Newsletter – July, 2020 III Week

31.8.2020 – Last Date – for filing FORM GSTR-4 (Yearly return for composition scheme – 2019-2020).

Deemed approval of GST registration has been granted for all those applications pending as on 30.06.2020, which had not been processed till 15th July 2020.  Applications received thereafter which remain pending as on 31.07.2020 shall be deemed to be approved on 31.07.2020.

 

Updated/revised Charts for Interest & Late fee calculation.
Click here for Interest – GSTR 3B.
Click here for Late Fee – GSTR 3B.
Click here for Waiver of late fee – GSTR 1

INCOME TAX

On or before 30.9.2020 – one time opportunity granted to complete verification of ITRs filed without digital signature for AYs 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20. 
Assessees should send signed ITR-V to CPC, Bengaluru by post or verify by EVC/OTP modes by 30.09.2020.

Utility developed for banks and post offices for ascertaining applicable rate of TDS on cash withdrawals by filers and non-filers of ITRs. PAN card details to be used for determining the applicable rate of TDS. For rate of TDS. please refer to our newsletter June, 2020 – IV week.

The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY 2018-19.

INCOME TAX

On or before 30.9.2020 – one time opportunity granted to complete verification of ITRs filed without digital signature for AYs 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20. 
Assessees should send signed ITR-V to CPC, Bengaluru by post or verify by EVC/OTP modes by 30.09.2020.

Utility developed for banks and post offices for ascertaining applicable rate of TDS on cash withdrawals by filers and non-filers of ITRs. PAN card details to be used for determining the applicable rate of TDS. For rate of TDS. please refer to our newsletter June, 2020 – IV week.

The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY 2018-19.

FEMA

Due date for filing FLA return (Foreign Liabilities and Assets Return) for the FY 2019-20 has been extended upto 31.03.2020. This return is to be filed by all entities having foreign assets and liabilities in their balance sheets.

CUSTOMS

Duty drawback rates changed for certain leather footwear and gold jewels

DGFT  – EXPORT IMPORT POLICY

1Power Tillers (agriculture machinery) and its parts such as Engine, Transmission, Chassis and Rotavator. Imports RESTRICTED
2Non-woven fabrics of 25-70 GSM & Melt-blown category of Non-woven fabric) – Textile raw material for masks and coveralls. Exports PROHIBITED
3Non-woven fabrics other than 25-70 GSM (Except Melt-blown category of Non-woven fabric) – Textile raw material for masks and coveralls. Exports FREE
open

In view of the full lockdown announced by the TN Govt from 10th may 2021 to 24th june 2021, we, at TITA, will be working from home. For any queries, clarification, filing of replies, applications, appeals and other compliances including GST Returns, please mail to us at tita@tita.net.in and we will do the necessary.