Major #GST decisions taken by the GST Council :
1. Threshold for #Composition scheme changed to 1 CR
2. GST #Returns to be filed once in quarter not monthly basis for turnover up to 1.50 CR.
3. On 60 items tax reduced to 5% from 12%.
4. Recommended AC #Restaurant Tax to be reduced from 18% to 12%
5. No need of #PAN for jewelry purchased up to 2 lacs.
6. GST on #Handcrafts may get changed from 18% to 12%
7. E-wallet gateway will be developed and introduced after six months
8. Reverse charge mechanism suspended till March 2018
Majority of these decisions are in favour of the SMEs
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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)?
- Original: Income Tax Return to be filed for the first time on or before due date for the selected Assessment Year.
- Belated: Income Tax Return to be filed for the first time after due date
- 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
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