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In a notification released last week, the Central Board of Indirect Taxes and Customs (CBIC) has said that 9 Provisions of Finance Act, 2020 will be officially effective from 1 January 2021. In other words, 1 January, 2021 has been finalized as the date from which the provisions of sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the Finance Act, 2020 shall be enforced by the board. 9 Provisions of The Finance Act, 2020 The provision of Section 119 intends to add the words “or services” after the words “or goods” in section 10 of the CGST Act. The provision pertaining to Section 120 will omit the words “invoicing relating to such” from section 16(4) of the Act. The provision of Section 121 says that a taxable person is no longer mandatorily required to register under section 22 or section 24 and can opt out of voluntary registration made under sub-section (3) of section 25. Section 122 provision has been introduced to make an amendment in section 30 of the CGST Act, “Provided...

If the payment is more than the specified threshold then a company and the individual furnishing the payment is needed to deduct tax at source as per the income tax act. Tax Deducted at Source (TDS) has to be cut down at the price estimated by the tax department. The deductor is said to be the person or the company that files the payment while on the other side the term deductee is said to be the one a company/person who takes the payment. It is the responsibility of the deductor to cut out the TDS and should deposit it in the specific account of the government.  You can save your salary from getting deducted through investment in tax-saving schemes. under Section 80C you must attempt and claim for tax advantages as much as possible.  There are various ways so to get avoid paying the TDS through PPF investment (Public Provident Fund), NPS (National Pension System), ULIP (Unit-linked Insurance Plans), Sukanya Samriddhi Yojana, Tax Saving FDs, ELSS Equity Funds. Your child’s pa...

Did you furnish the income tax return ITR in FY 2019-20? If not then December 31 is the last date for filing the same. The Income-tax department has again prolonged the last date to file the ITR so as for a simpler filing procedure for the taxpayer seeking the pandemic. It means that the people have the time till the finish of this year to furnish their return on the earned income between April 1, 2019, and March 31, 2020, rather than November 30. July 31 is the due date for filing the ITR for all the taxpayers whose accounts are not needed to be audited. Income Tax Return (ITR) Filing: Important Dates At A Glance The prolongation of the date is for the sake of the assessee that there will be more and more time given to them so that they can furnish their due ITR as per the  Central Board of Direct Taxes (CBDT), the highest policy body made by the income tax department.  January 31, 2020, is the prolonged date to file the ITR for the assessee whose accounts need to be investi...

The Central Board of Indirect Taxes and Customs (CBIC) released the Central Goods and Services Tax (Thirteenth Amendment) Rules 2020 which will make some changes in the Central Goods and Services Tax Rules, 2017. The CBIC inserted Rule 61(6) to notify a due date for furnishing GSTR-3B for the months of October 2020 to March 2021 as the 20th of next month if the individual has a turnover of over 5 Crores. The Notification states that every registered individual or an input service distributor or a non-resident taxable person or a person paying tax under section 10 or section 51 or, as the case may be, in Form GSTR-3B under section 52 Will present a return, through electronic mode on the Common Portal either directly or through the Facilitation Center notified by the Commissioner, on or before the 20th day of the month to succeed such tax period. The said provision is not applicable to the registered person mentioned in section 14 of the Integrated Goods and Services Tax Act, 2017 . The...

It is essential to furnish the income tax return ITR for several causes, and particularly for the income tax refund to claim for the specified person. When you furnish the ITR then the income tax department will examine and if any refund is there then it is credited to the valid bank account of the person.  How One Can Claim The Tax Refund if it is Due As per the income tax law, tax is required to be cut from the sources of income at the rates stated under the law. There might be many sources of income as stated such as salary, interest, commission, rent, brokerage, professional fees, royalty, etc. Thus for salary, the Tax deducted at source (TDS) must be in accordance with the income tax slab liable for the payer.  If once the tax gets deducted then it needs to be sent to the central government’s account within the due period. Although the petitioners many a time does not declare expenses and investments which reduces their tax that is liable to get deducted. And the reason...

