"01 May 2021" Archive

Government extends timelines of certain Income Tax compliances

Government extends timelines of certain compliances in light of the severe pandemic In  view  of  the  adverse circumstances arising due to the severe Covid-19  pandemic  and also in view of the several requests  received  from  taxpayers,  tax  consultants  &  other  stakeholders from across the country, requesting that...

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Posted Under: Income Tax |

Finance Act 2021 Analysis of Certain Provisions [Part 1]

In this document we have discussed the amendment relating to Goodwill, Slump Sale, ULIP and Taxability on Reconstitution/Dissolution of Firm/AOP/BOI.  We believe that you will find the same useful. > Depreciation on Goodwill of Business or Profession: Section Covered – 2(11), 32(1)(ii), 32(1) Explanation 3 (b), 43(6)(c)(ii) Definiti...

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Posted Under: Income Tax |

Relaxations in time limits for completion or compliance under GST law

Notification No. 14/2021- Central Tax [G.S.R. 310(E)] 01/05/2021

Timeline for all other proceedings, asset order etc., where last date of completion or compliance under GST law falls between 15th April to 30th May is extended to 31st May2021 vide Notification No. 14/2021- Central Tax Dated: 1st May, 2021. Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) New Delh...

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CBIC extends due date for IFF to 28th May & amends rule 36(4)

Notification No. 13/2021- Central Tax [G.S.R. 309(E)] 01/05/2021

Notification No. 13/2021- Central Tax Dated: 1st May, 2021 – Conditions provided in Rule 36(4) shall apply cumulatively for the period April and May, 2021 and The return in FORM GSTR-3B for the tax period May, 2021 shall be furnished with the cumulative adjustment of input tax credit for the said months in accordance with […]...

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GSTR-1 due date for April 2021 extended to 26th May 2021

Notification No. 12/2021- Central Tax [G.S.R. 308(E)] 01/05/2021

GSTR-1 due date for April 2021 extended to 26th May 2021 In respect of April, 2021 to 26th May, 2021 vide Notification No. 12/2021- Central Tax Dated: 1st May, 2021....

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CBIC extends due date for filing GST ITC-04 to 31st May 2021

Notification No. 11/2021- Central Tax [G.S.R. 307(E)] 01/05/2021

CBIC extends due date for filing GST ITC-04 to 31st May 2021 In respect of goods dispatched to a job worker or received from a job worker, during the period from 1st January, 2021 to 31st March, 2021 vide Notification No. 11/2021- Central Tax Dated: 1st May, 2021. Ministry of Finance (Department of Revenue) (Central […]...

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CBIC extends due date for filing GSTR 4 (Composition Scheme)

Notification No. 10/2021- Central Tax [G.S.R. 306(E)] 01/05/2021

CBIC extends due date for filing GSTR 4 (Annual Return for person opted for Composition Scheme) vide Notification No. 10/2021- Central Tax Dated: 1st May, 2021 to 31st day of May, 2021. Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) New Delhi Notification No. 10/2021- Central Tax Dated: 1st May, ...

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Govt waives Late Fees on delayed filing of March/April GSTR 3B Return

Notification No. 09/2021- Central Tax [G.S.R. 305(E)] 01/05/2021

No late fees to be levied for filing GSTR 3B for the Month of of March 2021 April & 2021 within 15 days and 30 days from original due date for taxpayer with turnover more than Rs. 5 cr and upto Rs. 5 crore respectively. For quarter ending 31st March 2021, no late fees will […]...

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Changes in 24Q quarterly statements (RPU version 3.6) amended

This is to inform you that NSDL has developed a new RPU version 3.6 which can be freely downloadable from NSDL’s website. The same utility can be used to prepare regular as well as correction e-TDS/TCS statements for Quarter 4. As Per CBDT notification No. 15/2021 dated 11th March 2021, NSDL added a new feature […]...

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Posted Under: Income Tax |

Relaxation in GST interest rate for March & April 2021

Notification No. 08/2021- Central Tax [G.S.R. 304(E)] 01/05/2021

CBIC vide Notification No. 08/2021- Central Tax Dated: 1st May, 2021 provides Relaxation in the interest rate based on Turnover to those who have to file GSTR 3B and also to Composition dealers. Relaxation is for Tax Period ending on 31st March 2021 and for 30th April 2021. Ministry of Finance (Department of Revenue) (Central […]...

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