Latest News – 30 March 21

Business News – 30 March 2021

Ø India, US agree to revamp strategic energy partnership

Ø Adani, Torrent submit EoIs for South-East UP Power Transmission Company

Ø Government not inclined to bear loan moratorium costs

Ø Solar installations on pace for biggest growth in five years, IHS Markit says

Ø CCI’s WhatsApp probe order a red flag for Big Tech

Ø India against Asean in supply chain trilateral

 

Ø Sebi cracks down on pseudo buy and sells orders designed to deceive

Ø Nomura, Credit Suisse warn of big losses after Archegos share dump

Ø Gupta’s Liberty Steel to restart operations, in talks with UK government

Ø Amazon plans to step up e-payments, financial services in India

Ø Govt gets multiple EoIs for privatisation of Neelachal Ispat Nigam

ITR Doesn’t Indicate Savings Bank Interest? Income Tax will send you an SMS to remind you to revise your returns and check your compliance status. 

Ø HPCL buys out Shapoorji Pallonji stake in joint venture LNG terminal

Ø Biocon forms tie-up with Libbs Farmaceutica

Ø UK rejects $234-million bailout request from Sanjeev Gupta’s GFG

Ø GameStop takes $6-bn round trip as results shrugged off

Ø Tatas unlikely to cede ground to Mistry on stake valuation, sale

 

Ø US suspends all trade engagement with Myanmar until the elected government returns

Ø Ascendas India Trust to acquire space in Bengaluru IT park for ₹1,441 crore

Ø Manappuram Finance looks to take Asirwad Microfinance public

Ø Actis to set up 2 green firms with $850 million

Ø BSNL gets the DoT nod for hybrid 4G tender

Ø Global banks warn of possible losses from hedge fund default

Ø Ever Given starts to move in Suez Canal: maritime traffic tracking sites

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Learn The Importance of 31st March 2019 Deadline

31st March 2019 imprints the finish of Financial Year 2018-19. Be that as it may, it additionally carries with itself a progression of imperative and critical money related due dates. Each citizen will deal with these due dates and get ready well ahead of time to maintain a strategic distance from punishments and notification from the Income Tax Department.

Last date to File ITR for the Financial year 2017-18

For the Financial Year, 2018-19 or Assessment Year 2018-19 the due date to record ITR was 31st July 2018. It was additionally stretched out to 31st August 2018. However, the overdue return can at present be recorded by the individuals who have missed documenting Income Tax Return till 31st March 2019.

The recording of overdue return can likewise draw in you Late Fee u/s 234F upto Rs 10,000 in these two circumstances

Annual Income of Taxpayer Late Fee u/s 234F
2,50,001 to 5,00,000 Rs 1,000
Above 5,00,000 Rs 10,000

The last date to Revise ITR

On the off chance that you have committed some obvious error or exclusion while documenting your Income Tax Return for the Financial Year 2017-18 ( AY 2018-19). At that point it is your last opportunity to change the ITR by 31st March 2019.

Last Date to Revise ITR for the Financial Year 2016-17

In the event that you have just documented your ITR for Financial Year 2016-17 (AY 2017-18) and is happy to roll out a few improvements you can do it till 31st March 2019. Likewise, an essential point to note here is that overdue return recorded in regard of that year till Financial Year 2017-18 (AY 2018-19) can likewise be reconsidered till the said date.

Aadhar should be connected to PAN by 31st March 2019

According to the declaration made by the Hon’ble Supreme Court, each citizen who is recording Income Tax Return is required to obligatorily connect Aadhar card with its PAN (Permanent Account Number) by 31st March 2019.

Last Date to Tax Planning

On the off chance that you are among the individuals who are trusting that the last time will make speculations and arrangement their assessments for the current Financial Year. Which implies for FY 2018-19 (AY 2019-20) for example for the salary you have earned between first April 2018 to 31st March 2019. At that point, you should make charge sparing ventures till 31st March 2019 so as to benefit the most out of assessment arranging. Missing the due date can result in higher assessment surge from your pocket.

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Investigating The Penalty Structure For Late Filing Of ITR

The Income Tax expert of India had set 31st August 2018 as the last date for documenting salary expense form relating to budgetary year 2017-18 for all evaluates separated from those abode in Kerala without confronting heavy punishments.

In this manner, you can expect a stringent demand which can extend up to 10000 INR on the off chance that you record your profits post 31st August midnight. Be that as it may, this won’t influence evaluates who don’t cling to the due dates if their pay falls beneath the base assessable limit.

Penalty for Late Filing ITR:

  1. The fine has been settled at 5000 INR for surveys who document the arrival post due date of 31st August yet either at the very latest 31st December of the significant appraisal year which is 31st December for this situation.
  2. The fine will climb to 10000 INR on the arrival being recorded before the finish of the important evaluation year i.e. 31st March 2018 for this situation however after 31st

Citizens, whose gross aggregate pay falls beneath 5 lakh INR will be at risk to pay the most extreme punishment measure of 1000 INR as it were. Area 234F which embroils laws relating to imposing late documenting expenses was presented following an alteration in Budget 2017 and wound up powerful from 2018-19 appraisal year onwards.

penalty for late filing ITRIn this note appraisal year alludes to the year which quickly pursues an important money related year with respect to which an ITR has been documented. In this manner, the evaluation year for 2017-18 money related year is 2018-19.

A case of an occupant singular having a place with under 60 years old, is taken for clarifying this entire situation. It is expected that he acquires 1.5 lakh INR on long haul capital increases emerging out of closeout of value shares alongside intrigue salary of another 1.5 lakh INR in a money related year. Additions emerging out of closeout of value situated common reserve or value shares in the wake of being held for a range going over a year have been kept totally absolved from the domain of tax collection in 2017-18 FY. Consequently, the aggregate salary of this assessee will be taken as 3 lakh INR and he will be at risk to pay punishment as talked about above as per the arrangements of 234F on documenting late return.

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