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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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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 king; Ram, the people of Ayodhya  lit up his entire pathway with earthen lamps(diyas). And from there began the tradition of celebrating Diwali as a festival which resembles the victory of good over evil, light over darknessSEE DETAILS

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Latest News

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.APJ Abdul Kalam was fond of students to an extent that he believed for a country to progress; it needs to focus on the betterment of students. According to him, students are the makers of theSEE DETAILS

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5% Increase in Dearness Allowance

Before coming to this Dearness Allowance hike update, a simple question comes in the mind of a common man i.e. what is Dearness Allowance?DA which means Dearness Allowance is a component of salary (if terms of employment so provide) which is paid to central government employees/pensioners to adjust the cost of living. DA is a fixed percentage of an employees’ basic salary. The Union cabinet, has increased the dearness allowance for Central Government employees and pensioners by 5% which is a pre Diwali gift for approx 50 lakh government employees andSEE DETAILS

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