The Central Board of Direct Taxes (CBDT) has introduced online filing for Form 15CD for the Financial Year 2023-24. These changes primarily pertain to the furnishing of a quarterly statement by a unit of an International Financial Services Centre (IFSC) in respect of remittances.
Deductees/Collectees having Pan status as "Inoperative" attract higher TDS/TCS Rates applicable as per provisions of section 206AA/206CC of Income Tax Act. Please refer CBDT Notification No. 15/2023 and Circular No. 3/2023 dated 28th March 2023. The Status of PAN can be checked by clicking the link"Verify PAN Status".
There is No Changes in Direct and Indirect Tax rates for the F.Y. 2024-25 means There is no change in Income Tax Slabs and tax rate for company, LLP or any other persons as says Finance Minister Nirmala Sitharaman in Interim Budget FY 2024-25.
CBDT extends the time limits for submission of certain TDS/TCS statement in Form No. 26Q, 27Q & 27EQ for first quarter of FY 2023-24 has been extended to 30th September,2023 vide Circular No.9/2023 dated 28th June, 2023.
Relaxation in paying additional fees in case of delay in filing DPT 3 for the Financial Year ended on 31st March 2023 up to 31st July 2023 vide General Circular no. 06/2023 dated 21st June, 2023.
The PAN Aadhaar linking last date is now June 30, 2023. Earlier, The Aadhaar-PAN linking was free before March 31, 2022. A fee of Rs 500 was imposed from April 1, 2022 and was later increased to Rs 1,000 from July 1, 2022.
The CBDT has announced that the New Cost Inflation Index in respect of Financial Year 2023-24 (Assessment Year 2024-25) shall be 348, this has been increased from 331, (financial year 2022-23). Cost inflation index (CII) is used for calculating Long Term Capital Gain, as notified by CBDT Notification No. 21/2023 dated 10.04.2023
The Amnesty schemes are introduced for not filers or late filers of retunrs is valid up to 30th June 2023, GSTR-4, GSTR-9, GSTR-10, defaulters attracting Section 61(2) (i.e. Best Judgement assessment) for applying revocation of cancelled GST registration.
Employees' Provident Fund Organization has fixed 8.15% interest rate on employees' provident fund for 2022-23. Earlier it was slashed to 8.10% for 2021-22 from 8.50% credited in 2020-21.
The Extension of limitation under Section 168A of Central Goods and Services Tax Act, 2017 to issue orders under Section 79 (recovery proceedings) is extended for past years i.e. (i) For Financial Year 2017-18, up to the 31st day of December, 2023. (ii) For Financial Year 2018-19, up to the 31st day of March, 2024. (iii) For Financial Year 2019-20, up to the 30th day of June, 2024.
This is the first time since May 2022, the Reserve Bank of India's Monetary Policy Committee on Thursday left the repo rate unchanged to 6.5%.
The Central Government hiked the rates of interest on various small saving schemes including Senior Citizen Savings scheme, Sukanya Samriddhi Account scheme, Monthly Income Savings scheme, National Savings Certificate, Kisan Vikas Patra and all post office time deposits for the 1st quarter of financial year 2023-24 i.e. 01.04.2023 to 30.06.2023, has been revised. However, the government has kept the interest rate for Public Provident Fund (PPF) scheme unchanged at 7.1 per cent for this period.
10 Big Income Tax Rule changes from 01 April 2023, which would bring many changes in income tax rules.
The CBIC issued Notification No. 17/2022–Central Tax dated August 01, 2022 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the e-Invoicing aggregate turnover limit from 20 crore to 10 crore w.e.f. October 01, 2022.
CBDT reduce Time Limit for verification of ITR (Notification No.5 of 2022 dated 29.07.2022)- 1. ITR filed before 31st July can be verified within 120 days from the date of filing. 2. ITR filed after 31st July can be now verified within 30 days from the date of filing. 3. In case of vefification by ITR-V (speed post), the date of dispatch shall be treated as date of verification.
