ClearTax can also help you in getting your business registered for Goods & Services Tax Law. The deadline for submitting an application to CMHC is August 31, 2020. We encourage clients to use our self-serve options like My Business Account and our website to find information and to find answers to their questions. 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. Any premium paid by you for life insurance of yourself, your spouse or any child (child may be dependent/independent, minor/major, or married/unmarried) can be claimed as a deduction. There is no way to claim this amount if you have missed submitting bills to your employer. This meant that no interest would apply if your payments or remittances are made by June 30, 2020. 04-Feb-2020; Invitation for Webinar - Prelude to Accreditation & Affiliation (A&A) Process 02-Feb-2020; PMKVY CSSM-WB Phase-V EOI, last date 14 th Feb 2020. The deadline last year was extended till August 31, 2019. If you would like to ensure the fastest refund possible, you can sign in to My Business Account and set up your direct deposit information. Delays in processing may continue to occur as operations continue to resume. The CRA understands that businesses are experiencing unprecedented challenges. The 80C deduction is valid on insurance policies purchased after 1st April 2012, only if the premium is less than 10% of sum assured. Say you made some investments to claim Section 80C deduction – deposits to PPF, paid life insurance premium or purchased NSCs. So, if have not been able to fill up your cup with investments these expenses will come to your rescue. GST/HST rebates will be processed. GST/HST returns that are paper filed will be processed. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. I am an annual filer who is required to make quarterly GST/HST instalment payments. 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. 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. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. 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? GST/HST returns that are filed electronically will be processed. You can easily claim them while. Am I still required to remit the net tax owing for my 2019 reporting period by April 30, 2020? So, you can request your employer to not deduct tax on it and allow you to claim it next year. No interest will apply if the instalment payment amounts are paid by 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). For enquiries, contact us. Every salaried employee must be familiar with the way they get reminders to submit investment proofs from their employers. What fiscal measures did the CRA take to help businesses manage their GST/HST payments and remittances? ... subject to government portal availability and client document submission. GST/HST implications. Excise taxes and duties are still required to be remitted by their prescribed due dates. Payments made towards principal repayment of a loan taken for buying or constructing a residential house property is also allowed as a deduction. The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID-19 pandemic. You can view the entire list of deductions allowed under section 80C. The deduction can be claimed for the full amount paid (premium including service tax & other charges). No interest will apply if the net tax is remitted by June 30, 2020. The link to this new service will be found on the MyBA main web page of the GST/HST program account menu. The due date for filing GST annual return for FY2018-19 is 31st March 2020. The CRA’s Taxpayer Relief Program will review COVID-19 related requests on a priority basis. You will not receive a reply. Claim them while filing your Return. Ltd. How to save tax when you miss the income tax proof submission deadline. Extension of FATCA Filing Deadline. 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. Is there a similar deferral for excise taxes and duties? If you live on rent and have made rent payments you can claim deduction on House Rent Allowance at the time of filing your return. A CRA officer may request additional information to verify the explanation, if necessary. An expert can recalculate your taxes and help you claim HRA Benefits. Delays in processing may continue to occur as operations continue to resume. This amount is 12% of your basic salary. 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 GST/HST rebates continue to be processed. Changes to taxes and benefits: CRA and COVID-19. On December 30, 2020, the government had extended the deadline to file the income tax return (ITR) for individuals by 10 days. Will the CRA accept electronic signatures on GST/HST documents, including returns, during the COVID-19 crisis? Decisions to waive interest are made on a case by case basis. Delays in processing may continue to occur as operations continue to resume. We will strive for flexibility with deadlines to submit supporting documentation, recognizing taxpayers’ unique circumstances. Businesses that are unable to file a GST/HST return or make a payment or remittance by the deadlines because of COVID-19 can request the cancellation of penalty and interest charged to their account. Interest will begin to apply to outstanding remittances and payments, and penalties will begin to apply to outstanding returns, effective July 1, 2020. A GST Certificate is an official document which is issued by the concerned authorities for a business which has been enrolled under the GST system. Refer to our guide on E-Filing with ClearTax. Any business with an annual turnover of Rs.20 lakh or more and certain special businesses are required to be registered under this system. The last block was from 2014-2017. The