Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Sunday, September 10, 2017

GST July Returns Due Dates Extended

Due to the inefficiencies of the GST Portal, the taxpayers have been struggling to file their GST Returns. To ease the panic among the taxpayers, the Government has extended the due dates to file the GST Returns again.

The revised due dates are as follows:

Return
Period
Revised Due Date
GSTR 1 Jul '17

10.10.17
GSTR 1 (For Registered persons with aggregate turnover of more than Rs. 100 Crore) 03.10.17
GSTR 2 31.10.17
GSTR 3 10.11.17
GSTR 4 (For Composite Taxpayers) Jul - Sep '17 18.10.17
GSTR 4A Not Required
GSTR 6 (For Input Service Distributer) Jul '17 13.10.17
GSTR 3B Aug - Dec '17 To Be Filed Monthly
GST TRAN 1 31.10.17

Monday, September 4, 2017

Monthly Statutory Compliance Calendar September 2017

Due Date
Statutory Act
Applicable Form
Obligation
10/09/2017
GST Act
GSTR-1
Registered persons to furnish details of outward supplies in July
07/09/2017
Income Tax
Challan 281
Payment of TDS/TCS deducted/collected in August, 2017
15/09/2017
PF & ESI
Online Payment
Payment of PF & Payment of ESI
15/09/2017
Income Tax
Challan 280
Second installment of advance tax for the assessment year 2018-19
20/09/2017
GST Act
GSTR-3B
Registered persons to file GSTR-3B for August
25/09/2017
GST Act
GSTR-2
Registered persons to furnish details of  inward supplies in July
30/09/2017
Income Tax
Challan 280
Due date for payment of last installment (i.e., 50% of tax, surcharge and penalty) under Income Disclosure Scheme, 2016
30/09/2017
GST Act
GSTR-3
Registered persons to furnish monthly GST return for July

Thursday, August 31, 2017

Due Date for filing of Tax Audits Extended from 30.09.17 to 31.10.17

CBDT has extended the due date for filing Tax Audits from 30th September, 2017 to 31st October, 2017 on the request of professionals as due dates of filing of various returns for July and August under GST have already been extended to September, 2017.

This has been done to provide some relief to the professionals in the busy month of September for compliance of statutory responsibility under GST and Income Tax.

Notification

Friday, August 11, 2017

Filing of Income Tax Return After Due Date

Even though the last date of filing the income tax return for assessment year 17-18 has passed after being extended to 05.08.17 from 31.07.17, it is important to file the income tax return for the said assessment year as soon as possible, especially if you have deposited cash of Rs. 2 lacs or above during the demonetisation period as the reporting of all such cash deposites have been made mandatory by the Income Tax Department.

With the launched of operation Clean Money by the Income Tax Department, taxpayers may be asked to explain the details of cash deposits made by them.

So if you are amongst one of the numerous people who failed to file their return before due date, you can still file a belated return. Keep in mind that the belated return can be filed only before the end of the relevant assessment year i.e. for the given assessment year it can only be filed up to 31.03.18.

A belated return can be filed in the same manner as an ordinary return filed before the due date. However, the assessees will have to bear the following consequences for not filing in time:

Interest

An interest at 1% p.m. or part thereof will be charged till the date of actual payment of taxes, if such taxes are not paid in time.

It is important to note that no penal interest would be levied if taxes for the assessment year are paid in time even if the return is not filed before due date.

Penalty

A penalty of Rs. 5000 may also be imposed on delayed filing of return.

From financial year 17-18 onwards the following penalties shall be applicable-

Rs 1000: If the income of the assessee is upto Rs. 5 lacs.

Rs 5000: If the return is filed after due date but before 31st December.

Rs. 10000: If return is filed after 31st December.

No Interest on Income Tax Refunds

Interest on refund will not be paid to the assessee for the period of delay if any refund is due.

No Set Off of Losses

Losses other than loss from house property incurred by the assessee will not be permitted to be set off against the future incomes in the subsequent years.

It is therefore recommended to always file the return before the due date.

GST Returns Filing Dates for July and August

As per these notifications issued by the Ministry of Finance regarding the extension of time limits to file GST returns, a registered person is required to file one return in Form GSTR-3B only which is a simple return form introduced by the CBEC for the month of July and August. The last day of submission of this return is 20th August and 20th September, 2017, respectively.

Invoice level information is not to be provided in this form, and only total summarised values for each field will suffice for the month.

Month
Form
Due Date
July
GSTR-3B
20.08.17
August
GSTR-3B
20.09.17

The remaining returns under GST (GSTR-1, GSTR-2, and GSTR-3) for the months of July and August are to be filed much later in the month of September 2017 the due dates of which are as follows:

Month
Form
Return
Due Date
July
GSTR-1
Outward Supplies
01.09.17 - 05.09.17
GSTR-2
Inward Supplies
06.09.17 - 10.09.17
GSTR-3
Monthly Return
11.09.17 - 15.09.17
August
GSTR-1
Outward Supplies
16.09.17 - 20.09.17
GSTR-2
Inward Supplies
21.09.17 - 25.09.17
GSTR-3
Monthly Return
26.09.17 - 30.09.17

- Compiled by Kashika Ahuja