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 ...