What Happens If Both PAN And Aadhaar Are Not Linked By March 31?

If you are yet to link your Permanent Account Number (PAN) with Aadhaar, the deadline to do the same is March 31, 2020.

The Income Tax (I-T) Department has been putting out regular reminders regarding the same on its official Twitter handle. On March 16, the tax department tweeted saying that it was "mandatory" to link PAN with Aadhaar and advised people not to "miss" the stipulated deadline of March 31.

Here is a look at what will happen if you do not link your PAN with Aadhaar before March 31.

What will happen if PAN is not linked with Aadhaar?

If PAN and Aadhaar are not linked before March 31, then your PAN will become inoperative. Earlier the rules did not clearly define the term 'inoperative'. However, the Central Board of Direct Taxes (CBDT) in a notification dated February 13, 2020 clarified the meaning of PAN becoming 'inoperative' and how to make it operative once again.

According to CBDT, if PAN becomes inoperative with effect from April 1, 2020, you will not be able to use your PAN to conduct financial transactions wherever quoting of PAN is mandatory. Some of these financial transactions include opening of a bank account, investing in a fixed deposit, filing of income tax returns etc.

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Invoicing Under GST

Invoicing Under GST

As a GST registered dealer, you are required to provide GST Invoices, also known as bills to your clients.

1. What is a GST Invoice?

An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment.

2. Who should issue GST Invoice?

If you are a GST registered business, you need to provide GST-complaint invoices to your clients for sale of good and/or services.

Your GST registered vendors will provide GST-compliant purchase invoices to you

3. What are the mandatory fields a GST Invoice should have?

A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST Invoice must have the following mandatory fields-

1.      Invoice number and date

2.      Customer name

3.      Shipping and billing address

4.      Customer and taxpayer’s GSTIN (if registered)**

5.      Place of supply

6.      HSN code/ SAC code

7.      Item details i.e. description, quantity (number), unit (meter, kg etc.), total value

8.      Taxable value and discounts

9.      Rate and amount of taxes i.e. CGST/ SGST/ IGST

10.  Whether GST is payable on reverse charge basis

11.  Signature of the supplier

If the recipient is not registered AND the value is more than Rs. 50,000 then the invoice should carry:

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Need to make additional GST payment? DRC-03: Applicability and Procedure

During the course of filing GST Return, a taxpayer may discover additional tax liabilities that he or she may need to pay. GST tax portal has the provision that allows you to do so.

“There is a section in the GST portal that talks about user services. There you need to choose DRC 03 and then opt for annual returns. You can use this to make any additional tax deposits, but need to ensure you have sufficient funds in your electronic cash ledger while using this form to make any additional tax payments.

What is form DRC-03?

DRC-03 is a payment form in which a taxpayer can pay the tax by raising its liability voluntarily or in response to the show cause notice (SCN) raised by the Department. Below is the format of Form DRC-03:

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Budget 2020 Highlights:

Finance Minister Niramala Sitharaman introduced a new optional personal income tax system and announced multi-billion dollar farm, infra and healthcare package to revive growth in the country. Emphasising on capacity building and empowerment of marginalised sections of the society while protecting the wealth creators, Sitharaman said this Budget will boost income and purchasing power of the people. Finance minister also raised the bank depositors insurance coverage to Rs 5 lakh from Rs 1 1 lakh.

Here are all the key highlights from Nirmala Sitharaman's Budget speech:

Taxation:

New optional tax slabs: New income tax slabs will be available for those who forgo exemptions.

Taxable income slabs	Tax rates
Up to Rs 5 lakh	Nil
Rs 5 Lakh to Rs 7.5 Lakh	10%
Rs 7.5 lakh to Rs 10 lakh	15%
Rs 10 lakh to Rs 12.5 lakh	20%
Rs 12.5 lakh to Rs 15 lakh	25%

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Income tax calendar for the year 2020

If you are a tax payer, you might have received an email from the income tax department with a calendar containing important income tax-related dates. It would bode well for you if you create an alert for these dates or mark them on your personal calendar. Doing so may help you avoid penal consequences of late filing of income tax returns (ITR) or tax deducted at source (TDS) returns and also help remind you to collect your TDS or tax collected at source (TCS) certificates. For instance TCS is applicable when you purchase a car worth more than Rs 10 lakh.

What is more, from September 1, 2019, individuals have to deduct tax on the payments made to professionals, contractors and so on. Further, those paying monthly rent of Rs 50,000 or more are required to deduct tax, as per income tax laws. These dates will also help you keep a check on whether the TDS that has been cut from your income (salary or interest etc.) has been deposited against your PAN with the government. The deductor has to issue a TDS certificate within the specified time period, as per current income tax laws.

Apart from salary, if any other payment received by an individual is subject to TDS, then he/she should get a quarterly TDS certificate for the same. For instance, if your bank has deducted tax on interest paid to you, say in the month of September, then the bank is required to issue TDS certificate within 15 days of deadline for filing TDS returns for that quarter, i.e., November 15."

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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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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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