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Posts by CA Dhananjay Ojha

Extension of due dates for Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for 2018-19

The due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C)  has been decided to extend for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020

Filing of Annual Return (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore.

The filing of reconciliation Statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto Rs. 5 crore.

 

 

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Due Date for Tax Audit and Income Tax Returns Extended

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.

The Government issued a Notification on 24thJune, 2020 under the Ordinance which, inter alia, extended the  due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30th November, 2020. Hence, the returns of income which were required to be filed by 31st July, 2020 and 31st October, 2020 are required to be filed by 30th November, 2020. Consequently, the date for furnishing various audit reports including tax audit report under the Income-tax Act, 1961 (the Act) has also been extended to 31st October, 2020.

In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to further extend the due date for furnishing of Income-Tax Returns as under:

(A)       The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021.

(B)   The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is 30th November, 2020] has been extended to 31st January, 2021.

(C)      The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was 31st July, 2020] has been extended to 31st December, 2020.

Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 31st December, 2020.

Further, in order to provide relief to small and middle class taxpayers, the said notification dated 24th June, 2020 had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs. 1 lakh. Accordingly, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts audited was extended from 31st July, 2020 to 30th November, 2020 and for the auditable cases, this due date was extended from 31st October, 2020 to 30th November, 2020.

In order to provide relief for the second time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh has been extended to 31st January, 2021 for the taxpayers mentioned in para 3(A) and para 3(B) and to 31st December, 2020 for the taxpayers mentioned in para 3(C).

The necessary notification in this regard shall be issued in due course.

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Tax Collected at Source on sale of goods applicable from 1st Oct 2020 (New Section 206C(1H)

Tax Collected at source (TCS) is Income Tax which is required to be collected by the seller (Collector) from the Buyer.

Analysis of New Section 206C(1H) 

1. The Government of India has introduced a new Section 206C(1H) with regards to Tax Collection at Source‘. Applicable to everyone having turnover of Rs. 10 crores in last financial year.

2. Every seller who has received any amount as sale consideration above Rs. 50 lakhs from buyer has to collect additional 0.10% [Relaxed rate for FY 2020-21 – 0.075%] of bill amount, collect PAN and pay as TCS every month.

3.TCS to be levied on Sales that is in excess of Rs 50 Lakhs post 01-10-2020.

4. TCS Shall be collected at the time of receipt of sales consideration, hence liable to be collected in the month in which amount is received. Further TCS collected during a month needs to be deposited within 7 days of next month.

 

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पोस्ट ऑफिस मासिक आय योजना (POMIS) में निवेश देता है बेहतर रिटर्न, जाने उससे जुड़ी महत्वपूर्ण बातें

इंडिया पोस्ट वेबसाइट indiapost.gov.in के अनुसार, पोस्ट ऑफिस की मासिक आय योजना के तहत खाता खोलने के लिए, न्यूनतम 1,000 रुपये का निवेश करना होता है 1,000 रुपये से अधिक की किसी भी राशि का उपयोग खाता खोलने के लिए किया जा सकता है.

व्यक्तिगत एकाउंट या सिंगल एकाउंट में निवेश के लिए 4.5 लाख रुपये की अधिकतम सीमा लागू की गई है. वहीं ज्वाइंट एकाउंट के लिए यह सीमा 9 लाख रुपये रखी गई है.


 

 

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Collateral free Working Capital Loans upto Rs 10,000 Under By Govt of India

Ministry of Housing and Urban Affairs has launched ‘Prime Minister Street Vendor’s AmtaNirbharNidhi Scheme (PM SVANidhi).

It aims at facilitating collateral free working capital loans upto Rs 10,000 of 1 year tenure, to  street vendors across the country.

It provides for incentives in the form of interest subsidy @ 7% per annum on regular repayment of loan and cash-back upto Rs. 1,200 per annum on undertaking prescribed digital transactions.


 

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Status of FCRA Accounts for NGO and Its Funds

An NGO is registered under the FCRA, 2010 or granted Prior Permission by Central Government for receiving and utilising foreign funds/contribution. It can receive and utilize such contribution for a definite cultural, economic, educational, religious or social programme as provided under Section 11 of the Act.  Details of foreign contribution received and utilized are available in the Annual Returns of the association/NGO which have been uploaded on the FCRA Portal www.fcraonline.nic.in   

When foreign contribution is found to be misused, The FCRA, 2010 provides for cancellation of certificate of the NGO/association under Section 14.  Cases of serious nature where any offence punishable under the Act is prima-facie made out, the matter may also be referred to an investigating agency under Section 43 of The FCRA, 2010. 

