CA. Praveen Sharma GST Mitra

  The Income Tax department has notified on Twitter that over 2.25 crore ITRs for AY 2021-22 were filed on the Income Tax e-filing portal till October 28. Over 55% of these ITRs have been prepared using the online form available and filed on the new portal. More than 1.95 crore ITRs for AY 2021-22 have been e-verified till 28th October 2021. Out of this, 86% were verified using Aadhaar OTP. Out of the ITRs received, 62% of these are ITR1, 8% - ITR2, 7% - ITR3, 23% - ITR4 & the balance are ITRs 5, 6 and 7. Over 1.50 crore ITRs 1,2 and 4 for AY 2021-22 have already been processed and over 55 lakh refunds issued. More than 15 crore unique taxpayers have logged in till 28th October 2021 & over 21.47 lakh new registrations have been done. Over 60.87 lakh taxpayers have availed of the 'forgot password' facility to obtain their passwords till 28th October 2021. Over 24.01 lakh new e-PAN have been allotted and 79.55 lakh taxpayers have linked their PAN with Aadhaar online on th...

  The Income Tax portal has started functioning properly, as over 90 percent of the glitches on the portal have been fixed, sources told CNBC-TV18 Saturday. Taxpayers can start filing returns on the portal, they said. Sources said, Infosys will fix the remaining 10 percent glitches in the next 10-15 days, they said. Over 2.25 crore income tax returns (ITRs) in the financial year 2021-22 were filed on the Income Tax e-filing portal as of October 28, 2021. Over 55 percent of these ITRs were prepared using the new IT portal. The new income tax portal, created by Indian IT major Infosys, has had its fair share of glitches since its launch, prompting finance minister Nirmala Sitharaman to ask Infosys to fix them. Earlier in October, Infosys CEO Salil Parekh had said taxpayers concerns are being " progressively addressed " and that the portal is seeing steady progress. The Income Tax (I-T) department had launched the new "taxpayer-friendly" portal on June 7. It allows qu...

  GST से प्राप्त होने वाला राजस्व संग्रह के अक्टूबर में भी काफी बेहतर रहने की उम्मीद है। माल और सेवा कर (GST) से प्राप्त राजस्व संग्रह के, अक्टूबर 2021 में 1 लाख करोड़ रुपये से ऊपर रहने की उम्मीद की जा रही है। इसके अलावा व्यावसायिक गतिविधियों के लिए भी GST संग्रह काफी बेहतर हो सकता है। अक्टूबर में व्यावसायिक गतिविधियों के लिए भी GST संग्रह के 1.15 लाख करोड़ रुपये से 1.20 लाख करोड़ रुपये के बीच होने की संभावना व्यक्त की जा रही है। सितंबर में, व्यावसायिक गतिविधियों के लिए एकट्ठा किया गया कुल GST राजस्व 1.17 लाख करोड़ रुपये था, जो कि लगातार तीसरे महीने 1 लाख करोड़ की सीमा को पार कर गया है। सूत्रों के मुताबिक इस दौरान सबसे ज्यादा कर संग्रह, व्हाइट गुड्स, मशीनरी, खाद्य और एफएमसीजी उत्पाद और कृषि उपकरण के क्षेत्र में देखने को मिला। इसके अलावा, वित्त मंत्रालय राजस्व रिसाव की खामियों को दूर करने और समय पर रिटर्न दाखिल करने के लिए गैर-फाइलर्स तक पहुंचने, विकास को आगे बढ़ाने जैसे सख्त उपायों को लागू करने में खुद को और सक्षम कर रहा है। GST से प्राप्त राजस्व संग्रह के अक्टूबर 2021 में 1 लाख कर...

  The Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act. The court restrained the tax department from recovering additional demand and posted the matter to November 11. The petition challenged the faceless assessment regime as manifestly arbitrary, opaque, contrary to the settled principles of natural justice and administrative law in general and violative of provisions of the equality before law among others in the Constitution. Sandeep Sehgal, director-tax and regulatory, AKM global, a tax and consulting firm, stated,"it is to be kept in mind that the intent of the faceless assessment measure was to create a taxpayer friendly system. However, this has been turning out contrary to the same as there have been several instances where the revenue has proceeded ahead without adhering to the principle of natural justice." The current petition challenges ...

