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Updates found with 'section 139a'

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Updates found with 'section 139a'

Request for Extend due date of filing ITRs of 31st July, 2017 to 30th Sep, 2017Due to the implementation of the GST law from 01.07.2017 and the necessity of linking of PAN with Aadhaar Number from 01.07.2017 while filing ITR, has caused severe problems to tax-payers. When the last date for filing ITR approaches the income tax e-filing site suffers great slowdown thereby leading to delay in filing the same as also once the session of login at e-filing portal is over the user has to re-enter the required details for login which involves a great hectic for the user especially in reference to the tax consultants, chartered accountants who file the large number of ITRs of their clients.Not only this, sometimes it also happens that the site goes under repair or shows technical problems in last days, even at the eleventh hour of filing the ITRs, which leads to the waste of the valuable time of the persons filing the ITRs .Therefore, looking to the above problems, keeping in view the interests of the taxpayers the e-filing site should be made more well equipped with the functions which provide the users of the site to restore the work done by them before the hanging up of the site and such breakdown of the site must be prevented. Assessees are getting messages for filing their ITR on due date of 31 July. The welfare of the honest taxpayers also lies in providing of the basic e-filing facilities and timely availability of the income tax e-filing site in working condition for the online submission of ITRs. In view of these hardships, faced by the users until the e-filing site is made more secured and strong enough the due date for the filing of returns must be extended in order to protect the taxpayers who are willing to file timely ITRs but due to the problems inherited in the site they are finding it difficult to do so on “due date”.As per Explanation 2 of section 139(1) of the Income Tax Act, 1961, for the purposes of the sub-section (1) of section 139, “due date” means, —×(a) where the assessee [other than an assessee referred to in clause (aa)] is—(i) a company; or(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force, the 30th day of September of the assessment year;(aa) in the case of an assessee who is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;(c) in the case of any other assessee, the 31st day of July of the assessment year.Therefore, keeping in view the hard realities due date, 31 July of filing income tax return should be extended to 30.09.2017 as correction in the PAN and Aadhaar, wherever is not linking, is also taking time and there are problems of internet, e-filing site and works relating to newly implemented GST.
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31st GST Council Meet Dated 22nd December, 2018 – Key Highlights*Due date for GST Annual Return and Audit Report extended till 30th June 2019. *Creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.**Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.**5% GST on Air Tickets for Economy Class for Pilgrims. 12% on Premium Tickets.*Group of Ministers (GoM) to study Issues of Low Revenue in some States.*Only Luxury and Sin Products in 28% Slab Now. Out of this, rates of 6 Items reduced Today.*GST on Movie Tickets reduced. 12% GST on Tickets up to 100 and Rs. 18% on Tickets valuing more than 100 Rupees.*30000 crores given as Compensation to States in last 6 months. GST on Video Games and Sports Items reduced to 18% 12% GST on Third-Party Insurance carrying Vehicles.*Air conditioners, dishwashers largely used by upper segment of society, left at 28%. *13 items of automobile parts, 8 items of cement industry will remain under the 28 per cent. *Composition Scheme to be restricted for Small traders only. Threshold Limit for Scheme will also be modified. Final Decision in Next Meeting.*Natural Calamity Cess: Final Decision in Next Meeting*Services supplied by banks to PMJDY to be exempted from GST*Services by Banks to Basic Savings Deposit Accounts, PMJDY exempted from GSTMore information write to usInfo@fmsllp.in
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