#Weekly update- #Incometax- #GST- #Companies 06/10/2019

INCOME TAX
1.E FILING QUERIES/ISSUES FORM
Income tax has introduced a new way answering queries or solving issues via Social Networking Websites.
Submit your 1st Query and get your answers directly in your Facebook/Twitter/Quora or Other Social Medias.
https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/ORM.html
2.TDS DEDUCTED ON CASH WITHDRAWL CAN BRING YOUR YEAR END TAX TO MINIMUM
CBDT Has clarified the credit of tax deducted at source from cash withdrawal under section 194N shall be allowed to the person from whose account it has been deducted. Further, Such credit shall be allowed in the year of deduction like any other Tds Deducted.
The government came up with a new Section 194N under which if cash is withdrawn of more than Rs 1 Crore during a financial year tds @ 2%.is to be deducted by banks ,cooperative banks and Post Office.
3.NO MAT CREDIT, ADDITIONAL DEPRECIATION IF YOU CHOSE NEW LOWER TAX RATES
New Domestic manufacturing companies can pay tax @ 15% , BUT the companies that take option to pay tax @ 22% will not be eligible for accumulated minimum alternate tax (MAT) Credit & Loss which relates to additional depreciation.
As there is no time line for taking this option i.e to pay Income tax @ 22% , it is advised that the domestic companies having brought forward losses on account of additional depreciation OR MAT Credit may ,if it so desires , exercise the option after set off of the losses/Utilizing the MAT Credit so accumulated.
It would be interesting to see how companies do Tax Planning so they get the lower tax rate @22%  as well as the Unused MAT Credit lying in the Balance Sheet.
4.DOCUMENTATION IDENTIFICATION NUMBER (DIN) LAUNCHED BY INCOME TAX DEPARTMENT FOR TAX PAYERS
Any communication from Income Tax Department without a generated DIN be it a notice ,letter,order or summon or any other correspondence will be invalid from 01st October 2019.
5.  FM TO INAUGURATE NATIONAL E-ASSESSMENT CENTRE OF INCOME TAX DEPARTMENT TOMORROW I.E 07th OCTOBER 2019.
Faceless e-assessment to impart greater efficiency, transparency and accountability in the assessment process. There would be no physical interface between the tax payers and the tax officers.
WHAT IS FACELESS E-ASSESSMENT?
  • Tax payers will receive notices on their registered emails as well as on registered accounts on the web portal www.incometaxindiaefiling.gov.in with real time alert by way of SMS on their registered mobile number, specifying the issues for which their cases have been selected for scrutiny.
  • The replies to the notices can be prepared at ease by the tax payers at their own residence or office and be sent by email to the National e-Assessment Centre by uploading the same on the designated web portal.

 

GST

1.GST REFUNDS NEW PROCEDURE
Refund Applications given from 26/09/2019 onwards would be processed online including GST Refund orders and disbursement of Tax.

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COMPANIES

1.DIR-3 KYC FORM DATE EXTENDED TILL 14TH OCTOBER 2019
DIR-3 KYC Form/Web Form for the financial Year ending 31st March ,2019 have to be filed on or before 14th October 2019.
Previously, last date was 30th September which has been extended till 14th October 2019.
If Filed after 14th October 2019 Penalty of Rs 5,000/- is to be given, Presently filing of  this form is Free of Cost.

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