Tax Amendments

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 -    ...

GOOD NEWS ! LAST CHANCE TO FILE GSTR-1 FOR THE PERSONS FROM JULY, 2017 TO NOVEMBER, 2019 WITHOUT ANY LATE FEES. Central Government on the recommendation of the council, hereby makes the following amendment to give relief to those who failed to furnish outward supply detail in their GSTR-1  till november,2019 whether monthly or quarterly. The condition for waiving of fees is that the person funishes the said detail in the return between the 19th Dec, 2019 to 10th Jan, 2020. This notification shall be deemed to come into force w.e.f. 19th of December, 2019. परिषद की सिफारिश पर केंद्र सरकार, इसके द्वारा निम्नांकित में संशोधन कर उन लोगों को राहत देती है, जो अपने जीएसटीआर -1  में निवार, 2019 तक मासिक या त्रैमासिक रूप से जावक आपूर्ति विवरण प्रस्तुत करने में विफल रहे। शुल्क माफ करने के लिए शर्त  यह है कि व्यक्ति 19 दिसंबर, 2019 से 10 जनवरी, 2020 के बीच रिटर्न में उक्त विवरण का विवरण देता है। इस अधिसूचना को 19 दिसंबर 2019 से लागू किया समझा जाएगा ।   For fur...

EXTENSION OF TIME LIMIT FOR FILING RESPONSE TO NOTICE ISSUED U/S 142(1) OF THE INCOME TAX ACT BY CBDT In order to provide relief to the tax payers as well as professionals, to become familiar with E- assessment procedure, Income Tax Department extended the time limit for filing response of notices issued upto 24/12/2019  u/s 142(1) by the national E-Assessment Centre to the 10/01/2020 or the time given in the notices, whichever is later. Extension by Income Tax Department, read here. कर दाताओं के साथ-साथ पेशेवरों को भी ई- मूल्यांकन प्रक्रिया से परिचित होने के लिए आयकर विभाग ने राहत प्रदान करने के लिए  24/12/2019 तक section 142 (1) द्वारा जारी नोटिसों की प्रतिक्रिया दर्ज करने की समय सीमा बढ़ा कर 10/01/2020 कर दी गई है। Section 142(1) As per the Income Tax Act sec. 142(1) notice served by the assessing officer - 142. (1) For the purpose of making an assessment under this Act, the Assessing Officer may serve on any person who has made a return under section 11...

CBIC on 24th December, 2019 notified the standard operating procedure for the non filers of return under GST Act. If an assessee fails to file returns under section 39 or 44 or 45 of the Central Goods and Services Tax Act, 2017 - then the proper officer follows this procedure notified under Circular No. Circular No. 129/48/2019 - GST   CBEC - 20 / 0 6 / 04 / 20 1 9 - GST. STANDARD PROCEDURE FOR NON-FILERS UNDER GST NOTIFIED BY CBIC   Click here to read the detail circular by CBIC.

EXTENSION OF GSTR ANNUAL RETURNS DUE DATE FOR F.Y. 2017-18 AND 2018-19 DUE DATES OF GSTR ANNUAL RETURNS ( 9 & 9C ) FOR FINANCIAL YEAR 2017-18 AND 2018-19 EXTENDED TO 31 st JANUARY,2020 AND 31 st MARCH,2020 RESPECTIVELY. As per Central Board of Indirect Taxes & Customs (CBIC) notification, the due date of GSTR Annual returns for Financial Year 2017-18 has been extended to 31 st January, 2020 along with that government also mentioned that the forms are also simplified as they made certain columns optional for the taxpayer to submit the return  EXTENSION OF GSTR ANNUAL RETURNS DUE DATE FOR F.Y. 2017-18 AND 2018-19 As taxpayers do not require to give HSN level detail of Input and Output for Financial Year 2017-18 and 2018-19, which is a not only a time-consuming exercise, but also don’t have any relevance. Along with that they also don’t need to provide detail of Input Tax Credit (ITC) split details. E.g. Inputs, Input services, and Capital goods etc. ...