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The income tax return (ITR) filing deadline for FY 2019-20 has been further extended to December 31, 2020, for most individual taxpayers, from the earlier deadline of November 30, 2020. This the second time the tax filing deadline for FY20 has been extended.

As per the government’s press release issued on October 24, 2020, “In order to provide more time to taxpayers for furnishing of their ITR, it has been decided to further extend the due date for furnis

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Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST (Goods and Services Tax) is charged by the government in slabs. The present slabs being 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, 2017.

An audit cycle is the accounting process an auditor uses to ensure a company's financial information is accurate. The audit cycle typically involves several distinct steps, such as the identification process, audit methodology stage, audit fieldwork stage, and management review meeting stages.

Restrictions on cash transactions under Income Tax laws: Here’s all you wanted to know
By: Balwant Jain | Updated: Aug 14, 2020 12:53 PM
The income tax laws in India have various restrictions on payment in cash and receipt of money in cash in respect of various transactions. Here we are taking a look at some of them.
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If you are carrying on business or profession, the tax laws have prescribed a daily limit of Rs 10,000 beyond which payments in cash cannot be made for any expenditure to a single person.

The income tax laws in India have various restrictions on payment in cash and receipt of money in cash in respect of various transactions. Some restrictions apply to those who are engaged in business or profession and some apply to all the persons.

Let us discuss what are such restrictions:
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Restrictions on those carrying on business or profession

If you are carrying on business or profession, the tax laws have prescribed a daily limit of Rs 10,000 beyond which payments in cash cannot be made for any expenditure to a single person. If you fail to do so, the expenses paid in cash will not be eligible for tax deduction. There is one exception to this rule where you can pay up to Rs 35,000 to a transporter in a day without attracting the disallowance.

Likewise in case you pay any amount beyond Rs 10,000 for acquiring any asset, such payment is not allowed to be added to the cost of the asset for the purpose of claiming depreciation. So, effectively this expenditure is also disallowed though over the years and not necessarily in the year of payment.

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Auto-population of e-invoice details into GSTR-1
13/11/2020

Certain notified taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’).

Upon successful generation of IRN, details of such e-invoices will be auto-populated in respective tables of GSTR-1. The details of e-invoices available for auto-population along with status of auto-population can also be downloaded as excel file.

To effect this, certain tabs/labels are being added on GSTR-1 dashboard and screens. (Those taxpayers for whom e-invoicing is not applicable may ignore these changes.)

For the period of October, 2020, the e-invoice details would be processed incrementally from 13th November, 2020. The processing of details of e-invoices/IRNs generated till 31st October, 2020 is expected to take upto 10 days.

The processing of documents, dated in October, 2020, has no effect on filing of GSTR-1 for October. The taxpayers are advised not to wait for auto-population but file GSTR-1 for October, on their own (if not filed already). However, there is an option to download the details of October-dated documents through excel file:‘Download details from e-invoice (Excel)’ button (available at the bottom portion of GSTR-1 dashboard).

Taxpayers are requested to verify the documents present in the excel and may share feedback on GST Self Service Portal , on below aspects:

All documents reported to IRP are present in excel
Status of each e-invoice/IRN is correct
All the details of document are populated correctly

For the period of November, 2020, the e-invoices generated (i.e. the documents dated in the Month of November) will be auto-populated into GSTR-1 in incremental manner and the process for whole month will be completed by 2nd Dec, 20 (i.e. on T+2 basis).

The detailed advisory with methodology of auto-population etc. is made available on the GSTR-1 dashboard (‘e-invoice advisory’) and also e-mailed to relevant taxpayers.

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