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Posted on : 2020-05-12 17:37:09
1. The guidelines issued by the Ministry of Home Affairs (MHA) Government of India vide order no. 40-3/2020-DM-I(A) dated 15.04.2020 amongst other things specifies that all industrial and commercial establishments, work places, offices, etc. shall be required to obtain medical insurance for the workers mandatorily before starting their operations after the lockdown (refer para 21 read with sr. no. 5 of Annexure-II to the given order). IRDAI in pursuant to the said order vide circular dated 16.04.2020 has advised insurers to offer comprehensive health insurance policies to individuals or groups to enable the above-mentioned organizations to comply with the government’s directions. The regulator has also advised the insurers to devise these comprehensive health insurance products with simple wordings and conditions and at an affordable cost for the stated organizations.2. Now the following aspects are yet to be clarified concerning the above-mentioned guidelines:a. Whether medical insurance for the workers already covered under the ESI Act, 1948 (i.e. those who earn less than Rs. 21,000/-) and thereby covered for various medical benefits (including in-patient treatment) is also to be obtained separately over and above the ESI coverage for compliance with the MHA guidelines? It would appear that the MHA guidelines intend to cast a wider net and mandate the provision of group/individual medical insurance also to employees not covered under the ESI Act, 1948 and therefore a separate cover for those already under the ESI may not be required.b. Will the mandatory medical cover be offered only till the pandemic is over? Guidelines are silent on whether the mandatory medical insurance will have to be provided till a certain period and if yes, what could be that period? Clarity on the period will enable insurance companies to come out with products to limit the cost of insurance.c. Whether a group policy is mandatory or even individual policy can be taken? Guidelines only provide that the medical insurance for all the workers would be mandatory. Therefore it would be optional for the employer to obtain group medical insurance cover (without individual underwriting) or even individual medical insurance cover considering the costs and the benefits.d. The cost of such mandated insurance also needs to be considered and capped to avoid putting an unreasonable burden on struggling sectors. Therefore clarity on the same is also required.e. The issuance of group cover requires time to access the risks and determine the premium cost. Therefore clarity is required on whether the mandatory cover is to be compulsorily obtained before starting the operations or the same can also be obtained within a reasonable time.f. It may also be noted that the revised guidelines issued by MHA on 01.05.2020 does not include the clause on obtaining the mandatory cover as provided under the earlier guidelines dated 15.04.2020. Therefore clarity is also required in this aspect.
Posted on : 2020-05-22 00:27:40
All registered taxpayers exporting goods or services will now be required to submit a Letter of Commitment (LUT) in GST RFD-11 form on the GSTN common portal to conduct exports without IGST payment.
When to file / file? - The commitment letter must be submitted / submitted online before exporting the goods / services.
Prior to this, exporters had to manually submit the completed and signed RFD-11 on commercial letterhead in duplicate-
1. One for the Deputy Commissioner / Jurisdictional Assistant who has jurisdiction over their main place of business where verification with Export documents is done through ICEGATE
2. Another along with export documents to the customs clearance authority.
Like the previous excise tax regime, this led to exporters wasting considerable time and operating expenses on this compliance.
Finally, this process has now been streamlined and made simple and fast, giving transparency to the entire export process by all the stakeholders involved.
Please note that the furnishing of bond must be done on non-judicial stamp paper and therefore requires manual submission.
Important update!File fresh LUT for financial year 2020-21LUT will be valid for one financial year. If LUT was file in financial year 2019-20, then the validity expiration date of that LUT is March 31, 2020. Therefore, you must provide a new LUT for financial year 2020-21. The deadline to provide such LUT for the financial year 2020-21 extends from March 31, 2020 to June 30, 2020. |
Please follow this steps on GST Potal to furnish letter of undertaking (LUT) :
Step 1- Login to https://www.gst.gov.in/
Step 2: Click on ‘SERVICES Tab > ‘User Services’ > Select ‘Furnish Letter of Undertaking(LUT)’
Step 3- after that your select the financial year for which Letter of Undertaking is applied (LUT) drop-down list. Example: 2020-21
Posted on : 2020-05-13 19:43:41
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.GST registration usually takes between 2-6 working days. We’ll help you to register for GST in 3 easy steps.*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 201Who Should Register for GST?Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)Casual taxable person / Non-Resident taxable personAgents of a supplier & Input service distributorThose paying tax under the reverse charge mechanismPerson who supplies via e-commerce aggregatorEvery e-commerce aggregatorPerson supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.What is GST Registration Process?The Goods And Services Tax (GST) Registration services at ClearTax helps you to get your business GST registered and obtain your GSTIN.ClearTax GST experts will guide you on the applicability and compliances under GST for your business and get your business registered under GST.
