TaxBakers

TaxBakers updated their address.

👆CBDT Notification No. 92/2020 dated 31.12.2020 for extention under VsVS to 31.1.2021for filing declaration.

👆CBDT Notification No. 93/2020 dated 31.12.2020 under section 3(1) of Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 making following further extensions:

(1) Furnishing of TDS Statement of 3rd Qtr. of 2020-21(which is otherwise due on 31.1.2021) is extended to 31.3.2021.

(2) Furnishing of TCS Statement of 3rd Qtr. of 2020-21(which is otherwise due on 15.1.2021) is extended to 31.3.2021.

(3) Completion of Audit under any provision of Income Tax Act, 1961 for FY 2019-20 relevant for AY 2020-21is extended to 14.1.2021.

(4) Furnishing of report of Audit under any provision of the Income Tax Act, 1961for FY 2019-20 relevant for AY 2020-21(including TAR of 44AB, Trust Form 10B, Trust Form 10 for set apart etc.) is extended to 15.1.2021.

(5) Furnishing of return if income for AY 2020-21 by Companies, Audit cases under any provision of Income Tax Act, Audit cases under any law for the time being in force, Partner of a firm whose accounts are required to be audited under the Income Tax Act, Partner of a firm whose accounts are required to be audited under any other law for the te being in force, cases where section 92E applies) is extended to 15.2.2021.

(6) All assessees who were required to furnish return of income for AY 2020-21 on or before 31.7.2020, i.e. non audit returns, is extended to 10.1.2021.

Note: If a return due on or before 10.1.2021 is not furnished by 10.1.2021, late fee shall be charged under section 234F as follows:

(a) if total income does not exceed Rs. 5 lakh - Rs. 1000/-

(b) if total income exceed Rs. 5 lakh - Rs. 10000/-

In continuation of my 👆post, please note that -

(7) As per recent extensions, for FY 2019-20 relevant for AY 2020-21 assessee is required to get his accounts audited / obtain audit report under Income Tax Act, e.g. section 44AB, section 12A(b) etc., up to 14.1.2021.

*The Due dates of Filing has been extended as follows:*
Income Tax Returns Last Date for Tax Audit Assessees – 15th February, 2021
Income Tax Returns Last Date for Non Tax Audit Assessees – 10th January, 2021
Tax Audit Report Last Date – 15th January, 2021
Vivad Se Viswas Last Date – 31st January, 2021

GSTR 9/9C for fy 2019-2020 - 28th february,2021

GSTN has started showing caution sign with a message to recheck any variance above 10% of the input tax credit in contravention to Rule 36(4) of the CGST Rules, 2017, in case the total Input Tax Credit claimed in GSTR 3B is in variance (>10%) with the auto-populated data(Based on the GSTR-2B). Also the color of the table will be changed to red.

It is advisable to cross check your books with the data filled by supplier before generation of GSTR 2B.

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*GST Update*

*Notification No. 88/2020–Central Tax/S.O. 704(E)*
GST E-invoicing mandatory from 01.01.2021 if turnover exceeds Rs. 100 Crores.

Due date extend of furnishings tax audit reports 31.12.2020 and their returns to 31 Jan 2021...

Income tax- Updates, Latest Information & Discussions

Accounting, payrolls, tds return, Income tax return, gst returns, tax audit, gst annual return and reconcilation statement, tax saving donation (80g and political)

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Shortcut Keys System!!

