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Changes of income tax new portal
SFT update
The scope of Statement of Financial Transactions (SFT) has been expanded to widen the tax base. Once the CBDT releases the notification in this regard, the notified persons should report the following transactions in their SFT:
Payment to hotels above Rs. 20,000
Payment of property tax above Rs.20,000
Payment of health insurance premium above Rs.20,000
Payment of rent above Rs.40,000
Payment of life insurance premium above Rs.50,000
Electricity consumption above Rs.1 lakh
Payment of educational fee/donations above Rs.1 lakh p.a
Purchase of jewellery, white goods, painting, marble etc. above Rs.1 lakh
Deposit/credits in the current account above Rs.50 lakh
Deposit/credits in the non-current account such as savings accounts above Rs.25 lakh
Domestic business class air travel or foreign travel
Share transactions/D-MAT accounts/Bank lockers
Also, it is to be noted that the following persons should file their SFT return mandatorily:
A person having bank transactions above Rs.30 lakhs
All professionals and business having turnover above Rs 50 lakhs
Again extended
How could people dare to fool officers of custom 🛃
*"Income Tax Policy Changes" - Announced by CBDT:*
*1. Income Tax New disclosures asked in the new ITR forms 1to7 are: 1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.*
*2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.*
*3. Cash deposit: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.*
*4. Foreign travel: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.*
*5. Electricity consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.*
*6. Investment details: Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.*
*7. For every assessment year, the last date for filing tax returns is July 31, However, this year ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19.*
*8. Income Tax Exemptions and Deductions that you can claim under the New Tax Regime for FY 2020-21 (AY 2021-22): Withdrawal by an employee from the Employees' Provident Fund (EPF) is not taxable after 5 years of continuous service.*
*9. Withdrawal from National Pension Scheme (NPS) on maturity or premature closure up to 40% of the amount received on such withdrawal remains tax free for all. In case of partial withdrawal from NPS, up to 25% of the contributions made by the individual will be tax free. Employer’s contribution to NPS up to 10% of their basic salary and dearness allowance also remains tax free.*
*10. Under Section 10 (10D) of the Income Tax Act, the sum assured and any bonus paid on maturity or surrender of the life insurance plan is tax free. Maturity proceeds continue to be exempt under Section 10(10D) even in the new regime. The maturity amount including interest received on the Sukanya Samriddhi Yojana will not attract any tax.*
*11. Conveyance Allowance granted to meet expenditure incurred on conveyance in performance of duties of an office and any allowance granted to an employee to meet the cost of travel on tour or on transfer (including relocation) are tax free.*
*Interest received from post office savings account balance up to ₹3,500 annually per individual will remain free from tax.*
*12. Any scholarship granted to meet education costs is tax exempt under Section 10 (16) of the Income Tax Act. Gratuity received from the employer up to ₹20 lakh after rendering 5 years of continuous service. Leave encashment received at the time of resignation or retirement up to ₹3 lakh.*
*13. Form 26AS will now be a complete profile of the taxpayer w.e.f. 01.06.2020, CBDT vide Notification dated May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. Key takeaways are:*
*14. New form 26AS will also provide information in respect of “Specified financial transactions” which include transactions of purchase/ sale of goods, property, services, works contract, investment, expenditure, taking or accepting any loan or deposits of such value as may be prescribed but not less than of Rs 50,000.*
*15. Information about income tax demand, refund, proceedings pending, and proceedings completed which may include assessment, reassessment under section 148,153A 153C, revision, appeal will also be shared in this form 26AS.*
*16. Information on this form 26AS will not be a one-time affair at year end. This will be a live 26AS, as this will be updated regularly within 3 months from the end of the month in which such information is received.*
*17. Form 26AS will now be a complete profile of the taxpayer for that particular year as against earlier form 26AS which just provided the information about taxes paid by way of TDS/TCS or self-assessing. This form will also have mobile no, email I’d and Aadhar no. of the taxpayer.*
*18. Further an enabling provision has been notified empowering the CBDT to authorise DG Systems or any other officer to upload in this form, information received from any other officer, authority under any law. Thus any adverse action initiated or taken or found or order passed under any other law such as custom , GST , Benami Law etc. including information about Turnover , import , export etc. will also be put in this form 26AS so that not only the concerned taxpayer but also all the Income Tax authorities will know and have access to such information.*
*19. This form 26AS will also provide information received by Tax Deptt from any other country under the treaty /exchange of information about income or assets of the taxpayer located outside India.*
*20. The implication of this new form 26AS will be that banks , financial institutions or any other authority or customer , buyer etc. while carrying out due diligence of the person/ corporate concerned will now ask for form 26AS so as to be sure that there are not any major issues about such person/corporates.*
*21. This will now make difficult for any taxpayer to hide information from any bank / financial institution/ authority about any proceedings against under any law or tax demand, tax disputes etc.*, So mandatorily passport no. is to be mentioned, applicable for all.
