The Taxlance

10/09/2020

Don't Wait till the Last Minute....

24/07/2020

Income Tax Update

25/06/2020

The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.

12/06/2020

🔈 Exclusive & Official Live GST Council Meeting Updates

1️⃣ For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020 (prior to period), there shall be no late fee at all

2️⃣ For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500
This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020

3️⃣ For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%

4️⃣ Small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020

5️⃣ Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020
In all cases where registration has been cancelled till June 12, 2020

Source: Ministry of Finance - official Twitter channel

08/05/2020

The judgement now allows assessees to claim pending ITC till June 30, 2020

07/05/2020