CA. Praveen Sharma GST Mitra

  I got short term capital loss from a debt fund in FY21 on which no STT is charged. In which column do I report it? I got long-term gain from ABSL Frontline fund in FY 21. Can I set off the loss against this gain? —Neeraj Gupta Short-term capital gains/loss from debt mutual funds may be disclosed under ‘sale of assets other than above listed items’ under Schedule CG of ITR Form. I-T provisions allow set-off of short term capital losses against both short-term and long-term capital gains. So, the loss you have incurred can be adjusted against your long-term capital gains. Any unadjusted loss is carried forward to following eight assessment years. You have to disclose both long-term and short-term gains/ losses in the ITR Form, the losses are automatically set-off against eligible income I booked loss in shares in FY20. How should I report losses in ITR? I have also received Rs 26,000 dividend in FY21. Where should I report the same? —Nilesh Kale Assuming you had reported the losses...

  Once the pandemic settles down, the GST Council can merge the tax rates from the existing four slabs to three slabs so that the compliance burden is minimised for the taxpayers and ensure that there is no revenue loss to the government, opines Biswarup Basu, president, Institute of Cost Accountants of India. In an interview with Mithun Dasgupta, Basu says in the disruptive post-Covid scenario, cost & management accounting has acquired prime spot to ensure survival, continuity and sustainability of a business. Edited Excerpts: As Covid has created significant challenges for financial institutions and companies, how has it changed the conventional roles of a cost & management accountant? In the pandemic period, we developed two very important documents — “Conceptual Approach to Board Reporting Framework — A Post Covid-19 Corporate Governance Perspective” and “Post Covid-19 & Lockdown – Technical Guide on Business Continuity Plan” — that would certainly help in proper bo...

  NEW DELHI : Jharkhand is suffering huge annual revenue loss due to a reduction in Goods and Services Tax (GST) on coal, and favours extending the GST compensation to states by another five years, said state chief secretary Sukhdev Singh. In Delhi, at an investors meet to promote Jharkhand’s Industrial and Investment Promotion Policy 2021, wherein MoUs totalling Rs10,000 crore for proposed investments were inked, Singh, a 1987-batch IAS officer, in an interview also spoke about concerns such as mineral wealth proving to be a bane due to environment, health and land related issues in the state that has 40% of India’s mineral resources. He also spoke about left wing extremism (LWE) being in its last stage in Jharkhand and reservation in private sector jobs not being an impediment for attracting investors. The Goods and Services Tax (GST) council meeting is round the corner. How is Jharkhand financially placed in the backdrop of extraordinary economic pain points brought by coronavir...

  Due to the outbreak of coronavirus pandemic business around the globe are facing challenges. In order to provide a helping hand to businesses in the country Punjab National Bank is providing PNB GST Express Loan Scheme. Businesses around the world are facing challenges in today's times. With PNB GST Express get the confidence to face those challenges, PNB tweeted. Here is all you need to know about the scheme: 1. Purpose/Objective To provide hassle free credit to meet working capital requirements related to business activity or for expansion of business. 2. Eligibility Business entities which are individuals, firms, companies, Limited Liability Partnership, co-operative societies, dealing in those business activities, which are not prohibited by law. GST registered units which have filed GST returns at least for the last six months. Branch/ Cluster needs to ensure online verification of GST return submitted by the customer for its authenticity. Loan amount provided under this sch...

  New Delhi: In a big relief to taxpayers, the Finance Ministry on Sunday extended the deadlines for e-filing of various electronic forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these forms online. In a statement issued by the Central Board of Direct Taxes (CBDT), it was informed that the move comes on the back of difficulties reported by taxpayers and other stakeholders. The statement issued by the CBDT read, “On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income Tax Act, 1961, read with Income Tax Rules, 1962 (Rules), the Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such forms Here are the details mentioned on the CBDT circular regarding extension of due dates for E-filing: The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(ii...