Section 194R, added to Finance Act 2022, states that TDS @10% will be deducted by any person providing any benefit or perquisite exceeding Rs 20,000 a year to a resident arising from the business or profession of such resident.
Section 194S, added to Finance Act 2022 states that to provide for deduction of tax by any person who is responsible for paying consideration to a resident person in respect of the transfer of virtual digital assets (VDAs) to deduct an amount equal to 1% of such sum as income tax thereon.
Window to opt in for composition for the FY 2022-23 is made available at GST Portal. The eligible taxpayers, who wish to avail the composition scheme may opt in for composition before 31st March 2022.
Income from transfer of digital assets such as crypto to be taxed at 30%. No deductions will be allowed except the cost of acquisition of digital assets. Loss on sale of digital assets cannot be set off against any other income. TDS at 1% will be levied above the threshold. Gifting of digital assets will also be taxable in the hands of the receiver.
A new provision is introduced to allow taxpayers to update the past return and include omitted income by additional tax payment. The updated return can be filed within two years from the end of the relevant assessment year.
the Finance Ministry proposed to increase the threshold of employers contribution to the National Pension Scheme (NPS) Tier-I account from 10% to 14%.
Extension of time line for electronic filing of Form NO.10AB for seeking registration or approval under Section 10(23C), 12A or 8OG of the Income tax Act 1961 may be filed on or before 30th September, 2022.
The Central Board of Direct Taxes (CBDT) on Wednesday notified rules for calculating taxable interest in provident fund. It said for the sake of calculation, separate accounts within the provident fund account shall be maintained beginning 2021-22 for taxable and non-taxable contributions made by a person.
Union FM Nirmala Sitharaman chaired the 44th GST Council meeting today i.e., 12.06.2021, through video conferencing. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September, 2021.
Launch of new e-filing Portal of the Income Tax Department - Non-availability of e-filing services from 01.06.2021 to 06.06.2021. The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on 7th June, 2021. The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a modern,seamless experience to taxpayers.
CBDT has issued a circular extending the timelines for direct tax compliances for AY 2021-22. The due date for filing ITR by taxpayers (other than audit) has been extended from 31st July 21 to 30th Sep 21. The due date to furnish the audit report under Income Tax Act is extended to 31st Oct 2021 and audit report for transfer pricing cases is extended to 30th Nov 2021. The ITR filing for Tax audit cases is extended to 30th Nov 2021 and for Transfer Pricing cases, it is extended to 31st December. The due date to file a Belated or Revised Return has also been extended by 1 month to 31st Jan 2022.
The Reserve Bank of India on Wednesday, December 9,2020 announced that the Real Time Gross Settlement System (RTGS) will be operational 24x7, all throughout the year starting from December 14, 2020.The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.
The last date for filing of Income Tax Return whether Original/Revised for the FY 2019-20(AY 2020-21) has further been extended from 31st January 2021 to 15th February 2021 for entities subject to Tax Audit and Taxpayers having International Transactions. For other tax payers whose accounts are not required to be audited filing date has also been extended to 10th January 2021 from 31st December 2020.
The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notification 58/2020- dated 1st July 2020.
A big relief given by Ministry of Corporate Affairs (MCA) to companies by extending the time period of 3 months for holding Annual General Meeting, whose AGM due date is 30.09.2020 can conduct their AGM by 31.12.2020.
Due to COVID-19 pandemic, the government has provided some relief in late fees to the taxpayers for filing Form GSTR 3B vide Notification 52/2020 dated 24.06.2020 and 54/2020 dated 24.06.2020 and Notification 57/2020 dated 30.06.2020. The government has also provided some relief to the taxpayers in respect of Interest payment for filing Form GSTR 3B vide Notifications 51/2020 dated 24.06.2020.
The Investment under section 80C (i.e. PPF, NSC, ELSS or any other eligible tax saving schemes), Donation under section 80G (i.e. PM care fund etc), or any payment made under section 80D (i.e. Mediclaim policy etc.) till July 31, 2020, can claim tax benefit under FY 2019-20. An assessee can also claim deduction in FY 2020-21 for any investment made till 31st July, 2020 if such amount has not been claimed as deduction in FY 2019-20.
