News – Page 8 – ngoenabler

New ITR Forms Notified For AY 2020-2021

On May 31, 2020 / Comments 0

CBDT vide Notification No. 31/2020 dated 29th May, 2020 have notified the new ITR Forms with considerable changes. Team NGOenabler will soon prepare a brief analysis of the changes made in ITR 7 and update. Stay tuned for our next update. The link of the notification with the new ITR Forms notified is given for your quick reference: https://www.incometaxindia.gov.in/communications/notification/notification31_2020.pdf...

Form 26AS Made More Detailed And Informative

On / Comments 0

In line with the announcement made in the Budget 2020, CBDT has issued a Notification No. 30/2020 dated 28th May, 2020 regarding New Rule 114-I along with Form 26AS. Now apart from tax deducted or collected at source (TDS/TCS), the new Form 26AS will also provide the information related: a) Specified Financial Transactionsb) Payment of taxesc) Demand and Refundd) Pending Proceedingse) Completed Proceedings Let's have a look at the new form https://ngoenabler.com/wp-content/uploads/2020/05/Notification-30-of-2020.pdf...

Great Relief By CBDT To Taxpayers

On May 28, 2020 / Comments 0

A commendable work has been done by the Central Board of Direct Taxes which have expedite the process of refunds amidst the lockdown situation in the country to combat Covid-19 pandemic. The Income tax refunds worth Rs. 26,242 crores have been issued to around 16.84 Lac assessees including NGOs since April 1, 2020 till 21st May, 2020. This will provide a great relief to the taxpayers across the sectors and will provide some liquid money at their disposal during this economic crisis....

Instant PAN From Aadhaar

On / Comments 0

The Honorable FM today formally launched the facility for instant allotment of PAN through Aadhaar based e-KYC, which is near to real time basis.So, now the applicants with a valid Aadhaar number and mobile number linked to it can apply for PAN through paperless mode and can get it instantly on almost real time basis. The procedure too have been well explained in the image enclosed. One can click on the following link to directly visit the website for application of instant PAN: https://www.incometaxindiaefiling.gov.in/e-PAN/index.html?lang=eng https://ngoenabler.com/wp-content/uploads/2020/05/Instant-PAN-from-Aadhaar.jpg...

Extension of Date for FCRA Organizations whose registrations were cancelled.

On May 26, 2020 / Comments 0

A major relief by the FCRA Department amidst the lockdown situation due to Covid-19 pandemic, by providing a further period of 60 days for filing an application for fresh registration after submission of missing annual returns with prescribed penalty, to those organizations whose registrations were cancelled for non-filing of FCRA annual returns. The copy of circular is enclosed for quick reference. You can also check the FAQs released by us in the previous month on the topic by clicking on : https://ngoenabler.com/wp-content/uploads/2020/05/FCRA-Notice-dated-26.05.2020.pdf https://ngoenabler.com/…/FAQs-on-Recent-FCRA-Notice-Final.pdf...

Recent Amendments in ESI and its Impact on NGOs

On May 24, 2020 / Comments 0

In what can be a major setback for charitable organizations (including schools, NGOs, boardings, shelter homes etc...), Employee State Insurance (ESIC) has been extended PAN India to all districts and all establishments employing more than 10 employees in her announcement made today by our Honorable Finance Minister during the second tranche of Special Economic Package. The point wise summary on changes in ESIC is given below for your quick reference: 1)Extension of ESIC coverage panIndia to all districts and all establishments employing 10 or more employees as against those in notified districts/areas only.2)Extension of ESIC coverage to employees working in establishments…...

Special Economic Package By Finance Minister

On May 14, 2020 / Comments 0

In a special economic package announced by our Honorable Finance Minister on 13th May, 2020, a slew of relief measures in the form of liquidity boost for MSMEs, NBFCs, MFIs and HFCs was brought out along with re-extension of various statutory deadlines and other taxation measures.Some key highlights from the announcements are given below: a) The deadlines for filing Income tax return and Form 10B has been extended. b) The TDS Rates have been reduced by 25% w.e.f from today 14th May, 2020 till the end of the FY 2020-2021. (The chart has been given in the newsletter) c) The rate…...

