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Rittique Phukan & Associates,CHARTERED Accountants., No-5, Santipath, R. G. Baruah Road, Guwahati (2026)

25/09/2025

Tax Audit date extended from 30th Sep to 31st October 2025.

27/05/2025

Income Tax filing filing deadline extended from 31st July 2025 to 15th September 2025.

01/07/2024

The Institute of Chartered Accountants of India completes 75 glorious years today.
Happy CA Day.

01/07/2023

Greetings and best wishes to everyone on 75th National Chartered Accountant Day .
Also a very Happy Doctors Day & SBI Day.
1st July.

12/03/2023

Deadline for PAN-Aadhaar linking is ending on 31st March 2023 that means if you fail to link you PAN card with your 12-digit unique identification number, your PAN would become inoperative from next month. Apart from this, end of march would mean end of current financial year as well. So, there are several other financial tasks like, submission of updated income tax return (ITR) filing for AY 2020-21, advance tax payment and tax saving investments, which needs to be completed by end of this month. In fact, last date for advance tax payment is 15th March 2023 and it needs to be done on a urgent basis.

12/07/2022

*ITR Filing is Mandatory in 10 Situations*

1. If your total income exceeds the *basic exemption limit* of Rs. 2,50,000/-.

2. If you have *assets* outside India.

3 If you deposit more than *Rs .1 crore* in a bank account.

4. If you incur *Rs. 2 lakh* on *foreign travel.*

5. If your *electricity Consumption* is *Rs. 1 lakh* per annum.

6. If *Turnover* of your business is more than *Rs. 60 lakh* in a year.

7. If *Gross Receipt* from Profession is more than *Rs. 10 lakh.*

8. If *TDS* is Rs. *25,000* or more

9. If *TCS* is *Rs. 50,000* or more.

10. If deposit in a *saving bank account* is *Rs.50 lakh* or more

Last date for filing ITR is 31-07-2022.

10/09/2021

Details of extension of filing of IT Returns.

1.The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;

2.The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;

3.The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st January, 2022;

4.The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th February, 2022;

5.The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 28th February, 2022;

6.The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022;

It is also clarified that the extension of the dates as referred to in clauses (9), (12) and (13) of Circular No.9/2021 dated 20.05.2021 and in clauses (1), (4) and (5) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds rupees one lakh. Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.

CBDT Circular No.17/2021 in F.No.225/49/2021/ITA-II dated 09.09.2021 issued.

02/05/2021

1.CBDT - Extension of Due Dates for Tax Payers:
On Account of the surge in COVID cases, the following dates have been extended by the CBDT

2. Filing Belated Return of Income u/s 139(4) for AY 2020-21 (FY 2019-20) – Extended to 31st May, 2021 (which ended on 31st March, 2021)

3. Filing SFT (Form 61) extended to 31st May, 2021 (where the due date was 30th April, 2021)

4. Return filed in response to 148 of the Income Tax Act – where return of income had to be filed on or after 1st April, 2021 - can now be filed upto 31st May, 2021

5. Relaxation of Filing Appeal dates for Appeals to CIT (Appeals) extended to 31st May, 2021 (where such last date was 1st April, 2021 or after)

6. Payments of TDS deducted u/s 194IA, 194IB and 194M and filing of challan-cum-statement on the same may be furnished on or before 31st May, 2021 (earlier date 30th April, 2021)

7. The timeline to update UDIN of past uploads of audit report and certificates has been further extended up to 30th June, 2021. Kindly avail the benefit and avoid invalidation.

8. The gross GST revenue collected in the month of April’ 2021 is at a record high of Rs. 1,41,384 crore
The GST revenues during April 2021 are the highest since the introduction of GST.

9. Relaxation in GST Compliance:

No late fees for filing 3B of Mar/April 3B upto 15 days and 30 days from original due date for taxpayer with turnover more than 5 cr and upto 5 crore respectively. For quarter ending 31st Mar, no late fees if 3B filed by 30 days from original due date
GSTR-4 due date extended to 31st May
ITC-04 due date extended to 31st May for Jan-Mar quarter
GSTR-1 due date for April'21 extended to 26th May and IFF due date extended to 28th May.
Timeline for all other proceedings, asset order etc. Whose last date of completion falls between 15th April to 30th May is extended to 31st May
Relaxation in Interest rate for Mar and April returns.

10. IGST on Import of Oxygen Concentrators for personal use has been reduced from 28% to 12% to bring IGST rate on such personal imports at par with commercial imports of the same.This reduced IGST rate for imports of concentrator for personal use shall be applicable upto the 30/6/21.
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26/04/2020

TDS on Salary for FY 2020-21. - How to choose between Old Tax Regime & New.

The Central Board of Direct Taxes (CBDT), via a circular dated April 13, clarified that employers will have to deduct TDS from salary for FY2020-21 as per the tax regime - new or old - chosen by the employee. If an employee wants to go for the new tax regime he/she must inform the employer of this else by default TDS would be deducted as per old regime tax rates.
Remember, TDS on salary is deducted as per the applicable tax slab rates on your income whereas TDS on say interest income from fixed deposits is deducted at only 10%.

Also, once the choice of tax regime has been communicated to the employer, the employee cannot change the choice of tax regime during the financial year. However, an employee will have the option to switch the tax regime at the time of filing tax return (ITR), the circular stated.

