Income Tax & GST Compliance

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of income  under sub-section (1) of section 139  has expired, immediately preceding the previous year in which the cash withdrawn from  Bank  (Public or Private), Co-Operative Bank or Post Office then said Payer (Bank / Co-operative Bank / Post Office) have to deduct  TDS  as follows : (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

If your GST Registration is cancelled by Officer due to Non-filling of GST Return same can be revoked i.e. You can get your GST Registration back. Central Government come up with  Central Goods and Service Tax (Removal of Difficulties) Order, 2020  Dt. 25/06/2020 vide Order No. 01/2020 - Central Tax.  As per said order if your GST Registration is cancelled by officer till 12/06/2020 U/s 29(2) clause (b) or (c) i.e. due to Non-filling of GST Return said  registration can be revoked (i.e. Get back Registration) by filling revocation application within 30 days from later of following dates : a) Date of Service of the said cancellation order; or b) 31st day of August, 2020.

Government has extended date of filing GSTR 3B of Feb 2020 to 30th Jun 2020 for dealer whose Aggregate turnover during preceding Financial Year is below 5 Crore. As extended Date is specified date for removing difficulty faced by dealer due to Covid 19 Pandemic. Date for calculating days of delay will be 20th Mar 2020 only being Due Date. So file your return till 30th Jun 2020 otherwise you will have to pay heavy Late Fees. E.g. If you file GSTR 3B for Feb 2020 on 01st Jul 2020 delay in this case will be of 103 days (Calculated from 20th Mar 2020) and Late Fees will be Rs. 5,150/-. Delay of one day in filling GSTR 3B will cost you Rs. 5,150/-