The last date to fill the ITR for the financial year 2019-20 was 10 January 2021, which has passed. The government has extended the date of filing income tax returns many times, even if you forget to fill your ITR, there is no need to panic, you can still fill your Income Tax Return. ITR…
The Income Tax Department had extended the date of filing of income tax returns for Assessment Year 2020-21 (FY 2019-20) to 10 January due to Corona crisis. According to the Income Tax Department, till January 6, around 5.61 crore people have filed ITR. Do this preparation first First of all, to file ITR, keep your…
Recognising their critical contribution in supporting the economy especially during the present difficult times of COVID-19 pandemic, Central Board of Indirect Taxes & Customs (CBIC) has taken a new initiative to introduce its flagship “Liberalised MSME AEO Package” for Micro Small and Medium Enterprises (MSMEs). In order to attract MSMEs to become Authorised Economic Operators…
UIDAI has issued a warning regarding Aadhaar card. UIDAI has said that people holding Aadhaar cards should not share their information on any social media platform. This mistake can be overwhelming for Aadhaar card holders. UIDAI warns about Aadhaar card Actually, someone wrote his own information related to Aadhaar on social media. On this, UIDAI…
With the opening of the new year (January 1, 2021) there have been many changes. One of these changes is about MF Investments. If you also invest in mutual funds, then it is important to know those five major changes that have come into effect from today. Market regulator SEBI (SEBI) has made some new…
The gross GST revenue collected in the month of December 2020 is ₹ 1,15,174 crore of which CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and Cess is ₹ 8,579 crore (including ₹ 971 crore collected on import of goods). The total number of GSTR-3B…
Issuance by Authorised Branches of State Bank of India (SBI) during January 01-10, 2021 The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 2nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of…
According to the income tax law, if you deposit money in your wife’s account every month as a home expense, then it is not wrong. But in some circumstances it starts showing as the income of the wife. And then tax has to be paid. Let’s know what the tax experts say about this The…
LTC Cash Voucher Scheme can prove effective in saving Income Tax On 12 October, the central government announced an income tax-free cash voucher to its employees in lieu of LTC. Employees can use these vouchers to buy products on which the GST rate is 12 percent or more. The objective of this initiative is to…
Document certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoice’). Details from such e-invoice are be auto-populated in respective tables of GSTR-1, and GSTR-1 is a part of GST. Due to some unanticipated issues, there has been delay in auto-population…
Savings are a good habit, but can only your savings fulfill your future needs, then the answer is yes, if saving in a smart way, you can fulfill your life goals. Can. Like suppose you want to become a millionaire. For this, which investment option will you have to choose to become a millionaire as…
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has clarified this in its recent order. This will allow accurate calculation of capital gains or losses. The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), in its recent order on the tax on capital gains from the sale of houses, has clarified that…
Document The good news for millions of taxpayers who have given declarations under the Vivad Se Vishwas scheme, and want to add some changes or improvements or something to it. The IT department has given answers to all such questions in its new FAQs set. You also understand. If you have given the Declaration under…
Government efforts to revive the economy after the lockdown opens, seem to be getting results. Earlier in October too, the GST collection was Rs 1,05,155 crore. In the midst of the Corona crisis, good news has come for the government for the second consecutive month on the economic front. The collection of Goods and Services…
PAN card is currently the main instrument for financial transactions. PAN is use like a ID card. If you work in organized sector then it is necessary to have PAN card to get salary. It is a 10 digit alphanumeric number that everyone wants to understand. You will also have a PAN card, in which…
Document Who can opt for the scheme: Following registered person (here in after RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses…
Employees’ Provident Fund Organisation , an statutory organisation under Labour and Employment Ministry, has stated that an article was published in a section of media on 18.11.2020 under the caption “EPFO subscribers, firms down in Oct”. In this regard, EPFO has categorically clarified that tinformation contained in the article is incorrect and unsubstantiated. The article…
All pensioners of Employees’ Pension Scheme 1995 (EPS’95) are required to submit Jeevan Pramaan Patra (JPP) / Digital Life certificate (DLC) each year to continue drawing pension. In the current scenario of COVID-19 pandemic, the Employees’ Provident Fund Organization (EPFO) has facilitated multiple options for EPS pensioners to submit their DLC, close to their home…
Document PAN card has become a very important document in our life. PAN card is mandatory from opening a bank account to depositing income tax and taking a loan. Without this, many of your financial work can get stuck. With the help of Aadhar card, e-PAN will be issued in minutes. We are going to…
The Income Tax Department has given a big gift to the taxpayers before Diwali. The Income Tax Department has so far issued a refund of Rs 1.29 lakh crore to taxpayers. This year’s Diwali of Taxpayers has become spectacular with this amount received before Diwali. Nearly 40 lakh taxpayers get refund According to the Central…
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established syndicate was being operated by floating seven different fake firms…
Document Most of us think about tax saving when it comes time to file income tax returns. In this also, we cannot think further than the relaxation of 1.5 lakh rupees only available under section 80C. The limit of 1.5 lakh rupees is fulfilled by including ELSS, life insurance, school fees, etc., after this we…
You can file your returns sitting at home within minutes. The government has now reduced the last date of income tax return to 31 December 2020. These documents have to be kept close You will have to keep many documents such as PAN Card, Aadhaar Card, Form 16 (Form 16) or Form 16A to file your return…
Another process of filing GST returns has been made easier for small traders. GST Network (GSTN) has started the facility of filling quarterly returns through SMS for composition taxpayers on which liability is NIL. A total of 17.11 lakh taxpayers are registered under the composition scheme, out of which 20 percent ie 3.5 lakh taxpayers…