30/03/2020

Important updates for year ending 31st March ,2020:-
*GIST OF COMPLIANCE AND STATUTORY REGULATIONS as per announcements made on 24/03/2020 .

*Income Tax related matters:*

*FY 18-19* – the last date for Income tax returns extended 30/06/2020, for delayed payment interest rate reduced from 12% to 9%

*TDS* - No extension, but on delayed deposit of TDS only reduced interest of 9% charged on the delayed deposit till 30/06/2020

*Various dates* - Due dates for issuance of notice, intimation, notification, approval orders, sanction orders, furnishing of returns, returns statement, application, reports any other documents and any compliance by the tax payer including investment in saving instruments (80C) or roll over of capital gains (54 to 54F), prohibition of benami transaction act, black money act, STT law, CTT law, equalization levy law, VseV law – all extended to 30/06/2020

*Aadhar PAN linking date* extended to 30/06/2020

*VseV scheme* has also been extended to 30/06/2020 and from now to 30/06/2020 no additional 10% charge

*GST related matters:*

*March, April, May 2020 Returns and composition returns* – all are extended to 30/06/2020 – specific dates such 25, 27 or 30th

*Companies which have less than 5 crores* – no interest, no late fees, no penalties

*Companies bigger than 5 cores* – nothing for first 15 days, thereafter interest @ 9%, no late fees, no penalties

*Composition date* – extended to 30/06/2020

*Customs and Excise related matters*

*Sabka Vishwas* – now we are extending Sabka vishwas to 30/06/2020 – no interest levied

Custom clearance will do its duties 24*7

*MCA related matters*

*MCA 21 Registry* - moratorium being issued 1st April onwatds till 30/09/2020 – their will be no additional fees for late filling

Also for *holding board meetings*, relaxing period of 60 days for next two quarters

Applicability of the company’s Auditor’s report order 2020 *(CARO)* shall be applicable from 2020-21 instead of 2019-20

2019-20 – if *independent directors* have not hold one meet shall not be seen as violation

*For newly incorporated companies* – to file declaration of commencement of business within 6 months – now additional time of 6 months

If there is a *company’s director*, who does not comply with minimum residence of 182 days or more u/s 149 of Co Act, this was treate as violation, now it will not be treated as violation

Requirement to *deposit reserve of 20%* for 20-21 before 30/04/2020, now extended to 30/06/2020

*Invest 15% of debentures* maturing during relevant year in specific instruments before 30/40/202, now extended to 30/06/2020

*IBC related matters*

1 lakh of rupees – *threshold* is being raised for default to 1 crores for MSME, if it continuous like, then section 7, 9 and 10 of IBC will be suspended for six months.

*Fishery compliances*

All *sanitary import permits* – which were expired 1/3/2020 and 15/4/2020, extended for 3 more months

The *delay for the month* of 1 month will be condoned.

*Rebooking for quarantine cubicles* for the cancelled assignments – no booking charge

*Verification of documents* and grants of NOC for quarantine will be related from 7 days to 3 days

07/09/2019

Income Tax(TDS) Rule changes from 1st September,2019:-

Some income tax changes announced in this year's Budget comes from September 1, 2019. The full Budget for this year was presented in July this year. Cash withdrawals exceeding Rs.1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions the definition of immovable property has been widened to include charges like club membership fee and car parking fee for TDS levy. Also, in another income tax rule change, a higher TDS will be levied if life insurance maturity proceeds received are taxable in your hands.

Here are 4 changes in income tax rules that come into effect from September 1:

1) The government has introduced a new Section called 194N in income tax laws under which cash withdrawals exceeding Rs.1 crore in aggregate in a year from banks, post offices or co-operative society engaged in carrying on the business of banking will attract a TDS @2%. Payments made on or after September 1 will attract the provisions of Section 194N.

The income tax department has clarified that cash withdrawal prior to 1 September, 2019, will not be subjected to TDS under Section 194N. However, since threshold of Rs.1 crore is with respect to the previous year, the calculation of amount of cash withdrawal for triggering deduction under section 194N will be counted from 1 April, 2019.

2) The government has amended 194-IA of Income Tax Act to include all charges of the nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or any other charges of similar nature, which are incidental to transfer of the immovable property, under immovable property, for levy of TDS. This comes into effect from 1 September. It is to be noted that the TDS is levied @1% if the value of the property exceeds Rs.50 lakh. So now, charges like club membership fee, car parking fee, electricity or water facility fee will also be included for calculation of TDS.

3) The government has introduced a new Section called 194M in income tax laws under which individual is required to deduct TDS @5% for paying a sum in excess of Rs.50 lakh for carrying out any work in pursuance of a contract or by way of fees for professional services during a financial year. Payments made on or after September 1 will attract the provisions of Section 194M.

4) A higher TDS of 5%, from 1% earlier, will be levied if life insurance maturity proceeds received that are taxable in your hands. According to current tax laws, if the annual premium paid on the insurance policy is less than 10% of the sum assured the amount received on maturity are exempt from tax. (For insurance policies purchased before April 2012, the premium must be less than 20% of the sum assured to get the tax benefit on maturity).

It is to be noted that TDS is levied if the maturity proceeds exceeds Rs.1 lakh.

Rittique Phukan & Associates,CHARTERED Accountants.

25/09/2025

27/05/2025

01/07/2024

01/07/2023

12/03/2023

12/07/2022

10/09/2021

02/05/2021

26/04/2020

30/03/2020

07/09/2019

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