B J S And Associates

Category: Tax Updates

Equalisation levy

Introduction Due to advent of Internet and push for digital economy, huge opportunities have opened for online services. National boundaries are now not an obstruction as you do not need physically present in any country to provide such services. This has also created a new tax issue as to how to tax these companies when […]

Trust Re-Registeration

Section : 12AB of the Income Tax Act,1961 – Provision & Re-Registration Procedure of Trust               Who should Switch to Section: 12AB All the existing charitable and religious institutions (including NGOs) which are registered or approved under the following sections- Section 12A Section 12AA Section 10(23C) Section 80G Registration […]

Income Tax Section 206C [1H] Explained

Income Tax Section 206C [1H] Explained

Introduction of 206C(1H) in Income tax act for collection of Tax at Source (TCS) on Sale of Goods w.e.f. 01-10-2020 (Today) Applicability Persons whose turnover in preceding financial years exceeds 10 Crore,  On sale of goods exceeding 50 lakhs except  export or goods  Sale of goods which are already covered in other TCS Provisions (I.e. […]

Revised, Belated Income Tax Returns For FY 2018-19 Extended to September 30, 2020

The government has formally extended the date to file belated and revised income tax returns for the financial year 2018-19, to September 30, 2020 from the earlier date of July 31, 2020. The Central Board of Direct Taxes (CBDT) issued a notification to the effect dated July 29. Prior to this, the government had extended the deadline to file belated income tax return (ITR) for FY […]

Relaxation In The Time Limit in the Deadline to Verify ITR V

In notification on July 13, the Income Tax Department has allowed one-time relaxation to the taxpayers for such onetime relaxation for the taxpayers under the verification of tax-returns that are pending due to non-filling of the Form ITR-V. The relaxations have been given those pending due to the non-filling of the form of ITR-V Form and processing  […]

Tax Compliances for the Month of August 2020

The Business entity such as Proprietary Concerns/Partnership Firms/ LLP/ AOP/HUF/ Companies, etc. must follow various statutory compliances monthly/quarterly/half-yearly/annually. For the benefit of all and timely compliances related to various laws applicable to be followed for the month of August (July Commitments) are listed below:  Due Date Category Description  03-08-2020 GST Quarterly Return for taxpayers having an aggregate turnover up to Rs.1.5 Crore […]

Recent updates on Income Tax & GST for the month of June 2020

Changes in Form 26AS Change in sectionEarlier Form 26AS was issued under Section 203AA r.w. rule 31AB. Now 26AS will be issued under section 285BB r.w. rule 114I. Change in NameEarlier name was “Annual Tax statement” and now the name is “Annual Information statement” Information reflectedIn addition to the information of TDS/TCS of the assessee, […]

Due dates for various tax compliances for the month of June-2020 (with COVID19 relief)

Due dates for various tax compliances for the month of June-2020 (with COVID19 relief)

Due dates for various tax compliances in the month of June-2020 Due dates for compliance under Goods & Service Tax (GST) Dues dates for filling GSTR-3B for the months of February to May 2020. T/o in last FY Interest Charged February 20 March 20 April 20 May 2020 Category I: More Than 5 Crores Yes […]

Finance minister announcement on Stimulus Package (Part 1)

Finance minister announcement on Stimulus Package (Part 1)

The Prime Minister in his speech dated 12th May 2020 stressed on his agenda to stimulate growth and to build a self-reliant India. The whole initiative is called Atma Nirbhar Bharat Abhiyaan (Self Reliant India Mission). These initiatives would be based on the below 5 pillars: Economy Infrastructure Tech-driven systems Demography Demand The focus would […]

Due dates for various Tax compliances in the month of May-2020

Due dates for various Tax compliances in the month of May-2020

Due dates for various Tax compliances in the month of May-2020 Due dates for compliance under Goods & Service Tax (GST) The last date of filing GSTR-3B for the period of March-20 is 05/05/2020 for the taxpayers having turnover above Rs.5 crore. After 05/05/2020, interest @9% p.a. will be levied and no late fees. Further, […]