Thursday, May 16, 2019

Highlights of Budget Proposal

Today, Hon'ble Finance Minister presented the interim budget. The highlights of the proposal in the context of direct tax are discussed

Extension of Audit Report & ITR to 31st Oct

Due date extended to 31st Oct

Extension of due date of filing ITR and TAR extended to 15 Oct

CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain

Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain...

It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1

TAR: Clause 30C and 44 deferred

Clause 30C (relating to GAAR) and 44 (GST) of the Tax Audit Report is deferred for this Assessment Year

Govt extends due date of filing ITR to August 31

Govt extends deadline for filing income tax returns by a month to August 31
Rules Cloud

Clarifications on exports related refund issues

In order to clarify issues relating to processing of claim for refund and with a view to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017 (CGST Act), clarifies the issues

Reminder: TDS on Rent payable by Individual and HUF

In order to widen the scope of TDS, section 194-IB has been inserted which provides that Individuals or a HUF (other than those covered under 44AB of the Act), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of month during the previous year, shall deduct an amount equal to 5% of such income as income-tax thereon.