CTRL+A. . . . . . . . . . . . . . . . . Select All
CTRL+C. . . . . . . . . . . . . . . . . Copy
CTRL+X. . . . . . . . . . . . . . . . . Cut
CTRL+V. . . . . . . . . . . . . . . . . Paste
CTRL+Z. . . . . . . . . . . . . . . . . Undo
CTRL+B. . . . . . . . . . . . . . . . . Bold
CTRL+U. . . . . . . . . . . . . . . . . Underline
CTRL+I . . . . . . . . . . . . . . . . . Italic
F1 . . . . . . . . . . . . . . . . . . . . . . Help
F2 . . . . . . . . . . . . . . . . . . . . . Rename selected object
F3 . . . . . . . . . . . . . . . . . . . . . Find all files
F4 . . . . . . . . . . . . . . . . . . . . . Opens file list drop-down in dialogs
F5 . . . . . . . . . . . . . . . . . . . . . Refresh current window
F6 . . . . . . . . . . . . . . . . . . . . . Shifts focus in Windows Explorer
F10 . . . . . . . . . . . . . . . . . . . . Activates menu bar options
ALT+TAB . . . . . . . . . . . . . . . . Cycles between open applications
ALT+F4 . . . . . . . . . . . . . . . . . Quit program, close current window
ALT+F6 . . . . . . . . . . . . . . . . . Switch between current program windows
ALT+ENTER. . . . . . . . . . . . . . Opens properties dialog
ALT+SPACE . . . . . . . . . . . . . . System menu for current window
ALT+¢ . . . . . . . . . . . . . . . . . . opens drop-down lists in dialog boxes
BACKSPACE . . . . . . . . . . . . . Switch to parent folder
CTRL+ESC . . . . . . . . . . . . . . Opens Start menu
CTRL+ALT+DEL . . . . . . . . . . Opens task manager, reboots the computer
CTRL+TAB . . . . . . . . . . . . . . Move through property tabs
CTRL+SHIFT+DRAG . . . . . . . Create shortcut (also right-click, drag)
CTRL+DRAG . . . . . . . . . . . . . Copy File
ESC . . . . . . . . . . . . . . . . . . . Cancel last function
SHIFT . . . . . . . . . . . . . . . . . . Press/hold SHIFT, insert CD-ROM to bypass auto-play
SHIFT+DRAG . . . . . . . . . . . . Move file
SHIFT+F10. . . . . . . . . . . . . . . Opens context menu (same as right-click)
SHIFT+DELETE . . . . . . . . . . . Full wipe delete (bypasses Recycle Bin)
ALT+underlined letter . . . . Opens the corresponding menu
PC Keyboard Shortcuts
Document Cursor Controls
HOME . . . . . . . . . . . . . . to beginning of line or far left of field or screen
END . . . . . . . . . . . . . . . . to end of line, or far right of field or screen
CTRL+HOME . . . . . . . . to the top
CTRL+END . . . . . . . . . . to the bottom
PAGE UP . . . . . . . . . . . . moves document or dialog box up one page
PAGE DOWN . . . . . . . . moves document or dialog down one page
ARROW KEYS . . . . . . . move focus in documents, dialogs, etc.
CTRL+ > . . . . . . . . . . . . next word
CTRL+SHIFT+ > . . . . . . selects word
Windows Explorer Tree Control
Numeric Keypad * . . . Expand all under current selection
Numeric Keypad + . . . Expands current selection
Numeric Keypad – . . . Collapses current selection
¦ . . . . . . . . . . . . . . . . . . Expand current selection or go to first child
‰ . . . . . . . . . . . . . . . . . . Collapse current selection or go to parent
Special Characters
‘ Opening single quote . . . alt 0145
’ Closing single quote . . . . alt 0146
“ Opening double quote . . . alt 0147
“ Closing double quote. . . . alt 0148
– En dash. . . . . . . . . . . . . . . alt 0150
— Em dash . . . . . . . . . . . . . . alt 0151
… Ellipsis. . . . . . . . . . . . . . . . alt 0133
• Bullet . . . . . . . . . . . . . . . . alt 0149
® Registration Mark . . . . . . . alt 0174
© Copyright . . . . . . . . . . . . . alt 0169
™ Trademark . . . . . . . . . . . . alt 0153
° Degree symbol. . . . . . . . . alt 0176
¢ Cent sign . . . . . . . . . . . . . alt 0162
1⁄4 . . . . . . . . . . . . . . . . . . . . . alt 0188
1⁄2 . . . . . . . . . . . . . . . . . . . . . alt 0189
