TAX ADVISOR - YOUR OWN TAX GUIDE

 Yesterday on 28th May 2021,Government announced major reliefs to MSME and others in GST.  We will discuss all the reliefs in brief one by one.  Amnesty Scheme :- To relief to taxpayers regarding Late Fee for Pending GSTR-3B for the tax periods from  👉 *July, 2017 to April, 2021* 🍍 If GSTR-3B returns for these tax periods are furnished between *01.06.2021 to 31.08.2021:* 🫐 Maximum Late Fees : 💸 *Rs. 500/-* (including CGST and SGST) per return who did 👉 *not have any tax liability* for the said tax periods.  🍓 Maximum Late Fees : 💸 *Rs1000/- per return* for other taxpayers;* Upper cap on late fees For GSTR 3B & GSTR 01 for Future Returns  👉 1. For *NIL Returns* irrespective of the turnover : 💸 *Rs. 500 per return.* 👉 2. For taxpayers having *turnover below 1.5 Cr* in the previous year : 💸 *2000 per return.* 👉 3. For taxpayers having *Turnover 1.5 cr to 5 Cr* : 💸 *5000 per return.* 👉 4. For Taxpayers having *Turnover above 5 Cr* : 💸 *10000 ...

There is a lockdown imposed at various locations throughout the country. The lock down is imposed either by the state Government or by the Central Government in view of the power given u/s 2 & 2A of The Epidemic Act. The question arises, whether there will be penalty or fine if the person effects any sale during the period of the lock down? The lockdown is imposed under the Epidemic Disease Act-1897. This Act empowers the Government with Power to take special measures and prescribe regulations as to dangerous epidemic diseases. Absolutely, this includes the power to impose the lockdown. It may be noted that the Epidemic Diseases Act, 1897 is a very old Act and consists of only 11 sections. The word “Lockdown” is absolutely not defined in the Epidemic Diseases Act, 1897. The question arises, if the Government has ordered the lockdown then whether still the businessmen can sale the goods? Whether the billing can still be done by the such businessmen? Whether it will attract any l...

In a move which will help curb tax evasion, GST authorities have been armed with real-time data of commercial vehicle movement on highways with integration of the e-way bill (EWB) system with FASTag and RFID. On an average 25 Lakh goods vehicle movements from more than 800 tolls are reported on a daily basis to the e-Way Bill system.   The integration of e-way bill, RFID and FASTag will enable tax officers to undertake live vigilance in respect of e-way bill compliances by businesses and will aid in preventing revenue leakage by real-time identification of cases of recycling of EWBs, non-generation of EWBs.  Based on the RFID information received, the various reports are made available in the MIS System and also on the Officer’s mobile App which will help in live vigilance of such vehicles and check GST evasion, Taxmen can now access reports on vehicles that have passed the selected tolls without e-way bills in the past few minutes, the authority may know the last tolls that h...

The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on *7th June 2021.*   🏄🏻‍♀️ The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a *modern, seamless  experience* to taxpayers: 🚣🏼‍♂️ New taxpayer-friendly portal integrated with *immediate processing of Income Tax Returns(ITRs)* to issue quick refunds to taxpayers; 🤹🏻‍♀️ All interactions and uploads or pending actions will be displayed *on a single dashboard* for follow-up action by taxpayer; 🪔 Free of cost ITR preparation software available *online and offline* with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort; ☎️ *New call center* for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent; 📲 All key portal functions on desktop will be available on *Mobile App* which will be enabled subsequently...

On Account of the surge in COVID cases, the following dates have been extended by the CBDT on 20th May 2021. i) Due date for filing return of income for AY 2021-22 extended to 30th September, 2021 from 31st July, 2021 – Regular Assessee . ii) Due date of Filing Return of Income for Tax Audit Assessee – Extended to 30th November, 2021 from 31st October,2021 iii) Due date of furnishing Tax Audit Report extended to 31st October, 2021 from 30th September, 2021 iv) Due date of Filing Belated/Revised Return of income extended to 31st January, 2022 from 31st December, 2021 v) Due date of Transfer Pricing Study Report extended to 30th November, 2021 vi) SFT Due date extended to 30th June, 2021 from 31st May, 2021 vii) Statement of Reportable Account - extended to 30th June, 2021 from 31st May, 2021 viii) TDS Statement for Q4 of FY 2020-21 extended to 30th June, 2021 from 31st May, 2021 ix) Form 16 Issue Date – extended to 15th July, 2021 from 15th June, 2021 Thanks & regards  CA Shivam...