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Updates found with 'whole financial year'

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Updates found with 'whole financial year'

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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More than 60% of India Inc feels July 1 GST rollout unrealistic: PollAs the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness.According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime.Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1.More than 60% of India Inc feels July 1 GST rollout unrealistic: PollMoneyControl • Jun 01, 2017 10:46 PM IST As the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness.According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime.Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1.Over 42 percent feel that GST rollout should be deferred by two-months, while 31.2 percent feel the government should go ahead with the schedule.Firmly asserting the need to roll out GST on July 1, M& M’s chief Pawan Goenka told CNBC-TV18 that “Thirty days is a lot of time”. Even after the June 3 GST Council meeting, the government still has 27 days to power through the reform. One can expect chaos and confusion initially, but with time chinks can be sorted out, he added.While disruption related to paper work is bound to happen in the first 4-5 months, disruption in movement of goods and sales should not be much, he added.Much on the lines of Goenka's views Rakesh Biyani, Director, Future Group said GST is the best thing that could have happened to this country. There’s a big opportunity for government to get more investment in domestic textiles sector, he added.Meanwhile, nearly 27 percent of India Inc expects operational and financial losses due to GST, while 45 percent expects pricing to be marginally impacted.Other key highlights of the PollOver 48 percent of companies say leniency on penalties key for smooth transition to new tax regime56 percent of India Inc says undertaking compliance will be the biggest challenge58 percent of companies want excluded sectors to be brought under GST in 1-2 years
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Big Blunder in GST, If You Do These 5 Compliance MistakesGST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council. The last meeting will be held on 30 June to finalise and tie an inaugural band over the GST for the launching. A draft rule under the GST termed tax collected at source is well opposed by the e-commerce organisations. The reason being the capital will be stuck within the procedure and may create a shortage of revenue to invest further into the business operation.Now, there are multiple ways to get ahead in the business terms, while it is also suspected that a business unit may create an issue for itself. Therefore, we want you to take note of some highly vulnerable points that a business man can take while running his business.Never Issue Fake InvoiceAs soon as the GST gets implemented, take note of this suggestions. It will be considered as a crime to issue a different and non-related invoice to any party. While supplying goods without issuing an invoice and giving benefits to any person by providing him fake invoice will also come under the category of crime. It will be better to avoid this kind of practices to ensure safe operation of your business.Avoid Giving Wrong Details in the RegistrationAs know, the migration process for GST is running across the nation and a dedicated window has been opened for it two times. A third phase of the enrollment window will be available from 25 June. So, in order to register your business unit under the GST, make sure you provide true information regarding your business with accurate financial details. Never try to present fake financial records to save taxes. As the government has already warned that after the migrations, the data can be scrutinized and if caught, the business unit and the associated taxpayers will be in great trouble.Always Submit the GST to the GovernmentIt must be also in the high priority that the GST collected from the customers must be submitted to the government within three months failing which may lead to the criminal case and appropriate actions will be taken against the taxpayer.Always Make Sure of Original Documents with the LogisticsAccording to the newly incorporated GST laws, any goods without the original documents and invoices being caught in transit will be considered as illegal and will be termed as a crime. Ensure that all your goods are with original documents as a proof in front of inspecting authorities.Never Use Rubbish GST Compliance SoftwareIt is advisable to use a best in class GST software for your billing, return and accounting work. Many software companies are advertising to be the best so it is difficult to choose between them. SAG Infotech suggests you to go for a recommended GST compliance software by tax experts for your proper and timely GST related task so people must review every software features before buying one of them.
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