Tax Amendments

 Abolishment of Tax Audit in India under INCOME TAX As per the recent trens, Govt. is focusing on ease of doing business in India, and in order to accomplish the 5 trillion economy objective, Government may abolish the Tax Audit requirement in India under section 44AB of Income Tax Act. Budget Update 2020 for Tax Audit The explanation provided by different resources in this context are - 1. The purpose of Tax Audit is to provide assurance fron third party (CA), regarding the correctness of accounts and information submitted to the department. 2. However, in today's technological world, everyone is maintaining data in a computerised way, and there are various resources available for the department to get information about the business transactions. 3. So, it is recommended by some to abolish the 44AB, to remove the extra burden on the businesses. After abolishment, businesses are required to submit the information that is currently furnished by CA in the audit report. ...

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.