Income tax return, GSTR-9 annual return filing: As 2020 draws to a close, several deadlines are just around the corner. It is important to note that you must know the timelines for key financial tasks to avoid fines, penalties, and other problems in the coming year. There are several important financial tasks that have deadlines that fall on December 31, 2020.
These are the tasks you must complete before the end of the year:
1. Presentation of ITR: This year’s government has extended the submission deadline income tax return (ITR) for fiscal year 2019-20 (FY20) through December 31 due to the coronavirus pandemic (COVID-19). However, it is very important to note that if a taxpayer does not do so before the end of the year, they may be fined up to Rs 10,000.
The deadline for ITR submission is almost here.
File your ITR NOW to avoid late filing fees.
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# ITRFileKaroJhatpat # AY202021 # ITR@nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India pic.twitter.com/Z8H1qBAQKu– India Income Tax (@IncomeTaxIndia) December 25, 2020
This huge late filing penalty will be imposed only if the taxpayer’s net income (income after claiming eligible deductions and tax exemptions) exceeds Rs 5,00,000 in said financial year. But those people who have a taxable income of up to Rs 5,00,000 will have to pay a fine of Rs 1,000 if they file their return after December 31st.
2. Scheme Vivad Se Vishwas: The government had extended its deadline to make the payment under its ‘Vivad Se Vishwas’ direct tax dispute settlement scheme until March 31, 2021. However, according to the notification from the Central Board of Direct Taxes ) In this regard, the statement under Vivad will be required that the Vishwas Scheme be provided before December 31st. Only with respect to such declarations made, the payment without additional amount can be made until March 31, 2021.
3. Annual GST returns: In October, the government had also extended the expiration date to provide Annual GST returns for fiscal year 2018-19 (FY19) through December 31. The filing of the annual GST statement is mandatory only for taxpayers with an aggregate annual turnover greater than 2 million rupees, while the reconciliation statement must be provided only by registered individuals who have a total turnover greater than 5 rupees. crore.
“In view of the same, following the recommendations of the GST Council, it was decided to extend the deadline for the presentation of the Annual Declaration (form GSTR-9 / GSTR-9A) and the Reconciliation Declaration (FORM GSTR-9C) to Fiscal Year 2018-19 from October 31, 2020 to December 31, 2020, ”said the CBIC.
GSTR 9, the annual return under GST, consists of details about incoming and outgoing supplies made or received under different tax headings. GSTR-9C is a reconciliation statement between GSTR-9 and the audited annual financial statement.
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