The deadlines for filing various returns under Income Tax, Goods and Services Tax (GST), and Company Law have been extended. This was in view of the difficulties in the COVID period and was extended from 1 to 3 months. Fees and penalties for late returns have been reduced or eliminated.
GST returns for 2018-19
The last date for filing annual returns of goods and services tax for the financial year 2018-19 is 31st of this month. The deadline was extended to September 30, considering the difficulties of the COVID period. Composition taxpayers are required to file their annual return form on GSTR-9A and others on Form GSTR-9. Composition taxpayers and those with a turnover of less than Rs 2 crore are not required to file annual returns for the financial year 2017-18 and 2018-19. However, since the information in the monthly return is considered to be coming to the annual return voluntarily, it is advisable to correct the mistakes to submit the annual return.
Turnover should be audited over Rs 5 crore
Taxpayers with a total turnover of `5 crores or more, for the financial year 2018-19 are required to be audited under the Goods and Services Tax Act. The deadline for submission of the audit report on Form GSTR-9C has been extended to the 31st of this month. In addition, those who have not yet submitted the GSTR 4, which is required to be submitted by the composition taxpayer every quarter, will have to pay a late fee of up to Rs 500 if submitted before the 31st of this month. Late fees are waived for non-taxpayers. The late fee has been capped at Rs 250 each for those who do not submit the GSTR 10 which is required to be submitted by those whose GST registration has been canceled. Interest tax only is only paid, when the GST was paid late and the return was submitted, there was confusion over the amount of interest to be calculated. To address this, the Central Board of Indirect Taxes has issued a notification dated August 25, 2020 No. 63/2020 directing that the amount after deducting the input tax from the total tax liability should be deducted. It has been in force since September 1, 2020, but it has been made clear that this standard will also apply to past interest rates.
The audit report was extended to 31
If the annual turnover is between Rs 1 crore and Rs 5 crore and the cash transaction rate is more than 5 percent, the accounts must be audited and returned. But an audit is not required if it is less than 5 percent. However, if the turnover is more than `5 crores, the account has to be audited without any criteria to submit the return. Following the amendment of the Income Tax Act, the last date for submission of the audit report under section 44AB from the financial year 2019-20 has been fixed as one month before the last date for filing of the income tax return. The last date for submission of the general audit report has been extended from September 30 to October 31 and the last date for submission of tax return has been extended to November 30. This benefit is only available for the 2019-20 financial year due to the COVID crisis.
The income tax return for 2018–19 has been extended
The last date for voluntary submission of returns for the financial year 2018-19 was March 31, 2020. It was extended to September 30 due to COVID. But it was postponed again to November 30. After this, the return cannot be filed without the request of the tax department. Then in addition to paying the fine and interest on the tax payable, the prosecution will also face charges of attempted tax evasion.
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