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05/01/2023

New Section 139(8A) is Not Applied

The new proposed provision of Sec 139(8A) will not apply in case of the updated return,

-Is a return of a loss
-Holds the effect of decreasing the total tax liability find on the grounds of the return filed u/s 139(1), (4) or (5)
-The results in the refund or hikes the refund due on the grounds of the return filed u/s 139(1), (4) or (5)

In Short: Updated income tax return can only be filed condition it rises tax liability.

26/12/2020

No maximum attempt has been defined in law regarding Amendment in GST Certificate in non core field.

Hsn code comes under non core field

Sec 28 read with rule 19

02/12/2020

About 8 million GSTR-3B returns have been filed in November month, he said. “It was also directed at the meeting that all such taxpayers who have not yet filed their returns shall be sent SMS and email communications,” the official said.
In a move that could make it difficult for businessmen to evade filing their monthly financial transactions under the Goods and Services Tax (GST) regime, the government has directed taxmen to approach non-filers and remind them to file monthly returns, two officials said.
The government has also directed officials to cancel GST registration of chronic defaulters, who have not filed GSTR-3B— the summary return indicating supplies made, input tax credit availed and tax payment made in a month—for several months, the officials working for the Union finance ministry said requesting anonymity.
The process has started this month after authorities noticed that thousands of GST registered entities, with significant turnovers, have suddenly stopped filing monthly returns, the officials said. November 20 was the due date for filing of returns for the month of October by registered entities with more than Rs 5 crore turnover. The move is aimed at checking tax evasion while educating taxpayers that they can no longer con the system as government can easily track them through data analytics and artificial intelligence, the officials added.
After a high-level meeting in the department of revenue on this matter, the government directed taxmen to approach more than 25,000 GST assesses who failed to file GSTR-3B by November 20, one of the officials said. They have been asked to persuade such non-filers personally so that they file their returns by Monday, he added.
“These top 25,000 taxpayers, who have not yet filed their returns, were identified on the basis of last month’s statistics. Interestingly these top GST taxpayers had filed their returns in the previous month, but did not file the same this month, which is a matter of concern,” he said.
About 8 million GSTR-3B returns have been filed in November month, he said. “It was also directed at the meeting that all such taxpayers who have not yet filed their returns shall be sent SMS and email communications,” the official said.
The GST Network has also been directed to send 1 lakh SMS and e-mail reminders per day to the taxpayers, particularly to the defaulting taxpayers, to file the return in due time, he said.

Source----CAindia

02/12/2020

Individuals can now file their ITR by December 31, 2020. This is an extension after the due date was already pushed back from July 31 to November 30. The ITR will still be assessed for the period between April 1, 2019 and March 31, 2020.
A fresh due date has also been issued for filing ITRs for taxpayers whose accounts require to be audited and it has been extended to January 31, 2021.
Businesses and individuals will also get more time for various audit reports under the Act, including tax audit report and report in respect of international/specified domestic transaction. The new date for filing these will be January 31, 2021.
The new date for filing various audit reports under the Act has also been extended to December 31, 2020.
The I-T department also extended the deadline for small taxpayers, or those with a tax liability up to Rs 1 lakh, based on self-assessment to January 31, 2021.

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