TAX GRIP

 

  Income tax updates for   July 2021 1.Processing of returns with refund claims under section 143(1) of the Income-tax Act, 1961 beyond the prescribed time limits in non-scrutiny cases-regd. Order under section 119 of the Income-tax Act. 1961. Central Board of Direct Taxes notices that due to certain technical issues or for other reasons not attributable to the assessees concerned, several returns for various assessment years up to the assessment year 2017-18 which were otherwise filed validly under section 139 or 142 or 119 of the Income-tax Act, 1961 ('Act') could not be processed under sub-section (I) of section 143 of the Act. The taxpayer is unable to get his legitimate refund. To resolve the grievances the earlier order dated 10th July 2020, time frame was given till 31.10.2020 to process such returns with refund claims. To mitigate genuine hardship being faced by the taxpayers on this issue, Board, by virtue of its powers under section 119 of the Act, hereby relaxes...

GST Updates for the month of   July 2021         1.   New functionalities deployed on the GSTN portal in the month of July 2021 Ø   Submission of a complaint in case of misuse of PAN. Ø   Restricting taxpayers to opt for Composition Scheme based on the AATO. Ø   Filing of Nil Form GSTR-1 (Quarterly) through SMS. Ø   Filing of Form GSTR-1 on cancellation of registration. Ø   Timelines for filing of Application for Revocation of Cancellation of Registration in Form GST REG-21-timelines for filing of application for revocation of cancellation is now changed to 90 days (as was earlier) on the GST Portal w.e.f. 01.07.2021, from date of Order of Cancellation of Registration in Form GST REG-19. Ø   Information regarding late fee payable provided in Form GSTR-10. Ø   Auto-population of data in Form GSTR-11 on basis of Forms GSTR-1 / 5 filed by their suppliers. Ø   Auto population of GSTR-3B liability from IFF and For...