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National CA Day 2020: History, Significance, Wishes & more

A day for the ones who create opportunities for the economies to grow and finances to rely on.The ICAI or Institute of Chartered Accountants of India came into existence under the Accounts Act, 1949 which was passed by the Indian Parliament. The body was established with an objective of regulating the profession of accountancy in India. It is the national professional accounting body of the country. To commemorate the establishment of ICAI and to honor the chartered accountants, 1 July 1949 is celebrated as the Chartered Accountant Day every year.SEE DETAILS

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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 by Mrs Sitharaman would help the nation to fight the prevailing difficult circumstances. We are going to brief you about the various financial deadlines that have been extended, penal interest rates which have been reduced,SEE DETAILS

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Latest News

Dear Tax2Win Team,  As you may be aware that our country now has reported more than 175 positive cases from coronavirus. Last night, our Rajasthan government also imposed section 144 in the state in order to take precautionary measures from spreading this disease. It is necessary that we all observe precautions to minimise the risk to self and each other’s health. I am appending herewith few measures or guidelines as suggested by medical authorities, WHO, government etc. time to time in order to prevent spreading of COVID-19.Wash your hands frequentlyRegularly andSEE DETAILS

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Investments proof

Deduction under section: Deduction for: Investment proof to be submitted Maximum Limit of Deduction 80C Life Insurance PPF Principal Repayment of Housing Loan ELSS/Mutual Fund (Tax Saving) Children Tuition Fees (up to 2 children) NSC Unit linked Insurance Scheme / Plan Fixed Deposits (Tax Savings) Sukanya Samriddhi Account Deferred Annuity Plan Subscription to any deposit scheme/pension fund set up by the National Housing Bank (NHB). Life insurance Premium slips (in the name of self/spouse/children) Passbook copy of PPF (Self, Spouse, any child) Home loan Statement reflecting principal amount repayment /SEE DETAILS

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New ITR Forms(ITR 1 & ITR 4) Notified for AY 2020-21: Key Changes

The Income Tax Department now allows the filing of ITR-1 and ITR-4 for the FY 2019-20 (AY 2020-21) byJoint Owners of a house propertyThe person falling under 7th proviso to section 139 i.e.Having electricity expenditure in the year exceeding Rs 1LakhDepositing in the current account(s) cash exceeding Rs 1 cr Incurring expenditure in foreign travel for self or others exceeding Rs 2Lakhs The pronouncement has been made by the tax department vide its press release dated 09th Jan 2020. To everyone’s surprise the new income tax return forms for FY 2019-20 (AY 2020-21)SEE DETAILS

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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 to 31st January 2020.No late fee is to be charged on delayed filing of Form GSTR 1 from July 2017 to November 2019 if the same is filed by 10th January 2020.E-way bills for a taxpayer whoSEE DETAILS

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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 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

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Document Identification Number to be issued by  Income Tax Department

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

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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 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

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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 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

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