E-way generation to be blocked from August 15 for return non-filers: GSTN

Taxpayers who have not filed GST returns for two months or quarters up to June 2021 will not be able to generate e-way bills from August 15, GST Network has said.The move, experts said, would help increase Goods and Services Tax collections in August as pending GST returns are expected to be filed.The Central Board…

Indian Government retracts retrospective taxes

The bill proposed to amend the Income Tax Act,1961 so as to provide that, no tax demand shall be raised in the future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012. Effect of Taxation Laws (Amendment) Bill, 2021 After this bill, any demand created…

Extension of time limits of certain compliances to provide relief to taxpayers in view of severe pandemic

The CBDT vide Circular No. 9/2021, dated 20th May 2021 has extended the due dates for filing of return of income for the assessment year 2021-22. SituationsOriginal Due DateExtended Due Date   If assessee is required to furnish a report of transfer pricing (TP) Audit in Form No. 3CEB30-11-202131-12-2021If assessee is a partner in a firm who is required to…

TAX COMPLIANCE CALENDAR APRIL 2021

GST Compliance Calendar April 2021: Due DateForms to be filedTaxpayer TypePeriod10-04-2021GSTR-7Taxpayer who is required to deduct TDS as per GST ActMar-2110-04-2021GSTR-8Taxpayer who is required to collect TCS as per GST ActMar-2111-04-2021GSTR-1Normal Registered Taxpayer who has not opted for Quarterly Return Monthly Payment (QRMP) SchemeMar-2113-04-2021GSTR-6A taxpayer having registration of Input Service Distributor (ISD)Mar-2113-04-2021GSTR-1Registered Taxpayer who has…

CBDT Defers GST & GAAR reporting till 31.03.2022

The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44 till 31st Mar 2022 due to COVID-19. F.No. 370142/9/2018-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesTPL DivisionNew Delhi **** Circular No. 05/2021, Dated 25th March, 2021. Order under section 119 of the Income-tax Act, 1961 Section 44AB…

16 Bullet Points to be taken care of while implementing HSN digits from the new financial year 2021-22

A major change for which the businesses have to gear up starting 01st April 2021 is mentioning of HSN codes on all the tax invoices: Major points to be considered for this new provision are as below: 1. The change is an extension of the amendment made in Notification 12/2017-Central Tax through Notification No. 78/2020 dated 15/12/2020. 2. For turnover…

Significant Changes in Income Tax w.e.f 01.04.2021:

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…