Oct 102019
 
  • As per GST Council decision, it was decided to continue with the existing system of filing GSTR 3B till March 2020. Notification 44/2019 prescribes the due dates for filing GSTR 3B Returns for the period from Oct’2019 to Mar’2020. GSTR 3B for these months shall be furnished on or before 20th of the month succeeding such month. The tax,penalty,Interest , if applicable shall be paid before filing the return.

 

  • As per Notification No 45/2019, in respect of tax payers whose aggregate turnover is less than 1.50 Crores shall file GSTR 1 return on quarterly basis, as follows :-
    • For the Quarter Oct-Dec 2019 – On or before 31st Jan 2020
    • For the Quarter Jan-Mar 2020 – On or before 30th April 2020 

 

  • As per Notification No 46/2019, in respect of tax payers whose aggregate turnover is more than 1.50 crores shall file GSTR 1 on a monthly basis , for the period Oct’19 to Mar’20 on or before 11th of the succeeding month.

 

  • As per the GST council decision, tax payers with aggregate turnover of less than 2 crores can file the Annual Return optionally. Notification No 47/2019 has notified that in respect of those taxpayers, if the Annual return (for 2017-18 & 2018-19) is not filed on or before due date, the same is deemed to be filed on or before the due date.

 

In our view, In the absence of clarity and to avoid future complications (Department Audt/Assessment), we suggest that the Annual return for 2017-18 & 2018-19 shall be filed voluntarily, even though it is not mandatory.

 

  • To put an end to the problem of unmatched Input Tax credits, it has been proposed that the GST Credit shall be claimed as per the invoices uploaded by the suppliers. If you are claiming those credit even if it is not uploaded by your supplier, the difference cannot exceed 20% of the Total of the invoices uploaded.

Effectively, you can claim Input Tax Credit only if it appears in GSTR-2A. In case if you are claiming in excess of the credits appearing in GSTR 2A, the same cannot exceed 20% of the credits as appearning in GSTR 2A

 

  • GSTR 3B has been notified as a Return , RETROSPECTIVELY. (i.e.,) w.e.f. 1st July 2017. Hence GSTR 3B is also considered as return now. In a recent Gujarat High Court case (AAP & Co.,) judgement was given with a decision that GSTR 3B is not a return and hence a view was taken that Input Tax Credit can be claimed at the time of filing the Annual return even though the statutory deadline has expired. Now, with this retrospective amendment, the application of the judgement stands nullified

 

  • A new Form DRC-01A has been notified for intimation by the tax authority regarding the tax,penalty,interest etc., A reply to this intimation shall be filed by the taxpayers in Form DRC-01A Part B. The Voluntary payment of taxes shall continue to be paid by using DRC-03.

The relevant notifications are attached herewith.

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Dec 082017
 

As per Section 139 AA of the Income-tax Act,1961 , all the taxpayers are mandatorily required to link their PAN with their Aadhaar Numbers. The earlier due date was 31st August 2017, which was extended to 31st December 2017.

In view of the representations received and also on account of the difficulties faced by the taxpayers, the time limit for linking of PAN and Aadhaar has been further extended upto 31st March 2018.

The relevant press release of the CBDT dtd 08th December is reproduced below :-

=======================================================

Ministry of Finance08-December, 2017 12:21 IST

CBDT extends date till 31.3.18 for linking of Aadhaar with PAN

Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the taxpayers in the process, the date for linking of Aadhaar with PAN was initially extended till 31st August, 2017 which was further extended upto 31st December, 2017.

It has come to notice that some of the taxpayers have not yet completed the linking of PAN with Aadhaar. Therefore, to facilitate the process of linking, it has been decided to further extend the time for linking of Aadhaar with PAN till 31.03.2018.

*****
DSM/SBS
(Release ID :174189)

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Nov 302017
 

The following are the statutory obligations for the month of December 2017

ActCompliance
Due Date
GST
GSTR 3B Return filing for the month of November 201720-12-2017
GST
GSTR 1(Jul-Sep) filing for Taxpayers with Less than 1.5 Crores turnover31-12-2017
GST
GSTR 1 (For Jul,Aug & Sep 17) filing for taxpayers with more than 1.5 Crores Turnover31-12-2017
GST
GSTR 4 (Jul-Sep 17) Return for compounding dealers24-12-2017
GST
Tran - 1 form for claiming the Transition Credit27-12-2017
Income-taxDeposit of TDS deducted during the month of November 2017
Click Here for Payment
07-12-2017
Income-taxAdvance Tax 3rd InstalmentClick here for payment 15-12-2017
TNVATSubmission of Form WW TNVAT Audit Report for the year 2016-1731-12-2017
ESIESI Payment for the month of November 201715-12-2017
PFPF Payment for the month of November 201715-12-2017

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Mar 012014
 

The following are the Various Statutory Obligations for the month of March 2014.

