Income Tax & GST Compliance

In this article we are going to discuss which Income Tax Return (ITR) Form to be used by Person having Income from Partnership Firm only for AY 2020-21 FY 2019-20 If you are Partner in any Partnership Firm and getting income as Salary or Remuneration from Partnership Firm, Interest on Capital Invested and Share of Profit or Loss in Firm. Then you have to File your Income Tax Return (ITR) in ITR - 3 declaring your Share of Profit or Loss, Interest on Capital and Share of Profit or Loss. Post your Queries in Comment. CA. Nitesh R. Gugale

Last year during this time everyone is rushing to get there ITR Filled as Income Tax Return Filling Due Date for Non-Tax Audit Case is 31st Jul.  But due to Covid-19 Pandemic Central Board of Direct Taxes (CBDT) has extended Due date to 30/11/2020 vide notification no. 35/2020/F.No.370142/23/2020-TPL DT. 24-06-2020 . Salaried employees will get Form 16 Part A and Part B mentioning details of Tax Deducted and Salary Details based on that Income Tax Return have to be filled. Some employees says that our employer have paid Taxes from our Salary so we don't have to file Income Tax Return. It's not correct even when Employer deduct TDS from Salary every person who's Income Exceeds maximum amount chargeable to Tax (In case of AY 2020-21 Rs. 2,50,000/-) have to file Income Tax Return. If person has only Income from Salary / Pension , Other Source Income (Interest or Dividend etc. Income) and Income from One House Property have to File Income Tax Return using ITR -1  

Hello Friends, I have received many Queries that What Information and Documents should we collect and maintain for filling Income Tax Return? So I have complied list of Documents and Information required for Filling Income Tax Return of FY 2019-20 (AY 2020-21) . Due to Covid-19 Pandemic CBDT has extended  Due Date for Filling of Income Tax Return for Financial Year ending 31/03/2020 (AY 2020-2021) is For Non-Tax Audit Case 30/11/2020 Tax Audit Case 30/09/2020 *There is Compulsory Late Filling Fees for delay in filling Return. Documents / Details required for Filling of Income Tax Return A. Copy of PAN Card B. Copy of Aadhar Card C. For Salary Income : Form 16 / Salary Slip of All month D. Documents related to Interest Income - Bank Statement / Passbook for Interest on Saving Account - Interest Income Statement for Fixed Deposit - TDS Certificate issued by Bank and Others E. In case of Income form Business and Profession : Balance Sheet and Profit & Loss F. All Bank Statement or

Government has made complete change in making Tax payment in GST in existing system once we make payment we have to wait some period to get reflected payment made. But in GST government has come-up with very good system of Payment in which Payment is reflected immediately in Cash Ledger maintained by GST Portal. Here is step by step for making GST Payment . For Creating Challan navigate to GST Portal .  Click on Services   Under Services Click on Payment Click on Create Challan Enter your GSTIN and Capcha You will get following window enter you Tax / Interest / Penalty / Fees / Other amount properly in corresponding box with proper Act like CGST / SGST / IGST . Select Mode of Payment from any of Three then Click on Generate Challan On Selecting E-Payment Click on Generate Challan  Re-Enter GSTIN and Click on PROCEED Click on Net Banking   Select your Bank   ----  Check Term and Conditions  ---- Click on Make Payment You will be redirected to your Bank Site. Once you make payment y

On filling  Income Tax Return  for  FY 2019-20 (AY 2020-21)  you will get  ITR V   ‘Indian Income Tax Return Verification Form’.  [Where the data of the ROI in Form ITR-1 (SAHAJ), ITR-2, ITR3, ITR-4 (SUGAM), ITR-5, ITR-7 filed but NOT verified electronically] as follow : Above  ITR-V  (Indian Income Tax Verification Form) does not contain any information relating to Income earn by you or Deduction Claimed  by You or Tax Paid by you. It only contain Basic information like PAN, Name, Form Number, E-filling Acknowledgment Number, Assessment Year. You Have to Verify your Income Tax Return in any one of following ways to get Return Filling Acknowledgement. 1. Aadhaar OTP 2. Login to e-filing account through Net-Banking login 3. EVC obtained generated using Pre-Validated Bank Account 4. EVC obtained generated using Pre-Validated Demat Account 5. EVC generated through Bank ATM. 6. by sending it to “Centralized Processing Centre, Income Tax Department, Bengaluru 560500”, by ORDINARY POST OR SP

Section 194N – TDS on cash withdrawal  As per  Sec 194N  of   Income Tax Act  From  01/07/2020  if you have not filled  the returns of income for all of the three assessment years relevant to the three previous years, for which the time limit of file return of income  under sub-section (1) of section 139  has expired, immediately preceding the previous year in which the cash withdrawn from  Bank  (Public or Private), Co-Operative Bank or Post Office then said Payer (Bank / Co-operative Bank / Post Office) have to deduct  TDS  as follows : ( a ) an amount equal to  two per cent  of the sum where the amount or aggregate of amounts, as the case may be, being paid in cash exceeds twenty lakh rupees during the previous year but does not exceed one crore rupees; or ( b ) an amount equal to  five per cent  of the sum where the amount or aggregate of amounts, as the case may be, being paid in cash exceeds one crore rupees during the previous year:  E.g. If you have not Filled Income Tax Return