S U V and Co

08/04/2020

30/03/2020

*FY 2019 - 2020 CLARIFICATIONS*

1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances.

2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.

3) In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, i.e. for taxability of income financial year is considered till 31st March only.

4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.

5) New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.

6) Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due upto 31st March can be claimed as deduction even if paid till 30th June.

7) Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However Installments due upto 31st March can be claimed as deduction ever if paid till 30th June.

02/01/2020

27/12/2019

Non Filling of GST Return ....Can Attach ur Bank A/c or Property... Be Carefull & touch with ur CA....

26/12/2019

Recently, CBIC issued the circular number 129/48/2019 dated 24.12.2019 in which its clarify that in case of non-furnishing of GSTR 3B, GSTR 4, GSTR 7, GSTR 8 etc. notice in form ASMT-13 shall issue and best judgement shall also be made.

The relevant extract are as:

1. In case of non-furnishing of return u/s 39 (GSTR 3B, GSTR 4, GSTR 6, GSTR 7 & GSTR 8), u/s 44 (GSTR 9 & GSTR 9C), u/s 45 ( GSTR 10) notice shall issue in FORM GSTR 3A to a registered person.

2. After service of notice (GSTR 3A), aforesaid require to furnish within 15 days of the said notice.

3. In case of non-furnishing of return u/s 39 & 45 even after service of notice, the assessment shall be made u/s 62. (Best Judgement Assessment {BJA}). (No BJA for GSTR 9 & 9C)

4. Please note that no further communication will be issued for assessing the liability. Best Judgement Assessment in FORM ASMT-13 can be issued without any further communication.

21/08/2019

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19/07/2019

Dear Sir/Madam,

As you know that the Last date of Income Tax return filling for the Assessment Year 2019-20 (Financial Year 2018-19) is 31st July, 2019.

The delay will attract the penalty, if your file your ITR post the deadline of July 31, 2019 (unless the tax department extends it), you will be liable to pay a penalty up to Rs 10,000)

As per the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 of that year and Rs 10,000 post December 31. However, as relief to small taxpayers, if your income is not more than Rs 5 lacs, the maximum penalty levied will be Rs 1,000

Therefore Please collect the following documents/ information as per your relevancy to file the return and provide it to your tax consultant/chartered Accountants before 25.07.2019 to avoid last minute rush.

Document Required for Income Tax Return filing for the Assessment Year 2019-20 (Financial Yea 2018-19)

(A) ITR 1 (Income < 50 Lacs, For Salary/Pension, One House income, other sources)

1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Copy of Form 16 Part A & Part B and Salary Slips from April 2018 to March 2019
5. Details of rental income and Interest Certificate from Bank in case of Home Loan
6.Income from other sources eg. Interest, Dividend etc.
7. Details of Investment eligible for deduction under the Income Tax Act. eg. LIC, Tuition fees, Home Loan, fixed deposit more than 5 Years etc.
8. Bank Statements for the period 01.04.2018 to 31.03.2019 along with respective IFSC Code

(B) ITR 2 ( Income >50 Lacs in ITR-1, Capital Gain, As Partner in the Firm, Foreign Income, Agriculture Income >5000)

1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Bank Statements for the period 01.04.2018 to 31.03.2019 along with respective IFSC Code
5. Copy of Form 16 Part A & Part B and Salary Slips from April 2018 to March 2019
6. Detail of Rental Income (Gross Rent Received, All Tenant Name, PAN of Tenants and address of all rented property) and Interest Certificate from Bank in case of Home Loan, Details of Municipal Tax paid during the period, Share in the rented property if it is the case of Co-owner, Other relevant information/Documents
7. Details of Capital Gain including relevant statements & Supporting
8. Income from other sources eg. Interest, Dividend etc
9. Details of Investment made for exp. LIC, Tuition fees, Home Loan, FD, Mutual Fund etc.