The due date of filing GSTR 9/GSTR 9C for the FY 2018-19 has also extended to 31st December, 2020.
The due date for furnishing of TDS/ TCS returns for 4th Quarter of FY 2019-20 (AY 2020-21) has been extended to 31st July, 2020 and issuance of TDS/ TCS certificates for 4th Quarter of FY 2019-20 has been extended to 15th August, 2020.
Time limit for purchase/ construction for claiming deduction under Capital gains u/s 54 to 54GB has been extended to 30th September, 2020. Hence, purchase/ construction made upto 30th September, 2020 shall be allowed to claim deduction in FY 2019-20.
The due date for payment of self-assessment tax liability has been extended up to 30th November 2020, for the taxpayers whose self-assessment tax liability is up to Rs 1 Lakh (means no interest will be charged u/s 234A) and There will be no extension for payment of self-assessment tax for the taxpayers, whose self-assessment tax liability is more than Rs. 1 Lakh, they have to pay their self-assessment tax liability by the due dates specified in the Income-tax Act, 1961 and delayed payment would attract interest under section 234A.
Merger of 10 public sector banks into 4 w.e.f. 01.04.2020. As per latest merger- 1. Oriental Bank of commerce (OBC) and United Bank of India (UBI) will be merged with Punjab National Bank (PNB). 2. Syndicate bank will be merged with Canara Bank. 3.The Allahabad bank will be merged with Indian Bank. 4. Andhra Bank and Corporation Bank will be merged with Union Bank of India. After this merger, PNB will become second largest bank after the State Bank of India (SBI), Canara Bank will be fourth, Union Bank of India will be fifth and Indian Bank will be seventh biggest public sector bank.
Reserve Bank of India Governor Shaktikanta Das, during his address to media on 27th March 2020, said that RBI had decided to reduce, 1. Repo rate by 0.75% and the new base rate is 4.40%. 2. CRR reduced to 90 basis points it will increase the liquidity of cash in banks. 3. The lending institutions/banks allows to deferment of payment of interest in cash credit account by atleast 3 months. 4. To extend loan repayment schedule and moratorium by 3 months on term loans. The deferring of interest on working capital & moratorium on term loans will not classify as default and no effect on their CIBIL.
Cash withdrawal from any other bank ATM allowed for debit card holders for 3 months is free from any charges.
The due date for Aadhaar-Pan linking has also been extended upto 31st March 2021 from 30th June 2020, earlier it was 31st March 2020.
For delayed deposit of TDS, interest has been reduced to 9 % from 18%.
Last date for filing March-April-May GST returns extended to June 30, 2020.
Complete waiver of minimum balance charges for savings bank account.
SBI has announced the following updates: The SBI waives minimum balance charges on all saving bank accounts and SMS charges also. No minimum balance required for SBI saving bank account holders. SBI cuts interest rate w.e.f 10.03.2020 on saving account to 3% & also cut interest rate on FDRs.
SBI has announced to its account holders in regard to their incomplete KYC, the account holders with incomplete KYC will not be able to do transaction.
The deadline to link your Permanent Account Number with Aadhaar card has been extended by three months to 31st March 2020. If you do not link your PAN with your Aadhar then your PAN will become inoperative from 1st April 2020
No Income tax till Income of Rs 5 lakh for individuals tax payers under new scheme.
The due date for GSTR-9 and GSTR-9C has been extended to 31st December 2019 for FY 2017-18 and 31st March 2020 for FY 2018-19 respectively.
CBDT extends the due date specified under section 139 (1), for filing of Income Tax Returns/Tax Audit Reports to 30th November, 2019 in respect of all categories of Income Tax Assessees in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh vide order dated 31st October 2019.
The last date for filing annual GST returns has been extended by three months i.e. 30th November, earlier the GST Council extends the due date for filing Annual Return GSTR 9, 9A & 9C has been extended by two months i.e. 31st August 2019.
