TaxMitr India

Budget 2020 Updates

Update: Due to the recent changes in #ITR eligibility rules, concerns were raised by individual taxpayers that they would not be able to file ITR1. Keeping these in mind, I-T Dept has revised the conditions to allow joint property owners to file ITR1 or 4. Join our telegram group.  Join ​ Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.  Download

According to the news from major news outlets like Mint India & Money control s ix of the 10 most valued Indian companies suffered a combined erosion of  ₹ 26,624.10 crore in market valuation last week, dragged down by ICICI Bank. RIL,HDFC, Kotak Mahindra,HUL & SBI were the other blue-chips which saw a drop in their market cap for the week ended on Friday. On the other hand  TCS, HDFC, Infosys and ITC ended in the green. Join our telegram group.  Join ​ Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.  Download ICICI was hit the steepest with it's  valuation tumbling down   ₹ 6,883.44 crore to  ₹ 3,48,532.24 crore. Kotak Mahindra Bank dropped  ₹ 5,197.08 crore to  ₹ 3,16,763.68 crore HUL plunged  ₹ 4,589.4 crore to  ₹ 4,17,538.13 crore HDFC Bank 's market cap tanked  ₹ 3,724.38 crore to  ₹ 6,94,541.80 crore SBI fell  ₹ 3,123.61 crore to  ₹ 2,97...

NEFT :-  As per the instructions of RBI NEFT was made a 24x7 process with effect from Dec 16 and now from 1st Jan banks have been instructed to waive off online NEFT charges for saving account holders. NEFT transfers made via branched will be chargeable as usual Rupay cards & UPI :-  Starting 2020 MDR or Merchent discount rate charges will no longer be applicable to transactions made through UPI or Rupay. All companies with turnover of INR50 crores or more will be mandated to facilitate payments through RuPay Debit Cards and UPI. ​Join our telegram group.  Join ​ Download our app and stay updated on latest news from GST/Income Tax and Financial Areas.  Download SBI ATM Cards :-  SBI atm card holders will now require OTP for withdrawing amount above INR10,000.00 from an SBI ATM machine between the hours of 8PM-8AM. No OTP will be required if you are withdrawing from a non SBI ATM. Income tax return (ITR) filing:-  A penalty of INR10,000.00...

What is E-Invoicing?         Electronic Invoicing or E-Invoicing in short can be referred to as a system of electronic authentication of B2B(Business to Business) invoices by GSTN for further use on common GST portal.    Under the said system every invoice will be issued an identification number by IRP (Invoice Registration Portal) which will be managed by GSTN.    All invoice related information will be transferred from this portal to both GST portal and e-way bill portal in real-time thus eliminating the need of manual data entry as well as generation of part A of the e-way bills , as information will be directly passed by the IRP to GST portal. What are the benefits of E-invoicing system?    It will help in reducing the mismatch errors in data reconciliation thus saving a lot of time. E-invoicing will allow interoperability as invoices generated through one software can now be read through other software as wel...