FinStan Advisors

18/07/2020

Deadline for F.Y 2019-20 Tax Saving Investment till July 31st, 2020:

To claim deductions under the Income Tax Act for the financial year 2019-20 the last date for is July 31. Deductions can be claimed under various sections such as 80C (for life insurance (LIC), public provident fund (PPF), national savings certificate (NSC) equity-linked saving scheme (ELSS) and others.

Income Tax Department, Government Of India

12/07/2020

E-commerce products will have country of origin Deadline August 1st-

Department for Promotion of Industry and Internal Trade which comes under the Ministry of Commerce and Industry, held a virtual meeting with e-commerce companies Flipkart , Amazon India , Snapdeal & others in this regard. The department told the e-commerce companies that it will be mandatory for them to display the country of origin for each product.

The DPIIT suggested the deadline of August 1.

11/07/2020

Govt, Industry Quarrel Ends- GST on Hand Sanitiser

The Central Economic Intelligence Bureau alerted GST authorities about manufacturers of alcohol-based hand sanitiser paying 12% GST by “wrongly classifying” them as “medicaments" (under tariff heading 3004) instead of disinfectants (under tariff heading 3808), which attract an 18% levy.
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09/07/2020

Capital Gain Hunting by Income Tax Department-

Your Share Trading data is now accessible by Income Tax Department. A formal Memorandum of Understanding (MOU) was signed between CBDT & Market Regulator SEBI for exchange of data.

This move comes up to catch the retail traders who hide there Capital Gains with IT Department, now this will ease in detecting the non-disclosure in ITR.

In fact, to make disclosure of information on equity and equity related transactions stringent, the Income Tax (I-T) Department had added a new sheet in relevant ITR Forms last year in the midst of the Income Tax Return (ITR) filling session, named Schedule 112 A – From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A – while modifying the ITR on July 11, 2019.

“The MoU marks the beginning of a new era of cooperation and synergy between SEBI and CBDT,” the CBDT said in a release

https://www.financialexpress.com/money/income-tax/mou-signed-between-cbdt-and-sebi-your-share-trading-other-data-will-now-be-with-tax-department/2017897/

A formal Memorandum of Understanding (MoU) was signed today between the CBDT and SEBI, via video conference, for exchange of data between the two organisations.

01/06/2020

Income Tax Department, Government Of India Notifies IT Return Forms F.Y 2019-2020 - FinStan Advisors

The Central Board of Direct Taxes has notified the income-tax return forms for the financial year ended March 31, 2020. The I-T return forms incorporate the recent announcement made by the finance minister to ease the burden on taxpayers due to the Covid-19 pandemic.

As per an announcement in March, the date for making various investments or payments for claiming deductions had been extended to June 30, 2020.

A new schedule has been added in the I-T return forms to report investments made between April 1 up to June 30, 2020, for which deductions can be claimed in financial year 2019-20.

This mitigates any anxiety taxpayers may have had on how to claim deductions for investments during this extended three-month period.