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Many manufactures had given GST on the raw materials which are used to make the finished goods. Now the raw material has expired or gone bad.
There are possibilities of errors in GSTR-3B. Liability may be under/over-reported. ITC may be under/over-reported. Know-how such errors can be dealt with.
Apart from TDS and TCS, the Government collects taxes on a quarterly basis in the form of advance tax before the end of a financial year, ensuring constant flow of tax revenue during the year rather than at the year-end.
40th GST Council Meeting. Late Fee for non-furnishing FORM GSTR 3B for the tax period July, 2017 to January, 2020 has been waived
Equalisation Levy: Applicability, Features and Penalty
ITR-4 for AY 2020-2021 has been notified on the e-filing portal. Every taxpayer shall file the income-tax return electronically except a super senior citizen (whose age is 80 years or above during the previous year 2019-20) who furnishes the return either in ITR-1 or ITR-4.
MSME Benefits under Aatma Nibhar Bharat Package
ITR-1 for AY 20-21 has recently been notified on the e-filing website of the Income Tax Department.
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