B J S And Associates

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

Changes in Form 26AS

  1. Change in section
    Earlier Form 26AS was issued under Section 203AA r.w. rule 31AB. Now 26AS will be issued under section 285BB r.w. rule 114I.
  1. Change in Name
    Earlier name was “Annual Tax statement” and now the name is “Annual Information statement”
  1. Information reflected
    In addition to the information of TDS/TCS of the assessee, Payment of taxes, Refund status and AIR transactions, AIS will include following additional information:
  1. Demand status
  2. Ongoing Proceedings
  3. Completed Proceedings
  4. Specified Financial Transactions (SFT)
  5. Information received from foreign government, Offices under other law and any other person.

Cost inflation index

The cost inflation index (CII) for the financial year (FY) 2020-21 has been notified by the Ministry of Finance. In a notification dated June 12, the finance ministry stated that CII for FY 2020-21 has been set as 301. For the previous financial year, CII was 289

Decisions in 40th GST Council meeting

  1. Reduction in late fees for returns (GSTR 3B) of the period July 2017 to January 2020
  1. Nil Late fees if there is no tax liability
  2. Capped to 500/- per return in case of tax liability.
  3. Relief for late filing of returns for February 2020 to April 2020

For small taxpayers (Aggregate turnover up to 5 Crore), 9% Interest shall be charged in case till 30/09/2020. (Keeping in mind old relief, No Interest till due date specified previously and 9% p.a. afterwards till 30/09/2020)

  1. Relief for returns from May 2020 to July 2020

For small taxpayers (Aggregate turnover up to 5 Crore), Late fees and interest has been waived off for returns filed by September 2020.

  1. One-time extension of period for seeking revocation of cancellation of registration

To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.

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