CA Umesh Sharma
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Arjun (Fictional Character): Krishna, everyone is taking precautions due to the Coronavirus. What precautions does the taxpayer need to take before 31st March 2020 in order to prevent further problems? Krishna (Fictional Character): Arjuna, People are taking enough preventive measures to save the
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FAQ :
Taxpayers should verify deduction limits, invest or donate if claiming deductions, provide investment details to employers for TDS, pay any outstanding advance tax, download and verify Form 26AS against their books, and ensure TDS is done on all expenses.
The deadline to file a belated Income Tax Return for FY 2018-19 is 31st March 2020. A late fee of Rs. 10,000 applies.
Exporters using LUT should apply for FY 20-21, taxpayers should consider the composition scheme, and reconcile accounts with GST returns. Credit/Debit notes related to FY 19-20 should be issued before 30th September 2020.
The due date for filing GSTR-9 and GSTR-9C for FY 2018-19 was extended to 30th June 2020, from the original 31st March 2020 deadline.
Linking Aadhaar and PAN is mandatory for taxpayers filing an Income Tax Return, and the deadline to do so was 31st March 2020.
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