Payment of Advance Tax

The last date for Payment of Advance Tax (4th Instalment in case of Companies & 3rd  Instalment in case of Non Companies) for the A.Y.2014-15 is 15th March 2014.

Click here to make Advance Tax Payment online.

Click here to download Challan for Payment of Advance tax

Payment of Service Tax

The last date for Payment of Service tax pertaining to the month of February 2014 is 5th of March 2014. In case of e-payment, the due date is 6th of March 2014.

The last date for Payment of Service tax pertaining to the month of March 2014 (Quarter 4 for Non Corporate Assessees) is 31st of March 2014.

In case of payment by Challan GAR 7, click here to download the Challan

In case of e-payment of Service Tax, Click here to make the payment online.

Remittance of Tax Deduction at source

The due date for remitting Tax Deducted at Source (TDS) on Salary & Non-salary payments during the month of February 2014 is 7th of March 2014.

Click here to pay the TDS online.

Monthly Return and Payment of Tax under TNVAT

The monthly returns filing and the payment of TNVAT has to be complied on or before 20th of March for the month of February 2014.

Click here to send your enquiries/suggestions , if any.

May 152013
 

The Central Government has issued a Notification No 10/2013 – Service Tax dtd 13 th May 2013 prescribing the rules for the Service Tax Voluntary Compliance Encouragement Scheme 2013.

The Salient features of these forms are :-

1) It shall come into force on the date of its publication in the Gazette of India.

2) Any person who wishes to make use of the scheme should, if not already registered, shall first register as an Service Tax Assessee and only after the registration is done, the declaration under this scheme shall be made.

3) The Declaration under this scheme shall be made in Form VCES – 1

4) Acknowledgement of declaration shall be issued in Form VCES-2, within a period of 7 working days from the date of declaration.

5) The Cenvat Credit shall not be utilised for payment of tax dues under the scheme.

6) The Service Tax authority shall issue an acknowledgement of discharge in Form VCES-3. This acknowledgement shall be issued within 7 working days from the date of furnishing the details of payment of tax dues in full along with interest, if any , by the declarant.

The relevant Notification is reproduced below :-

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Nov 302012
 

The following are the Various Statutory Obligations for the month of December 2012.

Payment of Advance Tax

The last date for Payment of Advance Tax (3rd Instalment in case of Companies & 2nd Instalment in case of Non Companies) for the A.Y.2013-14 is 15th December 2012.

Click here to make Advance Tax Payment online.

Click here to download Challan for Payment of Advance tax

Payment of Service Tax

The last date for Payment of Service tax pertaining to the month of November 2012 is 5th of December 2012. In case of e-payment, the due date is 6th of December 2012.

In case of payment by Challan GAR 7, click here to download the Challan

In case of e-payment of Service Tax, Click here to make the payment online.

Remittance of Tax Deduction at source

The due date for remitting Tax Deducted at Source (TDS) on Salary & Non-salary payments during the month of November 2012 is 7th of December 2012.

Click here to pay the TDS online.

 

Monthly Return and Payment of Tax under TNVAT

The monthly returns filing and the payment of TNVAT has to be complied on or before 20th of December for the month of November 2012.

 

Click here to send your enquiries/suggestions , if any.

Nov 052012
 

Have you filed your Income-tax return online for the A.Y.2010-11 (or) A.Y.2011-12 and either failed to send the signed ITR-V or not received the acknowledgment for sending the ITR-V , from the Income-tax Department ? Here is another last chance for you to regularise your return of income filed. The CBDT vide Notification No 1/2012 under CPR Scheme dtd 23rd October 2012 has given an extension of time limit for filing the ITR-V forms for the A.Y.2010-11 & A.Y.2011-12.

As per this Notification , the ITR-V forms in respect of A.Y.2010-11 & A.Y.2011-12 can now be filed upto 31st December 2012 or within a period of 120 days from the date of filing, whichever is later.

Assessees facing hardship in getting the Acknowledgement for receipt of ITR-V can make use of this opportunity and file their ITR-V , if already not done.

Click the link below to download the relevant Notification.

Jul 102012
 

The Income-tax Department has enabled the Income-tax efiling in ITR 5 in respect of Firms, AOP’s & BOIs.

The excel utility for filing e return in ITR 5 has also been published.

Click here to download the excel utility.

Source :- www.incometaxindiaefiling.gov.in

Jun 072012
 

The Reserve Bank of India vide its Notification No DBOD. No. Dir. BC.107/13.03.00/2011-12 dtd 5th June 2012 has issued a new directive to all banks with regard to charge of foreclosure/prepayment penalties in respect of Home loans taken on floating rate method.

As per the above notification, the banks will not be permitted to charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis, with immediate effect.

The relevant Notification is reproduced below :-

Download (PDF, Unknown)

 

B S Sridhar & Co., Contact us @ 91-44-45540180 / 91-90804 33131. 

For Quick Response email :- sridharca@gmail.com

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