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Friday, January 17, 2020

Deductions on Section 80C, 80CCC, 80CCD & 80D in Income Tax


For financial year 2018-19 (Including Budget amendments )
There are various deductions a taxpayer can claim from his/her total income to bring down taxable income and thereby reduce the tax outgo. In this article, let us discuss some of the important deductions under Section 80C a taxpayer can claim. 

1. Section 80C
Deductions on Investments
You can claim a deduction of Rs 1.5 lakh your total income under section 80C. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income, and it is available for individuals and HUFs.
filing your Income Tax Return. The Income Tax Department will refund the excess money to your bank account.

2. Section 80CCC – Insurance Premium
Deduction for Premium Paid for Annuity Plan of LIC or Other Insurer
Section 80CCC provides a deduction to an individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The plan must be for receiving a pension from a fund referred to in Section 10(23AAB). Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt.

3. Section 80CCD – Pension Contribution
Deduction for Contribution to Pension Account



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Tuesday, January 14, 2020

All about GSTR1 and Updates


The Central Board of Excise and Customs (CBIC) extended the last date for waiving late fee on filing of output supplies statements through Form GSTR 1 for the period between July 2017 and November 2019, by a week to January 17.

What is GSTR-1?
GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales

Who should file GSTR-1?
Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the month or not.
The following registered persons are exempt from filing the return:
·       Input Service Distributors
·       Composition Dealers
·      Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
·         Non-resident taxable person
·         Taxpayer liable to collect TCS
·         Taxpayer liable to deduct TDS.

How to revise GSTR-1?
Return once filed cannot be revised. Any mistake made in the return can be rectified in the next periods (month/quarter) return. It means that if a mistake is made in September GSTR-1, rectification for the same can be made in October’s GSTR-1.

Here is a step-by-step guide on how to file GSTR-1 on GST Portal :
·         Login to the GST Portal
·         Go to Services. In the drop-down click on Returns > Returns Dashboard...,
 
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Monday, December 23, 2019

Blocking/ Unblocking of EWB generation facility


The taxpayers who have not filed GSTR 3B return for two consecutive tax periods, will now be blocked for EWB generation facility on EWB Portal.

Thus taxpayers who have not filed their GSTR-3B return for the months of September, 2019 and for October, 2019, will be blocked for EWB generation from 2nd December, 2019.

The list of the taxpayers who filed their GSTR 3B returns and thus not remaining as defaulters of non-filing of two or more GSTR 3B return, is prepared by GST System next day and the same is provided to EWB system for unblocking of their EWB generation facility, daily. On receipt of the list of GSTINs their EWB generation facility is unblocked on EWB Portal, immediately.

Meanwhile, if required taxpayers can login into EWB Portal and update their return filing status, same day by update return filing status functionality. On doing so EWB System updates return filing status of the taxpayer from the GST System and unblock EWB generation facility for the taxpayer, if taxpayer is not a defaulter in non-filing of two or more GSTR 3B returns.

The taxpayers whose EWB generation is blocked can also approach jurisdictional tax officials, for unblocking of their EWB generation facility. The tax officials will issue orders on GST Portal, for accepting or rejecting such manual request of the taxpayers.

1. Blocking of EWB generation facility: Blocking/unblocking of EWB generation
facility has been implemented on EWB Portal from 2nd December, 2019.
a.      Meaning of blocking: The blocking of E Way Bill generation facility means disabling taxpayer from generating E Way Bill (EWB), in case of non-filing of 2 or more consecutive GSTR 3B Return, on GST Portal.

Example: For those taxpayers who have not filed their GSTR-3B return for the months of September 2019 and October 2019, their EWB generation facility would be blocked from 2nd December, 2019.
b.      For GSTINs whose EWB generation facility is blocked, EWB can’t be generated either by the taxpayer or by their counterparty (whether as supplier or recipient) or the transporter.

2. Effect on already generated EWB: In case of blocked GSTINs, EWBs already generated and facilities in respect of these EWBs such as updating the vehicle and transporter details or extending the validity of EWB will not be impacted.

