A Sood & Co

Hiring trainees for Delhi location

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Due to difficulties reported by taxpayers in filing form 15CA and 15CB,. these forms can be submitted manually to authorised dealers till 30th June 2021.

www.asoodco.com

Mandatory Mentioning of HSN Codes from 1st April 2021:

1. A registered person having aggregate turnover in previous financial year Up to 5 crores shall mention 4 digits of HSN Code number in their tax invoice.

2. A registered person having aggregate turnover in previous financial year more than 5 crores shall mention 6 digits of HSN Code number in their tax invoice.

3. A registered person having aggregate turnover in previous financial year up to 5 crores may not mention the number of digits of HSN Code on their tax invoices if the supplies/sales are made to Unregistered persons.

1) Audit under Income Tax Act 15.01.2021

2) Returns with Audit 15.02.2021

3) Other than Tax Audit Returns 10.01.2021

4) Vivad Se Vishwas 31.01.2021

4) Annual Return U/s 44 (CGST Act, 2017) 28.02.2021

Wef 01.12.2020,The following banks basic details such as Neft code, account Number etc.,are going to change for Accounts Holders due to merger.

*Be careful while filing ITR else refund if any would be bounced back.*

Also to get these numbers changes at various institution from where direct credits and debits are effetced.

1.Oriental Bank of Commerce and United Bank of India Merged with Punjab National Bank

2 Dena Bank and Vijaya Bank merged with Bank of Baroda

3 Syndicate Bank Merged with Canara Bank

4 Allhabad Bank merged with Indian Bank

5 Corporation Bank Merged with Union Bank of India

The Account Number, Neft code and few more changes on Cheque book

Regarding Interest to be paid on Late Payment of GST

As per Notification no. 63/2020 – Central Tax, dt: 25th August, 2020, the Central Government hereby appoints the 1st day of September, 2020 as the date on which the provisions of Section 100 of the Finance (No.2) Act, 2019 shall come into force: -

What is Section 100 of Finance (No.2) Act, 2019

In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the following proviso shall be inserted, namely:–– “Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”.

So, Interest will be applicable on Net Tax Liability with effect from 1st September, 2020 according to above said notification.

Outcomes of Faceless Assessment Scheme:-

• Faceless assessment in electronic mode.

• No human interface (Assesse, AR and IT Officers).

• Notices to be issued electronically by Central cell.

• Cases to be allocated to assessment units in a random manner.

• Central Cell to be the single point of contact between taxpayer and the Department.

• Without permission communication directly not possible by IT officers.

• Selection of a tax payer only through system using data analytics and AIR.

• Abolition of territorial jurisdiction, which means a tax payer, may belong to one city but the ITR may be assessed in some other city through random selection by computer.

• Automated random allocation of cases.

• Central issuance of notices with Document Identification No. (DIN).

• No physical interface, no need to visit the income tax office.

• Team-based assessments and team-based review.

• Draft assessment order in one city, review in another city and finalisation in third city.