CRA does not have the authority to make an exception to the legislative restriction that applies to the payment of GST/HST refunds to businesses that are not compliant in other program accounts. The bills for your travel against LTA can only be claimed via your employer. Claim deductions under section 80C with no investments, Claim these deductions under section 80C without making any additional investments, Cannot claim LTA & Medical Reimbursement in your Return, No submission of proofs required with the Return, Section 80TTB Deduction for Senior Citizens - Budget 2018, Post Office Fixed Deposit - Interest Rates & Benefits, Details of deductions and exemptions for tax saving in Schedule DI of the income tax return for AY 2020-21, NPS Calculator - National Pension Scheme Calculator ( Calculate monthly Pension & Tax Benefits ), This page is best viewed in Chrome, Firefox or IE 11, ClearTax makes it very easy to E-File your ITR, Our experts help you on live chat and email. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Yes, any GST/HST instalment payments due on or after March 27, 2020, and before July 2020 could be deferred until June 30, 2020. Delays in processing may continue to occur as operations continue to resume. The government on Friday extended the deadline for submission of preliminary bids to buy Shipping Corp of India to March 1. Claim Deductions & Save Tax even when you missed income tax proof submission deadline Updated on Jan 04, 2021 - 03:34:18 PM Every salaried employee must be familiar with the way they get reminders to submit investment proofs from their employers. If you were not able to submit the details of your Section 80C deductions to your employer timely, you can claim them in your Income Tax Return. If you would like to switch to electronic submission for your returns, elections, and forms, go to E-services for businesses for more information. For more information, go to My Business Account. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. You can claim them during return filing, even though they don’t appear on your Form 16 since you could not intimate your employer. 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 can use to find out how much HRA will be exempt from tax. For more information, go to My Business Account. The Natboard shall conduct the DNB/DrNB Final Theory Examinations of December 2020 session on 18th, 19th 20th and 21st March 2021 at … ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. No, this service is available for GST/HST forms where no existing online filing option already exists. The current block is 2018-2021. Section 80C allows you to reduce Rs 1,50,000 from your, . All you need is your rent receipts and PAN of your landlord (where rent payments are more than Rs 1,00,000 per annum). 2020 Business Taxes are payable on or before Friday, May 29, 2020 however City Council has approved an option to defer tax payments without penalty for a period of six months from the May 29, 2020 due date, for the current 2020 taxes only. The filing and payment due date for GST returns due in May 2020 is extended to 11 Jun 2020. Can businesses request relief from penalties and interest if they cannot meet the current deadlines for GST/HST payments, remittances and returns? You must retain these proofs for 6 Years. Any tuition fees paid by you for the education of your children (maximum 2) is allowed under section 80C. Remember, you DO NOT need to submit these income tax proofs to ClearTax or to the Income Tax Department. Some of these are expenses that you may have incurred during the financial year. For example, returns for the period 1 Feb 2020 to 30 Apr 2020, which were previously due on 31 May 2020, are now due on 11 Jun 2020 instead. Will my GST/HST return be processed if I file it electronically? The deadline for businesses to file their returns is unchanged. These expenses incurred to transfer the property to the taxpayer can be claimed as a deduction. Does this new service replace other digital services that allow me to file my rebate or returns online or in MyBA? Consequently, it will not reflect on your Form 16. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. cannot be claimed in your return. Last modified: 01 Oct 2019 QC 33678 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. . For more information, go to My Business Account. 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. You will notice that not all of the listed deductions require investment. 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 … Sometimes, you tend it postpone repeatedly, and finally end up missing the income tax proof submission deadline. This article explores how. Don’t worry! Businesses must therefore make these payments and remittances and file these returns by June 30, 2020. Who can I contact to get more information on my GST/HST account during this pandemic? This new service has been launched as a temporary measure to provide more flexible options during the COVID-19 crisis. However, recognizing the difficult circumstances faced by businesses, the CRA won't impose penalties where a return is filed late provided that it is filed by June 30, 2020. The CRA is committed to making it easier for businesses to submit their GST/HST documents, including returns, rebate applications and election forms. Have the required details ready with you for e-filing and claim them. But you can still save on taxes and get a refund from the Income Tax Department in such cases. No, this will not affect the paper submission process in any way. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. I file my GST/HST returns and forms by paper. 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