Penalty of Rs. 5000/- will be levied, if you file your ITR after the due date (i.e.31 August) but before 31 December or returns filed later than 31 December 2019, the penalty levied will be increased to Rs.10,000, but If you are a small taxpayer and your gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1,000.
Ministry of Corporate Affairs (MCA) Extends Due date of filing form INC 22A (ACTIVE) till 15th June 2019. If the form is filed within the due date, there is no fee, and if not filed with in due date then late filing fees will attract a fine of Rs 10,000.
The National Informatics Centre (“NIC”) has introduced certain new enhancements to the E-Way Bill (EWB) system dated April 23, 2019. The purpose of introduction of such enhancement is to ease the process of generation of E-Way Bill system by the taxpayers and the transporters.
GST Council approves an extension of National Anti-profiteering Authority (NAA) by 2 years, while the tenure of National Anti-profiteering Authority (NAA) was due to end by 30 November 2019.
Every director (Indian and foreigner) who has been allotted a director identification number (DIN/DPIN)” on or before 31st March and the status of such DIN is ‘Approved’, needs to file form DIR-3 KYC to update KYC details within one month of every financial year i.e. 30th April to the MCA. So, The Due date for filing DIR 3 KYC for the financial year ended on 31st March 2019 is 30th April 2019.
The Central Board of Direct Taxes (CBDT) has revised Form 16 and Form 24Q, which has been notified by the Income Tax department vide Notification No. 36/2019/F.No. 370142/4/2019-TPL dated 12th April, 2019, will come into effect from May 12, 2019.
GST Rate for affordable houses has reduced in 33rd GST Council Meeting i.e. 1% without the benefit of the Input tax credit (ITC) as against the earlier rate of 8% having value of up to Rs. 45.00 Lakh with carpet area of up to 60 Sq.M.(Metro cities)/up to 90 Sq.M.(Non-Metro cities).
GST Council approves an extension of National Anti-profiteering Authority (NAA) by 2 years, while the tenure of National Anti-profiteering Authority (NAA) was due to end by 30 November 2019.
Gratuity limit has increased from Rs. 10 lakh to Rs. 30 lakh.
Capital gains tax exemptions under Section 54 to be available to Rs 2 crore can be exercised once in a lifetime and exemption to be available on 2 house properties.
TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh.
TDS threshold on interest on bank and post office deposits has raised from Rs. 10,000 to Rs. 40,000.
Income tax relief on notional rent from unsold houses extended to 2 years from 1 year.
The latest notification dated 16th January 2019 has provided the exemption from Angel Tax under clause (viib) of sub-section (2) of section 56 for startups and Investors. The application for approval shall be made in Form-2 to DIPP along with the specified documents therein.
GST Rate for non-affordable houses has reduced in 33rd GST Council Meeting i.e. 5% without the benefit of the Input tax credit (ITC) as against the earlier rate of 12% having value of more than Rs. 45.00 Lakh with carpet area of more than 60 Sq.M.(Metro cities)/more than 90 Sq.M.(Non-Metro cities).
The Registration threshold limit under GST has increased to Rs. 40 lakh (earlier it was Rs. 20.00 lakh) for all states and Rs 20.00 lakh (earlier it was Rs. 10.00 lakh) for NE and hill states.
GST Council allows Kerala to impose 1 per cent calamity cess on intra-state sales for 2 years. This has been done to help the state cope up with natural disasters.
GST council has increased the threshold limit of annual turnover for Composition scheme raised to Rs 1.50 crore from Rs. 1.00 Crore w.e.f. 1st April 2019.
Businesses whose under GST Composition Scheme from April 1st 2019, has to file just one annual return, but pay taxes once every quarter.
Those providing services or mixed supplies (goods and services) with a turnover up to Rs. 50 lakhs per annum will now be entitled to avail composition scheme. Compounding rate for services under composition scheme is fixed at 6 percent.
GST Rates on Goods and Services has been reduced by GST council in the 31st meeting held on 22nd December 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law.