Agarwal Jayswal And Associates

01/04/2020

कोविड-19 के कारण *इनकम टैक्स एवं जीएसटी की अनुपालना में जो राहत की घोषणा की गई थीं, उसके लिए कल आर्डिनेंस जारी कर दिया गया है।*

*पूरा आर्डिनेंस पड़े*
https://drive.google.com/file/d/15NmVDB8QEynHvWfnykEnq9Q3dXlgV2-l/view?usp=drivesdk

*सरल भाषा के लिए प्रेस नोट पढ़ें*
https://drive.google.com/file/d/1ekVtMIo-qQ0agk7Y99RNegsGfxDSrmui/view?usp=drivesdk

*मुख्य बिंदु*

1. ऐसी कोई भी टाइम लिमिट जो 20 मार्च से 29 जून तक की अवधि में आती है, को 30 जून कर दिया है। *कर भुगतान को छोड़कर*

2. इस अवधि के दौरान देय *किसी भी प्रकार के कर का भुगतान पहले से निर्धारित देय तिथि को ही करना है*, किन्तु यदि कर जमा कराने में यदि देरी होती है तो 9% ब्याज लगेगी, किन्तु कोई पेनल्टी नही लगेगी।

3. वित्तीय वर्ष *2018-19 की ओरिजिनल या रिवाइज्ड आयकर रिटर्न 30 जून तक फ़ाइल* कर सकते हैं।

4. चैप्टर VI-A के पार्ट-B में वर्णित *धारा 80C से लेकर 80 GGC* तक के Investment 30 जून तक कर सकते हैं *जो कि वित्तीय वर्ष 2019-20 के लिए भी क्लेम कर सकते हैं।*

5. इसी प्रकार धारा 54 से 54 GB तक के भुगतान भी 30 जून तक कर सकते हैं।

6. 4th क्वार्टर की टीडीएस रिटर्न भरने की तारीख 30 जून, *किन्तु टीडीएस जमा करने कि तिथि में कोई परिवर्तन नही*

7. *पीएम केयर्स फण्ड में दिए दान की 100% छूट मिलेगी।*

8. *विवाद से विश्वास स्कीम में 30 जून तक आवेदन कर सकते हैं एवं 30 जून तक कोई ब्याज या पेनल्टी नही लगेगी।*

9.सबका (Legacy Dispute Resolution) स्कीम 2019 की तिथियों में भी परिवर्तन

10. 1 अप्रैल 2020 से 30 जून 2020 तक किये इन्वेस्टमेंट एव दान इत्यादि की छूट *करदाता के ऊपर निर्भर करता है कि वह किस वर्ष में क्लेम करना चाहता है*, वित्तीय वर्ष 2019-20 में या 2020-21 में।

*हिंदी रूपांतरण में सावधानी रखने की पूरी कोशिश की है, किन्तु फैसला मूल आर्डिनेंस देखकर करें।*

01/04/2019

24/02/2019

Decisions of 33rd GST Council meeting:

1. 5% GST rate on residential property

2. 1% GST rate on affordable housing scheme

3. Both above rates applicable w.e.f. 1st April, 2019

4. No ITC can be availed by builder

This is long awaited GST reform in real estate. Lets welcome it.

23/02/2019

GSTN updates 2 new features in the Official Website including System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1.

20/02/2019

Date extended to 22nd feb for Jan 3b

17/02/2019

Section 269ST of the income tax act 1961
No person shall receive an amount of 2 lakh or more
(a) in aggregate from a person in a day. Or
(b)in respect of a single transaction or
(c)in respect of transaction relating to one event or occasion from a person,
Otherwise than a account payee cheque or account payee bank draft or through use of electronic clearing system through a bank account.
penalty for contravention of section 269ST is given under section 271DA, which is sum equal to the amount of such receipt.

12/02/2019

No Disallowance under section 40A(3) OF THE INCOME TAX ACT 1961, for payment made to vendors by non-crossed bank drafts when transaction was proved to be genuine and payees account was credited
Refer case- MK Agrotech private limited v/s ACIT
dated Nov. 29 , 2018

Regards
CA Raunak Agarwal

11/02/2019

Dear Professional Colleague,

Greetings of the day!

*GST Update – REGISTRATION*

Now, E-Commerce opperators shall not required to obtain mandatory registration if their turnover does not exceed threshold exemption limit or unless they are required to collect tax at source (TCS) under Section 52 of the CGST Act

07/02/2019

GST update

06/02/2019

GSTN adds 2 New Features in the GST Portal including List of Preferred Banks list while making Payment and the Monthly Refund applications by Quarterly GSTR-1 filers.

01/02/2019

*Budget 2019 highlights : Direct Taxes*
Considering the fact that the budget today was just an interim budget, our FM refrained from making any significant policy decisions or announcements for direct taxes. However, he did announce few benefits for the small tax payers ennumerated as below.

1. No increase in threshold limit of Rs 2,50,000. It is rebate under Section 87A increased from RS 2,500 to Rs 12,500. And eligibility of total income not to exceed Rs3,50,000 increased to Rs5,00,000. Thus the benefit will be to only those taxpayers whose total income doesn’t exceed Rs5,00,000. The moment it exceeds RS 5,00,000 tax will start from Rs 2,50,0000 at 5% up to Rs5,00,000 and 20% from 5,00,000 to Rs10,00,000.

2. Standard Deduction has been increased to Rs. 50,000 from Rs. 40,000.

3. Notional rent not applicable on the 2nd self occupied house.

4. Notional rent not applicable for 2 years after completion of the house/building.

5. Exemption from Capital Gain on sale of residential house under Section 54 has been extended to purchase of 2 residential house subject to maximum capital gain of Rs. 2 Crores. This option can be claimed once in a lifetime.

6. Deduction u/s 80IBA for developers of affordable housing scheme has been extended by one year for projects registered uptill March 31, 2020.

7. TDS thresholds have been increased for
- interest on bank and post office deposits to Rs. 40,000 from Rs. 10,000.
- rent from immovable property to Rs. 240,000 from Rs. 180,000.

On the administration front, the FM also announced that they proposed to process all tax returns within 24 hours of their filing with refunds being issued immediately. They also intend to shift to all scrutiny assessments online through anonymised processing.

regards
CA Dheeraj Jaiswal
Agarwal Jayswal and associates

31/01/2019

*RCM under GST on supply from unregistered person to registered person is now applicable from 01.02.2019*

Earlier CBIC had suspended RCM provisions till 30/09/2019 by way of Notification 08/2017 dated 28/06/2017.

Now CBIC rescinded this Notification by way of Notification 01/2019 dated 29/01/2019.

Hence RCM under GST is applicable on supply by unregistered person to registered person from 01/02/2019 on specified goods and services.

Now, we are waiting for list of specified goods and services.