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

The post ITR Verification for AY 15-16 to AY 19-20 appeared first on GST Platform.

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.

ITR-4 : INCOME TAX RETURN FORM FOR PRESUMTIVE BUSINESS – AY 2018-2019

About 40 days since the commencement of new Financial Year , Income Tax Department has released the online utility for much awaited FORM ITR 4 – For Presumptive Income from Business and Profession and is available for download at the Income Tax E-filing Portal.

Although , Return forms were notified well in time by the Central Board of Direct Taxes but the offline utilities is being delayed causing delay in filing of Income Tax Return.

Due Date for filing Income tax return for AY 2018-2019 is approaching fast and consequences for no filing of return within such date will impose late fees U/S 234F as per the applicable slabs of income and delay in filing period.

Also Read :

1) Failed to file Income Tax Return for AY 2016-17 & 2017-18? Here is what to do after 31.03.2018.
2)Income Tax Return Forms AY 2018-19

CHANGES IN NEW ITR 4 FOR AY 2018-19

 There are various changes in Income Tax Return forms as notified by the Central Board of Direct Taxes with respect to Goods and Service Tax requirements and compliance. For instances  

DETAILS OF GST 

Turnover as per GST Return has to be provided in Income Tax Return (ITR-4). If the revenue authorities find any difference in the figures provided in the two , one can expect notice from the department regarding the reason of differences and necessary procedural actions could be taken 

GSTPLATFORM

SEPERATE COLUMN FOR FEES U/S 234F

 Following the concept of Goods and Service Tax Returns , this time Income Tax Department has provided the column of LATE FEES U/S 234F of Income Tax Act 1961, for delay in filing of return in the Income Tax Return itself.  

GSTPLATFORM

 This means that if one fails to file return within due date , then he will have to pay the late fees before filing the return otherwise the return would be validated and XML will not be generated. 

FINANCIAL PARTICULARS OF BUSINESS

 Further , for presumptive taxation books of accounts is not mandatory , if conditions fulfilled, for AY 2018-19 government has asked purposefully the details of various financial particulars such as Loans And Advances , Fixed Assets etc to analyze the figures in line with the returned income. 

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BIFURCATION OF TURNOVER 

 In the Schedule (SCH – BP ) Business and Profession , bifurcation of Gross Turnover or Gross Receipts through account payee cheque or account payee bank draft or bank electronic clearing system and Gross Turnover / Gross Receipts through any other modes is required . This is due to the amendment made in the Union Budget regarding Presumptive Percentage of tax for both the modes. Tax rate would be 6% of Gross Turnover/Gross Receipts for the First CaseTax rate would be 8% of Gross Turnover / Gross Receipts for the later. 

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The above changes will certainly affect the return filing this year keeping the due dates intact .

Comment your qurries below..

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