Tax Updates January 2020 – 06.01.2020
1. The Goods and Service Tax Network (GSTN) has issued a Frequently Asked Question (FAQ) to rollout the smooth implementation of the E-Invoicing System under GST.
2. The last date of filing declarations in Sabka Vishwas Legacy Dispute Resolution Scheme is extended to 15th January 2020
3. CBDT Further Extension time limit of 12 months for applying for Compounding of Offences under Income Tax Act till 31.1.2020. Circular 1/2020-Income Tax of 3.1.2020.
4. CBDT mandating businessmen with Turnover more than INR 50 crores to have the facility to accept payment through BHIM-UPI, Rupay Debit Card, UPI QR Code w.e.f. 01.02.2020 vide notified Rule 119AA of Income-tax Rules, 1962. Non-compliance of same may attract a penalty of INR 5,000 per day.
5. The Central Board of Direct Tax (CBDT) notifies form ITR 1 and ITR 4 for the Assessment year 2020-21 vide notification no 01/2020 dated 3rd January 2020.
Following are key features in new ITR 4 Sugam:-
a). If having a Passport then its number is to be given
b). Foreign Travel amount to be specified, If aggregate expenses incurred exceeding Rs. 2 lakh for self or for others.
c). If deposited aggregate amount exceeding Rs. 1 crore in one or more current accounts then the aggregate of the amount deposited in all such accounts to be specified.
d). Electricity consumption amount If spent amount exceeding Rs. 1 lakh on electricity consumption then specify such aggregate amount.
e). If any assessee owns property in co-ownership then he will not be eligible to file ITR 1 Sahaj or 4 Sugam.
f). In case of 44AD or 44AE or 44ADA now the assessee will be required to give following additional information :-
(i) Opening balance of cash in hand and bank accounts.
(ii) Total amount received in cash and total amount deposited in bank during the year
(iii) Total amount of cash outflow out of cash balance during the year
(iv) total amount of withdrawal from Bank during the year and
(v) closing balance of cash in hand and banks.
g). Now there will be no requirement to provide figures of sundry debtors and creditors, unsecured loans, amount of closing stock, etc. as was required in earlier years.
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6. GST amendments effective from 01.01.2020
a). Aadhar Authentication has been made mandatory for GST Registrations.
b). New SEZ Registrants need to provide SEZ related information in REG-01.
c). A penalty of 10% has been introduced under anti-profiteering provisions.
d). Mandatory online modes of accepting payment also inserted in GST.
e). Transfer of Cash Ledger balances on the common portal within Major and Minor Heads has been allowed.
f). TRAN-1 and TRAN-2 dates extended for taxpayers facing “technical issues” to 31.03.2020 and 30.04.2020 respectively.
7. Governments notify uniform stamp duty across states for trading in stock, derivative, currencies, and commodities w.e.f. 9th January 2020.
8. Big relief for private Limited company for applicability of appointments of whole time CS. Now Paid-up Capital limit set to Rs Ten Cr instead of Rs. Five CR
9. Before filing GST Returns, download the latest version of New returns offline tool (Beta) v0.5 (Released on 04.01.2020).
Also See, “Tax updates January 2020 – 04-01-2020
Also See, “Reminder Statutory Due Dates Chart for January 2020
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