Posted on : 2020-05-23 14:22:43
Imprortant updateDeadline for filing the Income tax return for AY 2019-20 (financial year 2018-19) extended to August 31, 2019 |
Incometaxindiaefiling.gov.in is a Government of India official website for the Income Tax E filing, income tax website launched for helping income taxpayers to file their income tax returns online. income Taxpayers use this website Incometaxindiaefiling.gov.in to file their income tax tax returns every year.
Go to the income tax website through Incometaxindiaefiling.gov.in you will find " register " on right side of income tax website
Posted on : 2020-05-21 22:50:58
The goods and services tax (GST) is a value added tax that applies to most goods and services sold for internal consumption. The Goods and Services Tax Law was approved in Parliament on March 29, 2017. The Law went into effect on July 1, 2017; The Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is applied to each value added.
In simple words, the goods and services tax (GST) is an indirect tax that is applied to the supply of goods and services. This GST law has replaced many of the indirect tax laws that previously existed in India. The GST is paid by consumers, but the companies that sell the goods and services refer it to the government. In effect, goods and service tax generate revenue for the government.
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The GST is an indirect sales tax that is applied to the cost of certain goods and services.. The business adds the GST to the product price, and a customer who purchases the product pays the sale price plus the GST. The part of the GST is collected by the company or the seller and sent to the government.
Most countries with a GST have a single unified GST system, which means that a single tax rate is applied across the country. A country with a unified GST platform merges central taxes (eg, sales tax, consumption tax, and service tax) with state-level taxes (eg, entertainment tax, entry tax) , transfer tax, sin tax and luxury tax) and collects them as a single tax. These countries tax almost everything at a single rate.
Only Brazil and Canada , have a dual GST structure. Compared to a unified GST economy where the federal government collects taxes and then distributes them to the states, in a dual system, the federal GST is applied in addition to the state sales tax. In Canada, for example, the federal government applies a 5% tax and some provinces / states also impose a provincial state tax (PST), which ranges from 7% to 10%. In this case, the consumer receipt will clearly have the GST and PST rate applied to their purchase value.
In the GST Regime, companies whose turnover exceeds Rs. 40 lakhs * (Rs 10 lakhs for NE and mountain states) are required to register as a normal taxable person. This registration process is called GST registration.
For certain companies, registration under GST is mandatory. If the organization conducts business without registering under GST, it will be a crime under GST and heavy penalties will apply.
GST registration generally takes 2-7 business days. We will help you sign up for GST in 3 easy steps.
* CBIC has reported the increase in threshold rotation from Rs 20 lakhs to Rs 40 lakhs. The notification will take effect on April 1, 2019.
1. People registered under the Pre-GST law (i.e. excise, VAT, service tax, etc.)
2. Companies with a turnover above the limit of Rs. 40 Lakhs * (Rs.10 Lakhs for the Northeast States, J&K, Himachal Pradesh and Uttarakhand)
3. Occasional taxable person / non-resident taxable person
4. Inbound service provider and distributor agents
5. Taxpayers under the reverse charge mechanism
6. Person supplying through the e-commerce aggregator
7. Each e-commerce aggregator
8. Person who provides online information and access to the database or recovery services from a place outside India to a person in India, who is not a registered taxable person
* CBIC has reported the increase in threshold rotation from Rs 20 lakhs to Rs 40 lakhs. The notification will take effect on April 1, 2019.
1. Applicant's PAN
2. Aadhaar card
3. Proof of company registration or certificate of incorporation
4. Proof of identity and address of promoters / director with photographs
5. Proof of address of place of business
6. Bank account statement / canceled check
7. Digital signature
8. Board Resolution for Authorized Signatory / Letter of Authorization
The Goods and Services Tax (GST) registration services at TaxCaller our experts help you register your GST for your business and obtain your GSTIN.
The TaxCaller GST experts will guide you in the applicability and compliance of GST for your business and will make your business register under GST.
An offender who does not pay taxes or makes short payments (genuine errors) has to pay a fine of 10% of the amount of tax owed subject to a minimum of Rs. 10,000.
The fine will be 100% of the amount of the tax owed when the criminal has deliberately evaded the payment of taxes.
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Posted on : 2020-05-22 17:42:04
Every Business whose annual turnover exceeds Rs 40 lakh (for special states, the amount is Rs 10 lakh) or supply of goods and services inter-state has to register for GST.
