Taxzone India, CAs & GST Professionals

31/05/2021

Recommendations of 43rd GST Council meeting!

4. Rationalisation of late fee leviable on account of delay in furnishing return in Form GSTR-7 by Tax Deductors at Source for prospective tax periods (June, 2021 onwards).

31/05/2021

Recommendations of 43rd GST Council meeting!

3. Rationalisation of late fee leviable on account of delay in furnishing return in Form GSTR-4 by composition taxpayers for prospective tax period (FY 21-22 onwards).

31/05/2021

Recommendations of 43rd GST Council meeting!

2. Rationalisation of late fee leviable on account of delay in furnishing return in Form GSTR-3B and Form GSTR-1 for prospective tax period (June, 2021 onwards).

31/05/2021

Recommendations of 43rd GST Council meeting!

1. Amnesty scheme to provide relief to the Taxpayers.

24/06/2020

Due date of all Income Tax Returns for FY 2019-20 to be extended from 31st July, 2020 to 30th November, 2020. Date for Tax Audit Reports also to be extended.

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

27/10/2019

21/08/2019

Due date for GSTR 3B return for July 2019 has been extended to 22nd August 2019

30/07/2019

Kerala Flood Cess shall be levied and collected for a period of 2 years, with effect from 01 August 2019

Levy: Kerala Flood Cess is to be charged only on Intra-state supplies (only in Kerala) provided by a registered person to an unregistered person at the give rates

23/07/2019

Central Board of Direct Taxes (CBDT) extends the due date for filing of Income Tax Returns from 31st July to 31st August, 2019.

01/02/2019

HIGHLIGHTS OF BUDGET 2019

*Tax*
1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. *Full Tax rebate upto 5 lakh annual income after all deductions.*
7. Standard deduction has increase from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.
*Other Areas*
14. State share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs seats will increase for the reservation of 10%
17. 60000 crores for manrega
18. 1.7 Lakh crore to ensure food for all
19. 22nd AIIMS has to be opened in Haryana
20. Approval has to be given to PM Kisan Yojana
21. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of India film makers