Agency – BRISUN Law Firm http://www.brisunlawfirm.com/home Company Registration, GST, ITR, Trade Mark, Import & Export Code Provider in Raj Nagar Extension Thu, 22 Apr 2021 16:51:07 +0000 en hourly 1 https://wordpress.org/?v=5.6.10 http://www.brisunlawfirm.com/home/wp-content/uploads/2019/04/favicon.png Agency – BRISUN Law Firm http://www.brisunlawfirm.com/home 32 32 Budget 2021: Updates as on 1st February 2021 http://www.brisunlawfirm.com/home/finacial/franchising-budget-2021-updates-as-on-1st-february-2021/ http://www.brisunlawfirm.com/home/finacial/franchising-budget-2021-updates-as-on-1st-february-2021/#respond Sun, 22 Apr 2018 04:35:03 +0000 http://localhost/industro/?p=66 Section 16 amended to allow taxpayers’ claim of input tax credit based on GSTR-2A and 2B. Hence forth, ITC on invoices and debit notes may be availed only when the details of such invoice or debit note have been furnished by the supplier in the statement of outward supplies, and such details have been communicated to the recipient of such invoice or debit note.

Section 50 of the CGST Act is being amended to provide for a retrospective charge of interest on net cash liability, with effect from 1st July 2017.

GST audit requirement by specific professionals such as CAs and CMAs has been removed from the GST law. Section 35 and 44 have been amended in this regard. As per the amendment, only GSTR-9 annual returns on a self-certification basis need to be filed on the GST portal by taxpayers, completely removing the requirement for GSTR-9C

New Updates On GST Regarding To Taxpayers

  1. GST authorities ask field units to ramp up collections, identify defaulting taxpayers.
  2. Govt releases Rs 2,104 crore as 19th installment of GST compensation shortfall to states.
  3. Govt extends last date for annual GST filling till march end  for FY 20.
  4. GST officers to immediately suspend taxpayer’s registration for ‘significant anomalies’ in sales return.
  5. Budget 2021: FM does away with the need for GST Audit for a section of taxpayers.
  6. No GST on electricity charges recovered from tenants.
]]> http://www.brisunlawfirm.com/home/finacial/franchising-budget-2021-updates-as-on-1st-february-2021/feed/ 0 Income Tax Department To Refund Late Fee If Wrongly Charged! http://www.brisunlawfirm.com/home/personal-injury/http-www-brisunlawfirm-com-home-personal-injury-income-tax-department-to-refund-late-fee-if-wrongly-charged/ http://www.brisunlawfirm.com/home/personal-injury/http-www-brisunlawfirm-com-home-personal-injury-income-tax-department-to-refund-late-fee-if-wrongly-charged/#respond Sun, 12 Mar 2017 08:14:36 +0000 http://localhost/industro/?p=77 The income tax department has conceded there has been an inadvertent error while processing income tax returns (ITR) of partners of firms whose accounts are liable to be audited. The taxman has assured that it will rectify the error on its own and expel the late fee charge.

For other individual ITR filers, the last date was July 31 however was extended to August 31.

Section 234F was introduced to ensure timely filing of returns of income. However, inadvertently, the ITR utility also levied the fees on the partners of the partnership firms, whose due date for ITR filing are linked with that of the partnership firm.  Now amending the inadvertent error, the Income-tax authorities have decided to remove the penalty charged u/s 234F.

Documentation Of ITR

For the financial year 2018-19 (evaluation year 2019-20), all working accomplice of a firm whose records are required to be examined should document their ITR by September 30, 2019 which was later extended to October 31. For those living in Jammu and Kashmir and Ladakh, the last date has been additionally extended to November 30.

  • All persons including Individual, HUF, company, partnership firms, etc are liable to pay late filing fees under Section 234F, if the ITR is filed after their respective due dates.
  • For those filing ITR after the due date but within 31 December are charged ?5,000 and the penalty increases to ?10,000 January onwards.
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