Category: Income Tax

How to resolve errors made in GSTR 3B?

Based on our observations thru EZTax.in, there are lot of errors committed by the GST tax payers in filing their first Return, GSTR-3B.  As GSTR 3B cannot be revised, it makes the taxpayers worried about the possible consequences due to errors committed. Most of the mistakes or errors done in GSTR 3B can be corrected and reconciled by filing GSTR 1, 2 and 3.

  • The Filing of GSTR-1, GSTR-2 and GSTR-3 is mandatory though the very first return is filed in GSTR-3B.
  • All the Sales / Income that has suffered GST is to be given in the GSTR-1
  • All the Purchases / Expenses Suffered GST have to be given in the GSTR-2
  • The Reflection of the GSTR- and GSTR-2 is auto populated in the GSTR-3
  • This GSTR-3 will be compared with the already filed GSTR-3B and any differences are automatically will get reflected in the Ledgers.

In case of additional queries on GST Return preparation, GST Invoicing, and understanding the complexities around GST for your business, please connect us @ EZTax.in/gst

GST Cess increase for certain automobiles

Honorable Finance minister, Mr. Arun Jaitley, made a decision during the GST Council meeting held on 09th Sep @ Hyderabad, to increase the GST Cess for mid-to-large segment automobiles.

With this, the GST cess on mid-segment Cars (<1500cc)  will go up by 2%, large Cars by 5% and SUVs by 7%. The effective tax burden is expected to be less than the pre GST levels. Interestingly no changes made to GST Cess on hybrid vehicles falls in the expensive category.

gst-cess-rate-change-for-autos

 

GSTR Deadlines extended again!

Per latest reporting from GST Council’s 21st meeting held in Hyderabad, the GOI extended the deadline to file GSTR 1 for July to October 10. The earlier deadline was Sunday, September 10.

Despite of all the hard work from the GSTN and other related govt agencies, the deadline extension is a good move for the SME segment where they faced hurdles over last several wks in getting oriented towards GST and the troubles, in addition, technical glitches with the new GST Portal challenged tax professionals patience.

Let’s wish to have a better system in coming month.

Visit EZTax.in/gst for further help on GST, how EZGST.in software help traders to be quick with tax compliance, without hassels.

Tax Audit and ITR filing due date extension

Tax Audit and ITR filing due date extension AY 2017-18 to 31-10-2017. Deadline for filing return of income and all audit reports extended in view of GST.

Order under Section 119 of the Income-tax Act, 1961 (‘Act’)

The Goods and Services Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government. In this backdrop, representations have been filed by various stakeholders requesting for extending the ‘due date’ for filing various reports of audit as well as tax-returns under the Income-tax Act from 30th September, 2017 so as to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws.

 

 

Deadline extended for PAN Aadhaar Link

Good News for those of EZTax.in Clients and other Tax Payers who have filed their Income Tax Returns, but haven’t linked their PAN, Aadhaar gets additional time to do so. It’s indeed a relief as considerable paractical, systematic issues drive the issues in linking.

Per earlier notification by the CBDT, Aadhaar was to be linked with PAN by 31st August, 2017. On Sep 01st 2017, CBDT announced that the New Date for linking Aadhaar with PAN has been extended till 31st December, 2017.

Follow simple 3 step procedure to link PAN, Aadhaar can be found @ Linking PAN Aadhaar

This deadline is not applicable for those who are not required to file their ITRs. For such, additional clarification to be giiven by CBDT.

Late Filing ?

In case you are required to file but haven’t filed before Aug 05th 2017, you still have time to file your returns as “Belated” return. File your ITR for FREE @ How to File a belated return for FREE?

For further queries, visit, chat, connect, call us @ eztax.in

What if I miss Income Tax Return (ITR) Filing Deadline?

Thanks to those who eFile their taxes @ EZTax.in this Tax Season. For some reason, if you miss Income Tax Return (ITR) deadline this year, it’s not the end of the world. You can file your taxes using belated return type. Just login to EZTax.in to file in minutes.

