Filing your income taxes on time can actually help you save money. Find out how..

5 Comments / General /

As per provisions of Income-tax Act,1961 every assessee shall file his return of Income on or before the due dates for filing the returns. The deadline for filing Income-tax returns for the Financial year 2020-21 (Assessment Year 2021-22) is as follows :- Type of the Assessee Due date for filing Assessees whose accounts are not […]

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GST Registration Chennai

Input Tax Credit (ITC) Reversal for Non Payment to your suppliers

2 Comments / GST Consultants in Chennai, Chartered accountant in Chennai, GST, GST return filing /

As per Section 16(2) Second & Third Proviso of CGST Act,2017 , if a Tax payer fails to pay the supplier of goods or services or both, within 180 days from the date of Invoice, the amount equivalent to the Input tax Credit (ITC) availed by the recipient shall be added to the output liability

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File your Income-tax returns before due date if you have any losses…

Leave a Comment / Income tax return filing, Income tax return filing in chennai, Income-tax /

The due date for filing your Income-tax returns is fast approaching. Many think that only if you have Income you need to file your Income-tax returns on time. But the fact is even if you are facing losses, it becomes important to file your returns on time, on or before the statutory due date. There

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Extension of various time lines for filing under Income-tax for the year 2020-21

Income tax return filing, Income tax return filing in chennai, Income-tax /

Extension of various deadlines under Income-tax vide CBDT Circular F.No 225/49/2021-ITA-II dtd 20th May 2021 Sl. No Name of the Compliance OriginalDue date ExtendedTime line 1 Statement of Financial Transactions (SFT) for the year 2020-21 31st May 2021 30th June 2021 2 Statement of Reportable Account for the  year 2020 31st May 2021 30th June

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Government extends timelines of certain compliances in light of the severe pandemic

General /

In  view  of  the  adverse circumstances arising due to the severe Covid-19  pandemic  and also in view of the several requests  received  from  taxpayers,  tax  consultants  &  other  stakeholders from across the country, requesting that  various  compliance  dates may  be  relaxed,  the  Government  has  extended  certain timelines today.             In the light of multiple representations

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TDS Rates reminder

GST /

Due to Covid 19, the Government of India had provided concession in the rates of Tax Deducted at Source (TDS) in the form of reduction in TDS rates by 25%. (i.e.,) Where the regular TDS is 10%, it is sufficient if TDS is deducted @ 7.5%. This concession is available only till 31st March 2021.

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GST Registration Chennai

All about Quarterly Returns with Monthly Payment (QRMP) Scheme

GST, GST Consultants in Chennai, GST return filing /

A new scheme for Small tax payers in GST has been introduced. The salient features of this scheme is provided below :- What is “Quarterly Returns with Monthly Payment (QRMP)” Scheme?QRMP scheme is for small taxpayers to file their FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax dues monthly through

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