Article explains GST Compliances Related Tasks for FY 2020-21, ITC Related Tasks for FY 2020-21, GST Reconciliations Related Tasks for FY 2020-21 & GST Law Related Year ending Task for FY 2020-21.
Due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 extended further to 31.03.2021. Due date was earlier extended from 31.12.2020 to 28.02.2021
(a) for imposition of penalty under Chapter XXI of the Income-tax Act, (i) the 29th day of June, 2021 shall be the end date of the period during which the time limit specified in or prescribed or notified under the Income-tax Act falls, for the completion of such action; and (ii) the 30th day of June, 2021 shall be the end date to which the time limit for completion of such action shall stand extended;
Goods and Services Tax Practitioners’ Association Vs. Union of India (Bombay High Court) On due consideration, we are not inclined to accede to the prayer made by the petitioners that too at this eleventh hour. It is not that the time-limit has not been extended. The initial due date of 31.12.2020 has been extended to […]
There are few significant issues, challenges and hardships as regards Union Budget 2021-22 various proposals in the spheres of Income tax law and GST law as listed in two separate tables as below, which we would like to bring to the fore for the attention of your good selves along with recommendations.
⇒ Fake Invoice refers to a ‘Non-Compliant GST Invoice’. ‘Non-Compliant GST Invoice’ means any invoice which does not comply with the provisions of the CGST Act and Rules, 2017. Usually, ‘Fake Invoice’ refers to a non-compliant GST invoice of the following types: (a) Invoice without any ‘Supply’ (b) Invoice with a ‘Non-Compliant’ supply.
Ministry of Information & Broadcasting Government notifies Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 Social media platforms welcome to do business in India but they need to follow the Constitution and laws of India Social media platform can certainly be used for asking questions and criticise Social media platforms have empowered […]
KSCAA requested to extend the due date for filing Annual Return GSTR9 and Reconciliation Statement GSTR9C for FY 2019-20 by at least 3 months i.e. until 31st May, 2021. KARNATAKA STATE CHARTERED ACOOUNTANTS ASSOCIATION (R) CA Kumar S Jigajinni President, KSCAA CA Parmod Srihari Secretary, KSCAA Date: 24th February, 2021 To, Smt. Nirmala Sitharaman Hon’ble […]
For extending the benefits of presumptive taxation to specified professionals, Section 44ADA was inserted into the Income Tax Act. Earlier, this scheme was only applicable to small business owners. This tax scheme reduces the burden of compliance for the small professions and reinforces the ease of doing business. Under this scheme of taxation, the profit […]
The budget presented on 1st February 2021 has proposed exemption to senior citizen from filing of income tax return (ITR) subject to satisfaction of certain conditions. Let us understand what is the proposal and whether it will really work as intended. Relief proposed for Senior citizen Presently, based on the income criteria, every individual has […]