Extension of Due Date for Revalidation under Income Tax

On May 9, 2020 / Comments 0

CBDT have taken a very welcome decision of extending the due date for renewal of 12AA/80G/10(23C) registrations from 01st June, 2020 to 1st October, 2020. So, the period of 3 months will commence from 01st October, 2020. The press note is yet to be officially released. However, the information was released on the Twitter account of Incoem tax India vide the following post: "In view of the unprecedented economic crisis emanating due to the COVID-19 situation,CBDT has deferred the implementation of new procedure for approval/registration/notification of certain entities u/s 10(23C),12AA, 35 & 80G of IT Act,1961 to 1st October,2020." https://ngoenabler.com/wp-content/uploads/2020/05/Extension-of-Due-Date-for-Revalidation-under-Income-Tax.pdf...

Clarification on process of TDS deduction for employees u/s 115BAC

On April 15, 2020 / Comments 2

https://ngoenabler.com/wp-content/uploads/2020/04/circular_c1_2020.pdf...

Order for Issues of Lower Deduction Certificate

On April 2, 2020 / Comments 0

Now the organizations can carry forward the benefit of lower deduction certificate received for FY 2019-20 till 30.06.2020. A welcome order u/s 119 of the Income Tax has been passed by the Central Board of Direct Taxes on 31st March, 2020, wherein a) If the assessee has applied for such certificate for FY 2020-21 but not received; or b) The assessee was not able to apply but possess such certificate for FY 2019-20 need to apply as soon as possible once the normalcy is stored or 30.06.2020, whichever is earlier, in the manner prescribed in the order. CLICK BELOW LINK…...

Relief to the tax payers,Step taken by Finance Minister.

On March 24, 2020 / Comments 0

Excellent step taken by Finance Ministry amidst the Covid-19 pandemic to give relief to the tax payers: 1. The due date for filing Income Tax Returns for FY 2018-19 has been extended to 30th June, 2020. 2. The last date for linking PAN and Aadhaar has also been extended to 30th June, 2020. 3. The compliance under the recent "The Direct Tax Vivaad se Vishwas Act 2020" has also been extended to 30th June, 2020. 4. The last date and deadlines of document submission adn compliance has been moved to 30th June, 2020. 5. Issue of notice , filing of…...

Instant PAN allotment System for aadhaar card holders.

On March 21, 2020 / Comments 0

Instant PAN allotment System for aadhaar card holders announced in the Budget 2020 is now here. a) So, no more payment has to be done for obtaining the PAN.b) No extra documentations are required.c) No more waiting for Physical PAN card. Get an instant E-PAN. Follow the link below to get instant PAN: https://www.incometaxindiaefiling.gov.in/e-PAN/index.html?lang=eng...

Condonation for Delay in Filing Form 10B !!

On / Comments 0

Last few days left to avail the condonation route for AY 2016-17 & 2017-18 If Tax Audit Report in Form 10B has been filed after the due date specified u/s 139 but the income tax return is filed well within the time, the same was condoned by the CBDT vide Circular dated 22.05.2019. The last date to admit and dispose of the applications is 31.03.2020. Even for AY 2018-19 and subsequent years, if form 10B is delayed upto 365 days, the authority has been given to Commissioner of Income Tax (Exemptions) (CIT -E ) to condone the delay after satisfying themselves…...

Relevance of Section 11(2)Section 13(9) And Filing Form 10 !!

On / Comments 0

The insertion of Section 13(9) read with Section 11(2) is a major setback for charitable organizations since they might be denied exemptions only for delayed filing of a particular form. There are multiple decisions of various high courts wherein the filing of forms have been considered as directory and not mandatory. So the provisions brought in might be too harsh for charitable organizations considering the nature of work they are executing. However, giving relief to the organizations in the first year, CBDT authorized the CIT-E to admit the applications for condonation of delay. For more details, tune in to our video:…...

Changes In FCRA Annual Return Form FC-4 !!!

On / Comments 0

The ministry of home affairs (MHA) that regulates the Foreign Contribution Regulations Act (FCRA), have been tightening the norms since past few years. It is now not only important to file the returns on time but also accurately. A number of registrations have been cancelled owing to non-filing of returns or other non-compliance of the provisions of the Act. Many changes have been brought in to the forms prescribed for different purposes under the Act. One such change was brought in the FCRA annual return FC-4. The Form has been completely revamped and has been made more detailed, transparent and exhaustive.…...