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Showing posts from July, 2020

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due dt for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification in S.O. 2512(E) dt 29th July, 2020. https://t.co/Wlzvf8S83x

Do keep track of the extended due dates for TDS/TCS related compliances. Click to see the details at https://t.co/0VsW0LnjFl https://t.co/hrzFHkq0EW

Special Liquidity Scheme for NBFCs and HFCs: Implementation Status

Ministry of Finance Special Liquidity Scheme for NBFCs and HFCs: Implementation Status Five proposals involving an amount of Rs. 3090 crore sanctioned; 35 more applications under process Posted On: 24 JUL 2020 8:19PM by PIB Delhi The Special Liquidity Scheme of Rs. 30,000 crore for NBFCs and HFCs is being implemented w.e.f. 1 st July, 2020 as a follow up of one of the announcements under Aatma Nirbhar Bharat package made by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman on 13 th May, 2020. The Scheme has been launched to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. The Scheme has received a very positive response. As on 23 rd July, 2020, five (5) proposals involving an amount of Rs. 3090 crore have already been sanctioned. Further, 35 more applications have been received seeking financing upto Rs. 13776 crore, which are under process. The Scheme is

A MOU was signed between CBDT & Ministry of MSME on 20th July,2020 to facilitate seamless sharing of certain ITR related info by CBDT with MoMSME & enable it to check/classify enterprises in Micro,Small & Medium categories.This marks a new era of cooperation between CBDT &MoMSME.

CBDT recently brought out the new form 26AS for ease of filing of Income Tax Returns(ITRs)by taxpayers.The new form is a faceless handholding of taxpayers,to help them with updated financial transactions,so as to facilitate voluntary compliance &easy e-filing. #FacelessIncomeTax https://t.co/w0as1LxwQP

CBDT to start e-campaign on voluntary compliance of income tax for FY 2018-19 from 20th July, 2020.The campaign,ending on 31st July, 2020 will focus on taxpayers who are non-filers or have discrepancy/deficiency in their Returns for FY2018-19. Deptt to send email/SMS to identified taxpayers to verify info of their financial transactions available with ITD.Taxpayers can access details of high value transactions on designated portal & submit online response. No need to visit ITOffice. Last date for filing as well as revising the ITR for AY 2019-20(FY 2018-19) is 31st July, 2020. Taxpayers should not miss this opportunity & must avail this e-campaign for their own ease and benefit.#FacelessIncomeTax #eCampaign

Press Note - Clarification on GST Rate on Hand Sanitizers. https://t.co/jZZQUkqUOi

CBDT provides one time relaxation for verification of electronically filed ITReturns for Assessment Yrs 2015-16 to 2019-20 which are pending due to non-filing of ITR-V form & processing of such returns.CBDT Circular No.13/2020 dt 13th July,2020 issued.#TaxpayerGrievanceRedressal https://t.co/pWNV7QApRq

Three Months Extension for Re-import of Cut and Polished Diamonds @nsitharamanoffc @ianuragthakur @FinMinIndia https://t.co/J19XgSFR0n

CBDT provides Utility with new functionality for Banks & Post offices to ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of non-filers of ITRs & that of above Rs.1crore in case of filers of ITRs.Utility is available on https://t.co/EGL31K6szN. https://t.co/cR8LjsFsTz

Taxpayers please note that maximum Late Fee for Form GSTR 3B has been capped at Rs. 500 for taxperiod July 2017 to July 2020 subject to returns being filed before 30th September, 2020.https://t.co/pEOQmKnqZ4