BLOGS
Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic
A. Tax exemption Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide...
Written representations are invited regarding the issues/glitches on the new Income Tax Portal
Written representations are invited regarding the issues/glitches on the new Income Tax Portal on the email address fmo@nic.in latest by 7 PM on Friday, June 18, 2021. (Prior to the meeting between senior Finance Ministry officials & Infosys on June 22) Senior...
CBDT grants relaxation in electronic filing of forms 15CA & 15CB
CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal http://incometax.gov.in. The forms can be submitted in manual format to the authorised dealers till...
Launch of new e-filing Portal of the Income Tax Department
Non-availability of e-filing services from 01.06.2021 to 06.06.2021 The Income Tax Department is going to launch its new e-filing portal (www.incometax.gov.in) 7th June 2021, The New E Filing Portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and...
Due Dates Extension – Income Tax Compliances for AY 2021-22
Due date for TDS return quarter 4 for FY 20-21 is 30th June 2021 earlier it was 31st May 2021Due date to file return of income u/s 139(1) has been extended to 30th September 2021 for those assesses who were supposed to file return of income on or before 31st July 2021...
Due Date Extension GST
D.Y. Beathel Enterprises Vs State Tax Officer (Data Cell) (Madras High Court) – No GST can be demanded from Buyer for the fault of Seller of non-payment of taxes to the Govt.
The Hon’ble Madras High Court in M/s. D. Y. Beathel Enterprises v. the State Tax Officer [W.P. (MD) Nos. 2127, 2117, 2121, 2152, 2159, 2160, 2168, 2177, 2500, 2530, 2532, 2534, 2538, 2539, 2540, 2503 & 2504 of 2021 & Ors., dated February 24, 2021] quashed the...
GST returns of Corporate Entities – GSTR 1, GSTR 3B verification through OTP allowed
The government has provided relief to GST taxpayers from a physical visit to tax office for verification of digital signature required on return forms. The Central Board of Indirect Taxes and Customs has allowed taxpayers to file return forms GSTR-1 and GSTR 3B...
ITC on CSR activities
company cannot claim Input Tax Credit (ITC) on CSR activities as CSR activity expenses are not allowable in Incometax. Hence ITC cannot be claimed.(Polycab wires pvt.ltd2019 24 GSTL 103 AAR KAR)
Dynamic QR Code on B2C Invoices
Attention GST Taxpayers whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs.500 crore! Generating Dynamic QR Code on B2C Invoices issued to unregistered person. Penalty waived for non-compliance subject to conditions provided