Sunil Roshan & Associates

Jai Jinendra!! Good Day!!

We wish You, Your Friends & Family and the Organisation a Very Joyful, Brightful Deepawali with Prosperity of Wealth, Health and Happiness.

Regards
Daulat Raj Sunil Roshan Kumar Banthiya & Family
M/s. Sunil Roshan & Associates.

*Income Tax Update* dt. 29-Jul-2020

1) AY 2019-20: *Due Date* for Filing of *BELATED Income Tax Return* for the AY 2019-20 (FY 2018-19) has been further extended to *30-Sep-2020*

2) AY 2020-21: The *Self-Assessment tax paid* before the *Original Due Date* of Filing of Return i.e. 31st July, 2020, by *Senior Citizen not having Income from Business / Profession* shall be considered as *Advance Tax Paid*.

*Ref.*: Notification No. 56/2020 dated 29th July, 2020
*Source* : Twitter handle

Regards
CA Sunil D
Sunil Roshan & Associates

*INCOME TAX UPDATES*
Good Day!!

The Finance ministry has vide its *Notification dated 24th June, 2020* has provided *further relaxations* under the Income Tax Act

1) Last date for filing of Income Tax Returns for the AY 2019-20 (FY 2018-19) further extended to 31st July, 2020.

2) Due date for filing of TDS / TCS Returns for the Quarter ending 31st March, 2020 is extended to 31st July, 2020 for Non-Government Deductors.

3) Due date by which TDS certificate for Salaries for the FY 2019-20 is to be furnished to the Deductee is extended to 15th August, 2020.

4) Last date to make investments to Claim Deductions under Chapter VI-A: 80C, 80D, 80G, etc.. for the AY 2020-21 (FY 2019-20) is extended to 31st July, 2020. : Includes Investments like Life Insurance Premium, PPF, Mediclaim, Tution Fees, Interest on educational Loan etc.

5) Last date to make investments to Claim Exemptions under Sections 54 to 54GB for the AY 2020-21 (FY 2019-20) is extended to 29th September, 2020

6) Due Date for filing of ALL Income Tax Returns for the AY 2020-21 (FY 2019-20) has been extended to *30th November 2020.*

7) Due date for furnishing of Tax Audit Report UNDER ANY PROVISIONS of the act for the AY 2020-21 (FY 2019-20) has been extended to *31st October 2020*.

8) Last date for compliance of Commencement of Operations for SEZ unit to claim exemption *u/s. 10AA* for units which has received the Approval letter by 31st March, 2020 is extended to *30th September, 2020*

9) *IMPORTANT NOTE*: for the AY 2020-21 (FY 2019-20)
a. Relief for Small Tax Payer:
Assessee with Self – Assessment Tax Liability of Upto Rs. 1,00,000/- shall be benefited from the extended Due Date for remitting Self-Assessment Tax, without delay Interest u/s. 234A, till the *Extended due date of filing of Returns*.
b. *NOTE* for Other Tax Payers:
Other Tax Payers i.e Assessees with *Self Assessment Tax Liability of more than Rs. 1,00,000/-* has to remitted Tax *on or before the Due date* as provided in the Provisions of *Sec. 139 of Income Tax Act*. i.e. for ex. 31st July, 2020 for Non-Audit Non-Corporate Not a Partner Assessee. *Any delay after such date will attract 234A interest though the Due Date of filing has been extended to 30th November 2020.*

*Disclaimer*: This information is shared for to share information and update. Any decision or action shall be taken based on in Consultation with Chartered Accountant or Financial Advisor.

Regards
CA. Sunil D
Sunil Roshan & Associates

GST UPDATE

NO LATE FEES for filing of GSTR-1, GSTR-3B & GSTR-4 for the period July 2017 to Sep 2018 if filing is done during 23-Dec-2018 to 31-Mar-2019

Source: Today's GST committee meeting

Regards
CA Sunil D
M/s. Sunil Roshan & Associates

GST APPLICABILITY: The Acts relating to GST extends to whole of India except Jammu & Kashmir.

Though the Government has planned for ONE NATION : ONE TAX, due to various Political & Constitutional Reasons, State of Jammu & Kashmir has been excluded from the applicability of Act.
Hence, for the time as it goes, the GST Acts will not be applicable to the state of Jammu & Kashmir, so the dealers of the State of J&K, will not be covered under the GST Acts. [Only the Act is not applicable to the State of J&K, J&K is still & will be part of India ;) ]

*Note*: ACTS relating to GST are:
1) Integrated Goods & Services Tax Act: IGST Act
2) Central Goods & Services Tax Act: CGST Act
3) State Goods & Services Tax Act: SGST Act

IGST Act : This Act gives power to the Central Government to levy GST for Inter-state transaction
CGST Act : This Act gives power to the Central Government to levy GST for Intra-state transaction
SGST Act : This Act gives power to the State Government to levy GST for Intra-state transaction

In principal, there are no differences in these acts... We would be understanding the law by going through CGST Act...

GST with its present provisions is more of “BUSINESS REFORM” (as referred by various experts) than a *TAX REFORM* as referred by the Government..

Not rebutting the Point that, it is one of a biggest TAX reform wherein we are moving from various Central/State Levies/Taxes to Single Tax (GST), the provisions under GST is going to change the way Business is carried... It is more of Process Change for Dealers in Goods... With introduction of e-way Bill for all movements for invoice value beyond Rs. 50,000/- , Paying taxes under Reverse Charge Mechanism (RCM) not only for specified Services but also *Purchases from Unregistered Dealer* (URD), Paying Taxes on Advances Received, to worry about GST RANKING and so on....

Goods and Service Tax

Dear All,
Good Day!!
Now as we see that the Government is marching fast to rolling out GST on 01st July, 2017, I will try to decode the Provisions & Rules of GST... Will try share my understanding of GST based on Provisions/Rules pronounced...
Let’s Unlearn & Relearn together for a better understanding....

Aksh*th Av