Modi government gives big relief to businessmen, GST annual returns to be extended again last date

new Delhi. GST has been extended by one month till 31 October 2020 for the FY 2018-19. The CBDT tweeted, “ After obtaining the appropriate approval from the Election Commission in view of the model code of conduct, the government extended the due date for filing annual returns under GSTR-9 and GSTR-9C from 30 September 2020 to 31 October 2020. is.’

Explain that for FY 2018-19, FY 2019-20 assessment year happened. After filing the return after a certain date in the assessment year, till December 31, the fine is Rs 5000 and for filing the return in the last quarter of the assessment year, a fine of Rs 10,000. But this time due to Corona, the last date to file tax return for 2018-19 (with fine) was extended from 31 March 2020 to 30 September 2020.

The CBDT had issued a circular on July 13, stating that relief was being given once by the Income Tax Department to get the old ITR verified. According to the circular, those who have not verified the filled ITR for the 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 assessment years, they can get their ITR verified by September 30.

People have to make some important investments to avoid tax on long term capital gains. The government had finalized it on 30 September 2020. The government had said that deduction can be availed from capital gains on investment or construction or any purchase made till 30 September 2020. Explain that this benefit is available under section 54. For example, if you have benefited from capital gains by selling the house, then you can take advantage of deduction by buying another house in a fixed time or investing in fixed bonds.

From October 1, the Income Tax Department has issued a new rule regarding tax collected at source. According to the new rule, any e-commerce operator has been given the right to deduct TCS of 1% on goods and service sales from October 1. A new section 194-O has been added to the Income Tax Act 1961 in the Finance Act 2020. Under this, the e-commerce operator has been empowered to charge an income tax at the rate of one per cent on the total value of goods or services or both produced through its digital or electronic facility or platform from October 2020.

If you send money to your child studying abroad or help a relative financially, then 5% of the tax collected at source (TCS) will have to be paid extra. According to the Finance Act, 2020, under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India, the person sending money abroad will have to pay TCS. Under the LRS, you can send up to 2.5 million dollars annually, which does not attract any tax. TCS will have to be given to bring it under the tax net.

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