Section 80C allows you to reduce Rs 1,50,000 from your, . Businesses are encouraged to use the CRAâs electronic portals to submit their request. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. Will the CRA consider relieving the hold on the payment of GST/HST refunds for businesses who are not compliant in other program accounts where the non-compliance is not significant? Any business with an annual turnover of Rs.20 lakh or more and certain special businesses are required to be registered under this system. Here is the list: This is the amount which gets deducted from your salary as your contribution in Employees Provident Fund Scheme or Recognized Provident Fund. Have the required details ready with you for e-filing and claim them. Decisions to waive interest are made on a case by case basis. Will the new service affect this process at all? A GST return is a document containing details of income, Under GST, a registered dealer needs to file GST returns that include: purchases, sales, output GST, ITC. This new service has been launched as a temporary measure to provide more flexible options during the COVID-19 crisis. Any premium paid by you for life insurance of yourself, your spouse or any child (child may be dependent/independent, minor/major, or married/unmarried) can be claimed as a deduction. However, we encourage registrants to file electronically. Can businesses request relief from penalties and interest if they cannot meet the current deadlines for GST/HST payments, remittances and returns? Those who are able to, should continue to file their GST/HST returns on time reporting their net tax for the reporting period to help facilitate tax compliance and administration. The due date for filing GST annual return for FY2018-19 is 31st March 2020. If I am expecting a refund after filing my GST/HST return, will my refund still be processed and issued? The last block was from 2014-2017. If you are having difficulty making your payment on time, you can contact the CRA and request that any related interest on outstanding amounts be waived. The exemptions and deductions that your employer would have given in your Form 16, if the proofs were submitted, can be claimed at the time of e-filing. It includes payments for play school, pre-nursery, and nursery. The deduction can be claimed for the full amount paid (premium including service tax & other charges). Payments made towards principal repayment of a loan taken for buying or constructing a residential house property is also allowed as a deduction. The Government has announced temporary payment deferrals for income tax, GST/HST and Customs duties. you can use to find out how much HRA will be exempt from tax. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Last modified: 01 Oct 2019 QC 33678 For enquiries, contact us. No, the remittance of your net tax can be deferred until June 30, 2020. The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID-19 pandemic. Refer to our guide on E-Filing with ClearTax. Instalment notices for GST and PAYG instalments How to complete, lodge and pay your business activity statement (BAS) or GST/PAYG instalment notice. ClearTax is a product by Defmacro Software Pvt. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Excise taxes and duties are still required to be remitted by their prescribed due dates. In some cases the signature on a form submitted through MyBA will not be that of the person submitting the form, and there will be reliance on the person submitting the form to obtain a valid signature. On December 30, 2020, the government had extended the deadline to file the income tax return (ITR) for individuals by 10 days. A GST Certificate is an official document which is issued by the concerned authorities for a business which has been enrolled under the GST system. However, recognizing the difficult circumstances faced by businesses, the CRA won't impose penalties where a return is filed late provided that it is filed by June 30, 2020. The deadline for submitting an application to CMHC is August 31, 2020. GST/HST returns that are paper filed will be processed. No, this will not affect the paper submission process in any way. You can easily claim them while. Extension of FATCA Filing Deadline. GST/HST returns that are filed electronically will be processed. Delays in processing may continue to occur as operations continue to resume. These expenses incurred to transfer the property to the taxpayer can be claimed as a deduction. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. GST/HST implications. Am I still required to remit the net tax owing for my 2019 reporting period by April 30, 2020? Claim deductions under section 80C with no investments, Claim these deductions under section 80C without making any additional investments, Cannot claim LTA & Medical Reimbursement in your Return, No submission of proofs required with the Return, Section 80TTB Deduction for Senior Citizens - Budget 2018, Post Office Fixed Deposit - Interest Rates & Benefits, Details of deductions and exemptions for tax saving in Schedule DI of the income tax return for AY 2020-21, NPS Calculator - National Pension Scheme Calculator ( Calculate monthly Pension & Tax Benefits ), This page is best viewed in Chrome, Firefox or IE 11, ClearTax makes it very easy to E-File your ITR, Our experts help you on live chat and email. The 80C deduction is valid on insurance policies purchased after 1st April 2012, only if the premium is less than 10% of sum assured. In particular, effective July 6, 2020, businesses will be able to use a new electronic service to submit a GST/HST document with an electronic signature. I file my GST/HST returns and forms by paper. As announced on March 27, 2020, the CRA allowed all businesses to defer, until June 30, 2020, any GST/HST payments or remittances that became owing on or after March 27, 2020, and before July 2020. Will my GST/HST return be processed if I file it electronically? Just upload your form 16, claim your deductions and get your acknowledgment number online. Will my GST/HST return be processed if I mail in a paper copy? But you can still save on taxes and get a refund from the Income Tax Department in such cases. Ltd. How to save tax when you miss the income tax proof submission deadline. No interest will apply if the net tax is remitted by June 30, 2020. This payment may have been made to any school, college, university or other educational institution situated within India for the purpose of full-time education of your children. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. To check on the status of your GST/HST return, please log in to My Business Account where there are many self-service options such as viewing expected and filed returns, viewing the notice of assessment and signing up for direct deposit. An expert can recalculate your taxes and help you claim HRA Benefits. You may carry forward your unclaimed LTA to the next year. cannot be claimed in your return. You will not receive a reply. The government on Friday extended the deadline for submission of preliminary bids to buy Shipping Corp of India to March 1. 2020 Business Taxes are payable on or before Friday, May 29, 2020 however City Council has approved an option to defer tax payments without penalty for a period of six months from the May 29, 2020 due date, for the current 2020 taxes only. Yes if the account is compliant. This amount is 12% of your basic salary. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. Delays in processing may continue to occur as operations continue to resume. 04-Feb-2020; Invitation for Webinar - Prelude to Accreditation & Affiliation (A&A) Process 02-Feb-2020; PMKVY CSSM-WB Phase-V EOI, last date 14 th Feb 2020. This article explores how. The Natboard shall conduct the DNB/DrNB Final Theory Examinations of December 2020 session on 18th, 19th 20th and 21st March 2021 at â¦ Remember, you DO NOT need to submit these income tax proofs to ClearTax or to the Income Tax Department. The link to this new service will be found on the MyBA main web page of the GST/HST program account menu. We will strive for flexibility with deadlines to submit supporting documentation, recognizing taxpayersâ unique circumstances. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. . Earlier, the last date was December 31, 2020. You can view the entire list of deductions allowed under section 80C. At the close of deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year 2019-20), over 5.65 crore returns were filed by taxpayers. 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