CBDT notified New rules for Income tax

1. Central Board of Direct Taxes has notified a new rule for computation of fair market value of capital assets in a slump sale. As per the amendment made to the income tax rules, the new Rule 11UAE under section 50B has given two formulae for calculation and has stated that the fair market value will be higher among the two values.

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2. When to say NO to Cash transaction in Business

• Expenditure above Rs. 10000 – Disallowance u/s 40A
• No health insurance in cash except for preventive health checkup
• Donation above Rs. 2000
• Prohibition on Acceptance and Repayment on cash loan, Deposit, etc. above Rs. 20000
• Receipt of Cash above Rs. 2,00,000
• Disallowance on Capital expenditure and Depreciation above Rs.10,000
• Disallowance of scientific Research above Rs. 2000
• No cash donation to Political parties or Electoral trust

3. GST Amensty Scheme Announced For Pending Return From July 17 to April 21 :

• If you don’t have tax liability then late fee 500.
• if you have tax liability then late fee 1000.
• But dealer has to file pending return 3B in between 1st June to 31st Aug.

When does EPF become taxable?

4. Late Fees for Future Return:-

• if the dealer doesn’t have Output Tax then 500 Per Return.
• if last year sales are 1.5 Cr then is 2000 Late Fees Per Return
• if last year sales are 1.5 Cr to 5 Cr then late fees 5000.
• if last year sales are more than 5 Cr than 10000.
• if Composition doesn’t have tax liability then 500 and if have than 2000 for GSTR 4.
• for GSTR 7 it’s 50 Per day and a maximum of 2000.
Note – Amount is for both CGST and SGST combined.