If you are seeking to file an ITR for FY 2019-20 then it is easy. It takes only 15 minutes to file the income tax return. You are not required to opt for CA for furnishing the ITR. in this session we are suggesting to you how to file an ITR in lesser time. Let's file your ITR filing via Gen IT Software free download quickly and accurately in just 15 minutes. Below Are The Required Credentials For Filing ITR PAN Card Aadhaar Card Bank Account Number Investment information and all necessary certificates Form 16 Form 26 A.S. Select Your Form You should have to classify yourself that in which category of assessee you exist and the type of ITR form required to furnish. For instance, the person whose income is up to Rs 50 lakh then they are the citizens of ITR1 'Sahaj' forms . Their income comes from salary, house, and other sources such as interest. There Are 2 Methods to Furnish ITR E-filing By Downloading the ITR form, furnishing the form offline, and uploading the XML file. ...

The date of filing the tax audit report and Income tax return for the financial assessment year 2020-21 has been extended by CBDT. The amendment in dates is being listed in the table below. Compliance Nature Financial Year Actual Due Date Last Extension of Due Date Current Due Date Belated Income Tax Return 2018-19 31st March 2020 30th September 2020 30th November 2020 Revised Income Tax Return 2018-19 31st March 2020 30th September 2020 30th November 2020 Return of Income (In case of TP Audit) 2019-20 30th November 2020 - 31st January 2021 Return of Income (Company Assessee) 2019-20 31st October 2020 30th November 2020 31st January 2021 Income Tax Return Where Audit is Compulsory 2019-20 31st October 2020 30th November 2020 31st January 2021 Return of Income (In case of a Partner in a firm whose audit is mandatory) 2019-20 31st October 2020 30th November 2020 31st January 2021 Income Tax Return (In Any other case) 2019-20 31st July 2020 30th November 2020 31st December 2020 Filing ...

Two important notifications mandating GST compliance have been released recently by the Central Board of Indirect Taxes and Customs (CBIC).  First, In case of turnover of more than Rs 5 crore for taxpayers, the notification related to e-way bill generation facilities will fail to file their GSTR-3B return form , for a consecutive period of two months or more, from 15 will be implemented. October 2020.  If a taxpayer having turnover over ₹ 5 crores and fails to file their GSTR-3B returns for a consecutive period of two months or more, the notification related to E-way bill generation facilities will be restricted. This notification will come into action from 15 October 15, 2020.  Rule 138 E (b) of the CGST Rules, 2017 also states that a person's E-Bill generation facility will be restricted if the person fails to file GSTR-3B returns continuously for two months or more. In the previous meeting, the GST Council meeting has decided that this provision will be applicable for...

November 30, 2020, is the last date of filing the income tax returns for FY 19-20 (AY20-21). To the Income Tax Department, the taxpayers describe the particulars of the obtained income and the other tax returns on it in a fiscal year through the means of ITR. According to the laws and rules, the particular taxpayer and residents along with non-residents are divided into 3 categories: those below 60 years of age, senior citizens (60-80 years) and super senior citizens (above 80 years) An individual whose income is more than Rs 2.5 lakh or more possesses compulsory to return ITR. There is a limit of Rs 3 lakh  For senior citizens (people between 60 years and 80 years of age), and a limit is Rs 5 lakh for many senior citizens (aged above 80 years). There are different income tax rates slabs for every type of taxpayer. As of now, there are 2 tax schemes on the tax platform. From the Fiscal year 2020-21 the after the announcement of budget 2020 a new tax scheme providing assessee with ...

Good and service tax was introduced on July 1st, 2017 across India. It has various slabs and eligibility criteria and to file Tax or commonly known as GST Return, GST return is basically a document having statement(s) of income that the taxpayer has to submit to the tax administration authorities. However, filing of GST or GST returns requires proper sales and purchase invoices. Based on the same, tax authorities calculate the tax applicability. The GST return filing system clarified that the registered user has to file GST return which includes purchase, sale, output GST (applicable to sales), input tax credit (GST paid on purchase). Who Has to File a GST Return? From startup to big enterprises, all businesses having GST registration will have to file GST returns on a monthly, quarterly, and/or annual basis according to the type of business. Under the GST returns, all the taxpayers, running their firms and businesses across India, whether interstate or interstate, have to file GST ret...

