SGP Advisors

SGP Advisors Family wishes you a very Happy New Year !!

🌲Merry Christmas 🌲
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🎄

Date extended

Happy Dussehra!
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SGP Advisors wishes you happiness and success on this auspicious day. 🙏🌟✨💫

👉Taxpayers will now have to adhere to the 31 August deadline.
If the deadline is missed, the ITR for 2019-20 can still be filed till 31 March 2019, but only after paying a penalty.

According to income-tax rules, if a taxpayer files his/her return after the due date, but before December 31 of the assessment year, he/she has to pay Rs 5,000 as a penalty.

👉If the ITR is filed between 1 January and 31 March of the assessment year, the penalty goes up to Rs 10,000.
However, this penalty is applicable only for individuals who have an income above Rs 5 lakh per annum. In case the annual income is less than Rs 5 lakh, the penalty amount can’t exceed Rs 1,000.

Last Date for filing Income Tax Returns has not been extended 📩

It is an annual return to be filed by all registered taxpayers under irrespective of the turnover of an entity.

The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and availed by the taxpayer.

All registered taxpayers are required to file GSTR-9 except :

1. Casual taxpayers,
2. Non-resident taxpayers,
3. Input Service Distributors,
4. Taxpayers Deducting/collecting tax at source under Section 51 or Section 52
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👉(Note: Composition taxpayers have to file GSTR-9A, and E-commerce operators have to file GSTR-9B.)👈