Dear Reader,
We hereby draw your attention to some of the recent updates under GST and Income Tax Regulations:
A] Goods and Service Tax (GST):
1. Reintroduction of Amnesty Scheme to provide relief to tax payers:
In a measure to provide relief to tax payers, the GST authority has again introduced an Amnesty Scheme for taxpayers who missed filing GST returns for any period between July 2017 and April 2021. Under this scheme, tax payer can now file the late return by paying maximum late fee of Rs. 500 per return where there is NIL GST liability and Rs. 1,000 per return where there is GST payable.
2. Self-Certification of GST reconciliation statement:
Reconciliation Statement will be required to be filed by taxpayers having aggregate annual turnover above Rs. 5 crores. Taxpayers will now be able to self-certify GST reconciliation statement instead of getting the same certified by Chartered Accountants. This will be applicable for Annual Returns from financial year 2020-21.
3. Requirement for filing Annual Return:
Filing of Annual Return for financial year 2020-21 will be optional for taxpayers having aggregate annual turnover up to Rs. 2 crores.
B] Income Tax:
1. Much needed relief granted for persons who have received monetary help amid fight against Covid-19:
Income Tax Authorities, in a welcome move, have decided to provide income tax exemption to tax payers who have received financial help from their employers or others while battling with covid-19. Many taxpayers have also lost their lives while fighting Covid-19 and the families of these taxpayers have received financial help from the taxpayer’s employers and other well- wishers. Department has granted income tax exemption without any limit on financial help provided by employers of taxpayers and the exemption shall be limited to Rs. 10 lacs on receipt of financial help from others.
2. Extension of due dates for various compliances:
- Re-registration due date of Charitable Trusts, Section 8 Companies, Associations, etc. under various sections of Income Tax Act has been extended from 30th June to 31st August, 2021.
- Equalization Levy Statement for financial year 2020-21 which was required to be filed on or before 30th June, 2021 has now been extended to 31st August, 2021.
- The last date for payment of amount under Vivad se Vishwas without additional amount has now been further extended from 30th June to 31st August, 2021.
- Due date for filing income tax return for assessees who are not liable to get their books of accounts audited has been extended from 31st July to 30th September, 2021. For assesses who are required to get their books of accounts audited, the due date to file income tax returns has been extended from 31st October to 30th November, 2021. Though due dates for filing income tax returns have been extended, interest will be calculated taking into consideration old due dates if tax payable is exceeding Rs. 1 lakh.
- Income tax department has extended the due date for completion of assessment which was supposed to be completed by 30th June, 2021 to 30th September, 2021.
- The last date of linking Aadhaar with PAN has been further extended to 30th September,2021.
|
Disclaimer:
-
The above note is only for update and information subject to further study and clarifications.
This note does not form an opinion from our end and before taking any decision based on above, it is recommended to consult our experts on the subject.
-
Kamdar, Desai & Patel will not be liable for any damages (including, without limitation, damages for loss of business projects, or loss of profits) arising in contract, tort or otherwise from the use of or inability to use this article, or any of its contents, or from any action taken (or refrained from being taken) as a result of using this article or any such contents.
|
|
