TaxMitr India

Join our telegram group. Join Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download Finance Minister Nirmala Sitharaman today launched eBkray( https://ibapi.in/ ) , an e-auction platform to enable online auction of attached assets by banks. The platform provides navigational links to all PSB e-auction sites, property search feature and presents single-window access to information on all properties that are available for e-auction, comparison of similar properties, and also contains videos and photographs of uploaded properties. Screen shot of the website Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of Indian Banks Association (IBA) under the policy of the Department of Financial Services (DFS), Ministry of Finance, to provide details of mortgaged properties to be auctioned online by banks, starting with PSBs. Sitharaman, while launching the platform, said, "There ...

Join our telegram group. Join Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download In a series of tweets CBIC on 27th Dec stated the following 1/4 As a one-time measure to enable taxpayers to clear the backlog of all GSTR-1 which have not been filed from July 2017 to Nov 2019, a late fee waiver till 10.01.2020 (vide NN 74/2019 dt. 26.12.2019) has been provided. 2/4 After 10.01.2020 a late fee of Rs. 50 per day for non-filing of GSTR-1 up to a maximum of Rs. 10,000 per statement will be levied as per existing provisions. Therefore, the taxpayers are requested to clear any backlog with respect to GSTR-1 by 10.01.2020. 3/4 Further, the Government plans to take a number of steps if the pending GSTR-1 are not filed by 10.01.2020 such as blocking of E-way bill, etc. 4/4 Also, it is beneficial for the recipients to encourage their suppliers to file their GSTR-1 in time as it is important that the credit taken by the recipients in t...

Join our telegram group. Join Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download According to a recent report in TOI a new set of rules have been green lit to GST authorities as a measure to ensure better compliance with GST rules. With a large number of GST registered entities failing to file GST returns on time the rules will  enable GST-authorities to attach your property and banks accounts if despite repeated reminders you fail to file tax returns. According to the news GST officers have been instructed to go hard on such defaulters. The process to nudge the entity and it's officials will begin 3 days ahead of the deadline for filling GSTR-3A of the final returns. The due date for the same us by the 20th of every month . Post the due date  a system-generated message will be sent to all the defaulters. If the entity fails to comply, five-days after the due date, an electronic notice will be served...

Join our telegram group. Join Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download RBI (Reserve Bank of India) has now introduced a new option for Indian consumers to make small digital payments at local shops and retail outlets. RBI on Tuesday has introduced a new Prepaid Payment Instrument (PPI) which will be introduced with a monthly recharge limit of INR10,000.00 and can be used ONLY for making retail payments. "To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI..." the central bank announced in press release on Tuesday. "These PPIs shall be used only for purchase of goods and services and not for funds transfer." The newly launched PPIs can be issued by banks as well as existing non-bank PPI players. These companies would be able to verify credentials of customers seeking to open PPI accounts using method of OTP ...

Join our telegram group. Join Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download CBDT extends the time limit for filing of response to notices issued under section 142(1) of the Income-tax Act,1961 under the E-assessment Scheme- 2019. Click here to download notification #FacelessAssessment #NeAC

Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download The CBIC has made mandatory to quote Document Identification Number (DIN) in respect of all communications including e- mails sent to taxpayers and other concerned persons by any office of CBIC across the country with effect from 24-12-2019. The standardized formats of search authorizations, summons, arrest memos, inspection notices, etc. are also made available. These standardized documents will have pre-populated DIN when downloaded and printed.

Original Author Sugata Ghosh  (Read more at: Economic Times ) Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download MUMBAI: Hundreds of taxpayers are believed to have received notices from the income tax (I-T) department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source (TDS), among other discrepancies. Senior accountants have drawn the attention of Pramod Chandra Mody, chairman of Central Board of Direct Taxes (CBDT), regarding the errors at the department’s Central Processing Zone (CP .. Read more at: //economictimes.indiatimes.com/articleshow/72931397.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.   Download Subject : Order under section 119(2) of the Income-tax Act, 1961- Extension of the due date of payment of tax deducted at source under 194M of the Act -reg. Considering the fact that the utility for payment of tax deducted at source under section 194M of the Income-tax Act, 196I(the Act) was deployed on 17.12.2019, the Central Board of Direct Taxes, in exercise of the powers conferred under 119 of the Act, hereby extends the due date for payment of tax deducted at source under section 194M during the month of September, 2019 and October, 2019 and the due date for furnishing the challan-cum-statement in Form 26QD for the same, from 31.10.2019 and 30.11.2019 respectively to 31.12.2019. Consequently, the due date of furnishing of the certificate of deduction of tax in Form 16D has also been extended for the tax deducted during the month of September, 2019 and October, 2019 to 15....