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News


  GST Council extends the due date for filing Annual Return GSTR 9, 9A & 9C has been extended by two months i.e. 31st August 2019.


  Form GST ITC 04, relating to job work, the due date for furnishing the said form for the period July, 2017 to June, 2019 has been extended till 31st August 2019.


  Due date for filing of CMP-02 for opting for composition scheme for service providers as per notification 2/2019-Central Tax (Rate) has been extended till 31st July 2019


  GST Council approves an extension of National Anti-profiteering Authority (NAA) by 2 years, while the tenure of National Anti-profiteering Authority (NAA) was due to end by 30 November 2019.


  Ministry of Corporate Affairs (MCA) Extends Due date of filing form INC 22A (ACTIVE) till 15th June 2019. If the form is filed within the due date, there is no fee, and if not filed with in due date then late filing fees will attract a fine of Rs 10,000.


  The National Informatics Centre (“NIC”) has introduced certain new enhancements to the E-Way Bill (EWB) system dated April 23, 2019. The purpose of introduction of such enhancement is to ease the process of generation of E-Way Bill system by the taxpayers and the transporters.


  Ministry of Corporate Affairs (MCA) under Companies (Incorporation) Third Amendment Rule 2019 dated 29th March 2019 has notified a new E- form AGILE (INC-35). With effect from 31st March 2019, Form No INC-35 Agile (is required to be filed as linked forms along with SPICe forms (Form INC-32, form INC-33, Form INC-34) for registration of GSTIN, ESIC and EPFO.


  Every director (Indian and foreigner) who has been allotted a director identification number (DIN/DPIN)” on or before 31st March and the status of such DIN is ‘Approved’, needs to file form DIR-3 KYC to update KYC details within one month of every financial year i.e. 30th April to the MCA. So, The Due date for filing DIR 3 KYC for the financial year ended on 31st March 2019 is 30th April 2019.


  The Central Board of Direct Taxes (CBDT) has revised Form 16 and Form 24Q, which has been notified by the Income Tax department vide Notification No. 36/2019/F.No. 370142/4/2019-TPL dated 12th April, 2019, will come into effect from May 12, 2019


  Deadline to link PAN with Aadhaar extended by 6 months till 30th September 2019. However, quoting of Aadhaar is mandatory for filing income tax returns (ITRs) for the A.Y. 2019-2020


  CBDT notifies Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for A.Y. 2019-20 / F.Y. 2018-19 vide Notification No. 32/2019 dated 1st April, 2019.


  GST Rate for affordable houses has reduced in 33rd GST Council Meeting i.e. 1% without the benefit of the Input tax credit (ITC) as against the earlier rate of 8% having value of up to Rs. 45.00 Lakh with carpet area of up to 60 Sq.M.(Metro cities)/up to 90 Sq.M.(Non-Metro cities)


  GST Rate for non-affordable houses has reduced in 33rd GST Council Meeting i.e. 5% without the benefit of the Input tax credit (ITC) as against the earlier rate of 12% having value of more than Rs. 45.00 Lakh with carpet area of more than 60 Sq.M.(Metro cities)/more than 90 Sq.M.(Non-Metro cities).


  The board of the Employees Provident Fund Organisation (EPFO) has raised the interest rate on employee provident fund account to 8.65 percent for FY 2018-19 as compared to previous year was at 8.55 percent.


  No Income tax till Income of Rs 5 lakh for individuals tax payers.


  Standard deduction for salaries persons has increased to Rs 50,000 from Rs 40,000.


  Gratuity limit has increased from Rs. 10 lakh to Rs. 30 lakh.


  Capital gains tax exemptions under Section 54 to be available to Rs 2 crore can be exercised once in a lifetime and exemption to be available on 2 house properties.


  TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh.


  TDS threshold on interest on bank and post office deposits has raised from Rs. 10,000 to Rs. 40,000.


  Income tax relief on notional rent from unsold houses extended to 2 years from 1 year.


  The latest notification dated 16th January 2019 has provided the exemption from Angel Tax under clause (viib) of sub-section (2) of section 56 for startups and Investors. The application for approval shall be made in Form-2 to DIPP along with the specified documents therein.


  In 4th quarter (Jan’19 to Mar’19), the interest rate on time deposit of Post offices has changed as compared to 3rd quarter i.e. 1-year time deposit had been hiked to 7% from earlier 6.9%, but the interest rate on the 3-years time deposit has been reduced to 7% from earlier 7.2%. Interest rate on all Other Saving schemes like Public Provident Fund, Sukanya Samriddhi Yojna Account, Senior Citizen Savings schemes, NSC, KVP has remained unchanged as compared to previous quarter.


  The Registration threshold limit under GST has increased to Rs. 40 lakh (earlier it was Rs. 20.00 lakh) for all states and Rs 20.00 lakh (earlier it was Rs. 10.00 lakh) for NE and hill states.


  GST Council allows Kerala to impose 1 per cent calamity cess on intra-state sales for 2 years. This has been done to help the state cope up with natural disasters.


  GST council has increased the threshold limit of annual turnover for Composition scheme raised to Rs 1.50 crore from Rs. 1.00 Crore w.e.f. 1st April 2019.


  Businesses whose under GST Composition Scheme from April 1st 2019, has to file just one annual return, but pay taxes once every quarter.


  Those providing services or mixed supplies (goods and services) with a turnover up to Rs. 50 lakhs per annum will now be entitled to avail composition scheme. Compounding rate for services under composition scheme is fixed at 6 percent


  The amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the details of outward supplies in FORM GSTR-1 for the months/quarter from July, 2017 to September, 2018 by the due date but furnishes the said details in Form GSTR-1 between the period from 22nd December, 2018 to 31st March, 2019 vide Notification No. 75/2018 – Central Tax dated 31st December, 2018.


  The amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the return in FORM GSTR-3B for the months of July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd December, 2018 to 31st March, 2019 vide Notification No. 76/2018 – Central Tax dated 31st December, 2018.


  The amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the return in FORM GSTR-4 for the quarter from July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd December, 2018 to 31st March, 2019 vide Notification No. 77/2018 – Central Tax dated 31st December, 2018.


  Due date for filing GST Annual return has been extened to 30th June 2019.


  GST Rates on Goods and Services has been reduced by GST council in the 31st meeting held on 22nd December 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law.


  NRIs and Resident are exempted for Online Filing of Application under Section 197 and 206C (9). For proper administration of the provisions of Section 197 and 206C (9) and to remove genuine hardship being faced by certain applicants in filing an online application in Form No. 13, the Central Board of Direct Taxes (CBDT) has- 1. Allowed Non-Resident Indians (NRIs), who are not able to register themselves on TRACES, to file manual application in Form No. 13 before the TDS officer or in ASK Centers till 31.03.2019. 2. Allowed Resident Applicants to file Manual Application in Form No. 13 before the TDS officer or in ASK Centers till 31.12.2018.


  The Commissioner hereby extends the time limit for furnishing the declaration in FORM GST ITC-04 of the said rules, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2017 to December, 2018 till the 31st day of March, 2019 vide Notification No. 78/2018 – Central Tax dated 31st December, 2018



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