CA Harsh Patel Page

CA Harsh Patel Page Chartered Accountants throughout India.

CA Harsh Patel, Partner of HPRT and Associates is been actively associated in the fields of Auditing, Taxation, Consultancy, Financial management, Business Setup, Corporate Loans etc.

24/04/2020

GST – Form PMT-09 is now available on GST Portal.

Earlier, if the taxpayer pays the tax in a different head by mistake, then he was not able to utilize the same and have to pay tax second time, which blocks the taxpayer money.

With release of PMT-09, all taxpayers registered under GST are eligible to inter transfer the cash balances available in the electronic cash ledger using Form GST PMT-09. For example, if the taxpayer has to pay interest by way of cash and had a cash balance in the tax column, then the taxpayer can transfer such amount to interest ledger by filing PMT 09. This will reduce a burden on the taxpayer to pay the cash

Also, if a taxpayer has wrongly paid SGST instead of CGST, he can now rectify the mistake by using Form PMT-09.

20/04/2020

Income tax:
Kindly pay the taxes on time. There is no extension in the following deadlines.
- Tax Deduction at Source (TDS)
- Tax Collection at Source (TCS)
- Self-assessment tax

However, Interest at a reduced rate of 9% p.a. shall be charged instead of 12% or 18% p.a. towards the delayed payment/deposit of the following income tax levies, made between 20th March 2020 and 30th June 2020.

GST:
For businesses having turnover exceeding 5 Crores, no interest will be charged if the payment has been made within 15 days from the due date of the payment.

Interest will be charged at a reduced rate of 9% p.a. subject to payment is made on or before 24.06.2020.

RBI gave Relaxations on EMI on loans today. Check here whether your EMI will be deducted or not. Question. My EMI is du...
27/03/2020

RBI gave Relaxations on EMI on loans today. Check here whether your EMI will be deducted or not.

Question. My EMI is due soon. Will the payment not be deducted from my account?

Answer. The RBI has only allowed banks to allow a moratorium. Individual banks will have to allow suspension of EMIs. The borrower will have to request the bank and show that his or her income has been impacted by the coronavirus disruption. This means that you need to have specific approval from your bank, otherwise EMI will be deducted.

Question. Is EMI is waived for 3 months or it is just a deferment of EMI?

Answer. It is not a waiver, but a deferment. You will have to pay the EMIs at a later as decided and approved by your bank. The RBI has permitted banks to defer the EMI, and bank will have to create policies for the same.

Question. Does the moratorium cover both principal and interest payments?

Answer. Yes. It covers both

Question. What kind of loans does the moratorium cover?

Answer. The RBI mentioned term loans, which include home loans, personal loans, education loans, auto and any loans which have a fixed tenure.

Question. Does the moratorium cover credit card payments?

Answer. Since credit cards are not the term loans, they are not covered under the moratorium, and payment shall be done as per the regular pay cycle.

27/03/2020

Due to outbreak- The Government had provided relaxation in following filings of Income Tax and GST.

1. The Last date to file IT returns extended to 30 June for FY 18-19 (AY 19-20).

2. Aadhaar-pan linking extended to June 30 from March 31.

3. All compliances under Income Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020.

4. For delayed deposit of TDS, interest has been reduced to 9 % from 18%.

5. The Last date for filing March-April-May GST returns extended to June 30, 2020.

6. The Due date for issue of notice for all laws linked to duty compliance extended till June 30.

7.For companies with less than Rs 5 cr turnover, no interest, penalty and late fee to be charged on late GST return filing.

March End!Income Tax:1. The deadline to file the belated ITR for FY 2018-19 is 31st March 2020. Also, late fees for Bela...
18/03/2020

March End!
Income Tax:
1. The deadline to file the belated ITR for FY 2018-19 is 31st March 2020. Also, late fees for Belated Return is Rs.10,000.
2. Aadhaar-PAN linking is now mandatory for the PAN holders requiring the filing of Income Tax Return. The last date to link Aadhaar number and PAN is 31.03.2020.

GST:
1. All the exporters who make exports without paying tax under LUT should apply for LUT for FY 20-21.
2. The taxpayer should reconcile their Input tax credit as reflected in GSTR 2-A with GSTR 3B filed by them and also books of accounts, should also take supplier follow up.
3. Accept the TDS credit as reflected on the GST portal on monthly basis.

The last date to link PAN to Aadhaar card is 31st March 2020.Consequences for failure to link Aadhaar and PAN card:- PAN...
21/02/2020

The last date to link PAN to Aadhaar card is 31st March 2020.

Consequences for failure to link Aadhaar and PAN card:
- PAN would become inoperative
- Income tax returns can not be filed
- TDS would be deducted at a higher rate
- Quoting of valid PAN is mandatory for sale or purchase of cars, opening a bank account, purchase of immovable property, etc.

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Ahmedabad

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Wednesday 10am - 7pm
Thursday 10am - 7pm
Friday 10am - 7pm
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