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. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. The exemptions and deductions that your employer would have given in your Form 16, if the proofs were submitted, can be claimed at the time of e-filing. The Government has announced temporary payment deferrals for income tax, GST/HST and Customs duties. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. If you would like to switch to electronic submission for your returns, elections, and forms, go to E-services for businesses for more information. New Delhi: Through a recent notice, the National Board of Examination (NBE) has informed about the extension of the last date for submission of applications for DNB/DrNB Final Theory Examinations December 2020 Session.. The filing and payment due date for GST returns due in May 2020 is extended to 11 Jun 2020. ... subject to government portal availability and client document submission. This amount is 12% of your basic salary. 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. The due date for filing GST annual return for FY 2018-19 is 31st December 2020. Does this new service replace other digital services that allow me to file my rebate or returns online or in MyBA? Sometimes, you tend it postpone repeatedly, and finally end up missing the income tax proof submission deadline. 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. Excise taxes and duties are still required to be remitted by their prescribed due dates. Claim them while filing your Return. Who can I contact to get more information on my GST/HST account during this pandemic? Any premium paid by you for life insurance of yourself, your spouse or any child (child may be dependent/independent, minor/major, or married/unmarried) can be claimed as a deduction. 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. All you need is your rent receipts and PAN of your landlord (where rent payments are more than Rs 1,00,000 per annum). 2020 Business Taxes are payable on or before Friday, May 29, 2020 however City Council has approved an option to defer tax payments without penalty for a period of six months from the May 29, 2020 due date, for the current 2020 taxes only. 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. ClearTax is a product by Defmacro Software Pvt. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. You must retain these proofs for 6 Years. What fiscal measures did the CRA take to help businesses manage their GST/HST payments and remittances? Instalment notices for GST and PAYG instalments How to complete, lodge and pay your business activity statement (BAS) or GST/PAYG instalment notice. The CRA’s Taxpayer Relief Program will review COVID-19 related requests on a priority basis. No interest will apply if the instalment payment amounts are paid by June 30, 2020. Will the CRA accept electronic signatures on GST/HST documents, including returns, during the COVID-19 crisis? 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. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. 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. Earlier, the last date was December 31, 2020. You can claim them during return filing, even though they don’t appear on your Form 16 since you could not intimate your employer. If you would like to ensure the fastest refund possible, you can sign in to My Business Account and set up your direct deposit information. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. 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. This article explores how. I file my GST/HST returns and forms by paper. These expenses incurred to transfer the property to the taxpayer can be claimed as a deduction. Last modified: 01 Oct 2019 QC 33678 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. No, this service is available for GST/HST forms where no existing online filing option already exists. This calculator is inbuilt in clear tax under salary section. The exempt HRA is calculated and reduced from the Taxable Salary. Yes, any GST/HST instalment payments due on or after March 27, 2020, and before July 2020 could be deferred until June 30, 2020. Consistent with the announcement by the United States Internal Revenue Service and in light of the COVID-19 situation, IRAS is automatically extending the FATCA filing deadline for Reporting Year 2019 to 31 Aug 2020.We encourage Reporting SGFIs to submit their FATCA return(s) by 15 Aug 2020 to allow sufficient time to resolve any … Changes to taxes and benefits: CRA and COVID-19. Decisions to waive interest are made on a case by case basis. The last block was from 2014-2017. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. The Natboard shall conduct the DNB/DrNB Final Theory Examinations of December 2020 session on 18th, 19th 20th and 21st March 2021 at … So, if have not been able to fill up your cup with investments these expenses will come to your rescue. Section 80C allows you to reduce Rs 1,50,000 from your, . Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. You can view the entire list of deductions allowed under section 80C. Interest will begin to apply to outstanding remittances and payments, and penalties will begin to apply to outstanding returns, effective July 1, 2020. The GST registration certificate is issued in Form GST REG-06. No, this will not affect the paper submission process in any way. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. The due date for filing GST annual return for FY2018-19 is 31st March 2020. There will not be an extension of the relief that was announced by the CRA on March 27, 2020 which 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 80C deduction is valid on insurance policies purchased after 1st April 2012, only if the premium is less than 10% of sum assured. 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. You will not receive a reply. There is no way to claim this amount if you have missed submitting bills to your employer. Some of these are expenses that you may have incurred during the financial year. The CRA understands that businesses are experiencing unprecedented challenges. You may carry forward your unclaimed LTA to the next year. 28-Jan-2020; Notice - PMKVY Batch Submission Date extension till 31.03.2020 12-Dec-2019; Notice pertaining to RFP- PMKVY 2019-20 dated 11-12-2019 11-Dec-2019 This meant that no interest would apply if your payments or remittances are made by June 30, 2020. Penalties on the 2020 property taxes will be first imposed on December 1, 2020. You can easily claim them while. It is disappointing to keep paying hefty taxes even after doing your 80C investments and other savings. 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. Am I still required to remit the net tax owing for my 2019 reporting period by April 30, 2020? Say you made some investments to claim Section 80C deduction – deposits to PPF, paid life insurance premium or purchased NSCs. Claim deductions under section 80C with no investments, Claim these deductions under section 80C without making any additional investments, Cannot claim LTA & Medical Reimbursement in your Return, No submission of proofs required with the Return, Section 80TTB Deduction for Senior Citizens - Budget 2018, Post Office Fixed Deposit - Interest Rates & Benefits, Details of deductions and exemptions for tax saving in Schedule DI of the income tax return for AY 2020-21, NPS Calculator - National Pension Scheme Calculator ( Calculate monthly Pension & Tax Benefits ), This page is best viewed in Chrome, Firefox or IE 11, ClearTax makes it very easy to E-File your ITR, Our experts help you on live chat and email. Hefty taxes even after doing your 80C investments and other savings if you have missed submitting to! Investments and other savings submission of preliminary bids to buy Shipping Corp of India to 1. 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