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15/05/2024

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15/05/2024

01/02/2021

*Direct Tax Proposals highlights*

1. Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS

2. Reassessment: from 6 years to 3 years

Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-

3. Dispute resolution committee: it will be faceless: anyone with total income less than 50 lacs and disputed income less than 10 Lacs can approach this committee

4. Faceless ITAT: faceless ITAT centre will be set where personal hearings will be conducted through VC

5. Tax Audits: digital transactions from 5 cr to 10 cr

6. Advance tax liability on dividend will arise only after declaration of dividend

7. Affordable housing 1.5 lac deduction will now be even available for loan taken till 31.3.2022

8. 80IBA: extended 31.3.2022

9. Tax incentive of affordable renting housing project

10. Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.

11. Trusts: educational and hospitals: limit increased from Rs.1 Cr to Rs. 5 crore (10(23C)

12. Late deposit of employee contribution of PF will now be not allowed as deduction.

*All above proposals could be properly analysed once budget documents are released.*

24/10/2020

Date for furnishing *audit reports incl tax audit report & Form 3CEB* extended to *31 Dec 2020.*

Date for ITR where audit is applicable: *31st Jan 2021*

Date for ITR where *Audit is not applicable*: 31st Dec 2020.

*Source*-https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1667281

*GSTR Due* dates for Annual Return and GST Audit - GSTR9/9A & 9C extended 31.12.2020. for FY 2018-19.

*Source*-https://twitter.com/cbic_india/status/1319926457745903616?

“Extension of due dates for Annual Return and Reconciliation Statement for 2018-19 ⁦⁩ ⁦⁩ ⁦⁩”

16/10/2020

No GST Audit for Small taxpayers having Aggregate Turnover upto Rs. 5 Crore, which was applicable for FY 2018-19, now extended to FY 2019-20 as well. [Notification No. 79/2020 – Central Tax, dated 15-10-2020]

15/10/2020

Contact 8448330051 for any loan requirement

13/05/2020

Direct Tax Relief:

1. TDS for non-salaried specified payments made to residents and rates of TCS for the specified receipts shall be reduced by 25% of the existing rates.

Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021

2. All pending refunds to charitable trusts and noncorporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.

3. Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.

4. Date of assessments getting barred on 30th September,2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021

5. Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.

14/03/2020

Gst Council meeting outcome: