Daily updates

10-06-2020

Today thoughts

Distance never breaks a relation and Closeness never builds a relation. If feelings are True, Honest & Sincere, all relations will remain forever.

Happy people build and enjoy their inner world. Unhappy people always blame their outer world.

Latest YouTube updates:

  1. कौन से ITR फॉर्म AY 2020-21 के लिए लागू होंगे ? ITR 1 से 7 दाखिल के लिए इन बातों का रखें ध्यान I (हिंदी में) (Applicable for AY 2020-21 (FY 2019-20) https://youtu.be/t9fEepIvszQ
  2. Changes in ITR Form Applicable for AY 2020-21 (FY 2019-20)

I. New ‘Schedule DI’ to furnish details of investments made during the extended period [ITR 1 to 6]

II. Additional details to be furnished by a person who is filing return under the Seventh proviso to section 139(1) [ITR 1, 2, 3 & 4]

III.Option to quote PAN or Aadhaar in various schedules [ITR 1 to 7]

IV. Reporting of income or loss from pass-through entities [ITR 2, 3, 5, 6 & 7]

V. Reporting of cash receipt or payment where turnover of assessee is between Rs. 1 crore to Rs. 5 crore

VI. Reporting of dividend received from the specified foreign company [ITR 6]
Link:
https://youtu.be/Pv2T6Ay2xUQ

Have a good day 💐💐💐💐

Regards,

Bipul Kumar

6-06-2020

1. Government is exploring changes to the equalisation levy, and may stop charging the tax on digital transactions either partially or in its entirety for a year as it works on the options. The government is doing a cost-benefit analysis and has reached out to stakeholders to figure out if it needs to suspend or shelve the 2% equalisation levy imposed this fiscal year on any purchase by an Indian or India-based entity through an overseas ecommerce platform.

 
2. Central Government has releases INR.36,400 Cr as GST Compensation to States. Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released to the States/UTs with Legislature for the period from December, 2019 to February, 2020 today.

3. CBDT assigned jurisdiction to officers from its international tax division over assessees coming under the purview of ‘equalisation levy’ on e-commerce companies. Experts said the CBDT’s move is a sign that the government is moving ahead with the levy, which came into force on April 1, despite several representations from industry bodies on behalf of foreign companies calling for deferment of the tax due to the fear that the wide-ranging scope of the law may end up taxing even non-digital transactions, leading to possible double taxation. 

4. GST: Co-operative society is not liable to deduct TDS where Government participation is less than 51%. AAR gave an ruling regarding clarification in respect of applicability of TDS in respect of Cooperative Societies in case of Tamil Nadu Coop. Silk Producers Federation Ltd  [2019] 112 taxmann.com 7 (AAR – TAMILNADU)

02-06-2020

1. CBDT has notified the income-tax return forms for the financial year ended March 31, 2020 (assessment year 2020-21). The I-T return forms (ITR-1 to ITR-7) incorporate the recent announcement made by the finance minister to ease the burden on taxpayers owing to the Covid-19 pandemic. 


2. ITR forms for AY 20-21 notified. Joint property owner can file ITR 1 & 4. ITR-1 can be used if electricity / travel expenses or deposits in current accounts exceed limit.


3. GST ITC-02A enabled at GST common portal for transfer of ITC in Credit Ledger to other registered entities/place of businesses in same state. 


4. GSTN said it has enabled new registration functionality on the GST portal for erstwhile registered entities who are now corporate debtors under the provisions of the Insolvency and Bankruptcy Code (IBC). This facility will benefit the companies that are undergoing the corporate insolvency resolution process and whose management affairs are being undertaken by IRPs or RPs. 

01-06-2020

1.The Central Board of Direct Taxes (CBDT) has notified new Income-tax Return (ITR) forms applicable for the Assessment Year 2020-21. A new schedule ‘Schedule DI’ has been inserted to claim benefit of investment/ deposit/payments made between 01-04-2020 to 30-06-2020 for the previous year 2019-20.

2. CBDT notifies new Form 26AS; widen its scope to include info. received under DTAA/TIEA

The CBDT has notified new Rule 114-I which prescribes uploading of annual information statement in Form 26AS in the registered account of assessee. A new Form 26AS has been notified for reporting of information related to TDS/TCS, specified financial statements, payment of taxes, demand & refund, pending & completed proceedings & any info. in relation to sub-rule(2) of 114-I which includes info. received under agreement referred to in section 90 or 90A.

3. Latest YouTube updates “Tax planning on Sale of RESIDENTIAL HOUSE (रेज़िडेंशियल हाउस)(Exemption u/s 54, 54EC, 54EE & 54GB)” https://www.youtube.com/watch?v=SjMD-TfEKLE&t=89s

29-05-2020

1. Income Tax Dept launches facility for free instant online allotment of PAN for persons with a valid Aadhaar number and a mobile number registered with Aadhaar. 
2. Insolvency Resolution Professionals (IRPs/RPs), appointed to undertake corporate insolvency resolution proceedings can apply for new registration on GST Portal, on behalf of the Corporate Debtors, in each of the States or Union Territories, on the PAN and CIN of the Corporate Debtor, where the corporate debtor was registered earlier, in terms of Notification No. 11/2020-CT, dated 21st March, 2020 and as amended vide Notification No. 39/2020-CT, dated 5th May, 2020. 

Published by Business So Simple

Hi, I am business consultant working with a team of Chartered Accountants, Company Secretaries, Lawyers & MBAs. I am promoter of " Make Your Business So Simple" "Make Education So Simple" Make Life So Simple" Make Legal Affairs So Simple".

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