Expert Accounting & Tax Consultant

19/08/2020

Information related to specified financial transactions
Earlier there were limited transactions disclosed under Form 26AS of Income Tax. Now, the h government has added 12 new transactions in the list. This section includes a list disclosures of transaction above a threshold limit which are discussed below.

Newly added Transactions
1. Payment to hotels above Rs. 20,000

2. Payment of property tax above Rs. 20,000 per annum

3. Payment of Health insurance premium above Rs. 20,000

4. Rent payment above Rs. 40,000.

5. Life Insurance Premium above Rs 50,000

6. Electricity consumption payment above Rs. 1,00,000 per annum.

7. Payment of educational fees/ donations above Rs 1 lakh per annum

8. Purchase of jewellery/ white goods/ painting/ marble etc. above Rs. 1 lakh

9. Deposits or credit in non-current account exceeding Rs. 25 lakh during the financial year.

10. Deposits or credit in Current account exceeding Rs. 50 lakh during the financial year.

11. Travel to foreign country or domestic business class air travel will also reflect here.

12. Transactions of shares, D-Mat accounts and bank lockers will also be disclosed here.

Read Also: Income Tax Rate For AY- 2020-2021/ FY- 2019-2020

Already exist Transactions
13. Any cash paid for purchase of bank draft or pay orders or banker’s cheque, if aggregate amount during a financial year is Rs. 10 lakh or more.

14. Receipt on sale of foreign currency in case amount during the financial year is Rs. 10 lakh or more.

15. Purchase of prepaid instrument issued by RBI in cash amounting to Rs. 10 lakh or more in aggregate during the financial year.

16. Cash deposit or withdrawal in one or more current account of a single person amounting to Rs. 50 lakh or more in aggregate during the financial year.

Read More: 5 Home Loan tax benefits u/s 24, 80C, 80EE, 80EEA of Income Tax Act

17. Expense in foreign currency through debit or credit card or issue of traveler’s cheque or draft or any other instrument amounting to Rs. 10 lakh in a financial year.

18. Aggregate cash deposit for Rs 10 lakh or more in saving bank account in aggregate during the financial year.

19. Aggregate Fixed Deposits of Rs 10 lakh or more in a year.

20. Purchase/ Sale of immovable property where transaction value or stamp duty valuation is Rs. 30 lakh or more.

21. Transaction provided under section 269ST which says that any amount received through mode other than account payee cheque/ draft or electronic clearing system (that is through cash) exceeding Rs. 2,00,000.

Read Also: Cash Transaction Limit in India – cash payment and cash receipt

22. Payment by credit card amounting Rs.10 Lakh or above in a year.

23. Credit card bill paid in cash for Rs 1 lakh or more.

24. Buy back of shares from any person (other than shares bought in open market) where aggregate amount during the year is Rs. 10 lakh or more.

25. Mutual Fund Investment or Purchase of bonds or debentures or shares of company for Rs 10 lakh or more in a year.

24/06/2020

✒️ *CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under*✒️

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

13/06/2020

08/06/2020

GSTR-3B Big Update: अब SMS से करें फ़ाइल अपना GSTR-3B| GSTR 3B Nil Return filing by SMS Step-by Step Video in Hindi !!

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How to file Nil GSTR 3B through sms by Mobile without Internet step by step process is discussed in this video in Hindi. GSTR3B nil return filing by sms is a...

31/05/2020

Income Tax return Forms for Financial Year 2019-2020 notified.

Please note that MINISTRY OF FINANCE has notified, Income Tax return Forms for Financial Year 2019-2020 or Assessment Year 2020-2021 notified.

Form ITR-1 or Sahaj: [For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand] [Not for an individual who is either Director in a company or has invested in unlisted equity shares]

Form ITR-2: [For Individuals and HUFs not having income from profits and gains of business or profession]

Form ITR-3: [For individuals and HUFs having income from profits and gains of business or profession]

Form ITR-4 or Sugam: [For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE] [Not for an individual who is either Director in a company or has invested in unlisted equity shares]

Form ITR-5: [For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7]

Form ITR-6: [For Companies other than companies claiming exemption under section 11]

Form ITR-7: [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only]

Prashant Shekhar
9654135061

29/05/2020

GOODS AND SERVICE TAX (INPUT TAX CREDIT IN GST)

GOODS AND SERVICE TAX (INPUT TAX CREDIT IN GST)

29/05/2020

🚨 Income Tax Update

📑Form 26AS in its new Avtar.

👉🏻Sec 285BB was amended by the Finance Act 2020. By Income-tax (11th Amendment) Rules 2020 W.e.f. 01.06.2020 Rule 114-I has been inserted and Form 26AS shall contain following information:

(I) TDS / TCS
(II) Specified Financial Transactions
(iii) Payment of taxes
(Iv) Demand and refund
(v) Pending proceedings
(vi) Completed proceedings
(vii) Any other information in relation to sub-rule (2) of rule 114-I

Complete Notification hereunder 👇🏻👇🏻
http://egazette.nic.in/WriteReadData/2020/219623.pdf

22/05/2020

OLD vs NEW

What is New tax slab for fy 2020-21 | Old tax slab V/s new tax slab 2020 | income tax calculator fy 2020-21 Friends, as you know in budget 2020, our finance ...

22/05/2020

*VVIMP Update*

*Announcements: RBI Governer: 22/05/2020*

1. *Term loan moratorium extended till August 31, 2020* - The loan moratorium will be extended till August 31, 2020. This makes it a six months moratorium.

2. *Deferement of Interest on Working Capital* - Interest on working capital is deferred by another 3 months i.e. till 31st August, 2020.

3. *Conversion of Interest on working capital to interest term loan* - Lending institutions are being permitted to convert the accumulated interest on working capital facilities over the deferment period (up to August 31, 2020) into a funded interest term loan (Repayable before 31st March, 2021).

4. *Margin for Working Capital - Drawing Power* - Lending institutions are being permitted to restore the margins for working capital to the original level by 31st March, 2021.

5. *Reduce repo rate by 40 bps to 4 percent.* Accordingly, Interest rate would be reduced.

6. *Export Credits* - Maximum permissible export credit (Pre and Post Shipments) extended from 12 months to 15 months.

7. *Payment against Imports* - Extension of time limit for making payments against imports from 6 months to 12 months

8. *Support to EXIM Bank* - Facility of Rs 15,000 crore line of credit for 90 days for US dollar swap facility will be provided to EXIM Bank.

9. *Extension of Resolution Timelines* - Deferement or moratorium period shall excluded while calculating 180 days resolution period.

10. *Group Financing* - Group exposure extended from 25% to 30%

10. *Support to SIDBI*- In order to provide greater flexibility of SIDBI, another 90 days extension for the 90-day term loan facilities will be offered.

11. *Assets Classification* - Loan Moratorium shall not have any implications on changes in assets classification, credit history and ageing norms etc.

12. *Trade Impact* - Volume of world trade can shrink by 13%-32% this year.

Prashant Shekhar
(Tax consultant)
9654135061