The Account Masters

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Tds returns for the quarter 3 are due...

Late fee s applicable...

Updates on EPF...

ശ്രദ്ധിക്കു....

The Central Board of Direct Taxes notified ITR-1(Sahaj) and ITR-4(Sugam) for the assessment year 2020-21 vide notification dated 3rd January 2020. The Income Tax Department generally notifies the changes in the Income Tax Return in the month of April, however this year the department has notified the changes well in advance. The Income Tax Returns in ITR-1 Sahaj can be filed by an ordinary resident individual(total income does not exceed Rs 50 lakh) while Form ITR-4 Sugam is for resident individuals, HUF and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession. An assessee who owns a house property jointly with someone else cannot file ITR-1 and ITR-4. below:

G.S.R. 9(E).- In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. Short title and commencement.- (1) These rules may be called the Income-tax (1st Amendment) Rules, 2020. (2) They shall come into force with effect from the 1st day of April, 2020. 2. In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,− (a) in sub-rule (1),- (I) in the opening portion, for the figures “2019”, the figures “2020” shall be substituted; (II) in clause (a), in the proviso,- (i) in item (V), the word “or” occurring at the end shall be omitted; (ii) after item (VI), the following items shall be inserted, namely:- “(VII) owns a house property in joint-ownership with two or more persons; or (VIII) is required to furnish a return of income under seventh proviso to sub-section (1) of section 139.”; (III) in clause (ca), - (ii) in the proviso, after item (V), the following item shall be inserted, namely:- “(VI) owns a house property in joint-ownership with two or more persons.”; (b) in sub-rule (5), for the figures “2018”, the figures “2019” shall be substituted. 3. In the principal rules, in Appendix II, for Form “Sahaj (ITR-1)” and “Sugam (ITR-4)”, the following Forms shall, respectively, be substituted, namely:-

ശ്രദ്ധിക്കുക !!

Date extended for Gst returns...Utilise this opportunity to avoid penalties..

Those who haven't yet linked their pans to aadhar can do the same upto 31.12.2019. It is said to be the final date.

Updates...