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Category: Tax

Link your PAN with Aadhaar by March-end to avoid Rs10,000 fine

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The Income Tax department might impose a penalty of Rs 10,000 on those who don’t link their PAN card with Aadhaar card within the deadline of 31 March 2020. The I-T department had earlier said that un-linked PAN cards will become inoperative if not linked with Aadhaar by March 31. If the PAN card becomes […]

CBIC further extends Due Date for Filing Form GST TRAN-1 upto 31 March, 2020

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CBIC has notified that last date for submission of declaration in Form GST TRAN-1 has been further extended upto 31 March 2020, under CGST Rule 117(1A), in certain cases recommended by GST Council, i.e. where registered persons could not submit GST TRAN-1 as per earlier deadline due to technical issues at GST Portal. Form TRAN-1 […]

GST evasion: Centre, state tax officers to share taxpayers information to tighten enforcement

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Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. “CBIC launches application for sharing information between Centre and State for targeted enforcement action against GST evasion. A big leap in intelligence sharing and cooperative federalism #GST,” the Central Board […]

CBDT issues clarification on — applicability of TDS provisions on Mutual Fund dividend

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CBDT clarified that the Budget proposal of 10 per cent TDS will be applicable only on dividend payment by mutual funds and not on gain arising out of redemption of units. It was proposed to levy tax deducted at source ( TDS) of 10 per cent on dividend/income paid by a company or mutual fund […]

CBDT notifies Rule 6BBA and amended Rule 6DD : cash loan acceptance & repayment limit to Rs 10, 000 in aggregate ; expenses limit also reduced

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The Department of Revenue (under Ministry of Finance) has reduced the cash loan acceptance and repayment limit from Rs 20, 000 to Rs 10, 000 in aggregate by notifying Rule 6BBA and amending Rule 6DD to include new payments method as non-cash payments for getting benefits/reliefs under various provisions of the Income Tax Act, 1961 […]

FinMin summons Infosys executives over GSTN glitches

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With complaints rising against the IT system of Goods & Service Tax (GST), the Finance Ministry has summoned Infosys on Friday to seek an explanation. Infosys is the technology service provider for GST. According to FinMin sources, the Finance Ministry has called CN Raghupati, Senior Vice-President of Infosys and V Rangnathan, Vice-President. They will be […]

Govt can’t make PAN invalid if not linked to Aadhaar till SC judgement: Gujarat High Court

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The Gujarat high court said a person’s Permanent Account Number (PAN) does not become invalid for filing income tax returns and making transactions just because it is not linked to their Aadhaar Card. The Gujarat High Court judgement states :“PAN of applicant shall not be declared inoperative and applicant would not be in default in […]

Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner

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The finance ministry has allowed GST taxpayers to file their GSTR-3B returns in a staggered manner, as part of the measures to ease difficulties faced by trade and industry in filing of returns. An official release said the government has decided to introduce several measures to ease the process of filing GST returns. At present, […]

Direct tax collection growth falls 6.1% to Rs 7. 26 lakh crore

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With not much time left to the union budget 2020, sources privy to the developments told CNBC-TV18 that direct tax collections between April to January 15 of this fiscal, have shown a negative growth of -6.1 percent. The figures become important as the union budget is on the anvil and direct tax collections are a […]

CBDT Extends Deadline Till Jan 31 to Apply For Compounding of I-T Offences

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The CBDT has extended till January 31 the last date for taxpayers to avail a “one-time” facility to apply for compounding of income tax offences, an order issued on Friday said. The earlier deadline was December 31, 2019. The decision to extend the last date was taken in view of references received from field formations, […]

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