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...

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....

(Disclaimer : Taxmitr India does not own this content. This content contains extracts from  this  article of  Business Standard  ) SEBI  Circular No.: CIR/CFD/CMD1/114/2019. Click here to download The market regulator has said that an auditor will have to provide review - limited or complete audit report - for the quarter during which it resigns The market regulator has said that an auditor will have to provide review — limited or complete audit report — for the quarter during which it resigns. For instance, if the auditor decides to resign in August 2019, it will have to issue the review for the quarter ended September 30, 2019. Sebi’s latest circular on resignation of statutory  auditors  comes following a spike in  auditors  at listed firms in recent years. According to data provided by NSE Infobase, the year 2018 saw mid-term cessations of 48 auditors and another 16 so far this year. In the past,  Sebi  has fumed ov...

(Disclaimer : Taxmitr India does not own this content. This content contains extracts from  this  article of  Financial Express  ) Key figures in a nutshell  Revenue increased by 4.8 % to Rs 163,854 crore ($ 23.1 billion) PBDIT increased by 15.5% to Rs 25,820 crore ($ 3.6 billion) Profit Before Tax increased by 14.1% to Rs15,055 crore ($ 2.1 billion) Cash Profit increased by 18.0% to Rs 18,305 crore ($ 2.6 billion) Net Profit increased by 18.3% to Rs11,262 crore ($ 1.6 billion) Meanwhile, shares of  Mukesh Ambani -led Reliance Industries touched a fresh record today, propelling the firm’s market capitalisation to hit the crucial Rs 9 lakh crore mark. The rally in shares came ahead of the Q2 results. Reliance Industries shares jumped by more than 2 per cent to hit the day’s high at Rs 1,428. Reliance Industries market capitalisation has swollen to Rs 9.03 lakh crore, making it India’s most valuable firm by market capitalisation. IT giant T...

(Disclaimer : Taxmitr India does not own this content. This content contains extracts from this article of Financial Express  ) In a major crackdown against the tax evasion, the income tax department carried out raids at several places linked to wellness guru Kalki and his son. The raids were conducted at several locations in Varadaiahpalem in Andhra Pradesh and also in Chennai and Bangalore. The Income Tax Department conducted searches on a group of trusts and companies that run year-round wellness courses and training programmes at several locations in Andhra Pradesh, Karnataka and Tamil Nadu, the Central Board of Direct Taxes (CBDT) said in a statement. “A preliminary estimate of such unaccounted cash receipts is Rs. 409 crore from FY 2014-15 onwards. Such unaccounted cash receipts are also evidenced by huge quantities of cash and other valuables found at the residences of the founder and his son, and at one of the campuses,” the CBDT said. Click here to read complete ...

Click here to view/download notification 29/2019 DOWNLOAD A new sub-rule (4) is inserted w.e.f October 9, 2019 which states that a registered person can claim ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-01 (i.e. not getting reflected in Form GSTR-2A) only to the extent of 20% of the eligible credit available in respect of invoices or debit notes, the details of which have been uploaded by the suppliers “(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 20 per cent. of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers under sub-section (1) of section 37.”. Read complete notification for further clarification