The Prefilled Forms will have information of Capital Gains from Listed Securities, Dividend Income, Interest from Banks/Post Office, etc. It aims to make the filling of the IT returns simple as well as urge more persons to disclose their incomes, and deliver improved transparency in the procedure. The taxpayers are now aware of the extent of data accessible with the income tax department, there is more possibility that they will reveal the correct incomes and not misrepresent in order to save tax.
• According to the section 159 of the Income Tax Act, 1961; where a person
dies, his legal representative shall be liable to pay any sum which the deceased
would have been liable to pay if he had not died, in the like manner and to the
same extent as the deceased. The legal representative of the deceased shall,
for the purposes of this Act, be deemed to be an assessee.
• Income Tax return of deceased person can be filed by the legal heir/executor of
the deceased person. To file the ITR the legal representative/executor has to
get register as Legal heir on e-filing on portal.
• The legal heir has to login on e-filing portal and follow the below steps:
* Salary Income
* House Property Income
* Income from Business and Profession
* Income from Other Sources
A return is a document including details of income which a taxpayer is
required to file with the tax authorities. This can help tax authorities to
calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
• Output GST (On sales)
• Input tax credit (GST paid on purchases)
To file GST returns sales and purchase invoices are required. In the GST
regime any Regular business has to file two monthly returns and one annual
return. This amounts to 26 returns in a year.
The number of GST filings vary for Quarterly GSTR-1 filers. The number of
GST filings online for them is 17 in a year.
There are separate returns required to be filed by special cases such
as Composition dealers whose number of GST filings is 5 in a year.
1.Restriction on availing ITC – Rule 36(4)
➢ ITC can be availed only up to 105% of GSTR 2A, as against 110% earlier. Now, the
ceiling of 105% to be computed on invoices uploaded & returns furnished + invoices
furnished by quarterly taxpayer.
➢ Violation of the above could lead to suspension of registration
2.Restriction on use of ITC – Rule 86(B)
ITC in credit ledger can be used only to pay 99% of output tax liability. It is applicable to
taxpayers having monthly taxable supply exceeding Rs. 50 lacs.
Not applicable to the following taxpayers
➢ Paid Income tax exceeding Rs. One lac in each of the last two financial years
➢ Claimed refund of more than Rs. 1 lac on zero rated supplies or inverted duty
structure in the preceding financial year
➢ Discharged tax liability cumulatively in cash in excess of 1% in the current
➢ Govt. department, PSU, local authority or statutory body