CBIC on 5 November 2019 issued a circular instructing the procedure which needs to be followed for the generation and implementation of DIN ( Document Identification Number) on all GST and custom communications with taxpayers, effective from 8 November 2019.Objective of implementing DIN under GST ActIn accordance with the government’s objective to maintain the transparency and accountability it has been decided that a digitally generated DIN will be implemented. It will be quoted on all communications sent by the official authorities to the taxpayers.Which documents shall have Document Identification NumberSEE DETAILS <span class="more-link-h...
DIN( Document Identification Number) : Income Tax Department’s new trail towards digitalizationThe tax filing season of 2020 will be witnessing certain commendable changes introduced by the income tax department of India. From now on, a system generated Document Identification Number (DIN) will be enforced for every notice issued by the income tax department. CBDT (Central Board of Direct Taxes) had already circulated the notice regarding DIN in the third quarter of 2019. DIN will facilitate recorded communication between the taxpayers and the income tax department.“When a notice is issued toSEE DETAILS
The Due Date of Filing Income Tax Return for the Union Territory of Jammu & Kashmir and Ladakh has been extended to 30th Nov 2019. After revocation of Article 370 and part of 35A in the states of J&K and Ladakh, the residents have been unable to file their Income Tax Return. The difficulties have arisen due to non availability of internet services in these areas since 5th August. The same has resulted in incapacity of all kinds of taxpayers to file their income tax returns timely. Considering which the extensionSEE DETAILS
The Income tax department has launched a Faceless e-assessment scheme with a mission that it can bring in a “Paradigm shift” in taxation. This would be done by turning the income tax assessment system completely free of human interference.Ajay Bhushan Pandey, the revenue secretary of India said that the e-assessment scheme will provide ease and convenience to the taxpayers. As a first step, the National E-Assessment centre has selected 58,322 income tax cases.What is e-assessment scheme? After filing the returns, there are often chances of discrepancy; in such cases the incomeSEE DETAILS
Ministry of Corporate Affairs vide its Circular no 13/2019 Dt. 29/10/2019 extends the due date for filing of financial statements. The e forms namely, AOC-4, AOC (CFS) AOC-4 XBRL for financial year 2018-19 can now be filed till 30.11.2019 and e-form MGT-7 till 31.12.2019. No additional fees shall be levied on companies while submitting the forms by this date.