Harsh P Chheda & Co., Chartered Accountants

TCS on overseas tour package:

1. From July 1, 2023, a 20% TCS will be required on an international tour package from a travel agent.

2. In order to increase TCS on certain foreign remittances and on sale of overseas tour packages, amendment has been made in sub-section (1G) of section 206C of the Income Tax Act.

3. TCS of 20% has to be paid even if you buy foreign currency for international travel individually from an authorised dealer.

4. FCY Cash or Forex Cards availed towards Overseas or Foreign tour programme, will also attract TCS @ 20.

5. TCS is not an additional charge and can be adjusted against your total income tax liability & claimed while filing tax returns. One can also claim a refund if the remittance is from an income that is already tax-deducted at source (TDS).

31/12/2022

1:Last Date to File Belated or Revised ITR for A.Y.2022-23 (F.Y.2021-22)

2:Due Date to File GSTR-9 for F.Y.2021-22
(Applicable if PAN Based AATO is Above 2 Crore)

3:Due Date to File GSTR-9C for F.Y.2021-22
(Applicable if PAN Based AATO is Above 5 Crore)

The income tax portal for e-filing of income tax returns has enabled the feature of co-browser, also known as collaborative browsing, which allows the Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button.

BMC PROPERTY TAX "TOTALLY" EXEMPTED for upto 500 Square Feet Carpet area w.e.f. 01-01-2022

GST Amnesty: Late fee for return periods from July 2017 to April 2021 capped to a maximum of ₹500 per return for taxpayers who did not have any tax liability, and ₹1,000 for other taxpayers if pending GSTR-3B returns are furnished between June - August 2021.

Extension of Various Due Dates of Income Tax

Govt withdraws order reducing interest rates. Old rates to continue

Interest rates w.e.f 01.04.2021. Plan your investments accordingly...

*Dates Extended !*

*Tax Audit / TP Audit* -
15.01.2021

*ITR of Companies*-
15.02.2021

*ITR of Tax/TP Audit Assessees* -
15.02.2021

*ITR of Normal Assessees* -
10.01.2021

Due Date to pay third instalment of advance tax for F.Y.2020-21 is 15.12.2020.
Pay the same to avoid interest

*MCA UPDATE

*1.* *Relaxation wrt Form CRA-4*
Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013.http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.38_01122020.pdf

*2.* *Discontinuance of Class 2 DSC from 01/01/2021*

👉 Class 2 DSC will get Discontinued from 1st January, 2021. Thus, after 01/01/2021 Class 2 DSC cannot be purchased or renewed.
👉 Class 3 DSC shall be valid and utilized for all purposes such as ROC, GST, Income tax, PF, Tenders, etc. after 01/01/2021. However, existing Class 2 DSC shall be valid for usage till its expiry.

www.mca.gov.in

Income Tax 26AS will reflect GST Turnover [ Read More]:: http://www.taxknowledge.in/income-tax/5f76f63904462f452c0ef8df

taxknowledge.in

*Due Date Extension Update*

GSTR 9, 9C date for FY 2018-19 extended to 31st December, 2020.

ITR Filing date for entities subject to tax audit for AY 20-21 extended to 31st January, 2021

ITR Filing Due date of International Transactions Taxpayers for AY 20-21 extended to 31st January, 2021.

ITR Filing Due Date for other tax payers extended to 31st December, 2020.

Tax Audit Filing date also extended to 31st December, 2020.

Notification 77/2020 - Central Tax

Taxpayers having turnover not exceeding ₹2 crores shall have an option not to file for FY 2019-20. In case the return in such case is not filed by due date, it shall be deemed to have been furnished. https://t.co/w4XPC9hrCG

GST INSIGHTS on Twitter “Notification 77/2020 - Central Tax Taxpayers having turnover not exceeding ₹2 crores shall have an option not to file for FY 2019-20. In case the return in such case is not filed by due date, it shall be deemed to have been furnished.”

Attention Taxpayers

Taxpayers who haven’t filed any 2 consecutive GSTR-3B returns upto July 2020 tax period will not be able to generate Part-A of the E-way Bill beginning 15th October. https://t.co/zwGAU0E0O4

CBIC on Twitter “Attention Taxpayers Taxpayers who haven’t filed any 2 consecutive GSTR-3B returns upto July 2020 tax period will not be able to generate Part-A of the E-way Bill beginning 15th October.”

GOOD NEWS FOR COMPANIES

All ROC granted extension for AGM up to 31/12/2020 Whether or not Companies have applied in GNL-1 or not...
Extension is granted ROC level.

Late Fee waiver for filing PTRC returns up to June 2020 pursuant to GSTPAM's representation

Pursuant to several representations made by The Goods and Services Tax Practitioners' Association of Maharashtra to the State FM and Commissioner of State Tax, Maharashtra, the Government has issued Notification No. PFT.1220/CR.21/Taxation-3 dated 02-09-2020 to waive off the late fees for filing PTRC returns for any period up to June 2020, if the said returns are filed on or before 30-09-2020.

Regards,
Law & Representation Committee of GSTPAM

The Maharashtra govt has decided to temporarily reduce stamp duty on flats from 5% to 2% till December 31. From Jan 1 till March 31, the stamp duty will be 3%. This is to boost the stagnant real estate market, which has been badly hit following the pandemic lockdown last March. https://twitter.com/TOIMumbai/status/1298601409944760320

TOI Mumbai on Twitter “The govt has decided to temporarily reduce stamp duty on flats from 5% to 2% till December 31. From Jan 1 till March 31, the stamp duty will be 3%. This is to boost the stagnant real estate market, which has been badly hit following the pandemic last March.”

