Arjun (Fictional Character): Krishna, the tax department has extended due dates for compliances under Income tax & GST. But a very short span of time has been provided therein. Krishna (Fictional Character): Arjuna, after the pleads of many taxpayers & tax associations, the tax departments extended the due dates for compliances under Income Tax & GST. However, this is the third time that the Income-tax department has extended the due date for Income tax returns & audits. Plus ..
Income tax portal charging late fee u/s 234F inspite of extension announcement Are you facing the same issue? ..
NOTIFICATION New Delhi, the 28th December, 2020 G.S.R. 799(E).—In exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies the dealers in precious metals, precious stones as persons carrying on designated businesses or professions – if they engage in any cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a..
Representation to CPC Sr. Issue Difficulties faced by the taxpayers Our Suggestions 1. Providing correct TDS credit · There are clarificatory circulars from CBDT that when the tax has been deducted by an employer, the assessee cannot be..
Arjun (Fictional Character): Krishna, What are the compliances regarding GST to be done before 31st Dec 2020? Krishna (Fictional Character): Arjuna, In GST Five important compliances, are done before 31st December 2020 which are as follows: GSTR 9 - GST Annual Return for 2018-19 Mandatory if Turnover more than 2 Crore. GSTR 9C- GST Audit Report for 2018-19 Mandatory if Turnover More than 5 Crore. GSTR 9 - GST Annual Return for 2019-20, Mandatory if Turnover mor..
Arjun (Fictional Character): Krishna, What's new in GSTR-3B data finalization process of GSTN on Inward and Outward Side? Krishna (Fictional Character): Arjuna, it seems that after September 2020, there will be a complete changeover of GSTR-3B filing process on GSTN. On the inward side, new GSTR 2B will so as to reconcile and match ITC as per GSTR-3B & GSTR-2A. On the outward side, GSTR-1 figures may be reflected in GSTR-3B, so as to reconcile and match tax liability. Be Thus, G..
Arjun (Fictional Character): Krishna, the festival of Ganesh Chaturthi has arrived. What does Ganpati Bappa have to address the taxpayers this year? Krishna(Fictional Character): Arjuna, the festival of Ganesh Chaturthi has brought joy in the environment. Recently, the taxpayer's charter was introduced, wherein the commitment of Income Tax department & expectations of the taxpayers have been set. Not only this, but some measures of widening the tax base has been proposed, by expanding..
Arjun (Fictional Character): Krishna, the taxpayer's charter has been announced by PM Modi on 13th August 2020. What is it about? Krishna (Fictional Character): Arjuna, PM Modi divulged the taxpayer's charter by introducing the charter platform as “Transparent Taxation - Honoring the Honest“, that focuses on faceless assessment and faceless appeals. The aim of the charter is that of nurturing the relationship between the Revenue departments and the community that they serv..
Arjun (Fictional Character): Krishna, many taxpayers are getting notices, stating their aggregate turnover is more than Rs. 5 Cr. during FY 2019-20, considering returns of FY 2019-20 filed up to 25th July 2020. This is giving rise to discrepancies in deciding the actual turnover of the taxpayer. What is this issue about? Krishna(Fictional Character): Arjuna, GST department computes system based aggregate turnover of the taxpayer, considering the returns filed in Form GSTR-3B by all registrati..
Arjun (Fictional Character): Krishna, how are the tax departments and taxpayers going to celebrate the blissful festival of Raksha bandhan this COVID period? Krishna (Fictional Character): Arjuna, uptill now, this year 2020 has been a lot distressful for all of us. But now, here is the festival of Raksha bandhan which would bring joy and blessings in disguise. The tax departments are discharging their role by taking the responsibility and being compassionate for taxpayers as a brother would d..
Often Taxpayers while filing their Tax returns make innocent mistakes, not with the intention of evading taxes but simply out of ignorance. These mistakes though innocent may prove costly to you and invite notices from the Income Tax Department. Below are 5 such mistakes that you should avoid while filing your ITR:- 1. Not Filing your IT return on time or not filing it at all Taxpayers many time don’t file their return when their Tax Liability is nil but their Gross Total Income is a..
As per the World bank's Forewarn, the global economy is going to shrink by 5.2% this year resulting in a global economic crisis deepest recession catastrophe ever in decades. We cannot deny the fact that Indian economy is under devastating & catastrophic change and is witnessed sinking due reasons below – 1. The contraction in markets, 2. Supply chain crisis, 3. Lack of demand, 4. Credit growth is declining 5. Revenue collection is severely affected 6. Low productivity, ..