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Showing posts from May 19, 2018

Government extends deadline for filing April GSTR-3B by 2 days till May 22

Government extends deadline for filing April GSTR-3B by 2 days till May 22 The government has extended the due date for filing GST summary sales returns for April by two days till May 22. An official statement said that certain technical issues are being faced by the taxpayers during the filing of GSTR-3B for April. "In order to resolve the same, emergency maintenance is being carried out on the system. Therefore, in the interest of taxpayers it has been decided to extend the last date for filing of returns in GSTR-3B for the month of April by 2 days till May 22," the statement said. The goods and services tax (GST) mop-up in April -- the first month of current fiscal -- came in at Rs 1.03 lakh crore. From 2018-19 fiscal year that began last month, the government has shifted to a cash basis of accounting where revenues accrued at the completion of a month would be taken on record immediately at the end of the month. Accordingly the Rs 1.03 lakh crore GST collected in April refl…

RBI slaps Rs 5-cr penalty on South Indian Bank

RBI slaps Rs 5-cr penalty on South Indian Bank The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 crore on South Indian Bank (SIB) for non-compliance with its directions on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function.The central bank, in a statement, said the penalty has also been imposed on the Thrissur-headquartered private sector bank for deficiencies in its compliance function and compliance culture.The penalty was imposed by the RBI by an order dated May 14, 2018. “This penalty has been imposed in exercise of powers vested in RBI under the provisions of …the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by RBI.“This action is based on deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the RBI said in a statement.In the f…

IT dept cautions TDS deductors against quarterly filing default

IT dept cautions TDS deductors against quarterly filing default The Income Tax department on Friday cautioned tax deducted at source (TDS) deductors to adhere to the stipulated deadline of 31 May for filing their statements failing which they would invite a penalty of Rs200 for each day of default. The Central Board of Direct Taxes (CBDT), that frames policy for the department, issued an advertisement in leading national dailies in this context. It said: Attention tax deductors. The last date to file tax deducted at source (TDS) statement for the January-March quarter is 31 May. “For delay in filing TDS statement, you pay a fine of Rs200 for each day of default,” the advertisement cautioned. It added that the deductors who have deducted the tax and have not deposited the same by the due date must do so “immediately” and that all deductors must register themselves at the official website of the I-T department meant for this job—https://www.tdscpc.gov.in.The I-T department ad also advised …