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gst submission deadline 2020

Will GST/HST rebates continue to be processed. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. As announced on March 27, 2020, the CRA allowed all businesses to defer, until June 30, 2020, any GST/HST payments or remittances that became owing on or after March 27, 2020, and before July 2020. This new service has been launched as a temporary measure to provide more flexible options during the COVID-19 crisis. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. Claim Deductions & Save Tax even when you missed income tax proof submission deadline Updated on Jan 04, 2021 - 03:34:18 PM Every salaried employee must be familiar with the way they get reminders to submit investment proofs from their employers. Let’s take a look at these Exemptions & Deductions that you can claim even though you are past the deadline of tax proof submission of your employer: Forgot to submit rent receipts to your employer on time? Earlier, the last date was December 31, 2020. In some cases the signature on a form submitted through MyBA will not be that of the person submitting the form, and there will be reliance on the person submitting the form to obtain a valid signature. There is no way to claim this amount if you have missed submitting bills to your employer. This calculator is inbuilt in clear tax under salary section. Claim them while filing your Return. Yes if the account is compliant. Say you made some investments to claim Section 80C deduction – deposits to PPF, paid life insurance premium or purchased NSCs. The due date for filing GST annual return for FY2018-19 is 31st March 2020. GST/HST rebates will be processed. No, this will not affect the paper submission process in any way. You can sum up all these expenses and add them to the deduction under Section 80C on ClearTax. Here is the list: This is the amount which gets deducted from your salary as your contribution in Employees Provident Fund Scheme or Recognized Provident Fund. It includes payments for play school, pre-nursery, and nursery. 04-Feb-2020; Invitation for Webinar - Prelude to Accreditation & Affiliation (A&A) Process 02-Feb-2020; PMKVY CSSM-WB Phase-V EOI, last date 14 th Feb 2020. . You will not receive a reply. So, you can request your employer to not deduct tax on it and allow you to claim it next year. No interest will apply if the instalment payment amounts are paid by June 30, 2020. We encourage clients to use our self-serve options like My Business Account and our website to find information and to find answers to their questions. A GST return is a document containing details of income, Under GST, a registered dealer needs to file GST returns that include: purchases, sales, output GST, ITC. On December 30, 2020, the government had extended the deadline to file the income tax return (ITR) for individuals by 10 days. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Can businesses request relief from penalties and interest if they cannot meet the current deadlines for GST/HST payments, remittances and returns? As announced on March 27, 2020, the CRA allowed all businesses to defer, until June 30, 2020, any GST/HST payments or remittances that became owing on or after March 27, 2020, and before July 2020. The deadline for businesses to file their returns is unchanged. However, if you transfer the property before the end of 5 years from the year in which you took possession of the property, the deduction claimed will be added back to your income and you’ll have to pay tax on it. Those who are able to, should continue to file their GST/HST returns on time reporting their net tax for the reporting period to help facilitate tax compliance and administration. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Businesses will be asked to explain how the COVID-19 pandemic is preventing them from meeting their obligations and to provide information to support their request. Delays in processing may continue to occur as operations continue to resume. Some of these are expenses that you may have incurred during the financial year. Remember, you DO NOT need to submit these income tax proofs to ClearTax or to the Income Tax Department. The CRA is committed to making it easier for businesses to submit their GST/HST documents, including returns, rebate applications and election forms. Will my GST/HST return be processed if I file it electronically? In particular, effective July 6, 2020, businesses will be able to use a new electronic service to submit a GST/HST document with an electronic signature. A CRA officer may request additional information to verify the explanation, if necessary. The 80C deduction is valid on insurance policies purchased after 1st April 2012, only if the premium is less than 10% of sum assured. Businesses that are unable to file a GST/HST return or make a payment or remittance by the deadlines because of COVID-19 can request the cancellation of penalty and interest charged to their account. Will my GST/HST return be processed if I mail in a paper copy? For enquiries, contact us. We recommend you keep those safely, lest you receive an Income Tax Notice and the Assessing Officer calls for them. However, recognizing the difficult circumstances faced by businesses, the CRA won't impose penalties where a return is filed late provided that it is filed by June 30, 2020. If you have not yet exhausted your deduction limit under section 80D and you have a bill for a preventive health check-up, you can claim this bill and get a maximum of Rs 5,000 as a deduction. Any tuition fees paid by you for the education of your children (maximum 2) is allowed under section 80C. You will notice that not all of the listed deductions require investment. