How to register yourself on income tax e-filing web site

July 31 is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR when the point in time you may need to pay late filing fees of up to Rs 10000.

Now, everybody should file ITRs digitally apart from super senior voters (i.e., aged 80 years and above) who are allowed to file their ITR in paper format.

To file ITR electronically, one must be registered on the e-filing website of the income tax department.To file your revenue enhancement come (ITR), you have to register yourself on the tax department's e-filing website. The process of registration is sort of simple and easy. You must keep your PAN card handy to enter the small print pro re nata on the registration portal.

Also, whereas registering yourself on the portal you may be needed to produce your mobile range and email address that is obligatory.

Follow the steps below to register yourself:...

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Guide to File GSTR-3B on GST Portal

What is GSTR 3B?

GSTR-3B could be a monthly self-declaration that needs to be filed a registered dealer from July 2019 until March 2020. Points to Note:

1.  You want to file a separate GSTR-3B for every GSTIN you have got
2.       Liabilities of GSTR-3B should be paid by the last date of filing GSTR-3B for that month
3.       GSTR-3B can not be revised

Who ought to file GSTR 3B?

Every person World Health Organization has registered for GST should file the come GSTR-3B as well as nill returns.

However, the subsequent registrants don't got to file GSTR-3B

1.                   Input Service Distributors & Composition Dealers

2.                   Suppliers of OIDAR

3.                   Non-resident assessable person

Late Fee & Penalty

Filing GSTR-3B is necessary even for nill returns. Late Fee for filing GSTR-3B once the maturity is as follows:

Reconciliation of GSTR-1 with GSTR-3B is required to:

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GSTR 1 – HOW TO FILE NIL GSTR-1 RETURN, FORMAT, ELIGIBILITY & RULES

What is GSTR-1?

GSTR-1 could be a monthly or quarterly return that should be filed by every registered dealer.

It contains details of all outward provides i.e sales.

The return has a total of 13 sections.

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:

1. Input Service Distributor

2.  Composition Dealers

3.  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)

4.   Non-resident taxable person

5.   Taxpayer liable to collect TCS

6. Taxpayer liable to deduct TDS

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GST annual returns filing: GSTR-9 deadline extended, GSTR-3B to be phased out

In its first meeting under new Finance Minister Nirmala Sitharaman, the GST Council has extended the deadline for filing annual returns by two months. The all-powerful council decided to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. The earlier deadline to file these returns was June 30, 2019.

"We had received several representations from trades and businesses that they need some more time because this is the first time they will be filing the (annual) returns. So, considering their difficulties, the GST Council has extended the date by two more months. Now the annual returns will be filed by August 30, 2019,"

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New income tax rules from today; defaulters can't escape by simply paying penalty

If the individual or entity makes a class A offence on more than 3 occasions then it'll not be generally combined.

The revised guidelines issued by the income tax (I-T) department have made serious offences under the black money and benami laws generally non-compoundable. It means a private or associate entity wouldn't be able to go away by simply paying the tax demand, penalty and interest. The new tips can kick in from Gregorian calendar month seventeen. it'll be applicable to any or all cases for combining received on or once this date.

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New GST return system for taxpayers: Here are all the small information

The government has disclosed a transition set up for taxpayers under the goods and services tax to switch to new simpler return forms.

In order to ease the transition process, between July-September the new form would be available on a trial basis for familiarisation.

The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers.

The Goods and Services Tax Network had shared an example of the offline tool in could 2019, a politician statement said on Tuesday. The look and feel of the offline tool would be similar to that of the net portal.

There are three main components to the new return – one main return (FORM GST RET-1)and two annexures (FORM GST ANX-1 and FORM GST ANX-2).

From Gregorian calendar month 2019, users would be able to transfer invoices exploitation the shape GST ANX-1 offline tool unproven basis for familiarization.

