IT returns filing: date extended

The Income Tax Department said it had extended the deadline for filing IT returns from 30 September to 15 October for companies that required them to be audited.

“The due date for filing income tax returns and audit reports for assessments 2018-19 is September 30 2018 for certain categories of taxpayers,” the Direct Tax Center said in a statement.

After considering representation from various stakeholders, CBDT extended the ‘due date’ for the submission of income tax returns and the audit report [which must be submitted on the specified date] from 30 September 2018 to 15 October, 2018 in terms of the taxpayer category, “he said.

The September 30 deadline is classified as a company that submits a refund for the 2018-19 assessment (2017-18 financial year) and which requires their return to be audited before filing.

[frontpage_news widget=”2155″ name=”Income tax”]

[frontpage_news widget=”879″ name=”Certicom – A Group of Chartered Accountants – Articles”]

Wrong GST rate to a customer?

What will happen if I charge the wrong GST rate to a customer?

If there is a short levy and your jurisdictional officer finds the same he will ask you to pay the difference and interest (if any) and may levy some penalty.

If the rate charged is more than the prescribed rate and you have deposited the amount correctly (the amount collected is deposited) there will not be an issue as you have paid the liability.

If the issue is identified by you before any notice, you can raise the supplementary invoice, Debit/ Credit note as applicable to the customer and report the same in GST Return.

GST Consultants Bangalore

If you charged GST less or more then immediately you have to make supplementary invoice on a particular transaction. In the instant case imagine assessed paid shortfall, If authority will come to know thereon authority will issue the “Show Cause Notice” and within 30 days from the receipt of the SCN assesse has to give a proper reply to the authority and further they will fix the date for personal hearing regarding the Tax shortfall amount. If the case is turned up then our star value has come down.

[frontpage_news widget=”2154″ name=”GST”]