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 .

Deduction in Income Tax in respect of certain payments made are allowed from 80C to 80GGC.Here we will discuss about 80C deduction. Sectors in which you can invest and get Tax benefit.

• First of all we will see that which assessee can get deduction 

  • The deduction is allowed only to an Individual or an HUF from their gross total income.Read Also: Income Tax Work to be Done Before 31.03.2020

• Maximum amount of deduction allowed?

  • Assessees shall be allowed to a deduction of whole of the amount paid/deposited during the FY provided that the aggregate of sum deposited doesn’t exceed Rs 1,50,000/-

• Sectors of Investment

  • LIC– Amount paid by an individual to keep in force an insurance on the life of himself, his/her spouse, child of the individual. In case of HUF premium paid on the life of member of the HUF. (Point to note – The children may be married/unmarried, dependent/not dependent on the individual)

  • Contribution made by the employee towards a statutory provident fund or recognized provident fund. The deduction in respect of this payment is allowed only to individual only.

  • Contribution towards PPF by an individual/HUF. The contribution can be made in the name of individual/spouse/children/member of HUF.

  • Contribution by an employee towards Approved Superannuation fund.

  • Any contribution made to any such security of the Central government or any such deposit scheme as that Government may by notification specify in this behalf

    • Following schemes have been notified:

      • Subscription by Individual or HUF to National Saving Scheme,1992

      • Sum deposited in the name of a girl child of the individual, or any girl child for whom such person is the legal guardian under Sukanya Samriddhi Account

  • Subscription by individual or HUF to National Saving Certificate (VIII or IX Issue).Any interest accrued on these certificates also qualifies for deduction except for the last year interest as they are not deemed to be reinvested

  • Contribution by Individual or HUF in the Unit Linked Insurance Plan (ULIP) of the Unit Trust of India or Unit Linked Insurance Plan of LIC Mutual Fund referred in 10(23D)

  • Contribution by Individual or HUF to Equity Linked Saving Scheme (ELSS),2005

  • Contribution by Individual or HUF to UTI-Retirement Benefit Pension Fund

  • Subscription by Individual or HUF to pension fund Specified by National Housing Bank i.e. the Home Loan Account Scheme of the National Housing Bank

  • Subscription by Individual or HUF to any notified deposit scheme of:

• • • A public sector co engaged in providing long term finance for construction or purchase of residential houses in India

  • Sum paid by individual as tuition fees which is paid at the time of admission or thereafter and is paid to any school, college, university or other educational institution subject to maximum for two children

  • Any payment by individual or HUF for purchase or construction of a residential house property

  • Any sum deposited in a term deposit for a fixed period of not less than 5 years with a scheduled bank

  • Any sum deposited as a five year time deposit in an account under Post Office Time Deposit Rules,1981

  • Subscription to bonds issued by the NABARD

  • Sum deposited in an account under Senior Citizen Saving Scheme Rules,2004

The post Deduction In Income Tax appeared first on GST Platform .

ITR/TAR DUE DATE EXTENDED

The due date for filing of Income Tax returns and Tax Audit Reports is extended till 31.01.2020. 

The extension is in respect of all the categories of income tax assesses in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh.

The assesses in the said Union Territories who are required to file the Income Tax return and Tax Audit Report by the due date specified under Section 139(1) of the Income Tax Act .

Read Also : GST NEW RETURN 

It is also clarified that the Income Tax return and Tax Audit report filed after 30.11.2019 till the date of issuance of this order shall be deemed to have been filed before the due as per the provisions of the Act.

Order

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