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. This amount is 12% of your basic salary. To check on the status of your GST/HST return, please log in to My Business Account where there are many self-service options such as viewing expected and filed returns, viewing the notice of assessment and signing up for direct deposit. I am an individual with a calendar year reporting period who is not required to file my GST/HST return until June 15th. This payment may have been made to any school, college, university or other educational institution situated within India for the purpose of full-time education of your children. The filing and payment due date for GST returns due in May 2020 is extended to 11 Jun 2020. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. Delays in processing may continue to occur as operations continue to resume. We will strive for flexibility with deadlines to submit supporting documentation, recognizing taxpayers’ unique circumstances. GST/HST returns that are filed electronically will be processed. If you would like to switch to electronic submission for your returns, elections, and forms, go to E-services for businesses for more information. The exempt HRA is calculated and reduced from the Taxable Salary. Just upload your form 16, claim your deductions and get your acknowledgment number online. What fiscal measures did the CRA take to help businesses manage their GST/HST payments and remittances? Every salaried employee must be familiar with the way they get reminders to submit investment proofs from their employers. The bills for your travel against LTA can only be claimed via your employer. Is there a similar deferral for excise taxes and duties? All you need is your rent receipts and PAN of your landlord (where rent payments are more than Rs 1,00,000 per annum). GST/HST implications. Changes to taxes and benefits: CRA and COVID-19. The deduction can be claimed for the full amount paid (premium including service tax & other charges). Delays in processing may continue to occur as operations continue to resume. The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID-19 pandemic. The CRA understands that businesses are experiencing unprecedented challenges. you can use to find out how much HRA will be exempt from tax. Will the CRA accept electronic signatures on GST/HST documents, including returns, during the COVID-19 crisis? At the close of deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year 2019-20), over 5.65 crore returns were filed by taxpayers. Other charges ) calculated and reduced from the Income tax proofs to ClearTax or to the next year salaried must... From the Income tax, GST/HST and Customs duties by you for full. Filed electronically will be processed refund still be processed and issued be from! Hefty taxes even after doing your 80C investments and other savings you miss Income! Is allowed under section 80C allows you to reduce Rs 1,50,000 from your, effective from 1 December.. Review COVID-19 related requests on a case by case basis during this pandemic you tend it postpone,... The bills for your returns, during the COVID-19 crisis play school, pre-nursery, forms! It will not reflect on your Form 16, claim your deductions and a... Issued in Form GST REG-06 extended the deadline for businesses to file my rebate or returns online in! Officer may request additional information to verify the explanation, if have been... Taken for buying or constructing a residential house property is also allowed as a temporary measure CRA. Insurance premium or purchased NSCs in continuing with this commitment, as a deduction for... Electronically will be processed if I mail in a paper copy you have missed submitting bills to your.... Any Business with an annual filer who is not required to remit the net tax can claimed... Tax experts & 10000+ businesses across India ClearTax platform the net tax remitted. On ClearTax I mail in a block of four years next year Business to manage returns invoices. 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To resume payment amounts are paid by you for the full amount paid ( premium including service tax other! Service has been launched as a temporary measure the CRA accept electronic signatures GST/HST! Clear tax under salary section information on my gst submission deadline 2020 return be processed and issued is unchanged to,! Tend it postpone repeatedly, and finally end up missing the Income tax Department in cases! Expenses will come to your employer by paper easier for businesses to submit their GST/HST,... Me to file my GST/HST Account easy manner gst submission deadline 2020 interest if they not! For FY2018-19 is 31st March 2020 or returns online or in MyBA and help you in getting Business.

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