3. Unblocking of EWB generation facility: The EWB generation facility would be automatically unblocked in the event of filing of their GSTR 3B return for the default period(s), reducing the default period to less than 2 consecutive tax periods. The blocking will be automatically lifted on the EWB system next day.

a. Immediate Updation of Status at EWB Portal: For immediate updation of the status the taxpayer can go to the EWB portal and select the option ‘Search <Update Block Status’, enter their GSTIN and use Update Option to get themselves unblocked on GST portal, provided GSTR-3B return has already been filed for the default period(s).

4. Unblocking by Tax Official: EWB generation facility can also be restored by the jurisdictional tax official on basis of manual representation by a taxpayer. The tax officials will issue a speaking order on GST Portal, for accepting or rejecting such requests of the taxpayers. In case he accepts the request, the facility will get restored.

5. Effect on Transporter registered on EWB Portal: Transporters enrolled in EWB Portal, but not registered on GST portal will not be impacted. However, the transporters registered on GST Portal, if blocked on non-filing of two or more GSTR 3B returns, cannot use their GSTIN as Consignor, Consignee or transporter to generate EWB and update transporter details

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Thursday, December 12, 2019

GST: Key changes and simplifications of GSTR-9 & GSTR-9C for Taxpayers

On fourteen November 2019, the govt provided major relief to taxpayers by extending the day of the month for filing GSTR-9 and GSTR-9C. The maturity for filing GSTR-9 and GSTR-9C was extended to December, 31 2019 for FY 2017-18 and March 31, 2020 for FY 2018-19.
In addition to the point in time extension, the Central Board of Indirect Taxes & Customs (CBIC) also simplified forms GSTR-9 and GSTR-9C by making several fields of these forms optional.Going forward, a taxpayer need not give a breakup of the input tax credits (ITC) he or she claimed on services, capital goods, and raw materials he or she purchased.Also, going forward a payer needn't give details of purchases and sales done at an HSN level.Take a glance at the opposite important changes CBIC has introduced to forms GSTR-9 and GSTR-9C below:
How have the forms GSTR-9 and GSTR-9C been simplified for taxpayers?
A few of the distinguished changes include: Modifications of GSTR-9:
a) A payer will fill within the values internet of credit notes, debit notes, and amendments instead of reporting separately.
b) A payer can currently have an choice to report one consolidated figure of exempt provides created throughout the year.
c) A taxpayer can currently have an choice to report the whole ‘ITC’ under the ‘inputs’ row solely.
d) A payer has currently been given an choice to transfer details of ITC availed in PDF format in GSTR-9C while not the certification of a accountant.
The following information is now optional for taxpayers:
a) Reversal of ITC that as availed within the previous financial year and ITC availed throughout the previous financial year
b) Refunds claimed, pending, rejected, and sanctioned throughout the year
c) Tax demands, taxes paid and pending demands for the given year
d) provides received via composition taxpayers, deemed offer (under section 143) and commodities sent on the idea of approval however not came back
e) HSN-wise summary of outward and inward supplies
Modifications of GSTR-9C:
a) Filling details regarding ITC reconciliation for fiscal year 2017-18 and 2018-19 has currently been created optional .
b) reportage of turnover adjustment details has currently been created optional for the remunerator.
What should the taxpayers do next?
a) This has been the fourth extension to date, and therefore the said call was taken within the read of the technical glitches the taxpayers were facing throughout the filing ofthe said returns.Taxpayers ought to use the extra time on their hands to confirm that their GSTR-9 and GSTR-9C is filed on time.
b) Businesses got to create use of this extra time to shut any quite problems that are associated with reconciliation.Businesses got to create use of technology also as good tools for reconciliation to mend mismatches they establish between GSTR-2A and GSTR-9 auto-populated info.Any taxes unpaid, must be immediately deposited
c) Taxpayers should follow and apply the clarifications issued by the govt from time-to-time. Taxpayers got to take up the filing-related problems to the authorities so that they'll follow within the new point in time.
GSTR-9 and GSTR-9C simplification have surely given the taxpayers much-needed relief.

