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Using its official username, GSTN posted on the social media site "X." GST Tech: The GST portal is undergoing maintenance and is currently experiencing technical issues. We would want to inform you that since Thursday, the GST network has been experiencing technical issues. Taxpayers are unable to file returns and create the GSTR-1 summary.
GST return filing deadline: GSTR-1 filing date has been extended, which is very helpful to these individuals. GST return filing deadline: Typically, monthly return filers have until January 11 to file their GSTR-1, whereas quarterly taxpayers have till January 13. GST return filing deadline: Following taxpayer reports of technical issues with the GSTN system, the central government extended the deadline for completing the monthly GST sales return form GSTR-1 and GST payment by two days. The deadline for filing GSTR-1 for December is January 13, and the deadline for taxpayers choosing to make quarterly payments under the QRMP (Quarterly Returns with Monthly Payments) scheme for the October–December period is January 15, per a notification from the Central Board of Indirect Taxes and Customs (CBIC). When is GSTR-1 submitted? For monthly return filers, the deadline for submitting GSTR-1 is typically January 11; for quarterly taxpayers, it is January 13. The current January 20 deadline for filing GSTR-3B to pay GST for December has been extended to January 22. The deadline has been extended to January 24 or 26, depending on the state in which the business is registered, for taxpayers who pay GST on a quarterly basis. The system experienced technical issues. The Central Board of Indirect Taxes and Customs (CBIC) received a report from the Goods and Services Tax Network (GSTN) earlier in the day regarding technical issues with the system. To be continued...
A person may be subject to 60 percent tax, 25 percent surcharge, and 4 percent cess on any cash deposit of more than Rs. 10 lakh in the bank if they are unable to provide information regarding the source of their income. This does not preclude you from completing a cash transaction for more than Rs. 10 lakh, though. You can deposit cash without fear if you can provide evidence of this income. From a financial standpoint, though, it makes more sense to invest the money elsewhere where you can earn higher returns or convert it into FD rather than keeping a large amount of cash in your savings account.
According to the regulation, you must present your PAN number to the bank when making a cash deposit of at least Rs. 50,000. Up to Rs. 1 lakh in cash can be deposited in a single day. Additionally, if you don't consistently add funds to your account, this cap may reach up to Rs. 2.50 lakh. A person is allowed to deposit up to Rs. 10 lakh in cash into his account in a given financial year. For taxpayers with one or more accounts, this is the maximum amount overall. The IT department will monitor you if you go over this limit. A bank must notify the Income Tax Department if a customer deposits more than Rs. 10 lakh in cash in a single financial year. The person is required to disclose the source of this income in such a situation. The income tax department may become suspicious of that person and launch an investigation if he is unable to provide adequate details about the source on the income tax return. A significant fine may be applied if discovered. In Next Post..
Learn about the bank account's cash deposit limit and the deadlines for inquiries and penalties from the income tax department. Customers of banks receive interest on their money in addition to knowing that their money is safe in their bank account. Aside from this, you need a bank account to execute UPI transactions, invest in bank savings accounts or other schemes, and take advantage of any government programs. There are no restrictions on operating multiple bank accounts concurrently in India. However, are you aware of the maximum amount of cash that can be deposited into a bank account at one time? Does this have an upper limit? Learn more about this here: You can keep how much money in the account? You are allowed to maintain any amount of money in your savings account, per the rules. There is no upper limit set for this. However, you must disclose the source of the income if there is a larger deposit made into your account and it is subject to income tax. In addition, there is a cap on the amount of money that can be taken out and deposited at the bank branch. However, you can fund the savings account with any amount up to thousands, lakhs, or crores of rupees using a check or an online method. To what extent can money be deposited? In Next Post....
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The last date for filing your Income Tax Return (ITR) is 31st July, 2024. If you are waiting for an extension of the ITR filing date, it is in vain. There is no possibility of the July 31 deadline being extended as no formal announcement has been made by the Finance Ministry yet. The last date for filing ITR is expected to remain 31-07-2024. CBDT Chairman said that this time the figure of about 4 crore ITR filings was crossed on the night of 22 July, whereas last year this figure was crossed on 25 July. Let us tell you that the deadline for filing ITR for the Financial Year 2022-23 was also not extended.
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Only 12 days left to file the ITR. HURRY UP and avoid penalties! Make sure to complete your Income Tax Return (ITR) filing on time to avoid any last-minute rush and potential fines. If you need assistance, don't hesitate to reach out to a trusted GST and income tax consultant. Stay on top of your finances and file your ITR today! 💼✅
As responsible citizens, it's crucial to file your return on time. Paying taxes not only helps you avoid penalties but also plays a significant role in nation-building. By fulfilling our tax obligations, we contribute to the infrastructure, healthcare, education, and overall development of India. Let's join hands and take pride in contributing to our country's progress. File your return on time and be a part of the change you want to see in India! 🇮🇳 #TaxFiling #FileYourReturn #OnTime #DevelopIndia #PayTaxes #GrowIndia
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