For the month of September 2020 the article describes the Yearly Compliance needs beneath the Companies Act, 2013 includes compiles Compliance Essentials below Companies Act, 2013. The clause defines the Expected date and context of the file of form AOC-4  and AOC-4 CFS (in case of consolidated Financial Statements), ADT-1, MGT-7, MGT-14, CRA-4,   INC-20A,  BEN-1, BEN-2, Active Form INC-22A, DIR 3 KYC (Annually web-based) , PAS-6, NFRA-2. Annual Compliance needed under the Companies Act, 2013 E-Form Purpose of E-form Due Date of Filing  ADT-1 Approval of Auditor 15 days from the conclusion of AGM AOC-4 and AOC-4 CFS (in case of consolidated financial statements) Filing of Annual Accounts 30 days as of the building of AGM(180 days from the close of the fiscal year in case of OPC) MGT- 7 Form Filing of yearly returns 60 days from the reporting of AGM MGT-14 Filing the resolution with MCA in the context of board results and yearly accounts 30 days from the date ...

The government has decided to stay with the current GST (Goods and Services Tax) return filing system for the present. Earlier the Government was planning to bring a new GST return filing system along with forms ANX-1, ANX-2, RET-1 and RET-2 but now it has been put on hold until the new update. Government chose to introduce advanced features to the old system instead of launching the new return filing system. Some Decisions That are Taken in 39th GST Council Meeting To prevent tax evasion, Govt. has decided to link the outward supply details in form GSTR 1 with liability in form GSTR 3B . The input tax credit in form GSTR 3B will then be linked to the details of supply shown in form GSTR 2A. There will also be initiatives to implement Aadhaar authentication and spike rules, to reduce evasion and prevent gaming of the system. A measure to deal with the issue related to ITC was also recommended to the Council of the introduction of Auto-Draft Input Tax Credit statement which wi...

In India, the commencement of GST started the search of businessmen for a well-grounded GST solution. GST regime was started with an intent to ease the indirect tax mechanism and to bring uniformity in taxation by following "One Tax One Nation". Potent IT infrastructure which includes innovative GST software, indeed helped and is helping taxpayer and professional easily adhere to government rules & regulation and enabled them to file returns, complete registrations and make tax payments with just a few clicks. SAG Infotech (CA software development company) capacities businessmen and accounting & taxation professionals with advanced Gen GST software that ensure on-time help via squad of experts. Today, businesses, small-sized or big-sized, need innovations & ideas to move forward with the digital revolution and beat the ever-growing competition. Accounting & taxation software like Gen GST, Gen TDS, Gen Income Tax allows taxpayers effortlessly file GST...

Due to pandemic November 30, 2020, is the last date for filing the ITR for FY 2019-20 (AY2020-21) which is extended by the Central Board of Direct Tax (CBDT). From the laws of Income-tax, various forms are available for the taxpayers of various kinds for filing the income tax return forms for the financial year 2019-20 in the name of ITR1, ITR2, ITR3,  ITR 4, ITR 5, ITR 6 and ITR 7. The method of filing the IT return is called e-filing. For filing the income tax, the IT department has introduced the unconventional portal.  Step 1: Proceed into income-tax e-filing portal -- incometaxindiaefiling.gov.in Step 2: Download appropriate ITR utility under Downloads > IT Return Preparation Software. Step 3: Extract the downloaded utility ZIP file and open the utility from the extracted folder. Step 4: Choose the appropriate and necessary fields of the ITR form. Step 5: Verify all the tabs of the ITR form and calculate tax. Step 6: Generate and save the XML. Step 7: Now, logi...

  The Central Board of Direct Taxes (CBDT) has recently introduced some new changes in form 26AS . The move is said to bring more transparency between the assessments and the department. Form 26AS or the Annual Information Statement is a form showing all the high paying transactions. Now, the department will also get the information about the high-paying transactions from the financial institutions, apart from that filled by the assessee. New Form 26AS Form 26AS is a type of consolidated annual tax statement which includes information about tax deducted/collected at source, advance tax, self-assessment which is can be found with the income tax department against the PAN number of the assessee. During the declaration of Budget 2021, the government had introduced some changes to the form making it even more transparent. The new form will be applicable from 1st June 2020. Now the form will reflect the information about the high-paying transactions which were previously listed under S...

