Analysis of new ITR Forms notified for the Assessment Year 2020-21

The CBDT has notified new ITR forms for the Assessment Year 2020-21. New ITR forms have introduced new additional columns and schedules. These changes have been introduced to capture new, yet essential information. Some changes are consequential to the amendments made to the Income-tax Act by the recent Finance Acts. We have done a thorough analysis of the new ITR Forms and have explained all changes in this article

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Amendment in Section 6 and effect on NRI Taxation - Impact of Finance Act, 2020

The Income Tax Act, 1961 ("The Act"), taxes a "Person" on the basis of its residence, which is unlike countries like United States of America, which taxes on the basis of citizenship.

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FAQs on Relaxations Relating To Income Tax Due To Covid 19

Here are some FAQs in respect of Relaxations, relating to Income Tax, granted due to Covid Pandemic.

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ITR forms for AY 2020-21 notified; new ‘Schedule DI’ to avail benefit of investment made till 30-06-2020

The Central Board of Direct Taxes (CBDT) has notified new Income-tax Return (ITR) forms applicable for the Assessment Year 2020-21. A new schedule ‘Schedule DI’ has been inserted to claim benefit of investment/ deposit/payments made between 01-04-2020 to 30-06-2020 for the previous year 2019-20.

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CBDT notifies new Form 26AS; widen its scope to include info. received under DTAA/TIEA

The Finance Act 2020, in order to extend the scope of Form 26AS beyond the information about tax deducted, inserted a new section 285BB regarding Annual Information Statement.

This said section provides that the  prescribed income-tax authority or the person authorised by such authority shall upload in the registered account of the assessee an annual information statement in such form and manner, within such time and along with such information, which is in the possession of an income-tax authority, as may be prescribed.

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Practical GST related challenges faced by businesses due to Covid-19

Covid-19 pandemic has not only impacted people's physical and mental health but has also created a significant impact on the business and the economy. The government of India had announced a nationwide lockdown due to which businesses are facing various operational and financial restrictions.

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GST Portal Update: Know about new functionality of Form ITC-02A

As per Section 25(2) the Central Goods and Services Tax Act, 2017, a registered person having multiple places of businesses in a State can take registrations for each of such place separately.
Further, Rule 41A of the Central Goods and Services Tax Rules, 2017 (‘CGST Rules’) provides that the registered person can transfer proportionate Input Tax Credit (‘ITC’) from existing to this new registration. The ratio for transferring ITC would be calculated based on value of assets of both place of business which may be GST paid or otherwise

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Instant PAN using Aadhaar

Getting a PAN has never been this easy! All you need is your Aadhaar number.
Just visit the e-filing portal of IT Department & follow the steps provided to generate your ePAN, within minutes! 

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