In what will be welcome relief to the tax payers, As per the notification No. 35 issued on 24 June, 2020, the due date for furnishing the TDS return for Q4 (i.e Jan to March 2020) for FY 2019-20 i.e. AY 20-21 has been extended till July 31, 2020. Consequently the due date for furnishing […]
The Income Tax Department has released the utility of ITR 1 and ITR 4 for the financial year 2019-20 i.e. Assessment Year 2020-21. Please note that the above ITRs are available to be filed directly online also. ITR-1 is to be filed by those: For Individuals being a Resident (other than Not Ordinarily Resident) having […]
In a move which will be vastly beneficial to India’ Micro, Small and Medium Enterprises, the Government has raised the threshold levels for classification of the same which shall enable more businesses to be classified as MSMEs and take the benefit of the same. Existing and Revised Definition of MSMEs Existing MSME Classification […]
Considering the situation created due to the prevailing Coronavirus situation and the subsequent expected delays both in deployment of the income tax return preparation utilities and the calculation of the same, the Government has extended the due dates for Financial Year 2019-20 (Assessment Year 2020-21) to November 30, 2020 for filing of income tax returns […]
As per the announcement made by Honourable Finance Minister, Nirmalaji, the TDS rates for the Financial year 2020-21 have been reduced by 25 % across the Board. It seems that the reduction in TDS rates is not applicable to the Salaried Class. The detailed notification will be issued later by the Central Board of Direct […]
Government has given certain extension and relief in interest liabilities for GST payments. Same is given in tabular form below: 1. Interest liability for filing Form GSTR-3B a. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Tax period(a) Interest not payable,if filed by(b) Date from which interest is payable@ 9% till date […]
FORM GST PMT 09, to transfer/shift the money available in Electronic Cash ledger, between various major and minor heads of GST has been made available on GST portal. This is a very very useful form for GST payers since earlier the GST paid under one head or even minor head was not available to be […]
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