The time limit for completion or filing return has been extended to June 30, 2020, where the time limit falls between the period from March 20, 2020 to June 29, 2020. It does not include cases in which a Person needs to obtain the GST registration in section 25 (Normal registration) and 27 (Registration as non-resident taxpayer/ casual taxpayer) of the CGST law act.
Please follow a step-by-step guide on how to complete the online registration process on the GST Portal:
Step 1: Go to GST Portal. Click on Registration under Service Tab
Step 2: Enter the below given details in Part A -
Step 2: Enter the below given details in Part A -
Every Business whose annual turnover exceeds Rs 40 lakh (for special states, the amount is Rs 10 lakh) or supply of goods and services inter-state has to register for GST.
The time limit for completion or filing return has been extended to June 30, 2020, where the time limit falls between the period from March 20, 2020 to June 29, 2020. It does not include cases in which a Person needs to obtain the GST registration in section 25 (Normal registration) and 27 (Registration as non-resident taxpayer/ casual taxpayer) of the CGST law act.
Please follow a step-by-step guide on how to complete the online registration process on the GST Portal:
Posted on : 2020-05-23 15:47:31
| Particulars | Amount |
|---|---|
| For individuals age below 60 years | Rs 2.5 Lakh |
| For individuals age above 60 years | Rs 3.0 Lakh |
| For individuals age above 80 years | Rs 5.0Lakh |
Posted on : 2020-06-01 11:13:05
CBDT notifies Income tax teturn 1 to 7 Form: Sahaj- ITR-1, Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6 and Form ITR-7 for Financial Year 2019-20 (AY 2020-21) These forms were notified on January 3, 2020
Latest updatesCBDT provide relaxation in the eligibility conditions for the filing of ITR-1 and ITR-4 for the ( FY 2019-20 ) Assessment year 2020-21. CBDT released important provisions: 1. A taxpayer who is a co-owner of a house property can file ITR-1 and ITR-4 to report the income from the house property in Assessment year 2020-21, if they meet the other conditions. 2. The ITR-1 form for assessment year 2020-21 is valid for peoples/individuals who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh in electricity or foreign travel, respectively. |
A. ITR- 1
1. A person with a carry-forward loss under the head of House Property Income can not longer use ITR-1 to file their tax returns for FY 2019-20 onwards.
2. In case the property of the house is rented, the taxpayer must provide the name and the PAN or Aadhaar of the tenant in the ITR-1.
3. The Nature of Employment has been moved to Part B1 of Salary Schedule of ITR-1 from Part A - General Information .
4. A new disclosure has been added to Part A - Overview of ITR-1 Here, a taxpayer will have to disclose whether he has a valid Indian passport. then shall have to provide passport number
5. A separate column has been inserted in "Income from other sources" for deduction u / s 57 (iv) - in case of interest received on compensation or enhanced compensation according to section 56 (2) (viii).
1. A person with a carry-forward loss under the head of House Property Income can not use ITR-4 to file their tax return for the financial year 2019-20, ( AY -2020-21 ) onwards
2. In case the property of the house is rented, the taxpayer must provide the name and the PAN or Aadhaar of the tenant in the ITR-4.
4. Additional information required by the income tax department from taxpayers using ITR-4 in financial year 2019-20 (AY 220-21) are as follows:
to. Has the taxpayer deposited an amount or a total of amounts exceeding Rs 1 crore in one or more in current accounts during the previous year. If yes, the amount must be reported.
Has the taxpayer spent an amount or a total of the amount that exceeds Rs 2 lakh to travel to a foreign country for himself or for anyone else? If yes, the amount must be reported.
C. Has the taxpayer incurred more than Rs 1 lakh in electricity consumption during the previous year. If yes, the amount must be reported.
5. In case a representative files the ITR-4, the representative's Aadhaar number must be provided on the ITR-4 from financial year 2019-20 (AY 2020-21 ) onwards.
6. Taxpayers using ITR-4 must also disclose the following additional information in Part A- General Information:
If the taxpayer is a partner in a company? If yes, you must provide the name and PAN of the company.
Details of the company's partners, such as name, address, percentage of participation in the company, PAN, adhaar number, interest rate on capital and remuneration paid / payable.
7. The Nature of Employment has been moved to Part B1 of Salary Schedule of ITR-1 from Part A - General Information for financial year 2019-20 onwards
8. The "Business Financial Details" section of ITR-4 has been replaced by "Cash Details and Bank Transactions Related to Presumptive Business". In this tab, the taxpayer must enter the opening balance of cash and bank (aggregate of all bank accounts), receipts during the year and payments or withdrawals made in the previous year.
