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GST Notification 17/2021 to 27/2021-Central Tax dated 01.06.2021 Recommendation of 43rd GST Council Meeting

GST Notification 17/2021 to 27/2021-Central Tax dated 01.06.2021 Recommendation of 43rd GST Council Meeting

GST Amnesty Scheme to provide relief to the GST Taxpayers Late fee for non-furnishing of returns in FORM GSTR-3B for the tax periods from July, 2017 to April, 2021 has been reduced as under : Category of Taxpayers Maximum amount of Late FeeTaxpayers having NIL tax liability during the respective tax period Rs.500/- (Rs.250/- each for CGST & SGST) per returnOther Taxpayers Rs.1000/- (Rs. 500/-…

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9 DEDUCTIONS THAT PEOPLE MISS OUT WHILE FILING THEIR ITR

9 DEDUCTIONS THAT PEOPLE MISS OUT WHILE FILING THEIR ITR

Chapter VI A of the Income Tax Act, 1961 provides for various deductions that are available from the total income of an assessee while computing the taxable income. The assessees are normally aware of certain common deductions such as deduction u/s 80C in respect to contribution made towards LIC, provident fund, deduction u/s 80D for mediclaim premium paid etc. However, there are certain…

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CBDT extends due date for Income Tax Returns for FY 2018-19

CBDT extends due date for Income Tax Returns for FY 2018-19

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, 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,vide Notification No. 56/2020-Income Tax dated 29th July, 2020.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi

Notification No.…

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Income Tax Return (ITR) deadline for FY 2018-19 a month till July 31 2020 The deadline for filing income tax returns (ITR) for the F.Y. 2018-19 fiscal by a month till July 31, 2020.

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Deadline for 2019-20 tax-saving investments extended till July 31’: Income tax department.

Deadline for 2019-20 tax-saving investments extended till July 31’: Income tax department.

As a result, taxpayers will now be able to make investments for claiming deductions under the Income Tax Act for the financial year 2019-20 up to July 31.

The Income Tax department has extended the deadline for tax saving investments/payments for the financial year 2019-20 up to July 31. The move comes in a bid to provide relief to taxpayers amid the ongoing Covid-19 crisis.

In a tweet,…

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Extended due dates for TDS/TCS related compliances

Extended due dates for TDS/TCS related compliances

Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. 35/2020, dated 24-06-2020. Here we have compiled due date of filing TDS/TCS statement (Form 24Q, 26Q, 26QB, 26QC, 26QD 27Q and 27EQ) of FY 2019-20 and due date for issue of TDS/TCS certificate (Form 16 and Form 16A).

EXTENSION OF DUE DATES FOR TDS/TCS RELATED COMPLIANCES

Nature of…

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Government rolls out facility of filing of NIL GST Return through SMS

Government rolls out facility of filing of NIL GST Return through SMS

Government rolls out facility of filing of NIL GST Return through SMS

Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs

New Delhi, the 8th June 2020

Press Release

The functionality of filing Nil FORM GSTR-3B through SMS has been made available on the GSTN portal with immediate effect.

In a significant move towards  taxpayer facilitation, the…

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FM launches Instant PAN facility through Aadhaar based e-KYC

FM launches Instant PAN facility through Aadhaar based e-KYC

Ministry of Finance

FM launches facility of Instant PAN through Aadhaar based e-KYC

In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid…

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𝐀𝐥𝐥 𝐚𝐛𝐨𝐮𝐭 𝟏𝟓 𝐝𝐢𝐠𝐢𝐭 𝐆𝐒𝐓𝐈𝐍 (𝐆𝐨𝐨𝐝𝐬 𝐚𝐧𝐝 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐓𝐚𝐱 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐍𝐮𝐦𝐛𝐞𝐫)

𝐀𝐥𝐥 𝐚𝐛𝐨𝐮𝐭 𝟏𝟓 𝐝𝐢𝐠𝐢𝐭 𝐆𝐒𝐓𝐈𝐍 (𝐆𝐨𝐨𝐝𝐬 𝐚𝐧𝐝 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐓𝐚𝐱 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐍𝐮𝐦𝐛𝐞𝐫)

🔘𝐓𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝟐 𝐝𝐢𝐠𝐢𝐭𝐬 𝐝𝐞𝐧𝐨𝐭𝐞 𝐭𝐡𝐞 𝐮𝐧𝐢𝐪𝐮𝐞 𝐬𝐭𝐚𝐭𝐞 𝐜𝐨𝐝𝐞 𝐢𝐧 𝐚𝐜𝐜𝐨𝐫𝐝𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐈𝐧𝐝𝐢𝐚𝐧 𝐂𝐞𝐧𝐬𝐮𝐬 𝟐𝟎𝟏𝟏. 𝐅𝐨𝐫 𝐢𝐧𝐬𝐭𝐚𝐧𝐜𝐞, 𝐭𝐡𝐞 𝐬𝐭𝐚𝐭𝐞 𝐜𝐨𝐝𝐞 𝐨𝐟 𝐍𝐞𝐰 𝐃𝐞𝐥𝐡𝐢 𝐢𝐬 𝟎𝟕 𝐚𝐧𝐝 𝐭𝐡𝐚𝐭 𝐨𝐟 𝐊𝐚𝐫𝐧𝐚𝐭𝐚𝐤𝐚 𝐢𝐬 𝟐𝟗.

