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With the deadline to file income tax returns (ITRs) for financial year 2021-22 and assessment year 2022-23 – July 31 – closing in, salaried individuals are in the process of submitting their returns. On Friday, the Income Tax (IT) department, too, took to Twitter to appeal to taxpayers to file their returns on time to avoid any last-minute hassle.

Also Read: How to file income tax return: Step-by-step guide, documents needed

“The earlier you file ITR, the more you can relax! ITR filing for AY 2022-23 is available on e-filing portal. Be an early filer& avoid the last minute rush. . Pls visit income,tax.gov.in. ,”

However, while filling your ITR forms, you should correctly mention certain details; you should also ensure you are not hiding these details. Or else, you risk being issued notice by the IT department.

Here's the information you should furnish:

(1.) Properties sold or purchased: This is for properties sold or purchased between April 1, 2021, and March 31, 2022. In the ITR form, this information will be mentioned in the ‘Capital Gains’ column.

Also Read: Income Tax Return filing | Last date, details on new forms & complete checklist

(2.) House renovation: If you got your house renovated during the last financial year, you will have to give details in the ‘Capital Gains’ column in the form.

(3.) Real cost of property: Till now, taxpayers were required to write details only of the index cost. However, from now on, they would also have to give information on the real amount spent in purchasing a property.

(4.) Properties abroad, if any: If you own a house in a foreign country, that should be mentioned on the form. The department will ask you for information on income earned abroad.

(5.) Pensioners' category: Those who have retired from central government services, need to select ‘CG' on the form, while those are former employees of a state government should select ‘PSU’.

(6.) Interest on PF account: This would be needed if you received an interest of more than ₹2.5 lakh in your Provident Fund (PF) account.

Also Read: Filing income tax return? Key points to know before submitting ITRs

What to do if sent a notice?

Try to reply to it as soon as possible, and within the given deadline. If you think you gave all details correctly, you can argue your side. However, if the tax liability is reasonable, it would be better to pay the tax soon.

With the onset of the last month of the year, you have only few days to file your income tax return (ITR). For filing an ITR for financial year 2019-20 — or assessment year 2020-21 — the last date to do so without bearing a penalty is December 31.

" If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience and ability" --- Henry Ford

For those who still believe in putting money in a savings bank account!😎

1. Relief in GSTR 3B late fees: Irrespective of Sales ( may be more than or less than 5 crore) Late fee of 500 (Nil if no tax) if GSTR-3B for Feb, Mar, Apr, May, Jun, & Jul 2020 filed upto 30.9.20. Noti 57 of 30.6.20.

2. Ministry of Micro, Small and Medium Enterprises (MSMEs) on Tuesday launched a new portal for MSME registration. The new process of classification and registration of enterprises starts on July 1.

1. CBDT has issued a Notification fot further extending the time limits of compliances under Income Tax Act:

2. Due date for filing Income Tax Return for F.Y 2019-20 has been extended to 30.11.2020 .

3. Due date for furnishing of report of audit under any provision of Income Tax for FY 2019-20 has been extended to 31.10.2020 .

4. Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31.07.2020 for FY 2019-20.

5. Government notified new norms to allow online registration of new enterprises based on self-declaration, doing away the requirement to upload documents and certificates, from July 1. Officials said that this has been made possible with the integration of the Udyam Registration process with the Systems of Income Tax and GST and the details filled in can be verified on the basis of PAN number or GSTIN details.

Best interest-paying taxing saving deposits !!💸

Most damaging myths in Indian investing: Perils of an Indian HNI

Read more at:
https://economictimes.indiatimes.com/markets/stocks/news/most-damaging-myths-in-indian-investing-perils-of-an-indian-hni/articleshow/76522616.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

1. TDS Reduced rate of interest of 9% pa for delayed payments of Income tax, TDS, GST etc applicable for payments made till 30.6.2020 Wef 1.7.2020, pay interest @18% pa.

2. File TDS Statements for Mar & Jun 2020 quarters by 31.7.20. Issue form 16 for FY 19-20 & Form 16A etc for Mar & Jun 2020 quarters by 15.8.2020.

3. GSTR For turnover above 5cr, file GSTR-3B for May by 27.06.2020 & by 20 of next month for Jun, Jul etc. For Turnover upto 5 cr, file for May, Jun & July till 30.09.2020.

4. NBFC-MFIs are planning to resume fresh lending in September, while the weak liquidity situation may impede the lending capacity of small and medium firms, Microfinance Institutions Network (MFIN) said. At present, some of these lenders are lending to merely a small fraction of borrowers who have started paying back dues after a two-month pause.

5. Union Cabinet approved an Ordinance to bring urban cooperative banks and multi-state cooperative banks under the supervision of Reserve Bank of India. This was announced by Union Minister Prakash Javadekar in a media briefing about the cabinet decisions. "It will give an assurance to 8.6 crore depositors in these banks that their money will stay safe.

6. Commerce ministry has asked exporters to submit ''Certificate of Origin'' applications for shipments to all Asean countries, except Thailand. India has a free trade agreement (FTA) with 10-nation Asean (Association of South East Asian Nations) bloc. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are the members of the bloc.

1. CBDT has issued a notification further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

2. 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.

3. The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment/ payment can be made up to 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

4. In order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs. 1 Lakh has also been extended to 30th November, 2020.
However, it is clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh.
In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income Tax Act (IT Act) and delayed payment would attract interest under section 234A of the IT Act.

5. The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.

6. The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates are the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statement and issuance of TDS/ TCS certificate pertaining to the FY 2019-20 has been extended only to 31st July, 2020 and 15th August, 2020 respectively.

7. Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by the 31st July, 2020 and 31st October, 2020 can be filed to 30th November, 2020.

8. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.

9 The date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021.

10. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.

11. The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March 2020.

12. The reduced rate of interest of 9% for delayed payments of taxes, levies, etc. specified in the Ordinance shall not be applicable for the payments made after 30th June, 2020.

13. Gst: Government vide Instruction No. 3/2/2020-GST dated 24.06.2020 has prescribed that the payment of shortfall from the threshold requirement of procuring 80% inputs and input service from registered persons shall be made through Form DRC-03 on the common portal within the prescribed period i.e. 30.06.2020 for FY 2019-20.

The Central Board of Direct Taxes (CBDT) has notified on May 29, 2020, new ITR Forms for the Financial Year (FY) 2019–20. Earlier, ITR1 (SAHAJ) and ITR-4 were released in the month of January. However, the updated ITR Forms (ITR1 to ITR-7) were released on May 29, 2020, after the amendments that were made to the Finance Act 2019 and Ordinance issued by CBDT on March 31, 2020, in view of the COVID-19 pandemic. The new forms will replace those released earlier in January (ITR1 and ITR-4).

These fresh forms are designed to capture relaxations announced by the government in view of the COVID-19 pandemic, such as the extension in timelines for making tax-saving investment or re-investment of funds from capital gains transactions during the period April 1, 2020 to June 30, 2020.

Before we delve into the changes in the ITR Forms, let us see the applicability of Forms ITR1 and ITR2:

ITR1 is applicable for individuals satisfying the below conditions:

- Individual qualifies as Resident and Ordinarily Resident

- Total income does not exceed Rs 50 lakh

- Individual has income from salaries, one house property, other sources and agriculture income up to Rs 5,000.

It is important to know that even if an individual satisfies all the above criteria, ITR1 is not applicable in case such an individual is a Director in a company or has invested in unlisted equity shares. Also ITR2 is applicable to individuals and to HUFs not having income from profits or gains from business or profession.

In order to combat the difficult times due to COVID–19, the CBDT has also extended the due date for filing the return from July 31, 2020 to November 30, 2020.

It is worthwhile noting that with this relief, individuals will have adequate time to not only collate information required to meet the new reporting requirements of ITR Forms, but also to make arrangement for funds if required for payment of taxes, if any.

While the return filing utility for ITR1 is already released by CBDT and individuals can go ahead and file their income tax return, the return filing utility for ITR2 is yet to be released by the CBDT. Hence individuals will have to wait till the filing utility is released to file the tax returns for FY 2019-20.

Key Changes to ITR in image

*GST LATEST DUE DATE REFERENCER ALONGWITH NOTIFICATION 49 TO 54 DATED 24.06.2020*

CBIC has issued various notifications on 24/06/2020 to give effect to the recommendations of the 40th GST Council Meeting which are as follows:

👉 *Notification No. 49/2020 –Central Tax:* To bring into effect certain provisions of the Finance Act, 2020

👉 *Notification No. 50/2020 – Central Tax:* Notifying rates of GST for Composition Taxable Persons under Rule 7 of CGST Rules

👉 *Notification No. 51/2020 – Central Tax:* Conditional waiver of interest in excess of 9% p.a for registered persons having aggregate turnover upto 5 crores for GSTR 3B for the months of February to July 2020 if filed by specified dates

👉 *Notification No. 52/2020 – Central Tax:* Conditional waiver of late fees for registered persons having aggregate turnover upto 5 crores for GSTR 3B for the months of February to July 2020 if filed by specified dates

Waiver of late fees which is in excess of an amount of two hundred and fifty rupees for the registered person who failed to furnish the return in FORM GSTR 3B for the months of July, 2017 to January, 2020, by the due date but furnishes the said return between the period from 01st day of July, 2020 to 30th day of September, 2020

Also, waiver of late fees for the registered person who failed to furnish the return in FORM GSTR-3B for the months of July, 2017 to January, 2020, by the due date but furnishes the said return between the period from 01st day of July, 2020 to 30th day of September, 2020 where total amount of central tax payable in said return is nil.

👉 *Notification No. 53/2020 – Central Tax:* Conditional waiver of late fees for all registered persons for GSTR 1 for the months/quarters ending March to June 2020 if filed by specified dates

👉 *Notification No. 54/2020 – Central Tax:* Extension of due date for filing of GSTR 3B for the month of Aug 2020 to 1st/3rd Oct, 2020

From the desk of Costyfy solutions,

Sandeep Rawat & Team
+919643332272

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*Disclaimer: The above thoughts are based on preliminary reading and interpretation of official releases. The views/ expression/ interpretation may change after the final release of official notifications and clarifications by the government in this regard.

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What is the Due Date for Tax Filing? FY 2018-19, AY 2019-20

Updated on Jun 04, 2020 - 05:21:50 PM

The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. The taxpayers filing their return beyond such due date will have to pay interest under 234A and penalty under section 234F. It is important for all the taxpayers to remember the due date of filing income tax returns. The due date varies on the basis of taxpayers. For instance, salaried individuals are usually required to file their income tax returns by 31st of July of the assessment year.
Here’s the table of the due dates for FY 2019-20 for different categories of taxpayers:
Category of Taxpayer Due Date for Tax Filing – FY 2019-20

Individual 31st July 2020

Body of Individuals (BOI) 31st July 2020

Hindu Undivided Family (HUF) 31st July 2020

Association of Persons (AOP) 31st July 2020

Businesses (Requiring Audit) 30th September 2020

Businesses (Requiring TP Report) 30th November 2020