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Recently, The Income Tax Department has issued notification for various Income Tax Return(ITR) forms that are to be used by different types/categories of taxpayers. Without such changes,  the Central Board of Direct Taxes(CBDT) has notified all the 7 ITR. However, some changes that have been made in ITR-1 and ITR-2 Forms have made it complicated to ascertain which taxpayer shall use ITR-1 that is also called Income Tax Sahaj. So putting the criteria of ITR-1 in simple words, those individuals having income from salary, pension, house property, and other income (not from the lottery, business race, and so on) up to Rs 50 lakhs are eligible for ITR-1 or ITR Sahaj Form. While speaking on the deciding criteria for ITR-1 Sahaj Form , Mumbai based Tax expert Balwant Jain voiced his opinion that "An earning individual whose income falls under the three heads — salary, income from house property and income from other sources — and the income doesn’t exceed ₹50 lakh, is eligible for ITR S...

E-verification of ITR Without Digital Signature Verifying Income Tax returns has never been this easy as this is in the present times. You can use any of these easy methods to e-Verify your Income tax return rather than furnishing the ITR-V to CPC, Bengaluru, as it is quicker, convenient, and eco-friendly.  The steps of filing the E-Verification during  filing of the Income Tax Return 2. E-Verification Using Other Modes i. Using Net Banking  Go to Net Banking A/C Tap on the “e-Filing” link You will be prompt to the e-Filing portal Tap on the “e-File” Tab and Choose “Income Tax Return” from the drop-down Choose the “Assessment Year”, “ITR Form Name” & “Submission Mode” & tap “Continue” Furnish your Return/ Upload the XML Fulfill the urged ITR e-Verification  ii. Using Bank Account (For Selected Banks Only) Go to the e-Filing Portal www.incometaxindiaefiling.gov.in Choose the “Profile Settings” & pre-validate your bank account From the drop-down list tap o...

Here are the necessary guidelines for different persons that exist in the eyes of law, i.e. different category of Taxpayers Particulars Voluntary GST Registration Compulsory Registration Threshold limit for Compulsory Registration Remarks 1.Individual Natural Person who is present physical and can undertake legal actions for himself Yes If cross threshold comes within the purview of other conditions that are mentioned below For Supplier of Goods, Aggregate Turnover of Rs 40 lakh and for Service Provider Aggregate Turnover of Rs 20/10 lakh 2.Individual with unsound mind or minor Yes If cross threshold comes within the purview of other conditions that are mentioned below For Supplier of Goods, Aggregate Turnover of Rs 40 lakh and for Service Provider Aggregate Turnover of Rs 20/10 lakh Guardian i.e. Representative acts on behalf of Minor/Person of unsound mind 3.Legal Heirs Yes If cross threshold comes within the purview of other conditions that are mentioned below For Supplier of Good...

The Goods and Services Tax Network ( GSTN ) has given an Advisory on Auto-population of E-Invoice details into GSTR-1. In March 2021 the auto-population of e-invoices into GSTR-1 is not completed yet and it seems to take more time. Thus the mentioned assessee’s who are posting e-invoices are said that they should not wait to finish the auto-population and rather than that do with preparation and filing of GSTR-1 in March 2021 (through the last date) upon the grounds of particular information according to their previous records.  To check whether an HSN Code is true or not, visit GST Portal: www.gst.gov.in > Services > User Services > Search HSN Code. The HSN Master for download in excel format will also be printed shortly on the identical page. If HSN of specific goods or services is rather valid however not present in HSN master, then raise the ticket on GST self-service portal:  https://selfservice.gstsystem.in/ . The other FAQs on e-invoice commenced. The latest ...

UDIN stands for Unique Document Identification Number, it is mandatory for uploading the Audit Report and CA certification forms at the e-filing portal. Earlier, the CBDT had provided One-time relaxation wi=hich ended on December 31, 2020, to update the (UDIN) Unique Document Identification Number for the audit report/certificates. But now it extended the relaxation up to April 30, 2021. Thus, UDIN for Audit Forms / Audit certificates can be updated till April 30, 2021. It is also observed that under the Income Tax Department's initiative for exchanging data between Government agencies and bodies by system-level integration, the I-T  Department has successfully integrated with the Institute of Chartered Accountants of the Indian (ICAI) portal for proper UDIN Verification for UDIN generated by ICAI portal by the CAs for documents certified or attested by them. It is notable that in line with the above requirement, the Income Tax e-filing portal had already confirmed the manda...

Finally, the penalty for “non-complying of taking over/capturing dynamic QR code in GST Invoice” has been waived by the Central Board of Indirect Taxes and Customs (CBIC). The target date /last date has been extended from December 2020 to June 30, 2021( i.e. target date/deadline of compliance to July 1, 2021).  The board has proposed to alter the notification of the Ministry of Finance (Department of Revenue) dated  29th November 2020 and bearing number 89/2020 – Central Tax.  Read also: Info GST QRMP (Qtly Return Filing & Monthly Payment) Scheme In the first paragraph of the aforesaid notification, amendments shall be made. The phrase “31st day of March” shall be substituted by “30th day of June” and “1st day of April”, shall be substituted by “1st day of July”. GST Notification No. 06/2021 for Dynamic QR Code