Pre-filled ITR Forms A major change in ITR Form is expected as per Budget 2021 (Pre-Filed ITR) will be introduced. The Prefilled ITR Forms will have information of Capital Gains from Listed Securities, Dividend Income, Interest from Banks/Post Office, etc. Earlier Pre-filed ITR form was available for salaried employees where Income was reflected on basis […]
INCOME TAX
COMPLIANCE CALENDAR JANUARY 2021
Wishing you and your family a safe, healthy, and prosperous new year! Nature of Compliance Act Due Date/Extended Due Date Depositing of TDS/ TCS for Dec 2020 Income Tax 07.01.2021 Depositing of Equalisation levy for Dec 2020 Income Tax 07.01.2021 ITR filing date for Non-Audit Assessee for FY 2019-20 Income Tax 10.01.2021 Filing of […]
COMPLIANCE CALENDAR NOVEMBER 2020
Nature of Compliance Act Due Date/Extended Due Date Depositing of TDS/ TCS for October 2020 Income Tax 07.11.2020 Depositing of equalization levy for the month of October 2020 Income Tax 07.11.2020 Filing of GSTR-7 (TDS Deductor) for the month of October 2020 GST 10.11.2020 Filing of GSTR-8 (TCS Collector) for the month of October 2020 […]
UPDATED DUE DATE CHART OF INCOME TAX COMPLIANCE
Nature of Compliance Due Date/ Extended Due Date Belated Return of Income for A/Y 2019-20 30th November 2020 Revised Return of Income for A/Y 2019-20 30th November 2020 Third instalments of advance tax for A/Y 2021-22 15th December 2020 Opting for Vivad se Vishwas Scheme 31st December 2020 Furnishing of Tax Audit Report and […]
Dussehra Bonanza to Professionals from Govt., Tax Audit due date extended
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by […]
TCS on sale of goods applicable from 1st October 2020
TCS on sale of goods under section 206C (1H) is applicable from 01.10.2020. Who is liable to collect tax under section 206C (1H)? Tax is to be collected by the seller from the buyer. Seller means whose total sales, gross receipts, or turnover from the business exceeds Rs. 10 crores during the financial year immediately […]
COMPLIANCE CALENDAR OCTOBER 2020
Nature of Compliance Act Due Date/Extended Due Date Filing of GSTR-3B (for turnover upto 5 Crore) for August 2020 for State category I GST 01.10.2020 Filing of GSTR-3B (for turnover upto 5 Crore) for August 2020 for State category II GST 03.10.2020 Depositing of TDS/ TCS for September 2020 Income Tax 07.10.2020 Depositing of equalization […]
TDS on payment by e-commerce operator applicable from 1st October 2020
Section 194O has been introduced in the Union Budget 2020. This section is applicable from 1st October 2020. Scope of section Where the sale of goods or services of e-commerce participants is facilitated by an e-commerce operator through its digital or electronic facility or platform, such an e-commerce operator is required to deduct tax […]
Income Tax Return of A/Y 2019-20 further extended to 30th November,2020
On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued. pic.twitter.com/QQii6qG3pt — Income Tax India (@IncomeTaxIndia) September 30, 2020
Transparent Taxation – Honoring the Honest
PM Narendra Modi launches a platform for Transparent Taxation to Honor the Honest. TAXPAYER’S CHARTER A. Commitment to taxpayers by Income Tax Department To provide fair, courteous, and reasonable treatment Treat taxpayer as honest To provide mechanism for appeal and review To provide complete and accurate information To provide timely decisions To collect the correct […]