CA Narayan Kendre

Highlights of State of Maharashtra Budget, 2023

New provision from 1st January 2022:

GST officials to make surprise recovery visits
Example: If someone has reported invoices of Rs 1 crore in GSTR-1 but showed taxes on only Rs 1 lakh of sales in GSTR-3B, the government from January onwards will be empowered to send officials to his/her business premises to recover GST on Rs 99 lakh of sales. In this case, the government is not required to give notice.

Income Tax Due dates extended again

Following due dates have been extended in wake of the challenges put forward by the new Income Tax portal.

a. Non-Audit tax returns - Extended to December 31, 2021
b. Tax Audit reports - Extended to January 15, 2022
c. Transfer Pricing Report - Extended to January 31, 2022
d. Income tax returns for Audited assessee's- Extended to February 15, 2022
e. Transfer Pricing tax returns - Extended to February 28, 2022
f. Belated tax returns - Extended to March 31, 2022 from December 31, 2021.

However, no extension has been announced under Companies Act, 2021 for holding AGM. Hence, Companies will still be required to compile their financial statements and present to their shareholders by Sept 30th, 2021.

Income Tax Return for FY 2019-20:

Taxpayers who have missed to file ITR for AY 2020-21 can now file it by 31st May. Late fees will apply.

Aadhaar PAN Linking extended to 30/06/2021 from earlier due date 31/03/2021.

Last chance to file Income Tax Return for AY 2020-21.

This upcoming year offers us a brand new start and I want to take this opportunity to start fresh with you and wish you love, peace and prosperity in the new year. Congratulations for surviving the tough times. Thank you for being with us🙏

Best regards,
CA Narayan Kendre

The Due dates under Income Tax for FY 2019-20 has been extended as follows:

1. Income Tax Returns for Tax Audit Assessees – 15th February, 2021
2. Income Tax Returns for Non Tax Audit Assessees – 10th January, 2021
3. Tax Audit Report – 15th January, 2021
4. Vivad Se Viswas – 31st January, 2021

Don't miss the opportunity to file your return of income without payment of any late fees.

May this be a year of health, peace and happiness. Despite the year we had, there are many bright spots and much to look forward too. Happy Diwali 🎇🎆🎉

गाय आणि वासराच्या अंगी असणारी वात्सल्यता,उदारता, प्रसन्नता आणि समृद्धी आपणांस लाभो.
वसुबारस निमित्त आपणांस व आपल्या परिवारास हार्दिक शुभेच्छा💐

Happy Shrikrishna Janmashtami 💐🙏