🔘𝐓𝐡𝐞 𝐧𝐞𝐱𝐭 𝟏𝟎 𝐜𝐡𝐚𝐫𝐚𝐜𝐭𝐞𝐫𝐬 𝐝𝐞𝐧𝐨𝐭𝐞 𝐭𝐡𝐞 𝐏𝐀𝐍 𝐧𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫.

🔘𝐓𝐡𝐞 𝟏𝟑𝐭𝐡 𝐝𝐢𝐠𝐢𝐭 𝐝𝐞𝐧𝐨𝐭𝐞𝐬 𝐭𝐡𝐞 𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐧𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐏𝐀𝐍 𝐧𝐮𝐦𝐛𝐞𝐫.

🔘 𝐓𝐡𝐞 𝟏𝟒𝐭𝐡 𝐝𝐢𝐠𝐢𝐭 𝐢𝐬 ‘𝐙” 𝐛𝐲 𝐝𝐞𝐟𝐚𝐮𝐥𝐭 𝐟𝐨𝐫 𝐚𝐥𝐥 – 𝐧𝐨𝐭 𝐢𝐧𝐭𝐞𝐧𝐝𝐢𝐧𝐠 𝐚𝐧𝐲𝐭𝐡𝐢𝐧𝐠…

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FM announces details of Economic Package to fight COVID-19 crisis.

FM announces details of Economic Package to fight COVID-19 crisis.

The Finance Minister, Smt. Nirmala Sitharaman announced an Economic Package today that is the 13th of May 2020 at  4:00 PM via a press conference. The Economic Package has been announced to fight the COVID-19 crisis. The Hon’ble PM while addressing the nation on the 12th of May made an announcement regarding the Economic Package worth Rs 20 lacs crore which is equivalent to 10% of India’s GDP. 

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Due-date-to-file-Income Tax Return-and-Tax Audit-Extended-for-fy-2019-2020

The FM announced the economic relief package on the 13th of May 2020 to fight the COVID-19 crisis. In her announcement dated 13/05/2020, the Finance Minister announced various Direct Tax Changes. The objective of the relief measures is to form an “Aatma Nirbhar Bharat”. To fulfill the objective the FM announced various relief measures to be given to the MSMEs.

In her speech, the FM announced…

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Due date to file GST Annual Return for FY 18-19 extended to 30/09/2020

Due date to file GST Annual Return for FY 18-19 extended to 30/09/2020

The Central Board of Indirect taxes and Customs vide notification no. 41/2020- Central Tax, dated 5th May 2020 has extended the due date to file GST Annual Return for FY 18-19 to the 30th of September 2020 from the 30th of June 2020. Here is the official notification:                

NOTIFICATION

New Delhi, the 5th May 2020 No. 41/2020–Central

Tax G.S.R. 275(E).—In exercise of the…

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Expenses Disallowed under section 40A(3) and Section 40A(3A)

Expenses Disallowed under section 40A(3) and Section 40A(3A)

Section 40A(3) and Section 40A(3A) deals with Disallowance of 100% of expenditure if payment is made by any mode other than account-payee cheque or draft  in the year of expense or in the subsequent year / Years. Article explains provision of Section 40A(3) and Section 40A(3A) of Income Tax Act, 1961.

Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses in respect of…

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Deduction under section 80TTA of Income Tax Act

Deduction under section 80TTA of Income Tax Act

Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction under section 80TTA of the Income Tax Act. The provisions relating to the same are explained in the current article.

Provisions of section 80TTA –

The following can be concluded from the bare reading of provisions of sec…

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37th GST Council Meeting ON 23/09/2019

37th GST Council Meeting ON 23/09/2019

Key Changes and Recommendations – 37th GST Council Meeting:

On 20th September 2019, as anticipated, the all-powerful Goods & Services Tax Council (hereinafter ‘Council’), in its 37th Meeting held in Goa, took certain key decisions. Recent economic slowdown coupled with industry’s downward trend and genuine demand for suitable measures has compelled the Central Government to give a thought on…

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Tally Shortcuts

1. How to Categorize the Shortcut Keys in Tally.ERP 9?

In Tally.ERP 9, shortcuts are organized in such a way that even a newbie user can easily find out  by a glance on the screen.

The major Categories being :

Short cut TypeExplanationF1 : – Shut Company –Short cuts with single underlineWith single line means ALT is the additional key used with the key displayed.For example ALT + F1 is…

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How to avoid TDS by Bank if you’re a Senior Citizen

How to avoid TDS by Bank if you’re a Senior Citizen

According to the Income Tax Act, the tax must be deducted by a bank before payment to the customer on payments such as interest, dividend, etc. However, in case amount of TDS (Tax deducted at Source) deducted by a bank on interest exceeds the income tax payable by such assessee, then such assessee is eligible for a refund. This process can be cumbersome for the Senior Citizens. Therefore, for…