9. A separate column has been also inserted in ITR -4 "Income from other sources" for deduction u / s 57 (iv) - in case of interest received on compensation or enhanced compensation according to section 56 (2) (viii).
Notes
> Taxpayers should be careful about these new disclosure requirements, before submitting their ITR and selecting an appropriate ITR form
> The online portal used by taxpayers to file income tax returns will be updated with the modified forms. The due date of all income tax returns for financial year 2019-20 was extended to November 30 2020 from July 31 and October 31. The tax audit period also extended by one month to October 31.
> Filing online income tax returns is mandatory for all registered taxpayers, except those who are over 80 years of age and have no income from business or professions.
> Effective April 1, 2017, if you do not file your income tax return by the due date, there will be penalty up to Rs 10,000 under Section 234F.
Call Now for filing your return Click here for filing your return
Posted on : 2020-09-23 13:08:12
Importance Note
the thing is keep in mind that if you want to get tds refund then you need to file your ITR for same financial year, ncome tax return filing is mandatory for getting tds refund
Every year we file income tax returns (ITRs), but most of us are not sure how the process work of claiming our income tax refund . For the 2019-20 financial year, the latest ITR filing date has been extended from July 31, 2020 to November 30, 2020.
A person can file their tax return offline by uploading the Excel / Java utility form or by online forms available on income tax website (only ITR 1 & ITR 4 form can be filed online).
You are eligible to receive an income tax refund when you have paid more taxes to the government than your actual tax liability. This usually happens when the self-assessment tax and advance tax paid/ or TDS deducted from the taxpayer is greater than a taxpayer's total tax liability. know your tds refund status Click here
Last year, the income tax department started providing pre-loaded ITRs on the online platform ( income tax website ). The ITR form contains information about salary income, interest income (in case TDS is deducted), and other details. If you file an ITR with the Excel utility, you can download the XML file to pre-fill your ITR.
3. Interest on the refund of income tax
You may have noticed in many cases that the refund amount received by you is slightly higher than the tax refund amount claimed on your income tax return. This difference represents the interest on the return of income tax. This is payable by the income tax department, if the refund is 10% or more of the tax paid.
Section 244A deals with the interest on the income tax refund and establishes an interest at a rate of 0.5% per month or part of the month on the amount of the refund. Such interest will be calculated from April 1 of the appraisal year until the refund grant date if the refund is due to excess prepaid taxes or TDS. In the event of any discrepancy in the computation of interests, you can submit an online request for their rectification by logging into your account.
4. How to check the status of the refund?
You can check the income tax refund status online using the following procedure:
To access the refund pages.
Enter PAN, relevant assessment year and captcha image and click "submit"
You will see the status of the refund on the next screen
You can also access the Refund payment details reflected on Form 26AS in the "Tax Credit Statement".
The Department may not pay you all refunds owed to you. If you have taxes due for any of the preceding years and a refund due in another year, the income tax department may adjust the refund accordingly. However, the department cannot do so without giving the taxpayer an opportunity to explain why such an adjustment should not be made. Therefore, the tax department must send you an indication under Section 245 regarding its intent to adjust along with instructions on possible ways to respond to the notice. Section 245 allows the taxpayer 30 days to respond. In the event that there is no response to the notice within the prescribed time limit, the department may proceed with the adjustment based on the notice.
In the event that you disagree with the tax claim raised in the notice for any reason, such as an incorrect calculation, the omission of certain deductions or TDS, etc., you can respond online by following the instructions provided in the notice within 30 days.
6. Refund pending due to incorrect details
Sometimes it happens that you have submitted your ITR with a claim for tax refund but have not received it. the following reasons can be behind it :
1. Once the income tax officer has performed the initial assessment of your verified ITR , and tax officer has determined that no IT refund should be paid to you. tax department will send you after processing your return notice under section 143 (1) of the Income Tax Act the same will be mentioned in notice So if the notice shows a refund that is owed to you, then it will be issued, but if the notice shows a null refund, it means that your refund claim was not accepted as your calculations did not match as per the income tax department's.
2. The income tax department has processed your refund, but you have not received the cheque due to the wrong address or you have not received it due to incorrect bank details or
If your refund is pending due to incorrect details provided by you, you can request the department to reissue your refund amount after providing the correct bank details.
You must log in to the electronic income tax filing website and apply under the "My Account" tab under the "Service Request" option.
Once you have dome your income tax filing and verified it, you should regularly check the status of your return if you have made a claim for refund on the return. This helps you track the processing of your ITR and the refund (if applicable). It also helps to verify if you have made any mistakes when filing the return.