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The CBIC official department has declared earlier that the filing of GSTR -3B summary form and GSTR - 1 sales form or IFF by organizations using the  Electronic Verification Code (EVC) feature, instead of Digital Signature Certificates (DSC) has been moreover forwarded till the 31st October 2021 for the span from 27th April 2021 to 31st August 2021. According to the circular of CBIC, the closing date extension of the late fee reprieve scheme and extension of the time limit for filing a revocation application for cancellation registration will profit a massive number of taxpayers, mainly small taxpayers who could not e-file their GST returns in time because of multiple reasons, primarily due to complexities caused by COVID-19, and whose GST registrations were canceled because of the same. Taxpayers are asked to aid the main benefit of these latest extensions at the earliest to decline the last-minute rush.  What Does GSTR -1 Mean? GSTR -1 is known for monthly or quarterly retu...

Infosys, an IT company, considers that there are some individuals who are facing issues in accessing the income tax portal and specified that the portal is misbehaving while running, integrating within the Revenue Tax Division, to improvise the platform for the users.  While filing in BSE Infosys directed that there are nearly about 3 crores assessee who have successfully filed their essential transactions and approximately 1.5 crore income-tax returns were furnished via the new portal.  The company from Bengaluru had been criticized for the arrival problems from various months after the beginning of the portal in June, it also states that it sees revisions in its use towards a previous couple of weeks and exceeding 3 cr assessee have logged in to the portal and furnished various transactions successfully. IT Services Available on 2.0 Portal E-verification Option: Aadhaar OTP authentication is mostly used in e-verification. The Electronic Verification Code is a 10-digit alph...

Introduction On 7th June 2021 new Income Tax Portal was introduced by CBDT ( Central Board of Direct Tax ) where the new income tax portal i.e ‘ www.incometax.gov.in ’ has been renewed by the former e- filing portal i.e ‘www.incometaxindiaefiling.gov.in ‘. The particular one who wants to file the returns has to file returns on this new portal afterward. The new portal has been renewed to eliminate glitches and other errors so that it will work smoothly in a filing. Traits of New Income Tax E-filing Portal Processing of ITR:   This is considered as the fastest processing of income tax returns which assists the taxpayers for immediate responses of tax filing. Meanwhile, the process of filing of income tax returns on this portal quickly initiates the process of the returns and it also delivers fast refunds to the taxpayers.  Free Tax Return Preparation Software:   Apparently, there are  ITR-1 and ITR-4 which are conveniently online and offline, and ITR-2 which is free ...

It is important news for GST taxpayers as the Central Board of Indirect Taxes and Customs (CBIC) has announced to file the GSTR-7 and GSTR-8 for the month of August 2021 by Sept 10th, 2021. This all focused on the GST Taxpayers who needed to withdraw Tax at Source (TDS) and TCS under GST. Late filing of GSTR -7 & GSTR 8 probably engages late fees and interest.  CBIC has tweeted: "Attention GST Taxpayers who are required to deduct Tax at Source (TDS) under GST! File your GSTR-7 & GSTR 8 Return for the month of August 2021 by September 10th, 2021."  Earlier month, it has notified that government pours relaxation on taxpayers by lowering/renouncing the late fees for non- furnishing form GSTR -3B throughout the tax period from July 2017 to April 2021, However, if it is supposed to returns for these tax time span are embellished from June 01, 2021, to August 31, 2021.  Whereas, the end date to claim the advantages of the late fee release scheme was to widen from the ...

Gen XBRL is a complete software for validating and preparing XBRL sheets for accounting and taxation professionals, including company secretaries (CS) and chartered accountants (CAs). It is well known that CS and CAs spend a lot of time preparing and e-filing the balance sheets, profit & loss a/c calculation based on the new XBRL format, etc. Therefore, using Gen XBRL software is a great idea for accounting professionals to perform the above-given tasks in a few easy steps. Gen XBRL software also allows CA and CS professionals to prepare XML sheets based on the latest Indian accounting standard (IND AS). This MCA business rule-based software gets regularly updated and is also extremely easy to use for accounting professionals. With the help of Gen XBRL return filing software , the professionals can easily perform the import and export of current and previous year XML and also validate it directly with other vendors' software. Here is a list of some of the most attractive and ...

From this point, the institutions like banks can find out the TDS (Tax deducted at source) at a higher rate of 20% on the interest you have gained on the deposits. As you had furnished TDS upon the interest income you need to get it managed for your overall tax liability. Indeed if the tax cut was more than your tax liability then you can avail of the refund. The assessee shall need to show pre-tax or gross, ITR and the credit for the tax furnished shall need to be taken separately.  But you might face hardships in availing of the TDS credit as it will not get shown on your Form 26AS as you shall not file your PAN through your bank. The TDS return furnished through the bank shall mention, “PAN not available”. Tax expert stated that "Any person deducting TDS, including banks, needs to know the PAN (and Tax Account Number or TAN) of the person whose TDS is being withheld and paid. The deductor has to submit a quarterly statement (TDS Returns) of whose TDS has been deducted and paid...

Are you the individual whose income is less than taxable income i.e. Rs 250000 and you are not required to file income tax return ? Worth mentioning here that even if your income is fewer than Rs 2,50,000 and you file an ITR, you shall get many benefits that your peers might recognize after a few years. The first benefit is the ease of taking a loan from the bank. Filing ITR is proof of income whatever it is and it increases your credibility. This makes it easy for you as an individual to take out a loan. Many banks ask for proof of return for the 2 years while taking a home loan or vehicle loan. Visa Application Help Available ITR  increases the probability of getting a Visa. if you have applied for it. It presents proof that you are a responsible citizen. If Additional TDS is Deducted Refund is Processed You shall get a refund in case of Tax Deducted at Source (TDS). For instance, if your income is Rs 1 lakh from interest on Fixed Deposit, the Bank shall cut TDS directly. However...