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2019

Notified Changes in Format of Form 16 Salary Certificate

The Central Board of Direct Taxes has notified the changes in Form 16 (TDS Deduction Certificate) issued by Employer. The new changes would be effective from May 12, i.e. before the last date for issue of Form 16.

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2019

Important Changes in Income Tax Act

The Interim Budget 2019 has brought a sigh of relief to the common men due to some important announcements pertaining to tax relief. These amendments are applicable from FY 2019-20 starting from 1st April 2019. The corresponding Assessment Year for the same is 2020-21. Let us take a quick look at the important changes in Income Tax rules from a personal tax perspective.

2019

FAQs on GST Annual Return GSTR 9

GSTR – 9 is an Annual Return to be filed by the registered taxpayers under GST. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST.

In 31st meeting of GST Council held on 22nd December 2018 GST council recommended further extension for filing of GSTR-9 up to 30th June 2019 for financial year 2017-18 and same was extended by CBIC Order No. 03/2018-Central Tax dated 31st December, 2018. Here are some Frequently Asked Questions related to GSTR 9.

2019

GST COMPLIANCE CHECKLIST BEFORE FILING GST RETURNS 

Few weeks ago we discussed about To Do List for accountants before 31st March. In this article we are going to focus on GST related compliance requirements to be fulfilled till 31st March 2019. Every accountant must keep in mind certain things before filing GST Return for March 2019 including GSTR 1 and GSTR 3B. This is critically important because of some compliance deadlines. In this article we have tries to cover these points.

2019

Last Date of ITR Filing for AY 18 19

  • The deadline to file Income tax returns for the Financial Year 2017-18 (Assessment year 2018-19) without any penalty was of July 31, 2018, which was later extended by one month to August 31, 2018.
  • Until last Assessment Year (AY) there was no penalty for filing belated income tax returns. Effective from the financial year 2017-18 a late filing fee was applicable for filing your returns after the due date i.e. 31st August 2018 under section 234F.

2019

Various Tax Saving Options under Section 80

As we are in the mid of March, which is the last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful about the amount of investment. As with the last minute rush, one should also check with the smart options available to avoid investing in the schemes which do not suit or cater one’s needs or buying an investment which is not needed at all.

Financial Management