If the undisclosed income is more than Rs 50 lakh in the assessment year 2018-19 or subsequent years, then a notice can be sent to the taxpayers from the IT department under sections 148A and 148. If you have also received a notice from the IT department, then know what to do? File return on …
received notice from the income tax department under Section 148? What should be done? Read More »
The second Special All-India Drive (GST verification) may be launched by all Central and State Tax administrations from 16th August 2024 to 15th October 2024 to detect suspicious/ fake GSTINs and to conduct requisite verification and further remedial action. All dealers are required to maintain Sale-Purchase Invoices, Stock register, display Board with firm name, gstin, …
Due to current Corona Pandemic, the Income Tax Department has extended certain filing and compliance deadlines, stated below: Income Tax Returns for Financial Year 2019-2020 (March 2020) : 30-11-2020 Income Tax Returns for Financial Year 2018-2019 (March 2019) : 31-07-2020 Issue of TDS Certificates for Employees : 15-08-2020 Aadhar – Pan Linkage : 31-03-2021
As per Notification No 57/2020-Central Tax dated 30-06-2020, CBIC has given a big relief to the dealers who have not yet filed their GST Returns (GSTR 3B) from the period July 2017 to July 2020 by putting a maximum cap of Rs. 500/- as Monthly Late Fee. The relief is available if the filing is …
RELIEF IN GST LATE FEE FOR RETURNS FROM JULY 17-JULY 20 Read More »
Dealers can now file their NIL G.S.T. Returns through SMS services introduced by the Department.
Tax returns for financial year 2018-19 can be filed by June 30. No extension of penalty on delayed deposit of TDS (tax deducted at source). However, the penalty has been halved to 9% from 18% currently. The deadline for linking Aadhaar with PAN (Permanent Account Number) has been extended to 30 June 2020. All investments …
big Tax Reliefs given to support taxpayers and business enterprises. Read More »
Highlights of Budget 2020 Government proposed New Tax regime which is optional. Assessee can opt old regime with deductions and exemptions. Under new regime, without claiming any deductions or exemptions, New Tax Slabs will be: (for A.Y. 2021-2022) -Exempt upto 2.5 lakhs. -5% slab for income between 2.5 lakh to 5 lakhs. -10% slab introduced …
The Ministry of Finance on 22-01-2020 at 6:29 Pm, through a Press Release, stated that the GSTR-3B (from January 2020 onward) will be now filed on different dates as per the eligibility/applicable criterion: Case I: Where the Turnover of a dealer is Rs. 5 crores and above in the previous financial year, Due Date will …
The date of waiver of late fee for GSTR-1 of tax periods (Monthly/Quarterly) starting from July, 2017 to November, 2019, has been extended to 17th January, 2020.
The Central Board of Direct Taxes (CBDT), has recently notified Income Tax Return Forms ITR-1 & ITR-4 for the Assessment Year 2020-2021 in order to motivate the taxpayers for timely filing of their returns. In the recent notification, CBDT has made some relevant changes in the ITR forms, which are: Taxpayers who own a property/house …
CBDT notified Income Tax return forms for A.Y. 2020-2021 Read More »
