Income Tax and GST Updates
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Deadlines for Various Compliances under Income Tax is Extended Again.
• Time limit for filing Income Tax Return for FY 18-19 is extended till 31st July, 2020.
• Date for payment of Self-Assessment Tax for small taxpayer whose Self-Assessment Tax liability is upto 1 lakh is extended till 30th November 2020.
• Date for filing TDS and TCS return is extended to 31st July and date for issuing TDS and TCS certificate is extended to 15th August 2020.
• Due date for filing income tax return of FY 19-20 is extended to 30th November.
• Due date for furnishing Tax Audit statement is extended to 31st October 2020.
• Date for making investments to claim deduction against capital u/s 54 to 54GB is extended to 30th September 2020.
• Date of passing any order or issuing any notice by authorities under various direct taxes which are required to be passed by 31st December can now be passed or issued till 31st March 2021.
• Date for Aadhar and Pan Linking is extended to 31st March 2021.
• Date for commencement of operations in SEZ unit for claiming deduction u/s 10 AA is now extended to 30th September 2020.
• Deadline for making investments to claim deductions u/s 80 C, 80 D etc is now extended till 31st July 2020.
ITR 1 and ITR 4 forms are available for Income Tax Return Filing.
Kindly Contact for further details.
Authority of Advance Ruling - The sale of ‘developed plots’ with primary amenities is not same as sale of land’ and it will attract Goods & Services Tax (GST).
Now you can link your Pan to Adhar using SMS:
Adhar and Pan linking through SMS
By sending SMS to 567678 or 56161 from registered mobile number in the format: UIDPAN
Govt gives relief on residency status to NRIs/foreign visitors whose stay in India got prolonged due to lockdown.Prolonged stay in India to be discounted.CBDT issues Circular no.11 dt 8th May,2020 clarifying residential status u/s 6 of ITAct wrt FY2019-20.
*What just happened to Franklin Templeton Funds* - Credit Risk Funds
First - Franklin Templeton today announced the winding down of SIX of its Debt Funds (which had credit risk)
This is effective tomorrow i.e. 24th April 2020
This is an unprecedented move
>> *Which are these Funds?*
These Funds are
Franklin Low Duration
Franklin Dynamic Accrual
Franklin Credit Risk Fund
Franklin Short Term Income
Franklin Ultra Short Bond
Franklin Income Opps Fund
All these funds have been wind down with immediate effect
>> *What happens to my investments in this wind-down? They will return my money?*
Ans: This wind-down is similar to a lock-down
These schemes will not allow any further transactions, no purchases, no redemptions
It's like the entire scheme becomes a segregated portfolio
>> *What do you mean? Tell me more clearly*
These six schemes put together as of date have an AUM of Rs. 28,000 cr. This entire AUM is now stuck as it is. You cannot redeem
>> *What do u mean, I cannot redeem?*
Simply put, you cannot withdraw any monies
>> *So u mean, my money is gone? They will never open these schemes*
Ans: Yes, the schemes are wound down. They will never open again
It will work like a segregated portfolio i.e. the day they get any interest,, maturity from any of the holdings it will distributed to all
>> *So I will get my money back soon?*
Ans: As and when the underlying portfolio instruments mature or the scheme receives the money back (in case interest or defaults etc) they will pay it back to you.
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