Tax solutions

11/01/2022

*Income Tax Due Dates Extended*

1. Tax Audit (44AB) - 15th February
2. All other Audits under Income Tax Act - 15th February
3. 92E cases - 15th February
4. Return Filing for all cases under 1,2 &3 - 15th March

https://www.incometaxindia.gov.in/communications/circular/circular-no-1-2022.pdf

09/09/2021

Extension of filling various Form in summary

09/09/2021

*Income Tax Extension*

Refer: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1753603&RegID=3&LID=1

_____________________________

*Details*
The details are as under:

1. *ITR: 31st July, 2021* as extended to 30th September, is further extended to 31st December, 2021

2. *Tax Audit: 30th September, 2021*, as extended to 31st October, 2021 is further extended to 15th January, 2022;

3. *Transfer Pricing Report: 31st October, 2021*, as extended to 30th November, 2021 is extended to 31st January, 2022;

4. *ITR: 31st October, 2021* as extended to 30th November, 2021 is further extended to 15th February, 2022;

5. *ITR: 30th November, 2021* as extended to 31st December, 2021 is further extended to 28th February, 2022;

6. *Belated/Revised ITR: 31st December, 2021* as extended to 31st January, 2022 is further extended to 31st March, 2022;

*Interest under Sec 234A applicable where tax more than Rs.1 Lakh*

On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Incom

09/09/2021

CBDT Extend the due date of filling ITR & Tax Audit Report fir FY 2020-21

# Income Tax India

23/08/2021

Hon'ble FM met Mr Salil Parekh MD&CEO today & conveyed the deep disappointment & concerns of the Govt &taxpayers about continuing glitches in the new e-filing portal of ITDeptt. While seeking explanation from Infosys,FM demanded that the issues be fixed by 15th Sep,2021.

Mr. Parekh explained that he & his team were doing everything to ensure smooth functioning of the portal. He assured hon'ble FM that is working expeditiously to ensure a glitch-free experience to taxpayers on the portal.

22/08/2021

04/08/2021

1. GST notification for exemption from filing of GST annual returns issued for assesses having turnover up to Rs two Crores.

2. For FY 20-21, Taxpayers with Turnover above 2 cr to file GSTR-9 & above 5 cr to file SELF CERTIFIED GSTR-9C also. Notifications 30&31/2021-CT of 30.7.21.

3. GSTR-9 and GSTR 9C for FY 2020-21 is now live on GST Common Portal: To Access the Annual Return go to the GST Common Portal and Login. Then Navigate through Services --> Returns --> Annual Return. Select Financial Year 2020-21. You will be able to see GSTR 9C (if applicable) after filling GSTR 9. Please note that For Turnover Upto 2 Crores filling of GSTR 9 is not mandatory.

4. GSTR-9 once filed cannot be revised.Computation of ITC has been made based on GSTR-1/IFF/GSTR-5 filed by your corresponding suppliers up to July 15, 2021.

5. GSTR-1/IFF/GSTR-5 filed after the updation date will be covered in the next updation. Returns GSTR-1/IFF & GSTR-3B of the financial year should have been filed before filing GSTR-9.GSTR-9C shall be enabled on the dashboard post filing of GSTR-9.

6. No. of records either in Table-17 or Table-18 are more than 500 records per table, then offline tool shall be used for filing GSTR-9 For FY 2020-21, Due Date for filing GSTR-9 & GSTR-9C is December 31, 2021

7. SEBI has notified the InvITs (Infrastructure Investment Trusts) and REITs (Real Estate Investment Trusts) Regulations wherein provision related to minimum application value and trading lots have been amended. The minimum application value will be in the range of Rs 10,000-15,000 and trading lot will be of one unit for REITs and InvITs.

8. w.e.f. 01-08-2021 NACH-ECS Clearing will be for 365 days a year (No Holiday). This means that cheques issued by you on a Saturday may hit your account on Sunday too, APPLICABLE EVEN ON NATIONAL HOLIDAYS, so you need to maintain sufficient balance 365 days to allow clearance of cheques issued by you

Our aim with the design label Revised is to create timeless atmospheres and emotions by exploring our most inspiring legacies with present day knowledge.

04/08/2021

GSTR 9 FOR FY 2020-21 IS NOW LIVE ON GST PORTAL.
YOU CAN NOW LOG IN & FIND IT IN ANNUAL RETURN TAB

01/08/2021

GST Updates:
↪️Section 35, 44 and Rule 80 amended w e f 1st August 2021
↪️Form 9 and 9C is also amended
↪️GST Audit by CA/CMA abolished from F Y 2020-21, now self certification of Form 9C by Company.
↪️No annual Return (Form GSTR 9) is required to be filed for F Y 2021-21 upto aggregate Turnover of Rs 2 Crores and No requirement to file Form 9C upto aggregate Turnover of Rs 5 Crore
↪️Relevant Notifications:
Notification No 29/2021 Central Tax dated 30.07.2021
Notification No 30/2021 Central Tax dated 30.07.2021
Notification No 31/2021 Central Tax dated 30.07.2021

28/06/2021

Revised Due Dates

25/06/2021

Government announces tax exemption for expenditure incurred on Covid treatment & ex-Gratia amount received on death due to Covid.

Granting further relief in difficult Covid times, dates of several compliances extended vide Notification Nos 74/2021 & 75/2021 & Circular No 12/2021 dt25.06.2021

15/06/2021

Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal.

Stakeholders including ICAI members, auditors, consultants &taxpayers to be part of the interaction.

Infoays team to clarify on glitches faced.