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2019

Fees and Penalty for Late Non Filing of TDS TCS Return 1

Tax Deducted at Source and Tax Collected at Source (Commonly known as TDS/TCS) are very important concepts in Income Tax Act, 1961. Every assesse who is liable to deduct / collect TDS or TCS at source must be well versed with all the related provisions. After collection/deduction of tax at source, the same must be deposited within a prescribed time limit to the credit of the Government of India. Along with that four quarterly TDS/TCS Returns must also be filed by the Deductor on or before prescribed dates during the financial year. 15th July 2019 is the due date for filing TCS return and 31st July 2019 is the due date for filing TDS Return for the quarter ending on 30th June 2019. Hence in this article we are going to discuss various provisions related to filing of TDS/TCS return as well as penalty and late filing fees associated with TDS/TCS Return if deadlines are missed.

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2019

Key Highlights of Union Budget 2019

Finance minister Nirmala Sitharaman in her maiden budget kept the income tax slab rates unchanged but announced many new income tax proposals that could impact many tax payers.

2019

Compliance Related to Records Keeping under the Companies Act 2013

  • The Companies Act, 2013 (the Act) and the rules made there under lays down that every Company incorporated under the Act has to maintain Statutory Registers (the Registers) and Records.
  • The Registers need to maintained and updated eventually and should be kept at the Registered Office of the Company.
  • Some of the Registers are required to be kept open for inspection by Directors, Members, Creditors and by other persons.
  • A Company is required to provide the extracts from the Registers, if demanded by Directors, Members, and Creditors and by other persons on payment of specified fees.

2019

35th GST Council Meeting Highlights

The 35th GST council meeting was held on 21st June 2019 at New Delhi. Here are the key highlights of the recommendations of the GST Council.

1. Extension of Certain Due Dates:

  • Certain due dates have been extended as follows:

2019

FAQs on Form GSTR 2A

Q1. What is Form GSTR-2A?

  • Form GSTR-2A is return filing form which is generated by the system for a receiver taxpayer as the draft statement of inward supplies.
  • Form GSTR-2A is auto-populated by the data which was entered in the following forms of all suppliers or counter-party taxpayers of goods/services in a given tax period: GSTR-1, GSTR-5, and GSTR-6 (ISD); GSTR-7 (TDS); and GSTR-8 (TCS).
  • When all these auto-populated details are uploaded on the portal by the counter-parties, this form is created for the taxpayer.
  • This form is then updated for the taxpayer as and when the suppliers change or upload the details in their GSTR-1 forms during the tax period. When a supplier files his/her returns, his/her auto-populated details will be frozen to be edited or deleted.
  • The taxpayer can view his/her GSTR-2A form for the tax period till s/he filed the returns in form GSTR-2.

2019

Key Changes 1

CBDT has notified new ITR Forms vide Notification No. 32/2019 dated 1st April, 2019. The details regarding each form are as follows.

Financial Management