- File Your Income Tax Return for AY 2019-20 before 31-12-2019 with Late Fees of INR 5,000 for Persons Earning exceeding Rs 5,00,000/-
- Central Government notifies 31st Jan 2020 as the Last date for payment of pending amount under Income Declaration Scheme (IDS) 2016, Such persons can pay the amount with interest @ 1% pm or part thereof.
- CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY (financial year) 2019-20 from 15th December, 2019 to 31st December, 2019 for the North Eastern Region.
- CBDT extends the due date for filing of ITRs/Tax Audit Reports to 31st January, 2020 for all categories of assesses in UTs of J&K and Ladakh, who were required to file ITRs/TARs within the due date specified u/s 139(1) of IT Act,1961.
- CBDT extends the time limit for filing of response to notices issued under section 142(1) (Inquiry before assessment)of the Income-tax Act,1961 under the E-assessment Scheme- 2019 till 10th January 2020.
- Income Tax Department made it mandatory to link your PAN with Aadhaar before 31st December, 2019.
Link Aadhaar Now by clicking the below:
- Companies MGT-7 Form for filing annual return by a company for the year March 31,2019 due date is 31st December 2019.
1.CBIC has notified E-INVOICING w.e.f. 01.04.2020 for registered persons with aggregate turnover exceeding INR 100 crores for all B2B supplies. Govt. has also notified 10 Portals for generation of such E-Invoice.
Know truth about the E-Invoice through ‘Myth vs Reality’
- Annual Audit GSTR 9C Audit New Utility Available , Previously Version 1.4 Now Version 1.5 is available.
NEW FEATURES/CHANGES INCORPORATED
– Multiple fields now accept negative values.
– Column 14S made optionally
– Cash flow statement is now optional.
– Multiple changes in the certificate as required.
– Fixed some records stuck as In Progress when uploading JSON.
3.RECOMMENDATION BY GST COUNCIL 38TH MEETING
(I) Due date for annual return in FORM GSTR-9 and reconciliation statement in FORM GSTR-9C for FY 2017-18 to be extended to 31.01.2020.
(II) Following measures would be taken to improve filing of FORM GSTR-1:
- Waiver of late fee to be given to all taxpayers in respect of all pending FORM GSTR-1from July 2017 to November 2019, if the same are filed by 10.01.2020.
- E-way Bill for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked.
(III) Input tax credit to the recipient in respect of invoices or debit notes that are not reflected in his FORM GSTR-2A shall be restricted to 10 per cent of the eligible credit available in respect of invoices or debit notes reflected in his FORM GSTR-2A.
From April 1 ,2020 there is the concept of invoice matching — ITC cannot be claimed on invoices not reconciled..
(IV) Exemption to upfront amount payable for long term lease of industrial/financial infrastructure plots by an entity having 20% or more ownership of Central or State Government. Presently, the exemption is available to an entity having 50% or more ownership of Central or State Government. This change shall become effective from 1st January,2020.
(v)Single rate of GST @28% on both State run and State authorized lottery. This change shall become effective from 1st March,2020.
(vi) Rate of GST rate on Woven and Non Woven Bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods (HScode3923/6305), post the changes recommended on such goods in last meeting and
Recommended to raise the GST to a uniform rate of 18% (from12%) on all such bags falling under HS3923/6305 including Flexible Intermediate Bulk Containers(FIBC).
This change shall become effective from 1st January,2020.
(vii) Due date for filing GSTR 9 and GSTR 9C for 2017-18 has been extended from 31.12.2019 to 31.01.2020.
(viii) Late fees Waived for all tax-payers who have filed GSTR-1, if all returns are filed by 10th Jan 2020.
(ix) No GST rate hike was discussed in the GST Council meeting. Council decides to levy 28 percent on all lotteries. Land lease GST rates to be effective from January 1, 2020. Levy of penalty relaxed for non-filing of GSTR-1 from July 2017.
(x) GST Council has agreed to rationalise GST rates on woven and non-woven bags to 18 percent with effect from March 1, 2020.
(xi) The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded.0