RBG Consultants Private Limited

Baba blessing

CBDT make mandatory to file Income tax return:
Sec. 139(b)(1) where

1. Total sales, Turnover or Gross receipt in business exceeds 60 lakh.

2. Gross receipts in profession exceeds Rs. 10 lakh.

3. TDS or TCS exceeds Rs. 25000.

4. Deposit in one or more saving bank A/c is Rs. 50Lakh or more during Year.

Om Sai Ram

Direct Tax update:
Income Tax Form 26AS in Sec 285BB was amended by the Finance Act 2020 W.e.f. 01.06.2020 shall contain following information:
TDS / TCS
Specified Financial Transactions
payment if taxes
demand and refund.

Indirect tax update:
GST Portal: EVC option has been activated for GSTR-1 return. Now, we can file GSTR-1 and GSTR-3B with EVC option in case of companies also.

1. The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November, 2020. Similarly, tax audit due date will be extended to 31 October 2020.

2. The date for making payment without additional amount under the “Vivad Se Vishwas” scheme will be extended to 31st Dec 2020.

3. Press release by Ministry of finance regarding TDS and TCS as annouced by the Finance minister. Tds on ecommerce participants which is applicable from 1st October 2020 @ 1% would be now 0.75 % till March 31st 2021.

Due date of filing Gst 3b of march month has been extended to 23 rd april 2019.