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An investor can claim deduction up to Rs. 1,50,000/- u/s 80C for investments made in SIP. However, deduction is available only if the SIP is of an Equity Linked Savings Scheme Mutual Fund.
Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.
CBIC has issued Notification No.06/2021–Central Tax (Rate) to Notification No.12/2021–Central Tax (Rate) to amend the existing notifications which will be effective from 1st October 2021.
Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.
Recommendations in 45th GST Council Meeting
Extension of Income Tax Due Dates
Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.
Rule 59(6) of CGST Rules,2017 providing for restriction in the filing of GSTR-1 has been inserted by CBIC which will be implemented on the GST Portal from 1st September 2021.
A taxpayer should reconcile the purchases with sales shown by the seller i.e. Party wise reconciliation of all purchase transactions with GSTR-2A should be made.
An officer may scrutinize the return furnished by registered persons to verify the correctness of the return and inform them of the discrepancies noticed and seek their explanation thereto.
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