Income Tax Dept to Issue Only E-Refunds from Mar 1, 2019 || GST Registration in Rajkot || GST Return in Rajkot || It Return in Rajkot || IEC in Rajkot

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Income Tax Dept to Issue Only E-Refunds from Mar 1, 2019

Come March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN. 
In addition to that, you are also required to prae-validate your bank account with the income tax department e-filing portal to receive tax refund. 
The income tax refunds will be credited only to bank accounts (savings/current/cash/OD) which are linked to PAN w.e.f. March 1, 2019. If your PAN is not yet linked with your bank account, you must provide the details of the same to your bank branch to get an income tax refund. 
If your bank is integrated with the e-filing portal, pre-validation can be done directly through EVC (Electronic Verification Code) and net-banking route. 
On the other hand, if your bank account is not integrated with the e-filing portal, then the income tax department will validate the bank account itself from the details filled up by you, states an advertisement by the department in The Times of India dated February 26, 2019.
The department has asked the taxpayers to link their PAN with bank accounts in order to get the income tax refund directly, swiftly and securely in their bank account. #casansaar (Source - PTI, Economic Times)

Eligibility to Claim Rebate Under Section 87A FY 2019-20 (AY 2020-21)

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Eligibility to Claim Rebate Under Section 87A FY 2019-20 (AY 2020-21)

You can claim tax rebate under this provision if you meet the following conditions:You must be a RESIDENT INDIVIDUAL; andYour Total Income, less Deductions, (under Section 80) is equal to or less than Rs 5 lakhs.The rebate is limited to Rs 12,500. This means that if the total tax payable is lower than Rs 12,500, then that amount will be the rebate under section 87A. This rebate is applied to the total tax before adding the Education Cess (4%).Following are a few examples of the 87A rebate allowed to Resident Individuals including Senior Citizens:

Eligibility to Claim Rebate Under Section 87A FY 2018-19 (AY 2019-20)

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Eligibility to Claim Rebate Under Section 87A FY 2018-19 (AY 2019-20)

You can claim tax rebate under this provision if you meet the following conditions:You must be a RESIDENT INDIVIDUAL; andYour Total Income, less Deductions, (under Section 80) is equal to or less than Rs 3.5 lakhs.The rebate is limited to Rs 2,500. This means that if the total tax payable is lower than Rs 2,500, then that amount will be the rebate under section 87A. This rebate is applied to the total tax before adding the Education Cess (4%).Following are a few examples of the 87A rebate allowed to Resident Individuals including Senior Citizens:

Taxmen send notices to Wakf boards for non-payment of service tax and GST Read more at: http://gstblog.i-tax.in/Single-News/taxmen-send-notices-to-wakf-boards-for-non-payment-of-service-tax-and-gst

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Tax officials have started sending out notices to various Wakf boards for not paying service tax and GST on rent received from properties being used for non-religious and non-charitable purposes, a source said. Out of the 30 Wakf boards in the country, only two -- Kerala State Wakf Board and Dawoodi Bohra Wakf, Mumbai -- are registered under the Goods and Services Tax (GST) regime. "The Department has started sending show cause notices to the Wakf boards for default in payment of erstwhile service tax which was required to be paid on rental income from leasing of properties for commercial purpose. The same is applicable under GST," a source told PTI. The source, further said, that Wakf boards collectively are the largest owner of immovable property after defence and railways and the estimated tax revenue that could accrue to the exchequer could be around Rs 100 crore annually. Although the income of the Wakf boards is exempt from Income Tax, it is not the case with regard to GST and the erstwhile service tax levy. As per the service tax and GST laws, revenue generated from leasing of properties by Wakf boards for commercial purposes are liable to be taxed. According to sources, as per the established law, the tax has to be levied on income unless they are specifically exempt. The exemption would be available on revenue generated from premises rented for specific charitable and religious purposes. Wakf property refers to the permanent dedication of any movable or immovable property for any purpose recognised by the Muslim law as pious, religious or charitable.

Read more at: http://gstblog.i-tax.in/Single-News/taxmen-send-notices-to-wakf-boards-for-non-payment-of-service-tax-and-gst

Due Date Compliance Calendar for February 2019

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Due Date Compliance Calendar for February 2019 

A. Due dates for Compliances under GST
• 11-02-2019- Due date for filing GSTR-1 for m/o JAN 2019 -> Applicable for taxpayers with Annual Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthly Return (Rs. One Crore Fifty Lacs) only. Notification No. 44/2018 – Central Tax
• 10-02-2019- Due date for filing GSTR-7 (to be filed by the persons who is required to deduct TDS under GST for the m/o Jan 2019.
• 10-02-2019- Due date for filing GSTR-8 (to be filed by the by the e-commerce operators required to deduct TDS under GST for the m/o Jan 2019.
• 20-02-2019- Due date for filing GSTR-5 & 5A (to be filed by the Non-Resident taxable person & OIDAR for the m/o Jan 2019.
• 13-02-2019- Due date for filing GSTR-6 (to be filed by the Input Service Distributor for the m/o Jan 2019. 
• 20-02-2019- GSTR-3B for the m/o JAN 2019. Pay due Tax till this date.
• RFD-10:- Eighteen months after end of the quarter for which refund is to be claimed
B. Due dates for Compliance under Income tax
• 07-02-2019- Due date for deposit of tax deducted /collected at source for m/o JAN 2019
• 14-02-2019- Due date for issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property) in m/o DEC 2018
• 14-02-2019 – Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in m/o DEC 2018
• 15 -02-2019 – Due date for furnishing of Form 24G by an office of the Government where TDS for the month of JAN 2019 has been paid without the production of a challan
• 15-02-2019 – Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for quarter ending December 31, 2018
C. Due dates for Compliance under ESI, PF Acts
• 15-02-2019- PF Payment for m/o JAN 2019.
• 15-02-2019- ESIC Payment for m/o JAN 2019
• 25-02-2019 – PF Return filling for JAN 2019 (including pension & Insurance scheme forms)
D. Due dates for Compliance under MSME Development Act 2006
21-02-2019 – All Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days.

HIGHLIGHTS OF BUDGET 2019

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HIGHLIGHTS OF BUDGET 2019

*Tax*
1.Within 2 years, Tax assessment will be done electronically
2.IT returns processing in just 24 hours
3.Minimum 14% revenue of GST to states by Central Govt.
4.Custom duty has abolished from 36 Capital Goods
5.Recommendations to GST council for reducing GST rates for home buyers
6.*Full Tax rebate upto 5 lakh annual income after all deductions.*
7.Standard deduction has increase from 40000 to 50000
8.Exempt on tax on second self-occupied house
9.Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10.Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11.Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12.Benefit u/s 80IB has increased to one more year i.e. 2020
13.Benefit has given to unsold inventory has increased to one year to two years.
*Other Areas*
14.State share has increased to 42%
15.PCA restriction has abolished from 3 major banks
16.2 lakhs seats will increase for the reservation of 10%
17.60000 crores for manrega
18.1.7 Lakh crore to ensure food for all
19.22nd AIIMS has to be opened in Haryana
20.Approval has to be given to PM Kisan Yojana
21.Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22.National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23.2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24.2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25.Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26.Bonus will be applicable for workers earning 21000 monthly
27.The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28.Our government delivered 6 crores free LPG connections under Ujjawala scheme
29.2% interest relief for MSME GST registered person
30.26 weeks of Maternity Leaves to empower the women
31.More than 3 Lakhs crores for defence
32.One lakh digital villages in next 5 years
33.Single window for approval of India film makers