They would also be able to view and download, the inward supply of invoices using the FORM GST ANX-2 offline tool under the trial program.

The summary of inward supply invoices would also be available for view on the common portal online.They would even be ready to import their purchase register within the offline tool and match it with the downloaded inward provide invoices to seek out mismatches from August 2019.

Between July to September 2019 for three months, the new return system (ANX-1 & ANX-2 only) would be available for trial for taxpayers to make themselves familiar, the statement said.

This trial would haven't any impact at the rear endwise the liabilities or input decrease of the remunerator, the statement added.

In this period, taxpayers shall continue to fulfill their compliances by filing FORM GSTR-1 and FORM GSTR-3B i.e. taxpayers would still file their outward provide details in type GSTR-1 on a monthly or quarterly basis and come back in type GSTR-3B on monthly basis. Non-filing of those returns shall attract penal provisions beneath the GST Act, it said.

From October 2019 onwards, FORM GST ANX-1 shall be compulsory and FORM GSTR-1would be replaced by FORM GST ANX-1.

Large taxpayers, with aggregate annual turnover over Rs 5 crore in the previous financial year, would upload their monthly FORM GST ANX-1 from October 2019 onwards.

However, little taxpayers, with turnover up to Rs 5 crore, will need to file the first compulsory quarterly FORM GST ANX-1 only in January 2020 for the quarter of October to December 2019.

Invoices are often uploaded in type GST ANX-1 on an eternal basis each by massive and little taxpayers from Oct 2019 ahead, it said.

FORM GST ANX-2may be viewed simultaneously during this period but no action shall be allowed on such FORM GST ANX-2, the statement said.

For October and November 2019, large taxpayers would continue to file FORM GSTR-3B on monthly basis. They would file their first FORM GST RET-01 for the month of December 2019 by 20th January 2020.

The small taxpayers would stop filing FORM GSTR-3B and would start filing FORM GST PMT-08 from October 2019 onwards. They would file their first FORM GST-RET-01 for the quarter of October 2019 to December 2019 from 20th January 2020. From January 2020 onwards, all taxpayers shall be filing FORM GST RET-01 and FORM GSTR-3B shall be completely phased out, the statement said. The government will issue separate instructions for filing and processing of refund applications between October to December 2019.

How to get tax e-refund

It is vital for the assesse to initial link the PAN to the checking account to be able to prevalidate the checking account.

The Income Tax Department issues refunds, if any, only as an e-refund to the assessee. The process of provision refunds by approach of cheques has been discontinued .To be able to receive the refund quantity, the bank account of the assessee should be linked to his permanent account number (PAN) and should have been pre-validated on the income tax e-fi ling portal.

1. Access IT portal

The assessee is required to visit the e-filing portal of the Income Tax Department at https://www.incometaxindiaefiling.gov.in. To access the portal, one needs to enter a user name (PAN of the assessee) and password, along with the Captcha code to log in. Those who have not registered with the IT e-fi ling portal need to register themselves beforehand.

2. Choose the right tabs

After work in, the assessee should check the ‘dashboard’ tab.Then, click on the ‘profile settings’ tab to see a drop-down menu of options. Choose the ‘prevalidate your bank account’ option and proceed.

3. Prevalidate account

The assessee will have to enter the bank account number, IFSC code, bank name, mobile number, and e-mail ID. Note that the PAN, mobile number and e-mail ID should be the same as that registered with the bank account. After this, the assessee should click on the ‘pre-validate’ button. The pre-validation status is sent to the registered e-mail ID and mobile number of the assessee.

Alternatively, read your standing by work in to the e-filing portal, and clicking on ‘profile settings’ and ‘pre-validate your bank account’ tabs.

4. Points to note

• It is important for the assessee to first link the PAN to the bank account to be able to pre-validate the bank account.
• The assessee can e-verify the income tax return only by using a pre-validated bank account.

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DEFINITION:

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ADVANCE EXCEL USES:

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