In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020), the Central Government hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number 35/2020, dated the 24th June, 2020, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 2033(E), dated the 24th June, 2020, namely:-

(i) in the first proviso, in clause (i), in sub-clause (a), for the words, figures and letters “the 31st day of July, 2020” the words, figures and letters “the 30th day of September, 2020” shall be substituted;

(ii)     after the second proviso, the following proviso shall be inserted, namely: –

“Provided also that for the purposes of the second proviso, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Income-tax Act, 1961 (43 of 1961), the tax paid by him under section 140A of that Act within the due date (before extension) provided in that Act, shall be deemed to be the advance tax:”.

2. This notification shall come into force from the date of its publication in the Official Gazette.

Read Also – Income Tax extension till 31.03.2021

Read Notification below

The post ITR FILING FOR AY 19-20 EXTENDED appeared first on GST Platform.

Income Tax Department will launch a special e campaign from 20.07.2020 for voluntary compliance for FY 2018-19.

This campaign will end on 31.07.2020 and will focus on the taxpayers who are either non filers or have deficiency in their Income Tax Returns for FY 2018-19.

Read Also : Approval of GST pending application

Read Also : GSTN advisory for Revocation Application 

This will benefit the taxpayers who has undergone high value transactions by sending emails or SMS to them regarding such transactions.

The high Value transaction will be provided on the income tax portal and any inconsistency will be required to be corrected in the ITR by using this facility.

Read the Full Details here :

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CBDT has announced One-Time relaxation for verification of Income Tax Returns for last five assessment year from AY 15-16 to AY 19-20. Relief is being given to them who have FILED their return, but haven’t verified it.

Now Verification can be done through:-

• Aadhar otp,
• By logging into e-filling account through NetBanking
• EVC through bank account number
• EVC through Demat Account Number
• EVC through bank ATM
• Sending physical singed copy to CPC Bangalore.

So if for the AY 15-16, AY 16-17, AY 17-18, AY18-19, AY 19-20 if  you have filed your return within the time frame under section 139 of the act, but have not verified it within 120 days then the same can be done before 30.09.2020.

(Also Read New Income Tax Forms for AY 20-21)

Further, CBDT has also relaxed the time for issuance of intimation u/s 143(1) of the Act and has directed that such return can be processed by 31.12.2020.

In refund cases for determination of interest provision of section 244A(2) of the act shall apply .

In case assessee doesn’t regularize his return by furnishing valid verification before 30.09.2020 ,then the consequences for non filling of return shall apply.

So if you have filed your return but haven’t verified it then a last chance is given to verify your return and make your return a valid return.

Read circular below:

circular_13_2020

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Read Also : BIG CHANGES IN GST 

The post NEW ITR FORMS FOR AY 20-21 appeared first on GST Platform.

As we are all aware that the Financial year 19-20 is coming to end. 31st March 2020 is the last date for the Financial Year.  So all the taxpayers has to complete their financial obligation on or before 31.03.2020 . Some of the important points for Taxpayers to do before 31st March 2020 are as follows :

• Filing of Income Tax Return: In case you haven’t filed your income tax return for the FY 18-19 / AY 19-20 , then you must file your belated return before 31^st March 2020. Since it will be a belated return there will be Late Fees  for late filing u/s 234 F.If your income is below Rs 5 lakh Late Fees  is Rs 1,000 and in case income is above Rs 5 Lakh Late Fees is Rs 10,000. After 31.03.2020 the Income Tax Return for FY 2018-19 / AY 2019-20 cannot be filed.

        Read Also : 39th GST Council meeting Decisions 

• Link your Adhaar with your PAN: Linking of adhaar and PAN is mandatory for PAN holders who are required to file their Income Tax Return. If Adhaar and PAN is not linked within this date the PAN will be deactivated. Also, Penalty of Rs 10,000 may be levied for the same. Process to link adhaar with PAN is given here.

• Deduction under Income Tax: In Income Tax certain deduction is allowed to taxpayer if some investment is made to certain specific sectors then the taxpayer can avail tax benefit.Taxpayers can avail deduction u/s 80C,80D,80G etc by making investments before 31.03.2020.

• Calculate your Income: You can calculate your Total Income and plan to save your Tax. In case Total Income is upto Rs 5 lakh then the eligible assesse is allowed rebate of Rs 12,500 or 100% of Tax whichever is lower. Suppose your income exceeds Rs 5 lakh even by one rupee then the rebate vanishes.So you can save tax by donating to specified organization,taking medical insurance of self,parents,contributing to NPS as contribution to NPS u/s 80CCD(1B) is over and above 80C. So plan your Income accordingly and do the investments before 31^st March 2020.

