Tax Professionals Demand to Extend TDS & GST Payment Due Dates

The outbreak of coronavirus has impacted every kind of business and other organisation. Moreover, everything is closed because of the lockdown. Offices of companies and chartered accountants are closed and the businessmen are facing numerous issues because of it. The approaching deadlines for filing the TDS (Tax Deducted at Source) returns for the fourth quarter and GST (Goods and Services Tax) returns for March are creating stress among the businessmen. A lot of deadlines will be falling between 30th April 2020 and 5th May 2020. A lot of business owners and other individuals have requested the Prime Minister, Mr Narendra Modi and the finance minister, Mrs Nirmala Sitharaman to extend these deadlines further. Although the government has already extended the due dates of most of the returns till 30th June 2020.

The industrialists have said that the last date for filing the TDS returns via Gen TDS Software for the fourth quarter is 30th April 2020 but they are not able to file them as the computation is not possible without the CAs. CA Chirag Chauhan said that the offices are closed so the documents are struck and the services of the accountants are halted. He suggested that the deadlines should be extended until 31st March 2020 at least. The last date of filing the professional tax return was shifted from 31st March 2020 to 30th April 2020 but this shift has not helped the people because of the lockdown.

All the assessees having an annual turnover of more than Rs. 5 crores, are required to file the GST returns as of 5th May 2020 but will be unable to do so because of the lockdown and shortage of working capital. The assessees are unable to file from GSTR 3B because of computation problems. You can also file your return filing and billing through Gen GST software as it is government authorized. The government had extended the deadline from 20th April 2020 to 5th Mat 2020 because of the lockdown.

The Chamber of Trade Industry has asked the PM, in writing, to extend the GTS deadlines for some months. They argued that the provisions of GST require an assessee to file the returns by the 20th of the next month for but they will be unable to do so as no payments are being received against most of the issued invoices. The burden of EMI, interests, rent and wages are also creating problems for the assessees. They suggested that the government should at least shift the deadlines until the lockdown is over.

The Board of Trade of Indian Industry has suggested that if the tax liabilities are not postponed then it will be difficult for the industries to recover from the crisis as the working capital is low and savings are draining regularly.

Comments

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA. MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog