In a bid to make compliance easier for taxpayers, the Government on Monday allowed filing of Nil GST monthly return in FORM GSTR-3B through SMS. This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had to otherwise log into their account on the common portal and then file their returns every month. Now, these taxpayers with NIL liability need not log on to the GST Portal and may file their NIL returns through a SMS. According to a statement, the functionality of filing Nil FORM GSTR-3B through SMS has been made available on the GSTN portal with immediate effect. The status of the returns so filed can be tracked on the GST Portal by logging in to GSTIN account and navigating to Services>Returns>Track Return Status. The procedure to file Nil returns by SMS is as follows: - “This is a good move by the Government to ease the compliance burden for taxpayers with nil liability. India ranks a lowly 115 out of around 190 countries … [Read more...] about Government rolls out facility of filing of Nil GST return through SMS
Income tax return
Under this facility, the bank or post office will now only have to enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS. On entering PAN, a message will be instantly displayed on the departmental utility: “TDS is deductible at the rate of 2% if cash withdrawal exceeds Rs. 1 crore” [if the person withdrawing cash is a filer of the income-tax return] and “TDS is deductible at the rate 2% if cash withdrawal exceeds Rs. 20 lakh and at the rate of 5% if it exceeds Rs. 1 Crore” [if the person withdrawing cash is a non-filer of the income-tax return]”, according to the notification issued by Central Board of Direct Taxes (CBDT). … [Read more...] about I-T dept’s utility helps banks, post offices ascertain TDS rates on cash withdrawals
(This story was first published in The Economic Times on July 10, 2020) The PPF is a financial product that many people know about, understand and invest it. However, not many know about the nitty-gritties of the Public Provident Fund. Here is a look at five important aspects of the PPF. Host: Tania Jaleel; Producer: Paramveer Singh Transcript Hi everyone and welcome to episode 78 of the ET Wealth Wisdom podcast. I am Tania JaleelToday I'll be talking about a fixed income instrument called the Public Provident Fund or the PPFSo, what is the PPFThe PPF is an investment option that provides income tax deduction under section 80C for the amount invested (subject to a limit of Rs 1.5 lakh a year).It has a lock-in of 15 years. And on maturity, you have the option of taking any one of the following steps:Withdraw the proceeds and close the account.Or continue the account for a block of five years.Interest received is exempt from tax and there is no tax on the amount received on maturity … [Read more...] about Podcast: 5 important things you should know about PPF
equalisation levy (“2% EL”) in the Finance Act, 2020. This came as a bolt from the blue for many since the 2% EL was not a part of the budget proposals or part of the Finance Bill, 2020.The 2% EL is levied on foreign e-commerce operators, who own, operate or manage a digital facility or platform for selling or facilitating sales of goods and services online to Indian residents [or persons using an Indian internet protocol (IP) address]. In some cases, EL also applies to consideration received from non-residents on (a) sale of advertisement targeting Indian residents or persons using an Indian IP address; and (b) sale of data collected from Indian residents or customers using an Indian IP address.The intent of the levy is clear – to tax non-resident e-commerce players who often escaped taxation in India even though a major chunk of their business and profitability was derived from Indian users.However, a lot of hue and cry has been made by the e-commerce industry … [Read more...] about Equalisation levy: Administrative woes making a stronger case for deferral?
The Goods and Services Tax Council on Friday decided to further ease compliance burden of businesses by providing relief on late free and interest payable on late payments. It reduced late fee and interest for those with tax liabilities and waived off late fee completely for those with no tax liabilities. Finance minister Nirmala Sitharaman said that GST collections had fallen to about 45%, aggravating the problem of compensation to states, even as states demanded they be funded through market borrowing. The Council will meet again in July to specifically discuss this issue. “For all those who have no tax liabilities but have not filed their returns between July 2017 and January 2020 there will be zero late fees,” FM Nirmala Sitharaman said. “For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period July 2017 - January 2020 has been capped to Rs 500,” she added. Companies having no tax liability will not be fined any … [Read more...] about GST Council eases compliance burden for businesses