Composition Taxpayers can not find GSTR 4 (Querterly Return) in their dashboard from financial year 2019-20. A new return filing procedure was introduced in April 2019 and it is applicable from FY 2019-20 and onwards. Let’s take a look on new changes. Form CMP 08 is a statement cum challan to declare the details or summery of a taxpayer’s self assessed tax payable for a given quarter. Composition Taxpayers need to file Form CMP 08 quarterly instead of GSTR 4 from FY 2019-20. Composition Taxpayers need to file Form CMP…
Tag: Facts
Twenty 20s in 2020 – Twenty facts of 2020 in relation to 20
The year 2020 is special with several matters related to the numerical number ’20’ such as, #1. The 20th year of the 3rd millennium, 20th year of the 21st century and the first year of 2020’s decade. Also 2nd February, 2020 is a palindromic date (02 02 2020). #2. No Income Tax up to Total Income Rs. 5 lac doesn’t mean 20% is the starting slab rate. (Indian Income Tax Act.)In F.Y. 2019-20 (A.Y. 2020-21), no Income Tax required for Resident Individuals if total income is below 5 lac. (Rebate…