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On the web portal of GST, Form GSTR-2B is an ‘automatically drafted Input Tax Credit Statement’ that shall be displayed for each registered person on the criteria of the information that is furnished by his suppliers in their corresponding. GSTR-1 GSTR-5 (Non-resident taxable person) GSTR-6 (Input Service distributor) GSTR-2B is a static statement (unlike GSTR-2A that is dynamic)  and is made available every month. The day of disclosure is the 12th day of the next month implying that no changes shall be made after the 12th day of the next month in GSTR-2B. Attributes of GSTR-2B Details about the import of goods made available  from ICEGATE System:  The GSTR-2B Statement provides details on the import of goods that are brought from the ICEGATE system that is inclusive of details about the inward supply of goods from the units or developers of Special Economic Zones(SEZ). Nevertheless, it is not included in the released version of the GSTR-2B for July month. Yet it shall b...

The Income Tax Department has come up with the concept of e-PAN with the launch of the new web portal on June 7 of this year. Just like a Driving license is crucial while driving; similarly, permanent account number (PAN) is essential in our day-to-day commercial transactions that are undertaken along with payment of tax. But, in many cases, PAN gets lost. Manually it is a time-consuming process to reissue PAN. So the Income Tax Department has come up with the concept of the e-PAN card. Though the new income tax portal used by the taxpayers is interactive and user-friendly; however, the rules are still stringent related to Permanent Account Number. The Income Tax department has made compulsory the use of PAN for taxpayers. What is a Permanent Account Number (PAN)? Permanent Account Number is a distinctive and unique 10-digit alphanumeric number that is issued by the Income Tax Department to Income Tax Payers. Through this PAN, the income tax department is involved in recording all tax...

As per Income Tax Laws, Hindu Undivided Family is a separate assessee and its returns are filed separately. A few years back, registering as HUF (if feasible legally) and paying tax as a HUF assessee was an attractive way to save the tax. But now it is not as alluring for tax saving as it used to be in the past. Few Takeaways About Hindu Undivided Family First and foremost, HUF comes into existence automatically; so it is not formed through a legal process though registration is required   To file income tax for HUF, it is necessary to apply for a Permanent Account Number with the income tax department. How many families are detaching from the concept of the HUF as the tax regime is not as attractive as it used to be. However, if you were filing income tax returns as a HUF assessee in the past and want to cease it, the task is complicated and it is not simple. What is a Hindu Undivided Family? A HUF comprises the ‘Karta’, usually the eldest male member in the family. Although...

The Central Board of Direct Taxes (CBDT) announced the directions are guidelines to assist the assessee in furnishing the particulars in income tax return form‐1 for the AY 2021‐22 describing to the Financial Year 2020‐21. What is ITR‐1 SAHAJ? So as to make tax compliance simpler the income tax council has divided the assessee into various groups based on the income and its source. Thus you are urged to furnish the returns as per that. ITR-1 is also known as Sahaj Form and is for the person whose income is Rs 50 lakhs.  Who is Liable to Furnish ITR 1 for AY 2021-22 The resident can use the return form rather than not an ordinarily resident whose income for the Assessment year 2021-22 is less than Rs 50 lakh and whose income comes beneath the mentioned heads named Income from Salary/ Pension; or Income from One House Property; or Interest income and/ or family pension taxable below additional sources. It is important that in the case where the income of the person such as a spouse,...

The ITR filing mechanism has been put on hold till June 6  amidst the designing of the new e-filing web portal of the income tax department and shall soon start from June 7 onwards. The income-tax filing  process on the web portal incometaxindiaefiling.gov.in was paused from midnight of May 31, 2021, after scrapping the e-filing web portal. The link to the website is Incometax.gov.in, incometaxindiaefiling.gov.in “Considering the overhaul and migration or transition of existing e-filing portal to a completely different platform, a blackout period for the usage of the existing portal has been announced by the Government from 1 June 2021 to 6 June 2021 during which the existing income tax portal would not be available for usage to the taxpayers. In order to avoid any inconvenience to taxpayers, the Revenue Department has issued directions to fix any hearing of cases or compliance only from 10 June 2021 onward. This would give the taxpayers the necessary time to respond well to t...

Notably, in response to the extension of the deadline of ITR forms, The apex body ‘Central Board of Direct Taxes (CBDT) has issued guidelines to assist the taxpayers while filing the particulars/ details during the filing of income tax returns for the assessment year 2021-22 . Furthering the episode, The CBDT also mentioned that no significant changes have been made in the format of this year’s  ‘Income Tax Return forms’ when compared to the format of last year’s ITR. The reason being, last year also,  the country faced COVID Pandemic. To begin with Form ITR-1 Sahaj, It is synonymous to its name “Sahaj’ and its literal meaning is simple and user-friendly and is filed by a large number of small and medium taxpayers. Recalling its ambit and scope, this form is filed by an individual having income up to Rs 50 lakh and who receives income from salary, house property, other sources like interest and so on. Similarly, form ITR-4 Sugam has to be filed by Individuals,  Hindu U...

This June has come with a lot of surprises and consequent responsibilities for both taxpayers and caretaker of the State’s exchequer i.e. Government. The Central Government, yesterday, has made many paramount declarations in the wake of the second covid pandemic. The last date for filing late or revised income tax returns for the financial year 2019-20 has lapsed. It was May 31, 2021 E-filing portal 2.0: The Income tax department is rejuvenating and revamping the ITR e-filing web portal. And a new portal with additional attributes shall be available from June 7. An Individual can check the details on the below-mentioned link.  https://incometax.gov.in  rather than https://incometaxindiaefiling.gov.in   However, e-Filing services shall be unavailable from June 1 to June 6, 2021. The last date of filing State of Financial Transaction as per  Section 285BA has been extended till June 30. Earlier it was May 31. The last date for submitting the statement of reportable ac...