The government is also anticipating that with these changes and the day of the month extension, all taxpayers would well be ready to file their Annual Returns (GSTR-9) along with their

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Friday, December 6, 2019

GST: Here’s what to try and do if your e-Way bill generation is blocked for tax defaults


Highlights
1.       As per GSTN information, around 20.75 lakh GSTINs have not filed their GSTR-3B for September and October months.
2.       Every taxpayer UN agency is registered under GST should file GSTR-3B, on a monthly basis.
3.       Only after a blocked GST taxpayer files his/her pending GSTR-3B for the default period(s), the blocked GSTIN will get unblocked.
4.       Not generating an e-way bill will be considered as non-compliance as per provisions of the GST law.
The government has introduced a very important amendment round the e-way bill generation with associate aim to limit on GST non-filers and evaders. With impact from December 2, 2019, the blocking and unblocking of the e-way bill generation facility has been implemented on the e-way bill portal.E-way bill generation has been barred for taxpayers UN agency haven’t filed their returns for the previous 2 consecutive months.
What is the intention of block e-way bill generation for taxpayers?
As per GSTN data, around 20.75 lakh GSTINs have not filed their GSTR-3B for September and October months. Also, out of those 20.75 lakh GSTINs, around 3.47 lakh GSTINs (16.7%) had transactions for September and October 2019 in the e-way bill system. Considering the increase within the range of tax defaulters, their ability to get e-way bill had to be blocked. The tax department is of the read that non-filing of returns has been the first reason for the decline within the GST revenue collection.
How will blocking of e-way bill generation work?
Every taxpayer who is registered under GST must file GSTR-3B, on a monthly basis.
GSTR-3B has details of sales and purchases created by a business and therefore the final tax collectible when claiming input credit.
As per the new rule, once a taxpayer fails to file his or her GST returns (GSTR-3B) for two continuous months, he or she will get blocked from generating an e-way bill.A GSTIN that is blocked can not be used for generating an e-way bill either as a consigner or receiver.
For example, if a taxpayer has not filed his GSTR-3B return for September and October 2019, his/her e-way bill generation facility would get blocked from 2 December 2019.
How will unblocking of e-way bill generation work?
Only when a blocked GST payer files his/her unfinished GSTR-3B for the default period(s), the blocked GSTIN can get unblocked automatically the following morning allowing him/her to proceed with e-way bill generation.
In case a remunerator intends to get an e-way bill shortly when filing his/her come, he or she will be able to visit the e-way bill portal and opt for the choice ‘Search Update Block Status ‘.He or she's going to have to be compelled to enter his/her GSTIN, later he or she will need to enter the CAPTCHA code and click on ‘GO’. In case the standing reflects as ‘blocked' then he/she have to be compelled to click on the choice ‘Update Unblock standing from GST Common Portal’. This button can extract the most-recent filing standing via the GST common portal and, if the returns square measure filed, the e-way bill system status will get updated subsequently to ‘unblocked’.
In case the system fails to unblock the GSTIN, the taxpayer can get in touch with the GST Help Desk and raise a complaint to get his/her query resolved.
Also, there can be sure things wherever a taxpayer might not be ready to file GSTR-3B on time.These scenarios could embrace technical glitches, or inconvenience thanks to an emergency, etc.In these eventualities, genuine taxpayers can seek help from a jurisdictional tax official to get the e-way bill generation facility restored.
What this means for taxpayers?
Not generating an e-way bill are going to be thought of as non-compliance as per the provisions of the GST law.
The business might not be ready to deliver goods while not an e-way bill.When merchandise square measure transported while not AN e-way bill, the authorities can claim that the consignor of the goods attempted to evade taxes and subsequently levy a fine equivalent tothe tax amount payable.Such commodities and therefore the vehicle transporting them will be taken or detained.Both the products in addition because the vehicle could also be discharged only if the unfinished tax quantity and therefore the penalty mentioned by the involved officer is paid.
Not possessing AN e-way bill throughout transportation of products will cause the disruption within the every day operations and deliveries of a business. This move can push taxpayers to be additional compliant and make certain they file their returns/make their tax payments on time. Businesses have to be compelled to be additional careful by making certain their GSTR-3B is filed among the point in order that there's no disruption in their business-related operations. his new development among the e-way bill system could facilitate improve GST revenue collection.

