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ITR Filing deadline for FY 2018-19 Extended In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, the CBDT extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020. This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 fiscal. Make most of this by assuring your compliance is complete. For any queries, feel free to reach us at info@gjmco.in. GJM Alerts www.gjmco.in

Understanding Form 15G/H – Non-deduction of TDS We all are very well aware of the concept of tax deduction at source (TDS) prevailing under the Indian income tax, wherein, the tax is deducted at the source of income once the payment exceeds the specified limit. There can be a circumstance, wherein, the taxpayer is not liable to income tax since the earning of the taxpayer is below the eligible exemption limit, however, the deductor liable to deduct TDS would deduct the TDS, and the taxpayer in-turn would have to claim a refund of the same. To avoid this situation, the Government of India had introduced the concept of non-deduction of TDS by filing specified forms. Form 15G is one such Form. What is Form 15G/H? Form 15G is a self-declaration form which can be filed by the eligible persons for applying for non-deduction of tax in case the total income of the eligible person doesn’t exceed the exemption limit of the respective financial year. Form 15H is used for s...

PPP Loan Forgiveness: A Ready Reckoner! In our run up to the articles under our US PPL Loan series, we hereby provide a ready reckoner on a full PPP Loan forgiveness .   This article factors in the changes introduced by the PPP Flexibility Act introduced since June 4, 2020. As you are already aware, the highlight of the PPL Loan program is its eligibility for full forgiveness if you meet the stipulated conditions as provided therein.   So to attain forgiveness, one has to apply for the same after the completion of the forgiveness period in which the loan proceeds have to be expended as prescribed. Let us briefly revisit the conditions of the PPP to start with: -        PPP Loan is sanctioned based on a business’s average monthly payroll cost for 2019 multiplied by 2.5, to secure payroll costs for up to Eight weeks. -        PPP Loan proceeds can be used for: a.      Pa...

Key Changes in PPP – The PPP Flexibility Act In June 2020, the Paycheck Protection Program Flexibility Act (PPP Flexibility Act or the Act) was signed into law, in order to provide businesses with greater flexibility and more time to maximize forgiveness of loans received under the Paycheck Protection Program (PPP). The key changes made to the Paycheck Protection Program by the Act, are as follows: 1.      Deadline for PPP Application: Apparently, this Act extends the period during which the new PPP borrowers are entitled to apply for PPP loan from June 30, 2020 to December 31, 2020. However, the Joint Statement and Seventeenth Interim Final Rules state that the SBA will not accept PPP applications after June 30, 2020.   Just with few hours left on June 30, 2020, the Congress gave the program a new life by unanimously consenting to extend the application deadline to August 8, 2020. 2.      Forgiveness period extended:...