As per twitter handle of CBIC , One time relaxation has been given in implementation of E-Invoice Provisions for the month of October, 2020. Read full press release below:-
Tax collected at Source on sale of Goods effective from 01st October 2020
Tax collected at Source on sale of Goods effective from 01st October 2020
Due date for filing Annual return
and audit report under GST has been extended, tax payer got some relaxation
however new compliance requirement has been introduced which is applicable from
01st October 2020 i.e. tax to be collected at source on sale of
goods.
Vide Finance Bill, 2020
sub-section (1H) of section 206C of the Income Tax Act has been introduced
which has proposed for tax collection at source (‘TCS’ ,will use it in
remaining part of post), originally it was scheduled to be effective from 01.04.2020
but later has been provided that section will be effective from 01.10.2020.
I am just trying to explain it in frequently asked question (FAQ) format, hope that it will make easy to understand and comply with Law:-
The last date for furnishing of Annual Return in the FORM GSTR-9 and Reconciliation Statement in FORM GSTR-9C for F.Y. 2018-19
Do you need to file ITR even your total income did not exceed the basic exemption limits?
Do you need to file ITR even your total income did not exceed the basic exemption limits?
Yes, From Assessment Year 2020-21 it mandatory to file ITR for an assessee who is not a company or a firm but who otherwise is not liable to file Income Tax Return of Income, if he or she satisfy any of the condition during the previous year:-
Part-7- Changes in provisions regarding Tax Incentives-Know Important changes in Income Tax Act -Before Filing ITR for Assessment Year 2020-21
Changes in provisions regarding Tax Incentives
So far I have covered the changes which are made in exempt income, salary income, house property income and income from business or profession, now going to explain the changes which are applicable in "Capital Gain".i.e. profit or loss which arise when someone sale any capital asset.
Earlier part of the article you can access by clicking following links:-
(1 ) Rate of Income Tax for the Assessment year 2020-21 (Read Part -1 here)
(2)"Exempt income" i.e. Income which do not part of Total Income (Read Part -2 here)
(3) Changes in the head "Income from Salary" (Read Part -3 here)
(4) Changes in "Income from House Property" (Read Part-4 here )
(5) Changes in "Profits or gains from Business or profession (Read Part-5)
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