Taxvala

  Invoice Furnishing Facility (IFF) allows small taxpayers to upload their invoices every month. The Central Board of Indirect Taxes & Customs (CBIC) had notified the Invoice Furnishing Facility on 10.11.2020 via notification number 82 /2020-Central Tax. 1. What is the Invoice Furnishing Facility? The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can choose to upload their invoices every month. A quarterly GSTR-1 filer is a small taxpayer with a turnover of up to Rs.1.5 crore. One should keep the following points in mind before utilising the IFF: The IFF can be utilised only for the first two months of a quarter. The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only. There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF. The total value of invoices that can be uploaded is restricted to Rs.50 lakh per month. The details submitted in IFF will be reflected in the GST...

  Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of previous filed GSTR-3B of the quarter. Are you eligible? Taxpayers with an aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme. The GST Council in its meeting held on October 5, had said that registered person having aggregate turnover up to Rs 5 crore may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from January 1, 2021. QRMP scheme With the launch of the QRMP scheme on December 5, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period. Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of ...

Click to Join Whatsaap Group For FY 2019-20, ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less. This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.), and agricultural income up to Rs 5,000. This form cannot be filed by an individual who is a director in a company or who has invested in unlisted equity shares. This year additional columns and schedules have been introduced in the new ITR forms. In the forms, a new Schedule DI has been inserted to seek details of investment, deposits and payments made during the extended period till July 31, 2020 for claiming deduction under Chapter VI-A or for rollover of investment in FY 2019-20. Though the return in ITR Form - 1 can be filed through Excel and Java utilities, it is advisable to use the e-filing platform as it is the easiest way to file the return. Further, various basic information and tax details are pre-filled in the ITR form...