There is a section in the GST portal which allows for payment of tax shortfall. The taxpayer needs to choose DRC 03 and then opt for annual returns. The taxpayer can use this to make any additional tax deposits including interest on late payment, but need to ensure that it has sufficient funds in your electronic cash ledger while using this form to make any additional tax payments. Payment using DRC 03 can either be voluntarily by the taxpayer when he or she discovers the shortfall, or it can be when the taxman issues a show cause notice (SCN).
n DRC-01 or DRC-02
The CBDT has notified on April 12 a new format for salary TDS certificate Form 16. The new format will require a detailed break-up of the nature and amount of tax exempt allowances paid to employees and details of all tax breaks claimed by him/her. The earlier format allowed companies to give consolidated figures. It did not require providing break-up of the tax exempt allowances paid. Corresponding changes have been made n the format of the TDS return also. Last year the tax officials had detected several cases of false claims of large income tax refunds made by some employees.
Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network has made its format available on its portal. The audit report for 2017-18 is to be filed by June 30. The ministry on December 31, 2018, notified the annual returns forms GSTR-9, GSTR-9A and GSTR-9C. GSTN has now made available offline utility of GSTR-9C which can be filled up by taxpayer and uploaded on the portal. GSTR-9 is the annual return form for all taxpayers registered under GST while GSTR-9A is for composition taxpayers.
For the financial year 2018-19 (Asst Year 2019-20), taxpayers will have to give a break-up of interest income (like interest on FD and savings a/c) when filing the income tax return form, ITR 1. This will make it easier for the income tax department to detect whether any ineligible tax exemption has been claimed by the assessee. Till last year, consolidated interest income was required to be filled. From FY 2018-19, senior citizens will be allowed to claim up to Rs 50,000 as deduction from interest income from bank and post office fixed deposits.
Bollywood icon Amitabh Bachchan paid Rs 70 crore as income tax for the financial year 2018-19. In the recent past, Big B also paid off loans of 2,084 farmers in Muzaffarpur, Bihar. He has also donated Rs 10 lakh to the family members of each victim of the February 14 Pulwama terror attack. Big B will soon be seen in fantasy trilogy 'Brahmastra' which also stars Ranbir Kapoor, Alia Bhatt, and Nagarjuna in key roles.
Three months after the Income-Tax department carried out a survey at around 50 premises of Allana group, tax officials have alleged that India’s largest buffalo meat exporter evaded income tax worth Rs 2,000 crore. The findings will now be shared with the assessment wing of the I-T department that will serve notices on the company. Allana group, established in 1865, claims to be India’s largest exporter of branded processed food products and agri commodities.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has directed zonal/state heads of all 42 scheduled public and private sector banks to strictly comply with escrow account provisions. The regulator has observed diversion of funds by unscrupulous builders from ongoing realty projects without submission of certificates, thereby violating RERA norms. The Supreme Court last year had noted that if builders were diverting money to complete other projects, it amounted to misappropriation and criminal breach of trust.
Over 100,000 taxpayers across the country, particularly high networth individuals (HNIs), have come under the scanner of the income-tax (I-T) department for the assessment year (AY) 2012-13. The scrutiny notices were issued mostly between March 15 and March 31 under section 148 of the I-T Act. The last date for reopening the tax assessment for AY2012-13 was March 31, 2019.
The government on Wednesday extended the last date for filing final sales return form GSTR-1 for March by two days till April 13. Similarly, the due date for furnishing tax deducted at source (TDS) return GSTR-7 for March has also been extended till April 12. The last date for filing GSTR-1 and GSTR-7 for the month was April 11 and April 10, respectively.
GST officers have started seeking clarification from companies whose tax payments did not match with the e-way bills generated. Revenue authorities have started to reconcile invoices of e-way bills with the sales shown in sales returns under GSTR-1. The e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. Tax officers have noticed that some transporters are doing multiple trips by generating only a single e-way bill or not reflecting e-way bill invoices while filing sales return.
The Income Tax Department has barred directors as well as those who have invested in unlisted companies from filing income tax return forms Sahaj and Sugam. The move is aimed to clamp down on shell companies and check routing of black money. According to the new tax return forms for AY 2019-20 notified by the I-T Department, the directors in both listed and unlisted companies will be required to file their returns in ITR-2 in which they will have to disclose details of Director Identification Number, Permanent Account Number and equity holding along with the names of the companies.
The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20. ITR-1 is filed by individuals having a total income of up to Rs 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to Rs 5,000. ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession, while ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession.
The Central Board of Indirect Taxes and Customs (CBIC) has asked tax officers to exercise caution while processing the application for fresh GST registration by those businesses whose earlier registration has been cancelled due to non-compliance. CBIC also directed tax officers to analyse information by an applicant in the fresh registration form regarding details of proprietor, director, trustee etc. vis-a-vis any cancelled registration having same details. Recently, a large number of GST registrations have been cancelled on account of non-compliance. Instead, many of them are applying for fresh registration, so as to evade taxes which were due under earlier registration.
Real estate firms have time till May 10 to communicate to their respective jurisdictional officers whether they want to continue with the old GST rates with input tax credit, failing which they will be deemed to have migrated to new tax rates with effect from April 1, 2019. The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8% (affordable housing) with input tax credit (ITC) benefits or the new tax rates of 5% for residential units and 1% for affordable housing without ITC claims.
GST collection in March surged to over Rs 1.06 Lakh crore, the highest monthly collection in 2018-19. As many as 75.95 lakh GSTR3B (summary return form) returns were filed for February up to 31 March, as compared with 73.48 lakh a month ago. For 2018-19, monthly GST collections largely remained below the monthly expected average of Rs 1 lakh crore, except for the months of April, October, January and March.