*Implication of new 26AS Form of Income Tax*

Background:

On 18July20, Income Tax Dept informed that new 26AS form is implemented

New 26AS will now include certain high value transactions explained How does it impact u is what this explains

First let's start with basics

Q: What is Form 26AS Form?

Ans: Till now Form 26AS, was a statement that IT dept used to provide u to capture

(a) TDS deducted from u (For eg: Ur company deducting TDS on ur salary)
(b) TCS: Tax collected at source (house property etc)

Now what has changed?

Now Form 26AS, will have a new section known as *Section E*

Section E will also capture certain high value transactions that you do in a financial year

So at a glance it will help u see you large txns in a year. And we explain below which txns

Q: Tell me which txns & what do u mean by large txns (how large?)

Ans: For eg: if u invest in a mutual fund > 10 lacs in a year. That is a large txn and it will be captured in this statement

Not a single txn, but cumulative in a year if in a single MF u invest > 10 lacs

Q: Ok I get it, tell me more which all txns will be included?

Ans: 14 types of txns are included and here is the full list:

1) Fixed Deposits together in Bank > 10 lacs in a year

2) Credit Card Bills > 10 lacs (in a year) if paid by cheque
and > 1 lacs if paid by cash

3) If u buy bonds > 10 lacs in a year

4) If u buy shares > 10 lacs in a year

5) If u tender shares for buyback > 10 lacs in a year

6) If u buy Fx > 10 lacs in a year

7) If u buy MFs > 10 lacs in a year

8) Real Estate > 30 lacs

9) Purchase of Bank drafts > 10 lacs with cash

10) If u deposit cash in savings bank account > 10 lacs

11) Cash deposts or withdrawals from current account > 10 lacs

And some other routine ones (related to demonetisation)

All this will be shown in Section E in your Form 26AS of your previous years also!

Q: How does all this impact us?

Ans For honest tax payers, it is actually beneficial. Now we have a single point source of all large txns which will help us.

For those who evaded taxes - earlier also IT dept knew it - Now it is putting it in their face and telling IT knows

Q: So does it mean u should do txns < 10 lacs. For eg: Make a FD < 10 lacs or split it to keep those below 10 lakh?

Ans: First, this is not single txn value. Anyways all ur FDs (or other txns as detailed above) will be cumulatively (in a single bank) looked at,
So no point trying to make smaller txns or splitting it.

Q: I am worried will IT dept harass me now, if I spend too much on credit cards?

Ans: Again, honest tax payers need not worry.

But if someone is not paying any taxes saying negligible income but spends > 10 lacs, IT dept will surely Q him on how he can spend so much
Or for eg:, if u say u hv negligible income in ur tax return and make FDs in Bank of > 10 lacs or invest in MFs > 10 lacs , be ready for Q on without income, how can u save so much

In fact for last year, based on this data, people hv been identified already by IT dept

Vide Notification dated 29th July, 2020 CBDT has extended due date for belated and revised ROI for AY 2019-20 to 30-9-20. The notification also provides for no interest u/s. 234A for senior citizens not having business income if SA Tax is paid by 31st July. https://t.co/HJkZPaj3KR

t.co

Please note the last date to file your Income Tax Return for the F.Y. 2018-19 is 31st July 2020.

So hurry up and don't miss this last opportunity.

GST Update
From 1st August 2020
Applicable to sale and purchase made to and from Daman and Diu

Since Union Territory of Daman, Diu, Dadra and Nagar Haveli is merged...

All GST number of Daman and Diu will start from 26
Please do not write 25 from 1st August 2020 for these states.

Please ask your clients to give new GST number and confirm it

CBDT provides one time relaxation for verification of electronically filed ITReturns for Assessment Yrs 2015-16 to 2019-20 which are pending due to non-filing of ITR-V form & processing of such returns.CBDT Circular No.13/2020 dt 13th July,2020 issued.

MCA Update
9th July, 2020

NEWS & IMPORTANT UPDATES

Updated Contact Number of Helpdesk from 17/07/2020 onwards
For Any Query Related To Company Name Availability And Company Incorporation, Please Contact

CRC Helpdesk : 0120-4832500 (Option 1)

Email: [email protected]


For Any Query Related To Company Or LLP E-Filings, Payments Or View Public Document(VPD), Please Contact

Corporate Seva Kendra : 0120-4832500 (Option 2)

Email: [email protected]

www.mca.gov.in

Extension in Due dates for GST Returns.

In the said notification, in the first paragraph, in clause (i),--
(i) for the words, figures and letters ―29th day of June, 2020‖, the words, figures and letters ―30th day
of August, 2020‖ shall be substituted;
(ii) for the words, figures and letters ―30th day of June, 2020‖, the words, figures and letters ―31st day
of August, 2020‖ shall be substituted.

Posting the extract of notification

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

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020

👉The date for furnishin g of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

👉 Due date of Generating of Form 16 has been extended to 15th Aug 2020.

Waiver of Late filing fees under Profession Tax

State of Maharashtra has waived the late filing fees for those employers who are not able to pay tax or file / upload returns due to COVID 19, for any return up to June 2020 subject to following conditions -

1. Returns shall be filed / uploaded on the portal on or before 31st July 2020;

2. Tax payable as per return shall be paid before filing the return;

3. Interest @ 1.25% or 1.5% or 2% per month depending upon the period of delays [S. 9(2)] shall be paid before filing of return.

N.No. PFT 1220 / CR 13 / Taxation 3, dated 22-06-2020

Reduction of coupon in 54EC Bonds
Please note that coupon rate for PFC, IRFC, REC & NHAI 54EC LTCG Tax Exemption Bonds is getting reduced to 5.00% w.e.f. 1st July 2020 from 5.75% being offered currently.
Last date for funds to be credited in respective issuer's account is 30th June 2020
Avoid submission of cheque after 26th June 2020 & opt for RTGS only