3⁄4 . . . . . . . . . . . . . . . . . . . . . alt 0190
PC Keyboard Shortcuts
Creating unique images in a uniform world! Creating unique images in a uniform world!
é . . . . . . . . . . . . . . . alt 0233
É . . . . . . . . . . . . . . . alt 0201
ñ . . . . . . . . . . . . . . . alt 0241
÷ . . . . . . . . . . . . . . . alt 0247
File menu options in current program
Alt + E Edit options in current program
F1 Universal help (for all programs)
Ctrl + A Select all text
Ctrl + X Cut selected item
Shift + Del Cut selected item
Ctrl + C Copy selected item
Ctrl + Ins Copy selected item
Ctrl + V Paste
Shift + Ins Paste
Home Go to beginning of current line
Ctrl + Home Go to beginning of document
End Go to end of current line
Ctrl + End Go to end of document
Shift + Home Highlight from current position to beginning of line
Shift + End Highlight from current position to end of line
Ctrl + f Move one word to the left at a time
Ctrl + g Move one word to the right at a time
MICROSOFT® WINDOWS® SHORTCUT KEYS
Alt + Tab Switch between open applications
Alt +
Shift + Tab
Switch backwards between open
applications
Alt + Print
Screen
Create screen shot for current program
Ctrl + Alt + Del Reboot/Windows® task manager
Ctrl + Esc Bring up start menu
Alt + Esc Switch between applications on taskbar
F2 Rename selected icon
F3 Start find from desktop
F4 Open the drive selection when browsing
F5 Refresh contents
Alt + F4 Close current open program
Ctrl + F4 Close window in program
Ctrl + Plus
Key
Automatically adjust widths of all columns
in Windows Explorer
Alt + Enter Open properties window of selected icon
or program
Shift + F10 Simulate right-click on selected item
Shift + Del Delete programs/files permanently
Holding Shift
During Bootup
Boot safe mode or bypass system files
Holding Shift
During Bootup
When putting in an audio CD, will prevent
CD Player from playing
WINKEY SHORTCUTS
WINKEY + D Bring desktop to the top of other windows
WINKEY + M Minimize all windows
WINKEY +
SHIFT + M
Undo the minimize done by WINKEY + M
and WINKEY + D
WINKEY + E Open Microsoft Explorer
WINKEY + Tab Cycle through open programs on taskbar
WINKEY + F Display the Windows® Search/Find feature
WINKEY +
CTRL + F
Display the search for computers window
WINKEY + F1 Display the Microsoft® Windows® help
WINKEY + R Open the run window
WINKEY +
Pause /Break
Open the system properties window
WINKEY + U Open utility manager
WINKEY + L Lock the computer (Windows XP® & later)
OUTLOOK® SHORTCUT KEYS
Alt + S Send the email
Ctrl + C Copy selected text
Ctrl + X Cut selected text
Ctrl + P Open print dialog box
Ctrl + K Complete name/email typed in address bar
Ctrl + B Bold highlighted selection
Ctrl + I Italicize highlighted selection
Ctrl + U Underline highlighted selection
Ctrl + R Reply to an email
Ctrl + F Forward an email
Ctrl + N Create a new email
Ctrl + Shift + A Create a new appointment to your calendar
Ctrl + Shift + O Open the outbox
Ctrl + Shift + I Open the inbox
Ctrl + Shift + K Add a new task
Ctrl + Shift + C Create a new contact
Ctrl + Shift+ J Create a new journal entry
WORD® SHORTCUT KEYS
Ctrl + A Select all contents of the page
Ctrl + B Bold highlighted selection
Ctrl + C Copy selected text
Ctrl + X Cut selected text
Ctrl + N Open new/blank document
Ctrl + O Open options
Ctrl + P Open the print window
Ctrl + F Open find box
Ctrl + I Italicize highlighted selection
Ctrl + K Insert link
Ctrl + U Underline highlighted selection
Ctrl + V Paste
Ctrl + Y Redo the last action performed
Ctrl + Z Undo last action
Ctrl + G Find and replace options
Ctrl + H Find and replace options
Ctrl + J Justify paragraph alignment
Ctrl + L Align selected text or line to the left
Ctrl + Q Align selected paragraph to the left
Ctrl + E Align selected