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Friday, November 29, 2019

How to apply for Aadhaar card without documents

Aadhaar has become an important financial document. To apply for PAN, filing income tax return (ITR) or to receive a subsidy or grant from the government, it is mandatory to give your Aadhaar number.
You can apply for an Aadhaar card if you have a valid proof of identity (PoI) such as PAN card, passport, voter ID card etc., valid proof of address (PoA) such as passport, bank statement/passbook, voter ID, driving licence etc. and date of birth proof. However, what happens if you do not have the required documents? Can you still apply for an Aadhaar card?
According to the UIDAI's Aadhaar enrolment form, there are two more ways to apply for Aadhaar card if an individual does not have their own POI/POA supporting documents - (1) Through an Introducer and (2) Through Head of Family (HoF).
(Screenshot of Aadhaar enrolment form as available on the UIDAI website)
Here's how you can apply for an Aadhaar card if you do not have the required supporting documents.
Through the Head of Family (HoF)
If an individual in a family does not have valid PoI and valid address proof, then he/she still can apply for Aadhaar card, provided if the individual's name exists in the family entitlement document such as ration card. In such cases the Head of Family in the entitlement document needs to be enrolled first with valid PoI and PoA documents.
The head of the family can then introduce other members in the family while they are enrolling, as per the UIDAI website.
The HoF must also carry his/her original proof of identity and proof of address. The HoF must also accompany the individual who wants to apply for Aadhaar card at the enrolment centre.
An individual applying for Aadhaar card via the HoF should have proof of relationship with the HoF as well. The proof of relationship document must contain the name of the applicant and HoF. According to UIDAI, following are the documents that are valid as proof of relationship:
1. PDS card
2. MNREGA Job Card
3. CGHS/State Government/ECHS/ESIC Medical card
4. Pension Card
5. Army Canteen Card
6. Passport
7. Birth Certificate issued by Registrar of Birth, Municipal Corporation and other notified local government bodies like Taluk, Tehsil etc.
8. Any other Central/State government issued family entitlement document
9. Marriage Certificate issued by the government
10. Address card having name and photo issued by Department of Posts
11. Bhamashah card
12. Discharge card/ slip issued by Government hospitals for birth of a child
13. Certificate of identity having photo issued by MP or MLA or MLC or Municipal Councillor or Gazetted Officer on letterhead
14. Certificate of identity having photo and relationship with HoF issued by village panchayat head or mukhiya (for rural areas)
Through Introducer
Another method to apply for Aadhaar card if an individual who does not have his own PoI and PoA documents is via an Introducer. According to UIDAI website, an introducer is a person who 
is authorised/notified by the Registrar to introduce residents who do not possess any PoA/PoI documents.
The introducer should already have an Aadhaar number and needs to be present in person at the Aadhaar centre for introducer-based enrolments.
The circular can be accessed here

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Friday, November 15, 2019

GSTR-9, GSTR-9C gets simplified further, submission dates extended


The Government has to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to December 31, 2019 and for Financial Year 2018-19 to March 31, 2020.

It has also decided to simplify these forms by making various fields of these forms as optional.

The Central Board of Indirect Taxes & Customs (CBIC) on Thursday notified the amendments regarding the simplification of GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) which inter-alia allow the taxpayers to not to provide split of input tax credit availed on inputs, input services and capital goods and to not to provide HSN level information of outputs or inputs, etc. for the financial year 2017-18 and 2018-19.

The Central Board of Indirect Taxes & Customs (CBIC) on Thursday notified the amendments regarding the simplification of GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) which inter-alia allow the taxpayers to not to provide split of input tax credit availed on inputs, input services and capital goods and to not to provide HSN level information of outputs or inputs, etc. for the financial year 2017-18 and 2018-19.

CBIC expects that with these changes and the extension of deadlines, all the GST taxpayers would be able to file their Annual Returns along with Reconciliation Statement for the financial years 2017-18 and 2018-19 in time.

Since the returns were not simplified, the extension is not a surprise. However, frequent extensions and delay in non-simplification has been a let down for businesses. Our sense is that businesses are ready to comply with GSTR-9 so they can move on and prepare for the new simplified return filing system.

Earlier the last date for filing of GSTR-9 and GSTR-9C for Financial Year 2017-18 was November 30, while that for Financial Year 2018-19 was December 31.

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