In case of delay in tax payment for month of Feb, Mar & April, 2020 has been reduced to 9% from 18 %, if the payment is made after specified date (staggered date up to 6th July,2020) but on or before 30th September, 2020. Also, to note that, no interest in such cases, if payment made by specified date (staggered date up to 6th July,2020).
If the returns in GSTR 3B for the month of May, June & July, 2020 are furnished by September, 2020 (Proper due dates are to be notified in staggered manner) then no late fees and interest will be levied.
In the wake of Covid-19 pandemic, following reliefs are given to small taxpayers having aggregate turnover up to Rs. 5 Crores
40th GST Council meeting held on 12th June, 2020 has made the following recommendation regarding waiving of late fees for non-furnishing of the GSTR 3B for the period from July, 2017 to January, 2020. Type of GSTR 3B Late Fees (Existing) Late Fees (Recommended) NIL Return (Return with no Tax Liability) Rs. 20/- for each day of delay (Max Rs. 10000/- per Return) NIL Return with Tax Liability Rs. 50/- for each day of delay…
1) If you have taxable income as dividend from domestic companies, you are not eligible to file ITR-1 form. 2) Those with joint ownership of a house property cannot file ITR-1 or ITR-4. 3) Taxpayers need to answer the following questions related to deposits in current accounts, foreign travel and electricity bills in all the ITR forms: a) “Have you deposited an amount or aggregate of amounts exceeding Rs. 1 Crore in one or more…
