ITR filing with audit report deadline extended

ITR filing with audit report deadline extended: CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

ITR Audit

 

Those with turnover exceeding Rs 1 cr in business or whose gross professional income is over Rs 50 lakh need to get a tax audit done.

The government, on Monday, extended a two-week deadline to file an income tax return (ITR) with an audit report for the 2017-18 financial year (AY 2018-19). Such taxpayers now have until October 31 to file their returns.

This is a second extension by the Direct Tax Center (CBDT) within two weeks. It previously extended the last date for filing an ITR for taxpayers who were asked to submit their returns along with audit reports from 30 September to 15 October 2018.

Taxpayers with a turnover exceeding Rs 1 crore in business (not choosing an alleged taxation scheme) or whose gross professional income is more than Rs 50 lakh needs to get a tax audit done.

CBDT extends the filing date for Income Tax Returns and Audit Reports from 15 October 2018 to 31 October

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know about Tax Audits..?

Tax Audits: Smart things to know about Tax Audits

audits

Tax audits ensures proper maintenance of books of accounts and certification by a tax auditor.

The tax inspector is a taxpayer account with a business from tax revenues such as taxes, etc.

A taxpayer with a turnover exceeding Rs 1 crore in business (or better than tax) more than is required to obtain a Tax Audits.

Tax audits ensure proper maintenance of books and certification by tax auditors.

The tax audit report must be submitted on or before September 30 of the following year in the case of taxpayers who have not carried out international transactions.

If the taxpayer needed to get his books audited fails to do so then he is responsible for paying a fine of 0.5% of his turnover / gross revenue subject to a maximum of Rs 1.5 lakh

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Turnover limit for an OPT composition levy scheme

What is the new turnover limit for an OPT composition levy scheme?

At the 23rd meeting in Guwahati, the GST council decided to raise the level of one and a half rupees. The law was amended to increase the jurisdiction of the law to 2 crores. This is only done after the amendment of the law. “This is a proposal,” said Finance Secretary Hasmukh Adi. It was formed at the 22nd meeting of the GST council last month. Rs one crore from the original Rs. 75 lakhs.

OPT composition levy scheme?

Over Rs, 1 crore has been increased by more than 1.5 crores. Oommen Chandy has been increasingly excluded from the liability under the central excise state. An increase of Rs 1.5 crore is appreciated for small traders and manufacturers. Now we can achieve a simple subservience – this move should not have substantial revenue loss for the government.

GST registration has a large section of taxpayers in non-taxpayers. This is the foundation of big taxpayers. Of these, 15.5 lakhs have chosen the structural skill and are expected to increase in increments. As per the structural plan, you will have to file quarterly returns.

 

1% (0.5% Central Tax and 0.5% State Taxes) will be in the structural plan for dealers and developers. The buyers of this scheme earlier provided 2% of the turnover (1% Central Tax & 1% State Tax). Restaurant Services provide 5% of the turnover (2.5% Central Tax, 2.5% of SGST). It remains unchanged.

Composite Levy is an alternative method of tax-tax rate designed for small taxpayers. 1.5 crore and a flat rate of tax deductions, which are paid for the service or trade they are carrying. Also, it is optional. The taxpayer can pay taxes at the rate of one per cent of the turnover on a regular basis, each time the taxpayer is paid.

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