  There are certain advance preparations which you have to carry out before you actually sit down to fill up and upload your income tax return (ITR) or visit your Chartered Accountant. Let us discuss how you can prepare in advance for your ITR. For those who have interest income For those who have made fixed deposits with banks, it is better to obtain the yearly interest certificate for the year ended 31st March 2021 and reconcile it with your own working to ensure that interest is correctly credited in your income from those bank fixed deposits. You can also cross check the same with the amount credited in your bank account for deposits matured during the year or where they are paying monthly interest. In case of cumulative deposits where there is no entry in your bank account, you have to offer the interest accrued for the year on such bank deposits if you have opted for accounting for such income on accrual basis. The interest certificate will help you to find out such accrued ...

  The Finance Ministry on Sunday extended the deadlines for e-filing of various forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these forms online. “On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms," the Ministry said in a statement. Meanwhile, the income tax return (ITR) filing deadline for FY 2020-21 for individuals has already been extended to September 30, 2021, from its earlier usual deadline of July 31, 2021. 1) The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A required to be filed on or before 30th June, 2021, as extended to 31st August, 2021 vide Circular No.12 of...

  The month of September is going to come in a few days and with COVID-19 cases increasing in some states, there are certain changes that are going to be reality. These changes include mandatory Aadhaar-PAN linking and an expected hike in LPG cooking gas prices. These changes will definitely have an impact on the lives of the common man. It is important to note that State Bank of India (SBI) customers must link their Permanent Account Number (PAN) with their Aadhaar by September 30. Failing to do so, this would stop customers from having certain transactions. PAN card is mandatory to deposit Rs 50,000 or more in a single day. Therefore, one needs to link their Aadhaar and PAN on the Income Tax Department website. LPG Cooking Gas Prices The LPG cooking gas prices are going to increase in the month of September and this comes after two consecutive months of rise in prices. On August 18, LPG price was increased by Rs 25 per cylinder s whereas it was hiked by Rs 25.50 in July. Aadhaar-...

                As August comes toa close, the month of September brings new changes with it. From Aadhaar to the bank, to the price of LPG cooking gas, there are quite a few changes that will take effect as of next month. These new rules and implementations will be affecting your day-to-day life as well as changing the landscape of the economy somewhat. Here are the top five changes you need to immediately take note of for the following month. Aadhaar-PF Linking Made Mandatory Starting from the beginning of September, employers will only be able to deposit money into your provident fund (PF) account if your universal account number (UAN) is linked to the Aadhaar card. Additionally, you will only be able to reap the full range of benefits if you complete this linking process. Without the linking of these two elements, neither the employer’s or employee’s contributions will be deposited into the PF account. The Employees’ Provident Fund Organiza...

  The Finance Ministry on Sunday extended the last date to avail the GST amnesty scheme, under which taxpayers have to pay a reduced fee for delayed filing of monthly returns, by three months till November 30. The GST council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, had in May decided to come out with an Amnesty Scheme to provide relief to taxpayers in late fee for pending returns. The late fee for non-furnishing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for those taxpayers who did not have any tax liability. For those with tax liability, a maximum Rs 1,000 per return late fees would be charged, provided such returns are filed by August 31, 2021. Following the council decision, the Ministry on June 1 notified reduced late fee for non-furnishing Form GSTR-3B for the tax periods from July, 2017 to April, 2021, provided the taxpayer filed the returns for these tax periods by August 31, 2021. "The last date to av...

  It's essential that you file your income tax return on or before the due date with comeplete and accurate information about income and other information asked to fill in the ITR form. An incomplete ITR or inaccurate information may lead to your ITR being treated as invalid or even imposition of a panalty on the assessee. So, if you are filing ITR for the first time, here are 9 key things you need to keep in mind: 1. ITR form selection: It is important to select the applicable ITR form depending upon the taxpayer’s residential status and income earned from various sources for an accurate filing. If the taxpayer uses the wrong tax return form, their return will not be processed and they may receive a defective return notice from the tax department. The tax department has already notified the changed ITR forms. This year, ITR 1 form will not be applicable for a person who had paid TDS for cash withdrawal under Section 194N. Those employees who have deferred tax on employee stock opt...

