"27 June 2020" Archive - Page 3

Role of Litigator – An unfinished Saga!

If this healthy rule is not followed, the result will only be undue harassment to assessees and chaos in administration of tax laws. Thus, recognising the principle of natural justice which encourages equity, fairness and equality, must be followed at every staggered procedure....

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Posted Under: Income Tax |

Wait ! Before Filing GST Return for FY 17-18 & 18-19 , it may land your client in trouble if You ignore Provision 16(4) – Time limit

After the announcement of Waiver of Late fee for Non-Filers from July 2017. Many assessees have got the opportunity to file their pending return from July 2017 without paying any Late fee or reduced late fee. Although It is looked as a Good Opportunity to file the old return and become a Compliant assessee from […]...

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Posted Under: Income Tax |

Whether Revised Return can be filed after intimation is issued u/s 143(1)?

[ACIT v. Padma Logistics &Khanij (P.) Ltd. - In present case, Kolkata Tribunal ordered that the intimation issued u/s 143(1) of the Act does not preclude the assessee from filing a revised return of income....

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Posted Under: Income Tax |

Period to pass GST refund order extended

Notification No. 56/2020-Central Tax [G.S.R. 417(E).] 27/06/2020

Seeks to amend notification no. 46/2020-Central Tax in order to further extend period to pass order under Section 54(7) of CGST Act till 31.08.2020 or in some cases upto fifteen days thereafter vide Notification No. 56/2020-Central Tax Dated 27th June, 2020. Section 54(7) of CGST Act provides that final order in GST refund shall be [&hell...

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Classification of enterprises as MSMEs- Revised Criteria

Relevant Date: 26th June 2020 Introduced by: Ministry of MSME dated 26th June 2020 Effective date: 1st July 2020 What is new? 1. Classification of enterprises: An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely:- Type of Enterprises Investment in P&M Turnover Micro E...

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Posted Under: Income Tax |

CBIC extends due date of specific compliances to 31.08.2020

Notification No. 55/2020-Central Tax [G.S.R. 416(E).] 27/06/2020

Notification No. 55/2020- Central Tax, dated 27.06.2020– Notification under section 168A of CGST Act for extending due date of specific compliance which falls during the period from the 20th day of March, 2020 to the 30th day of August, 2020, to 31st day of August, 2020. Such Compliance Includes- (a) completion of any proceeding or [&he...

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NIL Form GSTR-1 filing via SMS from 1st week of July 2020

Release ID: 1634831 27/06/2020

NIL statement in Form GSTR-1 can now be filled via SMS from the 1st week of July 2020 NIL statement in Form GSTR-1 can now be filled via SMS from the 1st week of July 2020.  Previously on 8th June, a similar facility for the Form GSTR-3B had been announced. This will benefit approx 12 […]...

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Relaxations in Filing of GSTR-1 and GSTR-3B

Relaxations in due date of Filing of GSTR-1 and GSTR-3B-Article also discusses Conditional Date for Waiver of Late Fee and interest payable beyond Waiver Date. Relaxation are based on following recent GST Notifications and Circulars- Waiver of late fee for delay in filing GSTR-1- March to June 2020 | Notification No. 53/2020-Central Tax/G...

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Posted Under: Income Tax |

ITR-2 For Financial Year 2019-20 | Key Additions | Online Utility Released

ITR-2/Key Insertions in the Income Tax Return Form “Now Available for E-Filing at Income Tax Portal” Recently, the government (CBDT) notified the Income Tax Return Forms (ITR) for the financial year 2019-20 (A/Y 2020-21). Today i.e. on the 26th of June, 2020, the department has made the Income Tax Return Preparation Software (also kno...

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Posted Under: Income Tax |

ICAI allows students to Opt Out from May 2020 exams till 30.06.2020

In view of feedback received from the students who have already submitted online examination application for May 2020 Examination, it is decided that the request of students for allowance of some more time for exercising the Opt-Out option be extended till 30th June 2020 (Tuesday) upto 11.59 PM....

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Posted Under: Income Tax |

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