There are approximately over 22400 associations/NGOs which are registered under the FCRA, 2010.  Each such association/NGO has opened atleast one FCRA account in bank.  It can also open one or more utilization accounts in any bank of its choice.  Statewise details in this regard are available on the FCRA Portal www.fcraonline.nic.in


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Ban on Chinese Products by Govt. of India

The Government regularly reviewing the country’s import policy for vision of Atmanirbhar Bharat.

imports regulation decision are taken based on the assessment in national and public interest.

Now, approx 550 tariff lines are under the ‘Restricted’ / ‘Prohibited’ category for imports under the Foreign Trade Policy, imports of which are restricted from all countries including China.

To support and expand domestic capacities, Government has also implemented policies to promote the domestic manufacturing through ease of doing business and production linked incentives (PLSs), including in the field of mobile phones and electronics components and bulk drugs and medical devices, in line with the vision of Atmanirbhar Bharat.

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Govt announces financial assistance for those who Lost job due to COVID-19 (Atal Bimit Vyakti Kalyan Yojana)

The government has decided to relax the existing conditions and the amount of relief for workers who have lost employment during the COVID-19 pandemic period.

The relaxation in following eligibility conditions for availing relief under the scheme during the period 24.03.2020 to 31.12.2020 as under: –

1. The Insured Person should have been in insurable employment for a minimum period of two years immediately before his/ her unemployment and should have contributed for not less than 78 days in the contribution period immediately preceding the unemployment and minimum 78 days in one of the remaining three contribution periods in two years prior to unemployment.

2. Claim shall be due 30 days after date of unemployment.

3. The claim for relief may be submitted by an IP online in the prescribed claim form duly completed, directly to the Branch office. The payment shall be made in the bank account of the IP within 15 days from the receipt of the duly completed claim. Aadhaar shall be used for identification of the Insured Person.

4. Relief to the extent of 50 % of the average per day earning during the previous four contribution periods to be paid up to maximum 90 days of unemployment.

The above relaxed eligibility conditions will be applicable for the period 24.03.2020 to 31.12.2020 only. The other conditions as specified in the original Atal Beemit Vyakti Kalyan Yojana as notified on 04.02.2019 will remain the same.

The Scheme Atal Beemit Vyakti Kalyan Yojana will be available with original eligibility conditions for the IPs who became unemployed on or before 23.03.2020 and on or after 01.01.2021.

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Street vendors can get collateral free working capital loans of up to ₹10,000

The PM SVANidhi Scheme was launched by Ministry of Housing & Urban Affairs under the ambit of ‘AtmaNirbhar Bharat Abhiyan’.
It aims at facilitating collateral free working capital loans upto 10,000 of 1 year tenure, to about 50 lakh street vendors in the urban areas, including those from the surrounding peri-urban/ rural areas, to resume their businesses post COVID-19 lockdown.

Incentives in the form of interest subsidy at 7% per annum on regular repayment of loan, cashback upto 1,200 per annum on undertaking prescribed digital transactions and eligibility for enhanced next tranche of loan have also been provided.

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NITI DARPAN Registration

The NGO Darpan (NGO-PS) is a platform of interface between Voluntary Organization (VO) / Non-Governmental Organization (NGO) and key Ministries / Departments / Government Bodies. Later it is proposed to cover all Central Ministries / Departments / Government Bodies.

The key Ministries/Departments/ Government Bodies in the first phase are M/o Culture, M/o Health & Family Welfare, M/o Social Justice & Empowerment, M/o Tribal Affairs, M/o Women & Child Development, D/o Higher Education, D/o School Education & Literacy, Council for Advancement of People’s Action and Rural Technology (CAPART), National AIDS Control Organisation (NACO) and Central Social Welfare Board (CSWB).

This is a free facility offered by the NITI Aayog in association with National Informatics Centre to bring about the greater partnership between government & voluntary sector and foster better transparency, efficiency, and accountability.

The NGO-PS helps VOs/NGOs to:

  • Get details of existing VOs / NGOs across India
  • Get details of the schemes of the participating Ministries/Departments/Government Bodies (mentioned at home page) offering grants to VOs / NGOs
  • Apply on – line for NGO grants
  • Track status of your applications for grants

The NGO/CSO already signed up or making fresh sign-up on NGO Darpan Portal, need to update /upload at least three of their officer beareres with the following designations mandatorily, however; the details of other members will be optional

  • i.       Chairman / President
  • ii.     Secretary (in charge of operations)
  • iii.   Treasurer / Financial Trustee (or any other name for similar position)
    For Any NGO Support for funding contact @ 7678456921 or mail at support@dhantax.com

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