The Central Board of Direct Taxes (CBDT) had enabled the forms for all the assessees to file their Income Tax Returns (ITR) on 29th May 2020 for the previous year 2019-20. Now the assessees can file their returns through all the seven forms that are made available by the government. The seven forms, as issued by the department are:  ITR-1 (Sahaj) This form is to be used by all the assessees having an earning from salary, house property and/or income from other sources. Assessees earning up to Rs. 50 lakhs can file their ITR through Gen Income Tax Software on this form.  ITR-2 This form is to be used by all the assessees of Hindu Undivided Family who are not engaged in the business of proprietary or any profession. ITR-3 This form is to be used by all the assessees of Hindu Undivided Family who are engaged in the business of proprietary or any profession. ITR-4 (Sugam) This form is to be used by all the assessees getting their income from a business or profession.  ITR-5 ...

Taxpayers often make mistakes of paying extra Income tax against the applicable tax. In such mistakes, taxpayers are eligible to get a refund of the excess tax amount paid by him. Today in this article we are going to talk about all the provisions related to the claim of Income Tax refund of excess IT paid by the taxpayer. Basic Provisions If the taxpayer by mistake paid the excess tax amount than the applicable tax (whether it is advance, TCS/TDS, self-assessment, or regular assessment tax) then the taxpayer is eligible to get the refund of the excess tax paid by him/ her. In the matter of refund of tax provisions under Section 237 to 245 are applicable. When Does the Income Tax Refund Arise? Section 237 states that ‘ If a taxpayer can prove in front of the Assessing Officer (AO) that the tax paid by him or on his behalf or treated as paid by him or on his behalf for any previous year exceeds the applicable tax amount then he\ she is eligible for the refund of the excess amount. The ...

The validity of Electronic Way Bill or e-Way Bill has been extended by the Central Board of Indirect Taxes and Customs (CBIC) till 30th June 2020. The date has been extended for all the bills generated on or before 24th March 2020 and validity of which has been expired between 20th March 2020 and 15th April 2020.  In a notification released by the board, paragraph first of clause (ii) read "Provided that where an e-way bill has been generated under rule 138 of the Central Goods and Services Tax Rules, 2017 on or before the 24th day of March, 2020 and whose validity has expired on or after the 20th March, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of June, 2020." Read Also:    E-way Bill Generation and Registration Pdf Guide by Gen GST Software V2.0 The notification will prove to be beneficial for the transporters and truckers of the country. The board had earlier extended the validity of bills till 31st May 2020 fo...

Employees need to declare their investment to save tax at the beginning of every financial year (April Month) to allow the employer to deduct tax at source (TDS). But Lockdowns due to Covid-19 this year is unsettling everything and it also caused a delay in investment declaration submission this year. Meanwhile, Finance Minister Nirmala Sithraman introduced a new Income tax Regime on 1st Feb 2020 and allowed people to choose one of them as their default tax regime. The New tax regime features more tax slabs and lower tax rates below an income of 10 Lakh which seems more beneficial compared to the Old tax regime . The inclusion of a new option makes the declaration more important because if employees will not declare their choice then the employers will be not able to deduct the TDS as per the last year’s tax-saving investment declarations. The Government also made it mandatory to choose the Income-tax regime at the beginning of a financial year. It needs to be mentioned here that the ...

Taxpayers often make mistakes while filing GST challan, one of the most common ones is “making payment under the wrong head”. At Present time when countrywide lockdown has been imposed and the end of it is not appearing clear, taxpayers are already going through a liquidity crunch, and on top of that these common mistakes are worsening the condition because their payment gets blocked, What are the steps government has taken to rectify and solve these mistakes? The government had earlier introduced the GST PMT-09 Form through notification no. 31/2019 dated June 28, 2019, for the same and now made it live on April 21, 2020, for taxpayers who made mistakes during making GST Challans. Form GST PMT-09 can be utilized for shifting falsely or incorrectly paid GST through cash ledger. Taxpayers can also use it if they have paid CGST instead of SGST. Who can Fill the GST PMT-09 Form? Each and every taxpayer who wants to correct their wrongly paid tax can fill the GST PMT-09 Form . Authorities ...