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 current block is 2018-2021. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. The CRA understands that businesses are experiencing unprecedented challenges. No interest will apply if the net tax is remitted by June 30, 2020. 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. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Yes if the account is compliant. Interest will begin to apply to outstanding remittances and payments, and penalties will begin to apply to outstanding returns, effective July 1, 2020. Will my GST/HST return be processed if I mail in a paper copy? The deadline for businesses to file their returns is unchanged. Delays in processing may continue to occur as operations continue to resume. 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. The programme fees below refer to the April 2021 session only and are effective from 1 December 2020. Businesses are encouraged to use the CRA’s electronic portals to submit their request. On December 30, 2020, the government had extended the deadline to file the income tax return (ITR) for individuals by 10 days. But you can still save on taxes and get a refund from the Income Tax Department in such cases. Am I still required to remit the net tax owing for my 2019 reporting period by April 30, 2020? 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. For more information, go to My Business Account. Every salaried employee must be familiar with the way they get reminders to submit investment proofs from their employers. Extension of FATCA Filing Deadline. The bills for your travel against LTA can only be claimed via your employer. Consequently, it will not reflect on your Form 16. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. Yes, any GST/HST instalment payments due on or after March 27, 2020, and before July 2020 could be deferred until June 30, 2020. 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). This calculator is inbuilt in clear tax under salary section. The link to this new service will be found on the MyBA main web page of the GST/HST program account menu. 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. 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 … GST/HST implications. Decisions to waive interest are made on a case by case basis. If you would like to switch to electronic submission for your returns, elections, and forms, go to E-Services for more information. The filing and payment due date for GST returns due in May 2020 is extended to 11 Jun 2020. Ltd. How to save tax when you miss the income tax proof submission deadline. 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? . No, this service is available for GST/HST forms where no existing online filing option already exists. 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. The 80C deduction is valid on insurance policies purchased after 1st April 2012, only if the premium is less than 10% of sum assured. Download ClearTax App to file returns from your mobile phone. I am an annual filer who is required to make quarterly GST/HST instalment payments. 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. Penalties on the 2020 property taxes will be first imposed on December 1, 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. This new service has been launched as a temporary measure to provide more flexible options during the COVID-19 crisis. These expenses incurred to transfer the property to the taxpayer can be claimed as a deduction. The last block was from 2014-2017. Refer to our guide on E-Filing with ClearTax. You can view the entire list of deductions allowed under section 80C. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. You can easily claim them while. It includes payments for play school, pre-nursery, and nursery. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. © 2021 ‐ Defmacro Software Pvt. Any business with an annual turnover of Rs.20 lakh or more and certain special businesses are required to be registered under this system. For more information, go to My Business Account. Who can I contact to get more information on my GST/HST account during this pandemic? 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. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. I file my GST/HST returns and forms by paper. Changes to taxes and benefits: CRA and COVID-19. 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. You must retain these proofs for 6 Years. The CRA is committed to making it easier for businesses to submit their GST/HST documents, including returns, rebate applications and election forms. 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. You may carry forward your unclaimed LTA to the next year. However, we encourage registrants to file electronically. The exempt HRA is calculated and reduced from the Taxable Salary. 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. 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. Some of these are expenses that you may have incurred during the financial year. It is disappointing to keep paying hefty taxes even after doing your 80C investments and other savings. I am an individual with a calendar year reporting period who is not required to file my GST/HST return until June 15th. No, this will not affect the paper submission process in any way. 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. We will strive for flexibility with deadlines to submit supporting documentation, recognizing taxpayers’ unique circumstances. Any tuition fees paid by you for the education of your children (maximum 2) is allowed under section 80C. Have the required details ready with you for e-filing and claim them. Earlier, the last date was December 31, 2020. There is no way to claim this amount if you have missed submitting bills to your employer. Sometimes, you tend it postpone repeatedly, and finally end up missing the income tax proof submission deadline. Will the CRA accept electronic signatures on GST/HST documents, including returns, during the COVID-19 crisis? 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. In continuing with this commitment, as a temporary measure the CRA will be accepting electronic signatures for GST/HST documents submitted online. GST/HST returns that are filed electronically will be processed. A GST return is a document containing details of income, Under GST, a registered dealer needs to file GST returns that include: purchases, sales, output GST, ITC. Will my GST/HST return be processed if I file it electronically? 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. The deadline last year was extended till August 31, 2019. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. you can use to find out how much HRA will be exempt from tax. Businesses must therefore make these payments and remittances and file these returns by June 30, 2020. Just upload your form 16, claim your deductions and get your acknowledgment number online. You will not receive a reply. Say you made some investments to claim Section 80C deduction – deposits to PPF, paid life insurance premium or purchased NSCs. 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? At the close of deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year 2019-20), over 5.65 crore returns were filed by taxpayers. The GST registration certificate is issued in Form GST REG-06. Last modified: 01 Oct 2019 QC 33678 ClearTax is a product by Defmacro Software Pvt. 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. 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