• Pay Your Advance Tax: As the last date of last installment was 15th March but in case you have missed that out pay it before 31st March 2020 so that a little less interest will be levied.

• In case Salaried Employee submit your exemption/deduction proof : In case of salaried employee they are not required to pay advance Tax as TDS is deducted by employer and deposited in their account but to reduce the TDS deduction the salaried employee should submit their proof of investment in any made under 80C,80D,80G etc to their employer,also submit proof of rent paid if you are getting any HRA.This will allow the employer to calculate the tax properly and less TDS will be deducted.

• Compulsory Investment in PPF:If the assesse has a PPF Account, then there is minimum amount of Rs 500 which is required to be deposited to your PPF Account to keep your account active. So in case you have missed out to deposit, deposit it before 31^st March 2020

The post INCOME TAX WORK TO BE DONE BEFORE 31.03.2020 appeared first on GST Platform.

CHANGES IN INCOME TAX RETURNS FOR AY 2018-19

Every year the government of India comes up with changes in income tax return forms (ITRs) which is a personal disclosure of individual income and assets. By notifying the new ITR forms just before the commencement of the tax filing season, the CBDT has provide sufficient time to taxpayers for filing tax returns.It is important to understand the changes in ITR forms for assessment year 2018-19 and their impact.Corporate taxpayers having turnover less than Rs 10 million will have to provide detailed break-up of total expenditure with GST registered and non-registered entities. However, taxpayers covered under the composite scheme of GST may not have maintained such break-up. This additional compliance to provide the break-up in the ITR form will burden the taxpayers.Individual Tax PayersThe new ITR forms require taxpayers to provide detailed information of their incomes—break-up of salary and income from house property. The ITR will now show a detailed computation of income, thereby limiting the reasons for further scrutiny assessment.The scope of reporting details of assets held in business has been expanded substantially for taxpayers covered under the presumptive taxation. An obligation to submit balance sheet details is contrary to the legislative intent of simplifying the compliance requirement for such taxpayers and is also contrary to the provisions under the Act which exonerate such taxpayers from maintaining detailed books of account.However, the new ITR form doesn’t require an assesse to disclose their interest held in the assets of a firm or association of persons (AOP) as a partner or member, in the Assets and Liability Schedule (required where income exceeds `50 lakh). This relaxation in disclosure requirements shall provide relief to the taxpayer, since valuation of interest in the assets of a firm / AOP was a challenge. Small Corporate TaxpayersDefinition and scope of turnover for GST levy is materially different from that in financial statement and hence the additional disclosure requirement of GST turnover will entail additional effort. This is particularly owing to the fact that the taxpayer may have to keep the reconciliation between turnover and other details as per financial statements and GST returns readily available for future inquiry from the income tax department.In order to overcome the challenge faced by the income tax department in identifying the real owner of shares and funds through the presence of a web of intermediary companies, in case of unlisted companies, it has adopted a look-though approach by ignoring individual identity/existence of intermediary corporate. Now the unlisted companies are required to provide details of ultimate beneficial owners of shares, being natural persons, during the relevant year.Changes for Non-Resident TaxpayersTo ensure that capital gain tax exemption / beneficial rate is claimed only in genuine cases, additional details are required to be furnished where a non-resident is claiming the beneficial provisions of the Double Taxation Avoidance Agreement (DTAA). Also, Section 50CA was introduced by Finance Act 2017 providing that in case of unquoted shares, fair market value shall be considered as full value of consideration if it is higher than consideration received. In light with this, full value of consideration, fair market value determined in the prescribed manner needs to be reported and accordingly, computation shall be made.Where a non-resident is claiming concessional tax under Section 115-H, he shall be required to furnish additional details to substantiate the claim.Additionally, to strengthen and fasten the process of refund to non-residents, the new ITR form allows the non-resident taxpayer to submit details of any one foreign bank account for the purpose of crediting tax refund due. This shall address the long standing concern of non-resident taxpayers seeking tax refund, where an Indian bank account was required to be furnished to receive the tax refund. This may help them receive timely tax refunds.So, now a taxpayer can no longer be casual about the information given by him. Through stringent measures the government is closing all loopholes in income tax rules that encouraged tax evasion.

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