Few simple questions may help you file your belated return with ease.

When is the Income Tax Filing (ITR) Deadline?

Typically, it’s Jul31st of every year, for AY 2017-18 it is Aug 5th, 2017

What if you miss the deadline for filing income tax returns?

No Worry, you can file your taxes using belated return type up to Mar 31st, 2018

What are different Return Types to choose while filing Income Tax Return (ITR)?

  1. Original: Income Tax Return to be filed for the first time on or before due date for the selected Assessment Year.
  2. Belated: Income Tax Return to be filed for the first time after due date
  3. Revised: Income Tax Return to be filed in response to a notice or a defective original return. Revised return can’t be filed in case of a belated return, which is filed for the same Assessment Year

Do you have to pay Penalty?

No. Good news is that the penalty for filing Income Tax Return after the due date is only applicable from AY 2018-19. The Government of India (GOI) Feb 2017 introduced a maximum late fee of Rs. 10,000 for delayed ITR filing by individuals.

What if there is an error in your ITR?

You can file a Revised Return for the Original before the end of the current assessment year i.e., before Mar 31st, 2018.

What about Aadhaar PAN Linking?

Deadline for linking Aadhaar, PAN cards, a must for filing ITR, is Aug 31st 2017. Without it your ITR won’t be accepted. There are few exceptions to this such as those who are senior Citizens (Age > 80 years) OR who are residing in the States of Assam, Jammu and Kashmir and Meghalaya OR a non-resident as per the Income-tax Act, 1961; OR not a citizen of India. Link Now

Call, Chat, Connect @ EZTax.in

ITR Fastest eFiling

Generally, most of the tax payers spend considerable time in preparing the taxes to make sure of accuracy, savings, and possibly to plan ahead for the next year taxes. While this is imperative to spend more time on Tax Portal, eFiling of your prepared taxes shouldn’t be taking long time.

While other portals in the market takes minutes to hours, EZTax.in Tax eFiling takes just few seconds to a minute and we send acknowledgement and confirmation of eFiling with in few seconds to a minute.

Compare ANY ERI Tax Portal #proud to #announce#EZTax #eFiling is the#Fastest in #India. Another reason https://eztax.in/why-eztax

Prepare and eFile TDS by 31st Jul

e-File your TDS statement for the Quarter ending 30th Jun 2017 on or before 31st July 2017. Visit eztax.in/tds and see how quickly you can generate FVU file?

Online Self Service Pricing per FVU generation is just Rs. 249/- lowest possible. In case you need our CA to file on behalf of you, please select Assisted TDS returns @ 949 / Quarter.

Handling IT Notices

We see substantial raise in related inquiries during the 1st two weeks in Jul 2017, hence this post to advise Tax Payers in handling the IT Notices.

Most important thing when you get an IT notice is not to ignore it, as of today, pretty much everything is linked with Aadhaar, PAN, Bank Accounts, Digital Wallets, Mobile Numbers. Income Tax department is getting smarter day-by-day towards a sophisticated, well connected tax system.

Possible Common Reasons for getting an IT Notice

  1. Reminder to file tax returns
  2. Scrutiny at random
  3. Discrepancy in your income tax returns
  4. Errors in TDS Amount Deducted
  5. Ignoring income received from the previous employer
  6. Demanding a proof of documentation
  7. High Value Transactions not matching with Income declared
  8. Transferring the asset in the name of spouse or children
  9. High number of Gift Transactions
  10. Not depositing the full amount of tax assessed before the due date
  11. Income Tax Return not filed or filed after the due date
  12. Non-disclosure of assets
  13. Non-disclosure of Foreign Income
  14. Investments in the name of family members

How to get Help ?

When you received IT notice, first thing to do is not to be panic, Visit EZTax.in, Register if not already, select Tax Consultation, just take a photo of your IT Notice and upload, provide additional information if necessary, and pay to get Tax Help Online.

Additional information @ Tax Consultation from EZTax.in