1. Pre-filled ITR Forms: A major change in ITR Form is expected as per Budget 2021 (Pre-Filed ITR) will be introduced. The Pre-filled 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…
Author: K S Sridhar and Associates
Practicing Chartered Accountant
Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021
The Central Board of Indirect Taxes (CBIC) issued Notification No. 12/2017-Central Tax dated June 28, 2017, to show specified digits of Harmonised System of Nomenclature (HSN)/ Service Accounting Code (SAC) Code on raising of tax invoices for supply of goods or services as under: S. No.Aggregate Turnover in the preceding Financial YearNumber of Digits of HSN Code1.Upto…
Rule 114E: Reportable Transactions & Guidelines for Preparation of SFT
Central Board of Direct Taxes Directorate of Income Tax amends Rule 114E to capture details of interest, dividend and capital gain from listed securities and mutual fund units: Rule_114EDownload The notification of the amendments is attached:
INDIA – Has the economy turned around.
A. INTRODUCTION: COVID-19 affected the entire world making no difference between the rich and the poor, between the strong and poor nations. Wealth could not avoid the catastrophe and could not also guarantee a good life. Well laid rules of economics were tested. The well-established health care systems of advanced nations were also severely tested…
Service Tax Department issuing illegal SCN for FY: 2014-15
Chartered Accountants Association, Jalandhar has made a representation to FM regarding Misuse of Official Position by making roving enquiries & issuing illegal Show Cause Notices by Central Excise (Service Tax) Department. Central GST Department has been issuing Show Cause Notices (SCNs) for FY 14-15 for difference in Receipts as per Service Tax Return and Income…
DUE DATE EXTENDED
The government on Wednesday extended the date for filing income tax return to January 10 from December 31, 2020, for individual taxpayers. The government on Wednesday extended the deadline to file income tax return (ITR) for individuals by 10 days to January 10, 2021. The deadline for filing tax returns by businesses too has been…
CBIC waives the amount of penalty for non-compliance of the provisions relating to QR code generation:
CBIC waives the amount of penalty payable by any registered person under section 125 of the CGST Act for non-compliance of the provisions relating to QR code generation in respect of invoices issued by registered person, whose aggregate turnover in a financial year exceeds five hundred crore rupees to an unregistered person (B2C invoice). Condition…
Income Tax relief for Real-estate Developers and Home Buyers : Press Release
Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi, 13th November, 2020 PRESS RELEASE Income Tax relief for Real-estate Developers and Home Buyers As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought…
Eligibility of Input Tax Credit (ITC) under RCM on supply received from unregistered persons Even after Expiry of Time Limit Specified in Section 16(4):-
There is a lot of confusion around sec 16(4) and there are many taxpayers who are suffering from lapses of ITC due provision of Sec 16(4) especially in the case of RCM where they forgot to deposit RCM on supply received from an unregistered person now they want to claim ITC on RCM even after…
Tax Compliance Calendar for November 2020
Article compliance due date under Income Tax Law, GST Law and Labour Laws. Same includes due date for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due of Furnishing Tax Audit Report for A/Y 2020-21. It further includes due date of…
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