Interest will begin to apply to outstanding remittances and payments, and penalties will begin to apply to outstanding returns, effective July 1, 2020. Instalment notices for GST and PAYG instalments How to complete, lodge and pay your business activity statement (BAS) or GST/PAYG instalment notice. Excise taxes and duties are still required to be remitted by their prescribed due dates. 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. For enquiries, contact us. If you are having difficulty making your payment on time, you can contact the CRA and request that any related interest on outstanding amounts be waived. The link to this new service will be found on the MyBA main web page of the GST/HST program account menu. you can use to find out how much HRA will be exempt from tax. Yes if the account is compliant. GST/HST rebates will be processed. If you were not able to submit the details of your Section 80C deductions to your employer timely, you can claim them in your Income Tax Return. The deduction can be claimed for the full amount paid (premium including service tax & other charges). The deadline last year was extended till August 31, 2019. The due date for filing GST annual return for FY 2018-19 is 31st December 2020. Payments made towards principal repayment of a loan taken for buying or constructing a residential house property is also allowed as a deduction. The GST registration certificate is issued in Form GST REG-06. This calculator is inbuilt in clear tax under salary section. Download ClearTax App to file returns from your mobile phone. 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. Log in to My Business Account to check the status of your GST/HST account. Businesses are encouraged to use the CRAâs electronic portals to submit their request. 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. You can easily claim them while. Have the required details ready with you for e-filing and claim them. No, this service is available for GST/HST forms where no existing online filing option already exists. The exempt HRA is calculated and reduced from the Taxable Salary. 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. If you would like to switch to electronic submission for your returns, elections, and forms, go to E-services for businesses for more information. Interest will begin to apply to outstanding remittances and payments, and penalties will begin to apply to outstanding returns, effective July 1, 2020. Earlier, the last date was December 31, 2020. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals, Claim Deductions & Save Tax even when you missed income tax proof submission deadline, File in 7 Mins | Minimal Data Entry | 100% Paperless. 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. If you live on rent and have made rent payments you can claim deduction on House Rent Allowance at the time of filing your return. 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 ⦠Delays in processing may continue to occur as operations continue to resume. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Yes, any GST/HST instalment payments due on or after March 27, 2020, and before July 2020 could be deferred until June 30, 2020. Delays in processing may continue to occur as operations continue to resume. A GST Certificate is an official document which is issued by the concerned authorities for a business which has been enrolled under the GST system. An expert can recalculate your taxes and help you claim HRA Benefits. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. The deadline for submitting an application to CMHC is August 31, 2020. Penalties on the 2020 property taxes will be first imposed on December 1, 2020. 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. 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. Will my GST/HST return be processed if I file it electronically? CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. You can claim LTA twice in a block of four years. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. 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. Don’t worry! The deadline for businesses to file their returns is unchanged. 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. We will strive for flexibility with deadlines to submit supporting documentation, recognizing taxpayersâ unique circumstances. You may carry forward your unclaimed LTA to the next year. Will the new service affect this process at all? You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. The current block is 2018-2021. The filing and payment due date for GST returns due in May 2020 is extended to 11 Jun 2020. You will notice that not all of the listed deductions require investment. No interest will apply if the net tax is remitted by June 30, 2020. Any business with an annual turnover of Rs.20 lakh or more and certain special businesses are required to be registered under this system. It is disappointing to keep paying hefty taxes even after doing your 80C investments and other savings. For more information, go to My Business Account. We recommend you keep those safely, lest you receive an Income Tax Notice and the Assessing Officer calls for them. 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. However, we encourage registrants to file electronically. The last block was from 2014-2017. The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID-19 pandemic. The CRA does not have the authority to make an exception to the legislative restriction that applies to the payment of GST/HST refunds to businesses that are not compliant in other program accounts. 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. Changes to taxes and benefits: CRA and COVID-19. Interest will begin to apply to outstanding remittances and payments, and penalties will begin to apply to outstanding returns, effective July 1, 2020. The CRAâs Taxpayer Relief Program will review COVID-19 related requests on a priority basis. 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. Delays in processing may continue to occur as operations continue to resume. © 2021 ‐ Defmacro Software Pvt. You must retain these proofs for 6 Years. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. You can sum up all these expenses and add them to the deduction under Section 80C on ClearTax. No, the remittance of your net tax can be deferred until June 30, 2020. This article explores how. There is no way to claim this amount if you have missed submitting bills to your employer. So, you can request your employer to not deduct tax on it and allow you to claim it next year. Will my GST/HST return be processed if I mail in a paper copy? Businesses that are continuing to experience difficulty in making a GST/HST remittance or payment or filing a GST/HST return can contact the CRA to make a request for the cancellation of penalties and interest, and/or for a flexible payment arrangement. So, if have not been able to fill up your cup with investments these expenses will come to your rescue. The 80C deduction is valid on insurance policies purchased after 1st April 2012, only if the premium is less than 10% of sum assured. This amount is 12% of your basic salary. I file my GST/HST returns and forms by paper. For more information, go to My Business Account. . Will the CRA accept electronic signatures on GST/HST documents, including returns, during the COVID-19 crisis? GST/HST implications. GST/HST returns that are filed electronically will be processed. Some of these are expenses that you may have incurred during the financial year. It includes payments for play school, pre-nursery, and nursery. These expenses incurred to transfer the property to the taxpayer can be claimed as a deduction. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Can businesses request relief from penalties and interest if they cannot meet the current deadlines for GST/HST payments, remittances and returns? 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. Sometimes, you tend it postpone repeatedly, and finally end up missing the income tax proof submission deadline. Section 80C allows you to reduce Rs 1,50,000 from your, . You can view the entire list of deductions allowed under section 80C. 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. If you would like to switch to electronic submission for your returns, elections, and forms, go to E-Services for more information. Is there a similar deferral for excise taxes and duties? If I am expecting a refund after filing my GST/HST return, will my refund still be processed and issued? In continuing with this commitment, as a temporary measure the CRA will be accepting electronic signatures for GST/HST documents submitted online. Last modified: 01 Oct 2019 QC 33678 The programme fees below refer to the April 2021 session only and are effective from 1 December 2020. Refer to our guide on E-Filing with ClearTax. The CRA is committed to making it easier for businesses to submit their GST/HST documents, including returns, rebate applications and election forms. Any tuition fees paid by you for the education of your children (maximum 2) is allowed under section 80C. Does the announced deferral apply to instalment payments? The Natboard shall conduct the DNB/DrNB Final Theory Examinations of December 2020 session on 18th, 19th 20th and 21st March 2021 at ⦠... subject to government portal availability and client document submission. 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. You will not receive a reply. For example, returns for the period 1 Feb 2020 to 30 Apr 2020, which were previously due on 31 May 2020, are now due on 11 Jun 2020 instead. Important: the table below does not include fees payable to a third party, such as tuition costs payable to a Recognised Teaching Centre or fees charged by your local examination centre, or local VAT, Goods and Services Tax (GST) or sales tax. The bills for your travel against LTA can only be claimed via your employer. Ltd. How to save tax when you miss the income tax proof submission deadline. Who can I contact to get more information on my GST/HST account during this pandemic? The due date for filing GST annual return for FY2018-19 is 31st March 2020. Am I still required to remit the net tax owing for my 2019 reporting period by April 30, 2020? Delays in processing may continue to occur as operations continue to resume. 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. 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. Say you made some investments to claim Section 80C deduction – deposits to PPF, paid life insurance premium or purchased NSCs. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. ClearTax is a product by Defmacro Software Pvt. Will GST/HST rebates continue to be processed. 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. I am an individual with a calendar year reporting period who is not required to file my GST/HST return until June 15th. Businesses must therefore make these payments and remittances and file these returns by June 30, 2020. On December 30, 2020, the government had extended the deadline to file the income tax return (ITR) for individuals by 10 days. 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. Just upload your form 16, claim your deductions and get your acknowledgment number online. But you can still save on taxes and get a refund from the Income Tax Department in such cases. The CRA understands that businesses are experiencing unprecedented challenges. The government on Friday extended the deadline for submission of preliminary bids to buy Shipping Corp of India to March 1. Will there be an extension of the COVID-19 related relief that the Canada Revenue Agency (CRA) allowed in respect of certain GST/HST payments, remittances and returns? 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. 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. You can claim them during return filing, even though they don’t appear on your Form 16 since you could not intimate your employer. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. GST/HST returns that are paper filed will be processed. Does this new service replace other digital services that allow me to file my rebate or returns online or in MyBA? No, this will not affect the paper submission process in any way. 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? cannot be claimed in your return. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. A CRA officer may request additional information to verify the explanation, if necessary. All you need is your rent receipts and PAN of your landlord (where rent payments are more than Rs 1,00,000 per annum). This new service has been launched as a temporary measure to provide more flexible options during the COVID-19 crisis. Or you may have made those investments after the last date given by the employer for proof submission (but you make investments for deductions before 31st March of the financial year). The Government has announced temporary payment deferrals for income tax, GST/HST and Customs duties. Every salaried employee must be familiar with the way they get reminders to submit investment proofs from their employers. 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.. Extension of FATCA Filing Deadline. Will the CRA consider relieving the hold on the payment of GST/HST refunds for businesses who are not compliant in other program accounts where the non-compliance is not significant? Decisions to waive interest are made on a case by case basis. What fiscal measures did the CRA take to help businesses manage their GST/HST payments and remittances? Remember, you DO NOT need to submit these income tax proofs to ClearTax or to the Income Tax Department. Consequently, it will not reflect on your Form 16. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. 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. Claim them while filing your Return. 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 No interest will apply if the instalment payment amounts are paid by June 30, 2020. 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