Part of the integrated e-Filing and CPC 2.0 initiative for Faster Refunds and easier access to ITR information, Income Tax Department has announced that it’s new ITR e-Filing Portal is available on June 07th 2021. Though it is not clear whether the department is expected to enable the FY 2020-21 ( AY 2021-22 ) e-Filing immediately after Jun 07th or may take time to enable such functionality? Today, May 19th, the IT department has released a notification to all it’s field offices and officers to conclude the current work that is scheduled during the downtime of the existing portal for 6 days fr ..read more

Ministry of Corporate Affairs (MCA) provided a Relief Waiver of additional fees for certain forms due to various lockdowns and other hardships caused by COVID-19 Pandemic through General Circular No. 7/2021 relaxed time for filing charges creation or modification of forms during 01st Apr 2021 to 31st May 2021 and General Circular No. 6/2021 relaxed levy of additional fees in filing of certain Forms for companies and LLPs. Forms that were included in the additional fee waiver are Form No# Form Description / Purpose Form CHG-1 Application for registration of creat ..read more

For The Financial Year 2020-21, 31st March 2021 is the last date to make Tax Savings Investments. It’s time to optimise your taxes and take the right choices in investing in to tax saving instruments. The major Tax Saving Investments are as follows 1. Repayment of House Loan: If the person availed a house loan then he can eligible to claim a deduction of up to Rs.1,50,000 against Principal amount paid during the year. 2. LIC Premium: If the person Paid Life Insurance of self or Spouse they will eligible to claim a Deduction up to 150000/- 3. Children’s tuition fee: Deduction is available only ..read more

What is e-Invoice & the Benefits ? e-Invoice essentially an electronic Invoice document with a specific structure to report to a Government-notified portal and obtaining a reference number called as IRN – Invoice Reference Number that is unique in India and has to be shown to the authorities while moving goods when demanded. The intended benefits of e-invoicing in India are of standardization, inter-operability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereb ..read more

The concept of small company was introduced under Section 2(85) of the Companies Act was amended to make the compliance easier for around 2 Lakh companies who are at its infancy and/or startups or limited to lower turnover. The new definition of Small Company was amended post budget BY 2021, that states, a company can be categorized as a small company if it’s Paid up capital of the company not exceeding Rs. 2 Crores Turnover of the company has not exceed Rs. 20 Crores for the immediately preceding fiscal The new definition of the Small Company made effective from Apr 01st ..read more

It’s Budget time .. employees and entrepreneurs are expecting the government to deliver the reforms to help to compensate the loss of business and jobs due to COVID-19. On Monday, Feb 01st 2021, Finance Minister Nirmala Sitharaman presented her third Budget, where she put more emphasis on Infrastructure spending, raised customs duty to create jobs. No major changes to Taxes (Income Tax & GST). + As expected by Team EZTax.in before the budget .. Budget 2021 has focused to increase the importance for self-reliance in manufacturing, infrastructure, domestic service sector, and restr ..read more

Happy New Year 2021 .. It’s been a tough year for the most .. not just for few .. but we moved on .. reached 2021 with new hopes, dreams, strengths and strategies to overcome the fear of virus. I am sure, we treat this as a new normal for a foreseeable future. instinct to succeed overcome fear of failure and opens up new horizons What excites me from a distance is .. how fast many small businesses are re-orienting towards the new normal due to COVID19. Re-orienting and re-inventing from a typical restaurant to a delivery point and a cloud kitchen .. from a typical subzi mandi to a farm-to-pl ..read more

March 30th, more than a month later, I am still hopeful to hear a plan from Indian leadership that finds opportunity in crisis of our generation. An opportunity that sets the direction for the future of India, progressive India, Advantage India, to showcase the confidence that India can stand tall for the world to provide & accelerate sourcing alternatives to China. It is no brainer to understand the growing concern around the world for not having a viable sourcing alternative to China. Coronavirus COVID-19 made it quite visible on how dangerous it is to have a total dependence on a single ..read more

In an effort to help both Individual and Business tax payers to know most relevant tax updates due to COVID-19 (Corona Virus) situation in India, EZTax.in launched new COVID-19 : Tax Compliance Help Center @ eztax.in/covid19 Most frequently searched information such as Government announced tax relief measures, deferred due dates for GST, Income Tax, TDS, Company specific compliance such as ROC and other relief measures in the bank / digital transactions space. Provide your feedback to support@eztax.in to refine further. Thank you Team EZTax.in ..read more

The spread of Corona Virus (COVID-19) across many countries of the world, including India, impacted the Trade and Industry. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements, Government has extended GST Filings due dates. The following are the due dates extended by the Government. Complete Tax Compliance Solutions from EZTax.in 1. Regular Taxpayers: Due Dates for GSTR 3B a. Taxpayers having aggregate turnover of up to Rs. 5 crores in preceding FY Month Due Date Late Fees Interest Feb, 2020 30/06/2020 Nil Nil March, 2020 03/07/2020 ..read more