Tax Amendments

Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner Considering the difficulties faced by trade and industry in filing of returns, the government has decided to introduce several measures to ease the process. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Presently the last date of filing GSTR-3B returns for every taxpayer is 20 of every month. From now on, the last date for filing of GSTR-3B for the taxpayers having annual turnover of Rs 5 crore and above in the previous financial year would be 20 of the month. Thus, around 8 lakh regular taxpayers would have the last date of GSTR-3B filing as 20 of every month without late fees. The taxpayers having annual turnover below Rs 5 crore in previous financial year will be divided further in two categories. The tax filers from 15 States/ UTs, i.e., Chhattisgarh, Madhya Pradesh, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnata...

Relaxation for Individual Tax Payers by CBDT under Form-1 (Sahaj) and Form-4 (Sugam) for A.Y. 2020-21 As per earlier notification CBDT has made joint owners ineligible for the ITR-1 or ITR-4. This notification has created quite a lot of confusions as joint owners are forced to file a detailed return instead of these simple returns.  INCOME TAX AMENDMENT However, CBDT on 9 Jan, 2020 again issued a notification to simplify rules for individual tax holders by making joint holders of property eligible to file these forms (ITR-1 or ITR-4), if they satisfy the other conditions of the Income Tax Act. Simplified Income Tax Return for Individuals     By having this notification, individuals who are required to file Income Tax Return under the 7 th provision of the section 139 of the Income Tax Act, are also eligible to file return in ITR-1 or ITR-4. Read the full notification here. Section 139 of the Income Tax Act – Section 139 of the ...

The finance Ministry has extended deadline on Friday to avail the benefit of late fee chargeae on GSTR - 1 Pertaining to period from July 2017 to November 2019 from 10 January to 17 January.

NOTIFICATION FOR BUSINESSES EXCEEDING TURNOVER RS.50 CRORE Ministry of Finance (Department of Revenue) CBDT issues notification No. 105/2019/F.No. 370142/35/2019 on 30 December, 2019 G.S.R. 960(E) - In exercise of the powers conferred by section 269SU read with section 295 of the Income-tax Act, 1961, CBDT hereby makes the rule 119AA -    For the modes of payment under section 269SU, every person carrying on business, if sales or turnover or gross receipts exceeds the Rs 50 CRORE during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes - Section 269SU के तहत भुगतान के तौर-तरीकों के लिए, व्यवसाय पर ले जाने वाला प्रत्येक व्यक्ति, यदि बिक्री या टर्नओवर या सकल  प्राप्तियां पिछले वर्ष के तुरंत पहले 50 CRORE से अधिक हो, तो निम्नलिखित इलेक्ट्रॉनिक मोड के माध्यम से भुगतान स्वीकार करने की सुविधा प्रदान करेगा - 119AA. Rule for accepting payments for businesses in India (I) Debit ...

Aadhar pan link last date extended . Due date to Link ADHAAR with PAN extended by CBDT. Under section 2 of section 139AA of the Income-tax Act, 1961, the last date to link ADHAAR with PAN is extended by CBDT through notification no. 107 of 2019 dated 30/12/2019. Pan is a 10 digit alpha-numeric number issued by IT department, while Aadhaar is a 12 digit unique identity number issued by UIDAI. HOW TO LINK ADHAAR WITH PAN ? In order to link AADHAAR with PAN, visit IT department website https://www.incometaxindiaefiling.gov.in/home On the Left hand site click the link Aadhaar as shown in the picture, by clicking it you are asked to enter details like Aadhaar number, name as per Aadhaar and DOB. By submitting it through Link Aadhaar tab, assessee can successfully link the Aadhaar with the PAN. HOW TO CHECK STATUS OF AADHAAR LINK REQUEST ? On the above page one can check the status by clicking the link on the top of your screen to check status.

REDUCTION OF ITC AVAILABILITY UNDER GST ITC LIMIT TO 10% INSTEAD OF 20% UNDER GST Central Government by availing the powers under sec 164, and on the recommendations of the council, substtituted the of 20 per cent to the words 10 per cent with effect from 1st Jan, 2020. Here a new rule 86A also inserted as the conditions for availing credit under Electronic Credit Ledger. REDUCTION OF ITC AVAILABILITY UNDER GST LIMIT ON ITC IN CASE OF MISSING INVOICES 86A. Conditions of use of amount availa ble in electroni c credit l edger. -   (1) The Commissioner or an officer authorised by him in this behalf , not below the rank of an Assistant Commissioner , having reasons to believe that credit of input tax available in the electronic credit ledger has been fraudulently availed or is ineligible in as much as -     a) the credit of input tax has been availed on the strength of tax invoices or debit notes or any other document prescribed under rule 36 -    ...