Relief for GST taxpayers: Deadline for GSTR-1 and GSTR-3B extended after GSTN reported technical issues with the portal

GST return deadline: The deadline for GSTR-1 and GSTR-3B both, has been extended by 2 days each. GSTR-1 deadline is now January 13, 2025 while GSTR-3B deadline is now January 22, 2025. However for quarterly GSTR-3B filers the deadline has been extended to January 24 and 26, 2025 depending on the state.

from Tax-Wealth-Economic Times https://ift.tt/cQv2n8N

GST return filing deadline may be extended by CBIC as GSTN reports portal is experiencing technical difficulties

Goods and service tax: The Central Board of Indirect Taxes and Customs (CBIC) may consider to extend the GST return filing deadline as GSTN reports the portal is experiencing technical issues and is under maintenance. The deadline to file GSTR-1 is January 11, 2025 for the december tax period. If a supplier has not filed GSTR-1 then buyers can't claim input tax credit (ITC).

from Tax-Wealth-Economic Times https://ift.tt/t8eCfWg

New GSTN advisory: You can now file a rectification application to claim pending input tax credit; However, there is a catch

GSTR-3B: Now GST registered taxpayers can claim pending input tax credit relating to past years namely financial year 2017-18, 18-19, 19-20 and 20-21 by filing an online rectification application. GSTN said, "A functionality has now been made available on the Portal for taxpayers to file an application for rectification of such orders issued under section 73/74."

from Tax-Wealth-Economic Times https://ift.tt/6AhvD4e

These cash transactions may attract up to 100% penalty by Income Tax department

Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the cash can be imposed. Moreover, the income tax department will disallow deductions if cash is used for transacting above a certain limit. Know the details.

from Tax-Wealth-Economic Times https://ift.tt/KnqBC6F

Big relief for GST taxpayers with multiple GST show cause notices running in multiple districts in Kerala

Goods and services tax notice: Now taxpayers get relief from multiple GST notices pertaining to similar issue as these multiple notices will now be heard by a common adjudicating authority. Experts say, "​This would lead to a consistency in the adjudication process, with a possibility of different adjudicating authorities taking different views is eliminated." Read below to find out the details.

from Tax-Wealth-Economic Times https://ift.tt/iFs6rzD

These salaried employees need to submit investment, expenditure proofs to employer to avoid full TDS on salary

TDS on salary: The income tax rules have changed in recent years. Due to this, not all salaried employees now have to submit investment and expenditure proofs to avoid full tax on salary. Employers have sent emails to the employees reminding them to submit tax-saving proofs to avoid higher tax deduction from salary.

from Tax-Wealth-Economic Times https://ift.tt/3tJagPw

Good news for taxpayers: ITR forms to allow 87A tax rebate claims have now been updated however there is a catch

Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A tax rebate claims. "The updated excel utilities for ITR Forms 2 and 3 to exercise the option to update rebate u/s 87A for AY 2024-25 are now available."

from Tax-Wealth-Economic Times https://ift.tt/yEALsbu

No Section 87A tax rebate despite ITR filing forms being updated recently: How to claim Section 87A tax rebate with deadline ending on January 15, 2025

87A tax rebate: The ITR filing utilites for ITR-2 and ITR-3 has been updated on January 4, 2025 however, the JSON schema is not yet updated and it still reflects logic as of July 5, 2024. This means you can file a revised or belated ITR now but the utility will not let you claim section 87A tax rebate if any special rate income like short term capital gains exists. Read the story to know how a makeshift solution can help you claim 87A tax rebate now.

from Tax-Wealth-Economic Times https://ift.tt/P26L1gz

Best ways to save taxes: ELSS, NPS, ULIPs and 7 more investment options to maximise your tax saving this year

As the financial year inches towards the end, taxpayers are exploring tax-saving investments like ELSS funds, NPS, Sukanya Samriddhi Yojana, and more. Depending on your requirements, here is a list of tax-saving instruments you can invest in, ranked according to returns, safety, flexibility, liquidity, costs, transparency, ease of investment, and income taxability offered by each one of them. Read on to know more.

from Tax-Wealth-Economic Times https://ift.tt/aObfpgY

GST Amnesty scheme waiver of interest and penalty: Step by step guide for eligible taxpayers to apply using GST SPL-02 form

GST Amnesty 2024: GSTN in an new advisory said now GST SPL-02 form has been made available on the GST portal. GST SPL-02 form can be used to apply for GST Amnesty Scheme waiver of interest and penalty. Read below to find out how to apply for GST Amnesty Scheme.

from Tax-Wealth-Economic Times https://ift.tt/ahPXpKN

Last opportunity for eligible taxpayers to claim 87A tax rebate: Why you must file revised/belated ITR before January 15, 2025

Income tax rebate u/s 87A: Following the Bombay High Court order to extend the revised and belated income tax return (ITR) deadline to January 15, 2025, CBDT has extended it. ​If you are eligible to claim section 87A tax rebate but prevented from claiming it in the original ITR then file a a revised return to get a tax refund for the excess tax paid in the original return.

from Tax-Wealth-Economic Times https://ift.tt/ozbFilB

Deadline to declare foreign assets in ITR ends January 15, 2025: These two sources provide govt your foreign a/c info

Foreign assets in ITR: Indian residents must report their foreign assets and income in their income tax returns (ITRs) in accordance with the Indian Income-tax Act, 1961. The Indian government and its law enforcement agencies get detailed information about financial accounts held by Indian residents in foreign countries through two sources.

from Tax-Wealth-Economic Times https://ift.tt/U7mTayG

Sold property for Rs 43.5 lakh, how can I pay lower long term capital gains tax, with or without indexation?

Long term capital gains tax: How can you pay lower tax if you sell a flat for Rs 43.5 lakh? Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.

from Tax-Wealth-Economic Times https://ift.tt/mgQnLrS