  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...

  Chief Minister Basavaraj Bommai on Thursday appealed to the Union Government to extend the Goods and Services Tax (GST) compensation period to states for three more years. Bommai, who met Union Finance Minister Nirmala Sitharaman in New Delhi on Thursday, said he discussed extending the GST compensation period to states beyond 2022 and also the GST dues to be paid to the state in instalments. Bommai said it would be of help if the compensation period is extended as the GST collection has not yet stabilised because of Covid-19. The compensation loan would support the states for only the current financial year, but the impact made by the pandemic on revenue collection will be carried forward for the next few years, he said. A statement issued by the Chief Minister’s Office (CMO) said Bommai also asked Sitharaman to increase allocation to the state under the 15th Finance Commission. The 15th Finance Commission, in its final report for 2021-26, had recommended a reduction in Karnatak...

  GSTR-3B Return latest news: जीएसटीएन (GSTN) ने कहा है कि जिन कारोबारियों ने पिछले दो महीनों में जीएसटीआर-3बी (GSTR-3B) रिटर्न दाखिल नहीं किया है, वह 1 सितंबर से बाहर भेजी जाने वाली सप्लाई का ब्योरा जीएसटीआर-1 (GSTR-1) में नहीं भर पाएंगे. पीटीआई की खबर के मुताबिक, जहां व्यापार यूनिट किसी महीने का जीएसटीआर-1 उसके अगले महीने के 11 वें दिन तक दाखिल करती हैं, जीएसटीआर-3बी को अगले महीने के 20-24 वें दिन के बीच क्रमबद्ध तरीके से दाखिल किया जाता है. करोबारी यूनिट्स जीएसटीआर-3बी के जरिए टैक्स पेमेंट करती हैं. जीएसटीएन की सलाह खबर के मुताबिक, माल और सेवा टैक्स (GST) के लिए टेकनोलॉजी सुविधाओं का मैनेजमेंट करने वाले जीएसटीएन ने करदाताओं के लिए जारी एक सलाह में कहा है कि केंद्रीय जीएसटी नियमों के तहत नियम-59 (6), 1 सितंबर 2021 से अमल में आ जाएगा. यह नियम जीएसटीआर-1 दाखिल करने में बैन का प्रावधान करता है नियम के मुताबिक, अगर किसी रजिस्टर्ड कारोबारी ने पिछले दो महीने के दौरान फॉर्म जीएसटीआर-3बी (GSTR-3B) में रिटर्न नहीं भरी है तो ऐसे रजिस्टर्ड व्यक्ति को माल या सेवाओं या दोनों की दी गई सप्लाई क...

  सरकार ने इनकम टैक्स रिटर्न फाइल करने में लोगों को सहूलियत देने के लिए नया पोर्टल लॉन्च किया था, लेकिन इस पोर्टल ने लोगों की परेशानियों को और बढ़ा दिया है। लॉन्च होने के ढाई महीने बाद भी पोर्टल ठीक से काम नहीं कर रहा है। इसमें लोगों को कई तरह की परेशानियां आ रही हैं। इस पोर्टल को इंफोसिस ने बनाया है। इसी साल 7 जून को इस पोर्टल को लॉन्च किया गया था। तब से ही इस नए पोर्टल पर टैक्सपेयर्स को कई तरह की परेशानियां आ रही हैं। सरकार ने भी अपने स्तर पर इंफोसिस से इन मुश्किलों को दूर करने को कहा है। वित्त मंत्री निर्मला सीतारमण ने तो 23 अगस्त को इंफोसिस के CEO और MD सलिल पारेख को भी तलब किया था। दो टूक शब्दों में इंफोसिस से कहा गया है कि नए इनकम टैक्स पोर्टल में आ रही दिक्कतों को किसी भी हालत में 15 सितंबर तक दूर करें। दरअसल, सरकार ने टैक्सपेयर्स के लिए ITR दाखिल करने के लिए 30 सितंबर की डेडलाइन रखी है। अगर पोर्टल पर परेशानियां बनी रहीं तो इस डेडलाइन को आगे बढ़ाना पड़ सकता है। पिछले कुछ वर्षों से ऑनलाइन ITR फाइल हो रहे हैं। जब सब कुछ ठीक चल रहा था तो सरकार को क्या जरूरत थी कि नया पोर्टल बनव...

