Income Tax Return, GSTR-9 Annual Return Filing: As 2020 involves an finish, there are a number of deadlines which might be not far away. It is necessary to notice that you need to pay attention to the deadlines of key monetary duties so as to keep away from fines, penalties and different issues within the coming 12 months. There are varied necessary monetary duties which have deadlines falling on December 31, 2020.
Here are the duties you need to full by the 12 months finish:
1. ITR submitting: The authorities this 12 months has prolonged the deadline for submitting revenue tax returns (ITRs) for the monetary 12 months 2019-20 (FY20) to December 31 as a result of coronavirus (COVID-19) pandemic. However, it is vitally necessary to notice that if a taxpayer fails to take action by the 12 months finish, then (s)he might entice a fantastic of as much as Rs 10,000.
The Due Date for submitting of ITR is sort of right here.File your ITR NOW to keep away from late submitting charge.Smart Bano, Aaj Hi File Karo.
To File your #ITReturn for AY 2020-21, go to https://t.co/EGL31K6szN#ITRFileKaroJhatpat#AY202021#ITR@nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India pic.twitter.com/Z8H1qBAQKu
— Income Tax India (@IncomeTaxIndia) December 25, 2020
This large late submitting fantastic might be imposed provided that the taxpayer’s web revenue (revenue after claiming eligible deductions and tax exemptions) exceeds Rs 5,00,000 within the stated monetary 12 months. But these people who’ve a taxable revenue as much as Rs 5,00,000 might be required to pay a fantastic of Rs 1,000 in the event that they file their return after December 31.
2. Vivad Se Vishwas scheme: The authorities had prolonged its deadline for making fee underneath its direct tax dispute settlement scheme ‘Vivad Se Vishwas’ until March 31, 2021. However, based on the Central Board of Direct Taxes (CBDT) notification on this regard, the declaration underneath Vivad se Vishwas Scheme shall be required to be furnished by December 31. Only in respect of the stated declarations made, the fee with out further quantity may be made as much as March 31, 2021.
3. GST annual returns: The authorities in October had additionally prolonged the due date for furnishing GST annual returns for monetary 12 months 2018-19 (FY19) until December 31. Furnishing of the GST annual return is necessary just for taxpayers with mixture annual turnover above Rs 2 crore whereas reconciliation assertion is to be furnished solely by the registered individuals having mixture turnover above Rs 5 crore.
“In view of the same, on the recommendations of the GST Council, it has been decided to extend the due date for filing Annual Return (Form GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from October 31, 2020 to December 31, 2020,” the CBIC stated.
GSTR 9, the annual return underneath GST, consists of particulars relating to the outward and inward provides made or obtained underneath totally different tax heads. GSTR-9C is an announcement of reconciliation between GSTR-9 and the audited annual monetary assertion.
