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By
Rasheela Basheer - On May 2, 2021 12:40 am
While the country is suffering from the COVID-19 pandemic, the Government has allowed great relief to the taxpayers by extending the deadlines to file various GST returns. The Government also waived off the late fee payable for the delayed filing of GSTR-3B.
As per a bunch of notifications issued by the Central Board of Indirect Taxes and Customs (CBIC) today, the Government has waived off the late fee for GSTR-3B for the months of April and May 2021. The exemption is available for a delay of up to 15 days and 30 days from original due date for taxpayer with turnover more than 5 crores and up to 5 crores respectively.
Are you planning on joining the gig economy and becoming self-employed? Are you embarking on retirement after years with a traditional employer? We wish you the best, and, along with the IRS, we remind you to pay your quarterly income taxes.
Without an employer to submit payments regularly out of your paycheck, you are now responsible for paying your own taxes in increments to fulfill America s pay-as-you-go tax requirements. You must make quarterly estimated tax payments if you expect to owe taxes of at least $1,000 for the year.
Underpayment of estimated taxes is on the increase, according to analysis of IRS data. The IRS found that the number of taxpayers incurring penalties related to estimated taxes jumped from 7.2 million in 2010 to 10 million in 2017, an increase of nearly 40%. Making matters worse, the Wall Street Journal reports that the potential number of filers owing penalties may be greater than the overall number of taxpayers filing estimated taxes Ââ meaning
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It didn’t take very long for 2021 to bring about federal legislation that could significantly impact, or at least cause massive administrative headaches for, domestic and international private clients and their holding structures. The Corporate Transparency Act (the Act ) was enacted into federal law on January 1, 2021. With the close of the previous decade – a decade that brought the likes of FATCA, CRS, and other beneficial ownership and transparency laws around the world – it is not surprising that the United States is continuing to build on these global initiatives. This article first provides a brief overview of the Act and then raises some initial considerations and questions for private clients to start thinking about.
18 Days after the Due Dates, MCA Portal Still Remains in ‘Apology’ Mode
Moneylife Digital Team
1
The MCA21 portal of the ministry of corporate affairs (MCA), on which company secretaries (CS) and chartered accountants (CAs) from across the country had to file compliance reports, has remained in error mode since 30 December 2020, a day before the deadline to submit mandatory reports. As reported by
Moneylife, the plea of lakhs of CSs, CAs, corporates and professionals requesting extension of the deadline till 31 March 2021 has not evoked any response from finance minister Nirmala Sitharaman or the Union government.
RT even after 18 days of due dates, MCA portal is still not working.