  Faridabad, one of the leading contributors of revenue (GST) in the state, has recorded a sharp increase of 265.53 per cent in tax collection in the first four months of this year in comparison to the corresponding period of the last year. An official of the Excise and Taxation Department said Rs 1193.36 crore had been collected in the period between April and July this year, which was 2.65 times the revenue collected in the same period of 2020-21. The department has registered a jump of 198 per cent in the collection in July this year against the collection in the corresponding period (month) of the last year. The collection in July this year stood at Rs 334.45 crore against Rs 168.31 crore collected in the same period of 2020-21. The department has been divided into four zones of South, West, North and East districts, each headed by an official of the rank of DETC (Deputy Excise and Taxation Commissioner). South district achieved the top slot with an increase of 364.27 per cent ...

  राज्य ब्यूरो, चंडीगढ़। हरियाणा सरकार ने बिना चालान माल की आवाजाही से होने वाले राजस्व के नुकसान को रोकने व अनुचित इनपुट टैक्स क्रेडिट के माध्यम से होने वाली अनियमितताओं को रोकने की योजना बनाई है। इसके लिए सरकार प्रविधान तो करेगी ही, साथ ही विभाग के साफ्टवेयर में भी संशोधन किया जाएगा। पानीपत में हाल ही में 100 करोड़ रुपये से अधिक के जीएसटी घोटाले का पता चलने के बाद राज्य सरकार ने हाई कोर्ट में यह जानकारी दी। जीएसटी घोटाले के संबंध में याचिका की सुनवाई के दौरान हाई कोर्ट में आबकारी और कराधान विभाग के अतिरिक्त मुख्य सचिव अनुराग रस्तोगी ने एक हलफनामा दायर कर यह जानकारी दी। रस्तोगी ने अदालत में व्यक्तिगत रूप से पेश होकर बताया कि जीएसटी इनपुट टैक्स क्रेडिट धोखाधड़ी को रोकने के लिए साफ्टवेयर में आवश्यक संशोधन किए जा रहे हैं। आठ करोड़ रुपये से अधिक की राशि के मामलों में कर की वसूली के लिए संपत्तियों की कुर्की के लिए आवश्यक कार्यवाही होगी। इसी मामले में डीजीपी अपराध मोहम्मद अकील ने कोर्ट को जानकारी दी कि मामले की उचित जांच चल रही है और जल्दी ही कोर्ट में इस बाबत रिपोर्ट पेश कर दी जाएगी। ए...

  The automobile industry's demand for lowering of Goods and Services Tax or GST levied on certain categories of their products is not likely to find favour with the government in the near future. Top finance ministry sources said that with the sales of vehicles across the spectrum picking up, the proposal to look into a possible rate cut has been put on hold. The healthy uptick in production and sales has reduced the urgency in the government to set into motion a cut in the GST rate charged on automobiles. The other big reason for the recalibration is the absence of vehicle inventory with manufacturers as they are transiting from Euro IV to Euro VI emission norms. After the easing of the Covid-19 restrictions, the Indian automobile industry has registered a growth of 14.7% in June this year. The total domestic sales rose to 12,96,807 units as per the latest SIAM (Society of Indian Automobile Manufacturers) report. This is in comparison to 11,30,744 units sold in June 2020. While a...