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Knowledge Corner

Compulsory Filing of ITR : The filing of an Income Tax Return is compulsory if the Individuals having income exceeding the basic exemption limit and it is to be filed within the respective due date for the assessment year. If the person fails or misses the due date then there are the certain provisions of penalty under the Income Tax Act, 1961. The assessing officer may contact the individual through a notice to furnish reasons for not filing the return within due date. To know the article in details please click here

Extension of Income Tax Return Due Dates : Due to COVID-19 pandemic and challenges faced by taxpayers, the govt has extended due dates for ITR filing under various category for AY 2019-20 & 2020 -21. To know it in details please click here

Types of Business Entity : The business entity is run, setup and managed in different form that depends upon basically the capital invested, types of ownership, responsibility involved, liability undertaken and form of management. The business entity is run in different form and  have to registered it under the respective laws pertaining to the types of business entity prevailing in the country. Please click here. to know it in details.

Waiver of Late fees of GST Return :To provide relief to business grappling with the economic impact of COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings. These are notified vide Notification 51 to 54/2000 dated 24.06.2020. A Circular No. 141/1/2020-GST dated 24th June, 2020 has also been issued in this regard. The late fees will be waived off if the return for the respective tax period is filed within revised due dates. Please click here to view it in details

Filing of GST Return Through SMS : In a major move towards taxpayer facilitation, the Government has allowed filing of NIL GST monthly return in Form GSTR-3B through SMS vide GST council  circular dated 08 Jun 20. “This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had to otherwise log into their account on the common portal and then file their returns every month,” the Central Board of Indirect Taxes and Customs said in a statement. “Now, these taxpayers with NIL liability need not log on to the GST Portal and may file their NIL returns through a SMS,” it said. Please download the article to view it in details.

Old Tax Regime Vs New Tax Regime : With the start of the FY 2020-2021, salaried employees have been asked by their employers to declare their investments. In the Budget 2020 a new proposal was introduced regarding personal tax regime for individual taxpayers, where apart from filing investments declaration, they are also required to indicate their choice of tax regime (The Central Board of Direct Taxes issued a circular on April 13 directing all employers to obtain a declaration form employees if they wish to opt for new tax regime).  Since choosing between old and new tax regime has been made optional,  taxpayers are expected to be  aware of the tax liability consequent to indicating their choice of regime  to the company. New tax regime at concessional rate of taxes has come with the cost of foregoing certain deductions and exemptions. Are you Confuse which one to choose or which tax system is better for you. To understand it in details please download the article on the subject issue.