[dropcap]Q[/dropcap]RMP Scheme is an optional scheme that CBIC has rolled out for small scale businesses having aggregate turnover up to 5 crore rupees to furnish return on a quarterly basis along with monthly payment of tax…


Section 194C of the Income Tax Act 1961 states that any person making payment to a resident person, who is carrying out any ‘work’ in terms of the contract between the ‘specified person’ and the resident contractor, is required to deduct TDS.

Meaning of Specified Person:

The ‘specified person’ mentioned above means the following –


Rule 36(4) of CGST Rules, 2017 seems to be a new addition to the much talked and debated amendments in GST law so far. In order to curb the problem of wrongful availment of Input Tax Credit(ITC), CBIC has made an amendment to the GST provisions by inserting a new rule i.e. Rule 36(4) of CGST Rule, 2017 through notification no.49/2019-Central Tax dated 09.10.2019, which states that :

“(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1)…

TaxClue - Simplifying Laws

Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate laws in India

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