Expert Tax Advisors

12/01/2021

27/07/2020

GST on E-Commerce Operators:-

E-commerce transactions look a bit complicated because many transactions are happening simultaneously. Thus, when a person is buying goods on Amazon, two transactions are happening simultaneously. The supplier is supplying goods through e-commerce portal and the e-commerce portal is supplying services to the supplier. Both the transactions are different transactions and subject to GST in its own nature. TCS provisions comes into operations at the end of the month, when the e-commerce operator is transferring considerations received to the supplier of goods or services.

20/07/2020

From today Income tax department has started a new initiative. This will change the face of the department.

Until now information that the Deptt used to receive from various sources used to open 6 years old cases causing inconvenience to taxpayers who might have lost documents pertaining to that information. And once case is opened he needs to go through lengthy scrutiny

Now in next 11 days Deptt will send high risk information that it has collected and analysed for FY 18-19 to the taxpayers and request them to have a relook. Time to file return or revised return for FY 18-19 has earlier been extended to 31 July 2020.

Hence if you get a call sms or email from Deptt please verify the information and if taxes yet not paid there is time till 31 July to pay tax and file return or revise return. This will also save you from scrutiny and hence there won't be any penalty. You don't have to visit IT Deptt as everything will be online.

Another positive development is that your 26AS statement which till now used to show tax deduction advance tax etc has now started showing your financial transactions in sale purchase mutual fund bond equity credit card FD etc. So you can see yourselves and file your return reflecting these.

This move to encourage voluntary compliance will lead to less grievances and will also free up department resources for high tax evasion cases.

13/07/2020

ITR-V Pending verification from AY 2015-16 onwards can be verified now. All cases of rejection of ITR due to non receipt at CPC Bengaluru for 5 assessment years can be verified now.

12/06/2020

05/06/2020

Gst late fee waived off

31/03/2020

No Extension of financial year for Financial year 2019-20

Ministry of finance issue a press release for extension of financial year

29/03/2020

https://youtu.be/PWY_3VJklGE

In this video we are discussing about summar assessment under income tax act