Author: CA Abhishek Soni
-
Income Tax Return & GST filing Due Date Extended: COVID-19 Effect
Amidst the complete shutdown in almost the entire country as a precautionary measure against the highly contagious covid -19 virus, the honorable Finance Minister of India Mrs. Nirmala Sitharaman had announced a series of measures on 24th March 2020 to combat the economic turbulence in India. Various reliefs in compliance and filing extensions put forth…
-
Union Budget 2020 Expectations – Tax2win
Hon’ble Finance Minister Nirmala Sitharaman will present her second budget for the financial year 2020-21 on 1st February 2020 preceded by an economic survey on Saturday, 31st Jan. Since the budget 2020 pronouncement is round the corner we have compiled here the list of expectation being put forth for individual’s tax relief In the…
-
Major Highlights of 38th GST council meeting
38th GST Council Meeting was held on 18th Dec 2019, the key highlights include: Grievance redressal committees (GRC) will be constituted at the Zonal/State level to address grievances of the specific/general nature of taxpayers at the zonal/state level. Due date of annual return (GSTR 9) & reconciliation statement (GSTR 9C) for F-Y 2017-18 further extended…
-
GST & Customs Communication to be quoted with DIN – CBIC
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 Act In accordance with the government’s objective to…
-
Document Identification Number to be issued by Income Tax Department
DIN( Document Identification Number) : Income Tax Department’s new trail towards digitalization The 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…
-
Due Date of Filing Income Tax Return Extends to 30th Nov 2019
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…
-
Faceless e-assessments: All you need to know
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…
-
MCA extends due date of filing Financial Statements
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…
-
Treat your taxes well this Diwali 2019
It was a dark night of Amavasya; when the kingdom of Ayodhya welcomed Lord Ram, the banished king, who returned home after being in exile for 14 long years. This return was post Lord Ram’s victory over Ravan ( the king of Lanka who abducted Sita). To rejoice the home coming of their beloved…
-
World Students’ Day 2019: Know Tax Benefits for Students
October 15, 2019; on the birth anniversary of APJ Abdul Kalam, let’s remember this great personality who inspired each one of us to think beyond our imaginations. On this fortunate day when the world, especially India was gifted with this great mind; the United Nations decided to observe his birthday as The World Student’s Day.…