Law has cast liability on the taxpayer to assess and pay the interest on delayed payment of tax. Further, interest payable on such delayed payment of tax can be recovered under the provisions of section 79 of the CGST Act read with section 75(12), which provides for various methods by which the proper officer shall proceed to recover any amount which is payable to the Government.
In the backdrop of the economic slowdown, the Hon’ble Finance Minister has presented the 2020 Union Budget. However, the budget does not live up to the expectations of the various stakeholders. The largesse shown to the corporate sector, by the Taxation Laws (Amendment) Act, 2019, has not been followed up with any concession to individual taxpayers, which could have given a fillip to the consumer spending and a much need boost to the economy. It has been seen not only in India, but globally, that the individual, honest citizens tend to lose out against the power and the nexus of the corporate sector.
The Institute of Chartered Accountants of India (ICAI) today announced the results of Chartered Accountants Intermediate (IPC) / Intermediate (New) and Foundation Examinations held in November, 2019. Here we are providing Details of top three rank holders and result analysis in terms of Pass percentage on All India Basis for Intermediate Examination for Old Course, Intermediate […]
CBIC extends the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for the period from 01.07.2017 to 31.03.2018 Notification No. 06/2020-Central Tax dated 03rd February 2020 in a staggered manner for different groups of States to 5th and 7th February 2020. Here it is interesting to note that CBIC has announced […]
Hello everyone, hope you all are doing well. This blog focuses on exploring the unknown elements of the Union Budget 2020-21 and analyses impact of proposed changes in Tax on Indian economy. Nirmala Sitharaman (Finance Minister (FM)) played very safely in his debut budget last time and kept distance from crucial issues to serve justice […]
Article gives Exhaustive summary of changes in Income Tax Provisions proposed by Union Budget 2020-21 or Finance Bill 2020. Proposals for amendments are organised under the following heads:— (A) Rates of income-tax; (B) Tax incentives; (C) Removing difficulties faced by taxpayers; (D) Measures to provide tax certainty; (E) Widening and deepening of tax base; (F) […]
Finance Bill, 2020 (BILL No. 26 OF 2020) dated 01st February 2020 Honorable Finance Minister Nirmala Sitharaman has presented Budget for 2020-21 in Parliament today and proposed lots of Significant Changes in Direct and Indirect Taxes. Full Text of the same is as below:- LOK SABHA ———— The following Bill was introduced in Lok Sabha […]
Please find below exhaustive summary of Changes in Customs, Central Excise, GST law and rates that have been proposed through the Finance Bill, 2020, which was introduced in Lok Sabha by Finance Minister on 1st Februare 2020
6 Major Professional Bodies of has requested considering the fact that the filing of FY 2017-18 is the first filing by all taxpayers and professionals and considering and issue faced in filing GSTR-9, 9A & 9C, date for filing the said forms be extended by at least two months i.e. from 31.01.2020 to 31.03.2020, and also waive late fees on these returns and report (F.Y. 2017-18) permanently.
Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided to extend the due dates in a staggered manner for different groups of States to 3rd, 5th and 7th February 2020 as under. Notifications will follow Group 1: Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana, […]