(C) ITR 3 (Everything of ITR-2+ Business/Profession)

1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Bank Statements for the period 01.04.2018 to 31.03.2019 along with respective IFSC Code
5. Copy of Form 16 Part A & Part B and Salary Slips from April 2018 to March 2019
6. Detail of Rental Income (Gross Rent Received, All Tenant Name, PAN of Tenants and address of all rented property) and Interest Certificate from Bank in case of Home Loan, Details of Municipal Tax paid during the period, Share in the rented property if it is the case of Co-owner, Other relevant information/Documents
7. Details of Capital Gain including relevant statements & Supporting
8. Income from other sources eg. Interest, Dividend etc
9. Details of Investment made for exp. LIC, Tuition fees, Home Loan, FD, Mutual Fund etc.
10. Complete details of Business/Profession including invoices, Expenses Bill etc.
11. Copy of GST Returns, Turnover as per GST Return for FY 2018-19
12. Any other useful information related to the business/profession etc.

ITR 4 (Presumptive business Income u/s 44AD/44ADA/44AE)
1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Bank Statements for the period 01.04.2018 to 31.03.2019 along with respective IFSC Code
5. Copy of Form 16 Part A & Part B and Salary Slips from April 2018 to March 2019
6. Detail of Rental Income (Gross Rent Received, All Tenant Name, PAN of Tenants and address of all rented property) and Interest Certificate from Bank in case of Home Loan, Details of Municipal Tax paid during the period, Share in the rented property if it is the case of Co-owner, Other relevant information/Documents
7. Details of Capital Gain including relevant statements & Supporting
8. Income from other sources eg. Interest, Dividend etc
9. Details of Investment made for exp. LIC, Tuition fees, Home Loan, FD, Mutual Fund etc.
10. Complete details of Business/Profession.
11. Copy of GST Returns, Turnover as per GST Return for FY 2018-19
12. Any other useful information related to the business/profession etc.

Please feel free to contact undersigned for any further clarification.

Warm Regards,
CA Vikas Kumar Tiwari
SUV & Co.
Chartered Accountants
011 43041833/35
95555 72997
[email protected]

01/02/2019

*Budget Highlights*

1. Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equis. Around 3 crore middle class taxpayers will get tax exemption due to this measure.
2. Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees
3. TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees.
4. TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees.
5. Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime

01/08/2018

KYC of Directors:
Please find the list of documents/information which is to be required for completing KYC of Directors:
1) Self attested copy of PAN Card
2) Permanent Resident Address - Self attested copy of Aaddhar Card
3) Present Resident Address - (If different from Permanent): Utility Bill (i.e. Mobile Bill, Electricity Bill, Telephone bill etc.)
4) Self attested copy of Passport
5) Personal Mobile No.
6) Personal E-mail ID
7) OTP on E-Mail and Mobile No.

Please arrange to provide documents/information to file KYC of Director on or before 31.08.2018 after that Rs. 5000/- fine will be levied.

26/07/2018

Income Tax Return filing date is extended to Aug 31, 2018.

21/07/2018

28th GST Council Meeting Updates

1. GST Council Approves Quarterly Returns for Taxpayers having Turnover upto 5 Crores.While they will continue to pay GST monthly.

2. Threshold for composition dealers to be increased to Rs 1.5 crore from Rs 1 crore earlier. Also taxpayers who also provide services of up to 10 percent of their turnover can now avail the composition scheme.

3. Reverse charge mechanism to be deferred till 30/09/2019.

4. Exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya, Sikkim, increased from Rs 10 lakh to 20 lakh.

Here are the details of key Tax Rate Changes

I. Items EXEMPTED from GST

- Sanitary pads
- Deities made of stone, marble or wood
- Raakhis, without any precious metals
- Raw material used in brooms
- Commemorative coins circulated by the RBI or government
- Saal leaves
- Fortified milk

II. From 12 percent to 5 percent reduction

- Handloom dari
- Fertiliser grade phosphoric acid

III. From 28 percent to 18 percent reduction

- Lithium-ion batteries
- Vaccum cleaners
- Food grinders, mixers
- Shavers, hair clippers
- Storage water heaters
- Electric smoothing irons
- Water cooler
- Ice cream freezer
- Refrigerators
- Hand dryers
- Cosmetics
- Perfumes, Scent
- Paint, Varnishes

Other key changes

- GST on ethanol sold to oil companies for blending with petrol and diesel reduced to 5 percent from 18 percent earlier.

- GST on imported urea reduced to 5 percent.

- GST on e-books reduced to 5 percent from 18 percent.

- GST on Footwear upto Rs 1000 to 5 percent from 12 percent.