*Late fee paid between 25th June to 30th June will be refunded to the taxpayers if paid for the period February 2020 to May 2020 returns.*
You can do saving to reduce your tax burden for FY 2019-20 till 31st july 2020
Hurry up..!!!!
CBDT has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee.
Relief
Several direct tax deadlines including those for linking of PAN with Aadhaar, completing tax saving investments for financial year 2019-20 and for companies to issue Form 16 to employees, have been extended again. This has been done to give further relief to individuals due to on-going coronavirus pandemic.
As per the notification issued by the government today, the deadline to file belated and/or revised tax return for FY 2018-19 has also been extended to July 31, 2020. The deadline for making tax-saving investments and expenditures to claim tax breaks under Section 80C, 80D etc has also been further extended to July 31 from the earlier time limit of June 30,2020. The date for issuance of TDS certificates i.e. Form 16, Form 16A etc. has been extended to August 15, 2020.
Highlights of GST Council meeting 40
Bingo!!
Now you can file 3B through mobile
Changes in new ITR form
*Download E- Pan from old Pan card with payment of Rs 8.26*
Link : https://www.onlineservices.nsdl.com/paam/ReprintDownloadEPan.html
PAN - Login *This facility is only available for whose latest PAN application processed through NSDL e-Governance and / or e-Filing portal of Income Tax Department.
Form 26AS of income tax will get replaced with Annual Information Statement with effect from 1 June 2020.
Legal Yatra
Legal and taxation updates
Start your taxation Yatra with us.
The break-up of the stimulus announced by Finance Minister Smt.
Total: ₹ 20.97 lakh crore
Including ₹ 8.01 lakh crore utilized amount, based on 's measures
Pm’s vision
To provide more funds at the disposal of taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, rates of TDS have been reduced by 25% for following non-salaried specified payments. Here is the table of existing & new reduced rates
To avail benefits please contact us.
Updates related to Aatmnirbhar Bharat packages
File your income tax return for the finance year 18-19. Upto 30th June
One more bank died!
This time it's CKP Cooperative Bank!!
RBI cancelled it's banking license today.
🚨 The head office is in Dadar and have 8 branches in Mumbai & Thane
🚨 485 cr of FDs is in risk
🚨 125k account holders will face hardships
🚨 There is operational profit yet they are in heavy loss resulted into big erosion in Net worth. Networth is (-)239 cr as on Nov'19
🚨 Loan outstanding as on Nov'19 is 161.17 cr
🚨 Depositors of banks are entitled to repayment of upto a monetary ceiling of Rs.5 lakh from DICGC
Given the financials, getting back the funds to deposit holders would be next to impossible.
About lockdown 3.0
While Nagaland is the first state to impose a Covid-specific cess, Assam recently increased taxes on petrol by Rs 6 and on diesel by Rs 5, while Meghalaya is charging sales tax surcharge on motor spirit such as petrol at 2%.
Nagaland impose Covid-19 cess on petrol and diesel sales
https://economictimes.indiatimes.com/wealth/personal-finance-news/nagaland-impose-covid-19-cess-on-petrol-and-diesel-sales/articleshow/75464588.cms
Nagaland impose Covid-19 cess on petrol and diesel sales While Nagaland is the first state to impose a Covid-specific cess, Assam recently increased taxes on petrol by Rs 6 and on diesel by Rs 5, while Meghalaya is charging sales tax surcharge on motor spirit such as petrol at 2%.
Extension of due dates for filing Quarterly TDS/TCS Statements for 4th Qtr of F.Y 2019-20 till June 30, 2020
Stay home stay safe
Now Form PMT - 09 is available on GST portal. Now, taxpayer can transfer the cash balance available under one head to another head of tax i.e. from CGST to SGST or interest or penalty or vice versa.
CBDT revising Income Tax Return(ITR) forms to enable taxpayers to avail benefits of timeline extension due to Covid-19 situation.
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