A G M L & Associates

Income Tax Demand Waiver of Rs. 1 Lakh

The Central Board of Direct Taxes (CBDT) has set a maximum ceiling limit of Rs.1 lakh for waiving eligible income tax demands.

However, in an order dated February 13, 2024, CBDT stated that future interest will not be used in the computation of the total amount of income tax demand.

Required Audit executive for our office
Qualification - Semi Qualified or drop out
Salary budget upto 25k
Location Kundli,Sonipat
Sent CV @ [email protected]

Required accountant for client place
Salary budget upto 25k
Location Rohini or narela ( Delhi)

Sent CV @ [email protected]

Required a Accountant having experience of 1-2 year for a trading concern in Rohini.
Salary- upto 15K
Mail ur Resume/CV - [email protected]
contact- 011-46075192

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22

1. IT Returns (non audit) - extended to 31st December, 2021;
2. Audit Reports - extended to 15th January, 2022;
3. Audit reports u/s 92E - extended to 31st January, 2022;
4. Audit returns - extended to 15th February, 2022;
5. Audit u/s 92E returns - sub-section (1) of section 139 of the Act, - extended to 28th February, 2022;
6. Belated/revised Return - extended to 31st March, 2022

Note: The Extension of Due Date is subject to Interest U/s 234 A if net tax payable is above ₹ 1 Lakh as per original due dates

Major Decisions of 43rd GST Council Meeting

GST Annual Return Filing
Annual Return Filing will continue to be optional for 2020-21, for small Tax payers with turnover less than Rs. 2 Crore Reconciliation statements for 2020-21 to be furnished by taxpayers with turnover of Rs. 5 Crore or more

GST Late fees
Late fees have also been rationalized Maximum amount of late fee has been reduced; will come into effect from future tax periods This will provide long-term relief for small GST Taxpayers

GST amnesty scheme
To provide relief to small taxpayers, amnesty scheme has been recommended for reducing late fee To benefit around 89% of GST taxpayers, they can file pending returns, avail benefits of scheme, with reduced late fees

Quarterly Return Filing and Quarterly Payment
Law Committee will look into issues involving Quarterly Return Filing and Quarterly Payment, the modalities need to be worked out