JSON Utility for ITR1 & ITR 4 for AY 2021-22 released by CBDT

JSON Utility for ITR1 & ITR 4 for AY 2021-22 released by CBDT

The Central Board of Direct Taxes (CBDT) has introduced a new utility named JSON Utility for ITR – 1 and ITR – 4 for Assessment Year 2021-22 and have discontinued the Excel and Java Version of these ITR Utilities. It is said that utility for other ITRs will be enabled in a short span of time. One of the important features is importing of the Prefill file is mandatory in this utility. The description of ITR – 1 and ITR –…

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ITR-1 and ITR-4 for AY 2021-22 Introduction to ITR Offline utility

ITR-1 and ITR-4 for AY 2021-22 Introduction to ITR Offline utility

  Introduction to ITR Offline utility Assessment Year 2021-22 ITR-1 and 4 Steps to Download and install Offline Utility and fill the same Let us understand the execution steps for ITR 1 & ITR 4. Step 1 Once you access the e-filing portal . You can download the Utility under: ‘Downloads -> Offline Utilities -> Income Tax Return Preparation Utilities’. Note: – System Requirements • OS – Windows 7 or later are supported • Processor – Intel Pentium 4 processor…

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Rules changing from January 1: Everything you need to know in detail

Rules changing from January 1: Everything you need to know in detail

Rules changing from January 1: Everything you need to know in detail. As some rules are changing from January 1, 2021, it is necessary to know about them in detail. Many rules from cheque payment, LPG Cylinder prices, GST to UPI transaction payment are changing from January 1, 2021. As these rules are linked to everyone’s day to day life, therefore you need to know about these rules. Cheque payments To keep a check on banking frauds, the Reserve Bank…

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4 Warnings in GSTR-3B w.e.f. Nov 2020 onwards, which can’t be ignored

4 Warnings in GSTR-3B w.e.f. Nov 2020 onwards, which can’t be ignored

what are the warnings which taxpayers can’t afford to ignore in GSTR-3B from November 2020 onwards? there are four warnings that need to be critically taken care of in GSTR-3B from November 2020 onwards. First, in GSTR-1 and GSTR-3B about outward supplies in Table 3. Second, in GSTR-2B and GSTR-3B about RCM in table 3. Third, GSTR-2B and GSTR-3B about ITC in table 4 and fourth, GSTR 2B and GSTR-3B about the import of goods (ICEGATE) in ITC table 4….

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Recommendations of the 42nd GST Council Meeting

Recommendations of the 42nd GST Council Meeting

[ad_1] The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1.    Levy of Compensation Cess to be extended beyond the transition period of five…

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Section 80D – Deduction in respect of Medical Insurance Premium under IT Act

Section 80D – Deduction in respect of Medical Insurance Premium under IT Act

[ad_1] In the present scenario, due to arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s.80D of Income Tax Act, which is discussed in detail below:- In Case of Individual:- (i) Deduction in respect of insurance premium paid for family:- Deduction to the extent of Rs.25000/- is allowed in respect of the following payments:- • Premium paid to effect or keep in force an insurance on the health of…

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GST e-invoicing – Relaxation and latest changes

GST e-invoicing – Relaxation and latest changes

[ad_1] 1.‘e-invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020. 2. Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown and as some of these taxpayers are still not ready, as a last chance, Government had given relaxation that invoices raised by notified taxpayers during October, 2020 without following e-invoice procedure (i.e. uploading invoice details on e-invoice portal (IRP), obtaining IRN and issuing invoice with QR Code) will be deemed to be valid and no…

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Standard Operating Procedure (SOP) for referring IT issues to the IT Grievance Redressal Committee

Standard Operating Procedure (SOP) for referring IT issues to the IT Grievance Redressal Committee

[ad_1] 1. Vide Circular No. 39/13/2018 dated 03.04.2018 an IT Grievance Redressal mechanism has been set up to address the difficulties faced by a section of taxpayers owing to technical glitches on GST Portal. The method of resolution of the difficulties will be approved by the GST Implementation Committee (GIC) which shall act as the IT Grievance Redressal Committee and shall approve and recommend to GSTN the steps to be taken for redressal of grievances. The relief could be in…

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TCS u/s 206C (1H) – Points to be kept in mind while applying the section

TCS u/s 206C (1H) – Points to be kept in mind while applying the section

[ad_1] TCS on sale of any goods- Section 206C (1H) of Income Tax Act,1961 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to collect tax from the purchasers. Sub-section (1H) has been inserted in Section 206C by Finance Act, 2020 for…

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GSTR 9C Audit Checklist – Points to be verified while conducting an audit

GSTR 9C Audit Checklist – Points to be verified while conducting an audit

[ad_1] GSTR 9C is an audit form that has to be filed by specified taxpayers annually in GST. This form has to be digitally signed by either a Chartered Accountant or Cost Accountant. While doing the GSTR 9C audit, the following points have to be considered: Reconciling GSTR 3B vs. GSTR 1 vs. GSTR 9 vs. Books   Reconciling GSTR 3B vs. GSTR 2A vs. GSTR 9 vs. Books   Is there any delay in filing GSTR 3B.? If yes,…

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