06/07/2018

Dear All,

As you know that the Last date of Income Tax return filling for the Assessment Year 2018-19 is 31st July, 2018.
The delay will attract the penalty starting from April 1, if your file your ITR post the deadline of July 31, 2018 (unless the tax department extends it), you will be liable to pay a maximum penalty of Rs 10,000)

As per the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 of that year and Rs 10,000 post December 31. However, as relief to small taxpayers, if your income is not more than Rs 5 lacs, the maximum penalty levied will be Rs 1,000.

Therefore Please collect the following documents/ information as per your relevancy to file the return and provide it to ypur tax consultants before 15.07.2018 to avoid last minute rush.

Document Required for Income Tax Return filing for the Assessment Year 2018-19 (Financial Yea 2017-18)
(A) ITR 1 (Income < 50 Lacs, For Salary/Pension, One House income, other sources)
1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Copy of Form 16 Part A & Part B and Salary Slips from April 2017 to March 2018
5. Details of rental income and Interest Certificate from Bank in case of Home Loan
6.Income from other sources eg. Interest, Dividend etc.
7. Details of Investment eligible for deduction under the Income Tax Act. eg. LIC, Tuition fees, Home Loan, fixed deposit more than 5 Years etc.
8. Bank Statements for the period 01.04.2017 to 31.03.2018 along with respective IFSC Code

(B) ITR 2 ( Income >50 Lacs in ITR-1, Capital Gain, As Partner in the Firm, Foreign Income, Agriculture Income >5000)
1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Bank Statements for the period 01.04.2017 to 31.03.2018 along with respective IFSC Code
5. Copy of Form 16 Part A & Part B and Salary Slips from April 2017 to March 2018
6. Detail of Rental Income (Gross Rent Received, All Tenant Name, PAN of Tenants and address of all rented property) and Interest Certificate from Bank in case of Home Loan, Details of Municipal Tax paid during the period, Share in the rented property if it is the case of Co-owner, Other relevant information/Documents
7. Details of Capital Gain including relevant statements & Supporting
8. Income from other sources eg. Interest, Dividend etc
9. Details of Investment made for exp. LIC, Tuition fees, Home Loan, FD, Mutual Fund etc.

(C) ITR 3 (Everything of ITR-2+ Business/Profession)
1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Bank Statements for the period 01.04.2017 to 31.03.2018 along with respective IFSC Code
5. Copy of Form 16 Part A & Part B and Salary Slips from April 2017 to March 2018
6. Detail of Rental Income (Gross Rent Received, All Tenant Name, PAN of Tenants and address of all rented property) and Interest Certificate from Bank in case of Home Loan, Details of Municipal Tax paid during the period, Share in the rented property if it is the case of Co-owner, Other relevant information/Documents
7. Details of Capital Gain including relevant statements & Supporting
8. Income from other sources eg. Interest, Dividend etc
9. Details of Investment made for exp. LIC, Tuition fees, Home Loan, FD, Mutual Fund etc.
10. Complete details of Business/Profession including invoices, Expenses Bill etc.
11. Copy of GST Returns, Turnover as per GST Return for FY 2017-18
12. Any other useful information related to the business/profession etc.

ITR 4 (Presumptive business Income u/s 44AD/44ADA/44AE)
1. Copy of PAN
2. Copy of Aadhar
3. Mobile No and Email ID
4. Bank Statements for the period 01.04.2017 to 31.03.2018 along with respective IFSC Code
5. Copy of Form 16 Part A & Part B and Salary Slips from April 2017 to March 2018
6. Detail of Rental Income (Gross Rent Received, All Tenant Name, PAN of Tenants and address of all rented property) and Interest Certificate from Bank in case of Home Loan, Details of Municipal Tax paid during the period, Share in the rented property if it is the case of Co-owner, Other relevant information/Documents
7. Details of Capital Gain including relevant statements & Supporting
8. Income from other sources eg. Interest, Dividend etc
9. Details of Investment made for exp. LIC, Tuition fees, Home Loan, FD, Mutual Fund etc.
10. Complete details of Business/Profession.
11. Copy of GST Returns, Turnover as per GST Return for FY 2017-18
12. Any other useful information related to the business/profession etc.

Please feel free to contact to # 9555572997 / [email protected] for any clarification