GJM & Co.

Covid-19 Outbreak – India announces First relief measures Earlier this week, amidst the deadly contagion, for the first time, the Indian FM announced several relief measures relating to Statutory and Regulatory compliance matters across Sectors amidst the pandemic. The relieve measures announced were much needed in areas of Income Tax, Goods & Service Tax (GST), Customs & Central Excise, Corporate Affairs, Insolvency &Bankruptcy Code (IBC), Fisheries, Banking Sector and Commerce generally.   The FM also followed up declaring a huge relief package for the Poor in India as well after the announcement of country lockdown. This update attempts to summarise the relieve measures based on the press release notification as issued by the FM’s office. Following are the decisions with respect to statutory and regulatory compliance matters related to various sectors: Income Tax 1.      Extend last date for Income tax returns for (FY 18-19)...

2020 – Know Your Budget!! In the run up to the budget 2020, there were plenty of opinions flying around what this current Indian government should be doing this year to revive its stammering economy and reviving the sluggish demand and providing the much needed uplift.   Well with the various interim stimulus packages offered by the government in 2019 to boost the economy, it practically appears one should have expected less from this budget.   However, the Budget time is about vote bank politics as well, where all facets of a sovereign have to be appeased and brought on board.   While this is always the tendency of every government, this government appears to have bet against all odds and attempted to offer a “please all” budget which actually doesn’t result into satisfying all stakeholders in entirety.   While some might laud the government for its boldness others may deem it insensible in not playing as expected. The budget outcome played a winner for ...

Tax Preparation Checklist for USA Personal Tax season Before you begin to prepare your income tax return for 2019, go through the following checklist. Highlight the areas that apply to you, and make sure you have that information available. Better yet, attach the list to a folder of your tax documents, and check items off as you add them to the folder. Most people will need: Personal information This information tells the IRS exactly who’s filing, who is covered in your tax return, and where to deposit your tax refund. ü   Social Security numbers, date of birth for you, your spouse, your dependents and address. Please include SSN card and Government issued ID ü   Copies of last year’s tax return for you and your spouse, if filed separately ü   Bank account number and routing number, if depositing your refund directly into your account. Please provide a bank check copy for verification Information about your income ü   W-2 forms for y...