Personal Finance

Tax Alerts

| Updated on November 04, 2018 Published on November 04, 2018

Online application for exemption under Section 80G


The Indian income tax laws exempt from income tax, any income received by any person, on behalf of any fund or institution established for charitable purposes or any trust established wholly for public, religious and charitable purposes or any educational institution existing solely for educational purposes. For this, the fund, trust or institution, as the case may may, should have obtained an approval from the Principal Commissioner or Commissioner of Income Tax by filing an application manually in this regard. It has been proposed that manual filing of these forms be done away with so as to ensure quicker processing of the applications and thereby reduce the interface between the department and the applicant.

Time limit to file Form GST ITC-04 extended


The Central Board of Indirect taxes and Customs (CBIC) has extended the time limit to file Form GST ITC-04, for the period from July 2017 to September 2018, till December 31, 2018. The registered manufacturers should furnish the details in respect of inputs or capital goods dispatched to a job worker or received from a job worker or sent from one job worker to another during the period, to claim the adequate input tax credit. Earlier, the due date to furnish the Form GST ITC-04 for the period July 2017 to June 2018 was September 31, 2018.

Due date to file GSTR-10


The CBIC, on the recommendations of the council, has notified that the due date to file form GSTR-10 is December 31, 2018. The taxpayers whose GST registrations have been cancelled by the proper officer on or before September 30, 2018 will have to furnish their final returns in form GSTR-10 by December 31, 2018. The final return will consist of the particulars of closing stock held at the time of closing the business and the credit lying on them is to be paid along with the return.

Last date to file forms MGT-7 and AOC-4


For the financial year ended March 31, 2018, companies were required to file their financial statements in the form AOC-4 by October 30, 2018. The annual return of a company, as per the Companies Act, was also supposed to be filed by November 29, 2018. However, as per the latest notification, companies have got some grace period to file these two forms this year. The last date to file form AOC-4 and MGT-7 has been extended to December 31, 2018. To reduce the burden, late fees, wherever applicable (relating to these 2 forms), has been relaxed till December 31, 2018 too.

Online form for lower TDS

From October 25, 2018, application for grant of certificate for lower deduction of the income-tax (TDS) or for nil deduction of tax (section 197), will have to be made in the new Form 13. The application has to be submitted electronically using a digital signature or through an EVC.

Compiled by Clear Tax

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