GST RETURNS DUE DATE CALENDAR FOR OCTOBER 2020...

Further extended due date of income tax return for the F.Y. 2018-19

GSTR9 & GSTR9C DATE HAS BEEN EXTENDED FROM 30.09.2020 TO 31.10.2020

Thresholds limit of GSTR9 & GSTR9C

30th September, 2020 is the last date of filing all pending GSTR Returns without any late fees, interest and penalties.
Hurry up! Few days left don't miss the last chance to file your all pending GSTR Returns and complete your all pending GST compliance within due date. File your all pending GSTR Returns very easily & quickly and get your GSTR Returns copy within 1-2 working days at reasonable and affordable fees.We believe to provide quality of service and deliver on the time without any delay, our prime aim to provide efficient and quality services to our client at fixed and reasonable charges..🙏

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Last date to file GSTR-3B of Jun 2020 is 23/25 September & of July 2020 is 27/29 September for turnover upto 5 cr. File till 30 September with interest @ 9% pa & late fee of 500.
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Late fee for GSTR-4 waived off / reduced from July 17 to March 2020. Condition: GSTR-4 needs to be filed between 22 Sept to 31 Oct, 2020.
Waiver Type:
1.) If Tax Payable is NIL - Late fee waived off fully
2.) If Tax Payable exists - Only Rs 250 late fee will be levied. Notification No. 67/2020
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GST Network(GSTN) Chief Executive Officer Prakash Kumar on said that GST-registered businesses will soon get a pre-filled Return form, GSTR-3B. Mr. Kumar proclaimed that GSTN is moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease.
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Important update in income tax.....

*आयकर प्रावधानों में TCS संबंधित महत्वपूर्ण बदलाव*

*अब आपको अपनी बिक्री पर 01 अक्टूबर 2020 से TCS Collect करने की आवश्यकता होगी.*

*प्रश्न-* यह प्रावधान किस करदाता पर लागू होगा ?
*उत्तर-* उपरोक्त प्रावधान सभी करदाताओं जिनका की वित्त वर्ष 2019-20 में कुल बिक्री (Total Sale) 10 करोड़ से अधिक है, उन पर लागू होगा.
यदि ऐसे करदाता किसी एक खरीददार को वित्त वर्ष में 50 लाख से ज्यादा का माल बेचते हों, तो 50 लाख से ऊपर की बिक्री पर *बिल में ही* TCS Collect करके गवर्नमेंट को जमा कराना होगा.

*प्रश्न-* TCS की Rate क्या होगी ?
*उत्तर-* TCS की Rate 1 अक्टूबर 2020 से 31 मार्च 2021 तक @0.075 % होगी. 1 अप्रैल 2021 से @0.1% होगी (यदि खरीददार के पास Valid PAN हो तो) अन्यथा @5% से TCS Collect करना होगा.

*प्रश्न-* विक्रेता की उपरोक्त प्रावधानों के लिए क्या-क्या जिम्मेदारी है ?
*उत्तर-* विक्रेता को बिक्री पर विक्रय बिल में TCS Charge करना होगा और ऐसे TCS को Govt. Treasury में जमा कराना होगा. *उसके पश्चात TCS की Return भी भरनी होगी.*

*प्रश्न-* TCS को Govt. Treasury में कब जमा कराना है ?
*उत्तर-* TCS को क्रेता से पेमेंट मिलने पर जमा कराना है. अतः TCS जमा कराने का दायित्व Collection Basis पर है ना कि Bill Basis पर.

*प्रश्न-* यदि 30 सितंबर 2020 तक किसी क्रेता को 50 लाख तक की बिक्री की है और उसके पश्चात 1 अक्टूबर से 31 मार्च 2021 तक 10 लाख की बिक्री की है तो TCS किस राशि पर जमा कराना है ?
*उत्तर-* TCS 50 लाख से ऊपर की राशि 10 लाख पर ही जमा कराना है.

*प्रश्न-* TCS को बिल में कहां और कैसे दर्शाना है और इसका GST पर क्या प्रभाव पड़ेगा ?
*उत्तर-* TCS को बिल में GST Charge करने के पहले दिखाना है और GST, Sale Value + TSC की Amount पर चार्ज किया जाएगा.

You can still file your ITR relating to FY 2018-19 (AY 2019-20) the last date is 30th September 2020

If your income is below the Basic limit than there is no penalty

If the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.

Benefits of filing ITR

- TDS Refund
- Easy Loan Approval
- Quick Visa Processing
- Claim Tax Refund
- Income Proof

The last date of filing ITR for Individuals relating to FY 2019-20 (AY 2020-21) is 30th November 2020

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Important Functionality and their password format...

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GST applicable on director's remuneration

Important :
Last day to file income tax return for FY 2018-19 is approaching soon.
File it as soon as possible to avoid penalty(₹10000) and interest and income tax proceding in future.

Thankyou.


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