FY1819 ITR Filing Due Date further extended to 30 Nov 2020
FY1819 (AY 1920) ITR Filing Due Date further extended to 30 Nov 2020 With this the Due Dates for filing ITR's of both FY 1819 and FY 1920 are 30th Nov 2020.
CBDT Clarification on TCS on Sale Goods issued on 29-Sep-2020
CBDT Clarification on TCS on Sale Goods issued on 29-Sep-2020 CBDT has issued a Circular No. 17 of 2020 dated 29-Sep-2020 which intends to clarify certain key aspects about TCS on Sale of Goods. Calculation of threshold for the financial year 2020-21 The threshold of Rs. 50 Lacs is with respect to the previous year, calculation of receipt of sale consideration for triggering TCS under sub-section (1 H) of section 206C shall be computed from 1st April, 2020. Hence, if a person being seller has already received Rs. 50 Lacs or more up to 30th September 2020 from a buyer, the TCS under sub-section (IH) of section 206C shall apply on all receipt of sale consideration during the previous year, on or after 1“ October 2020, from such buyer. TCS applicable on…
E Verify Income Tax Returns Via Net Banking
A Simple Guide to E-verify your return online Verification of ITR is a very important step for completion of the ITR filing process. It has to be done within 120 days from the date of filing ITR, else your return will be termed as invalid by the income tax department.. For the ease of taxpayers, the IT department has provided various methods for e-verification of ITR. In this guide, we have explained the meaning of ITR verification via the Net Banking Method EVC Via Axis Bank NetBanking EVC Via HDFC NetBanking EVC Via ICICI NetBanking EVC Via Kotak NetBanking EVC VIa SBI NetBanking
Companies And LLP Fresh Start Scheme 2020 extended to 31 Dec 2020
Companies And LLP Fresh Start Scheme 2020 extended to 31 Dec 2020 The Ministry of Corporate Affairs had introduced a new scheme known as the Companies Fresh Start Scheme, 2020, valid from 01.04.2020 to 30.09.2020 to enable companies to make good their previous defaults. This Scheme has now been extended till 31.12.2020. The MCA had also introduced a new scheme known as the LLP Settlement Scheme, 2020 which was valid from 01.04.2020 to 13.06.2020 and was later extended till 30.09.2020. The Scheme also has been further extended to 31.12.2020 to enable LLPs to make good their previous defaults
Faceless Income Tax Appeals is now a reality
CBDT notified Faceless Appeal Scheme, 2020..[Notification No. 76/2020 dated 25.09.2020] -- Procedure for disposal of appeal also notified vide Notification No. 77/2020 dated 25.09.2020. Faceless Appeal Centres The Central Board of Direct Taxes (CBDT) will set the following centres/units for the purpose of facilitating faceless appeals in a centralised manner: National Faceless Appeal Centre (NFAC) Faceless Appeal Centre (RFAC) Appeal units (AU) National Faceless Appeal Centre The NFAC will act as a nodal point of communication between the taxpayer, AU and National e-assessment Centre (NeAC)/assessing officer (AO). Accordingly, all communications with respect to any information, documents or any other details relating to appeal proceedings will be routed through the NFAC Regional Faceless Appeal Centre The RFAC shall also facilitate the conduct of faceless appeal proceedings and will consist of various…
Time limit for issuing invoices in case of approval for sale or return out of India falling between 20 Mar 2020 to 30 Oct 2020 extended to 31 Oct 2020
Time limit for issuing invoices in case of approval for sale or return out of India falling between 20 Mar 2020 to 30 Oct 2020 extended to 31 Oct 2020 GST Notification 66/2020: The time limit for issuing invoices in case of goods goods being sent or taken out of India on approval for sale or return, which falls between 20 March, 2020 to 30 October, 2020 has been extended to 31 October 2020.
Note on section 206C(1H) of the Income-tax Act, 1961 – Tax Collection at Source (‘TCS’) on sale of goods
Note on section 206C(1H) of the Income-tax Act, 1961 – Tax Collection at Source (‘TCS’) on sale of goods Background: Finance Act 2020 has inserted new section 206C(1H), effective 1 Oct 2020, wherein TCS @ 0.1%1 of the sales consideration is required to be collected from a buyer, at the time of receipt of such consideration, if sale of goods exceeds INR 50 Lacs in the Previous Year. Relevant extract of the provision [Section 206C(1H)]: Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount,…
GST Returns: Original Invoice details of Credit or Debit Notes not required
Delinking of credit/debit notes have been implemented on the GST portal / production API by GSTN. Going forward, references to original invoices would not be required to be furnished for credit/debit notes.
Stocks Markets on 15 Sep 2020
Stocks Markets on 15 Sep 2020 Markets TodayToday's ClosePrevious CloseChangeNSE 11,521.80 11,421.05100.75BSE 39,044.35 38,756.63287.72NASDAQ 11,056.65 10,853.54203.11 USD 73.61 73.49 0.12EURO 87.54 87.20 0.34JPY(100) 69.68 69.36 0.32GBP 94.99 94.51 0.48Crude oil 2,790 2,727 63.00
RBI mandates automated recognition of NPAs, provisioning by June 2021
RBI mandates automated recognition of NPAs, provisioning by June 2021 The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly. In its circular, the central bank said banks had earlier been advised to have appropriate information technology (IT) systems in place for identification of non-performing assets (NPA) and generation of related data/returns, both for regulatory reporting and banks’ own management information system (MIS) requirements.