  The activists of the Left parties staged a demonstration in-front of the Prakasam Bhavan on Thursday, demanding that petrol, diesel and cooking gas be brought under the Goods and Services Tax (GST) regime. Leading the protest, Communist Party of India (M) Prakasam district Secretary P. Anjaneyulu said that there was no justification for the prices of petrol and diesel crossing the ₹100-mark and cooking gas price nearing the ₹1,000-mark even after the crude oil price crashed in the international market. “It is unfortunate that the YSRCP and the main opposition TDP are involved in politicking, ignoring the sufferings of the toiling masses who are finding it difficult to make a living as the prices of all essential commodities have shot up,” he said. At a time when the common man is struggling to eke out a living owing to the economic downturn triggered by the coronavirus pandemic, the Union and State governments have imposed a hefty tax of more than ₹70 per litre of fuel, said CPI ...

  The union finance ministry on Thursday released ₹44,000 crore back-to-back loans to states - the final instalment of ₹1.59 lakh crore estimated Goods and Services Tax (GST) revenue shortfall for 2021-22 - with an aim to front-load public expenditure and boost growth. The latest instalment has been issued three weeks after the Centre released ₹40,000 crore on October 7. Earlier, the finance ministry released the first instalment of ₹75,000 crore on July 15, according to an official statement. After GST collections fell sharply due to the impact of the Covid-19 pandemic and the 68-day nationwide lockdown from March 25 last year, the union government in 2020 devised a back-to-back borrowing mechanism to make up for the states’ revenue losses. The borrowing mechanism, which was proposed by the Centre and eventually agreed upon by all states last year, is facilitated through a special window of the Reserve Bank of India. The money is collectively borrowed on behalf of states with an a...

  The Supreme Court on Thursday barred the country's leading wireless telecom company - Bharti Airtel - from seeking Goods and Services Tax (GST) refund of ₹ 923 crore. The top court allowed the government's plea against issuance of refund and set aside Delhi High Court order that provided relief to Bharti Airtel. Bharti Airtel had sought GST refund of ₹ 923 crore for the July - September 2017 period, arguing that it had paid excess tax of ₹ 823 crore as GSTR-2A form was non-operational during the time. In May 2020, the Delhi High Court had allowed Bharti Airtel's plea, directing the government to verify and refund the amount claimed. But the central government challenged the High Court order in July last year and moved the top court. The central government had argued in its plea that Bharti Airtel had under-reported input tax credit for the period between July 2017 and September 2017. CommentsBharti Airtel shares traded nearly 1 per cent lower at ₹ 696.25 on the BSE, post ...

  Refunds of over Rs 1,02,952 crore have been issued to the taxpayers during the current financial year, the CBDT said on Wednesday. The Central Board of Direct Taxes (CBDT) frames policy for the Income Tax Department This figure includes income tax refunds of Rs 27,965 crore in 76,21,956 cases and corporate tax refunds of Rs 74,987 crore in 1,70,424 cases, according to an official Twitter post. " CBDT issues refunds of over Rs 1,02,952 crore to more than 77.92 lakh taxpayers from 1st April, 2021 to 25th October, 2021. This includes 46.09 lakh refunds of AY (assessment year) 2021-22 amounting to Rs 6,657.40 crore," the Income Tax Department tweeted. Source: https://www.cnbctv18.com/economy/income-tax-refunds-of-over-rs-1-lakh-cr-issued-this-fiscal-cbdt-11253752.htm Download our App to get knowledge updates: https://play.google.com/store/apps/details?id=com.app.gstmitra Join Our Telegram Channel for more updates : https://t.me /praveengst

  Income Tax Department has expanded scope information included in Form 26AS to include more high-value financial transactions and additional information. As per the rules reformed by the taxman, the Form 26AS will include details of mutual fund (MF) purchases, foreign remittances, as well as information in income tax returns of other taxpayers. Form 26AS is an annual consolidated tax statement that taxpayers can access from the Income Tax Department website using their Permanent Account Number (PAN). The decision to add more information to the document is likely to facilitate faceless assessments. The Central Board of Direct Taxes ( CBDT ) on October 26 issued an order under Section 285BB of the I-T Act expanding the scope of information reported in new Form 26AS. The Section 285BB was added to the Income-tax Act in Union Budget 2020-21, to revamp Form 26AS to an ‘Annual Information Statement’, which apart from TDS/ TCS details, would contain comprehensive information of specifie...

  The private sector lender, after market hours on Tuesday, reported a 7.3% rise in its net interest income to ₹7,900 crore in the three months ended September. Net profit surged 86% to ₹3,133.3 crore during the period because of lower provisions. Zee Entertainment: Invesco’s demand that Zee Entertainment Enterprises Ltd convene a special shareholders’ meeting to oust managing director Punit Goenka and recast the board is not legally compliant, the Bombay high court ruled on Tuesday. Meanwhile, the National Company Law Tribunal will hear if Zee should be ordered to convene the shareholders’ meeting on Wednesday. Kotak Mahindra Bank: The private sector lender, Axis Bank and IndusInd Bank have made binding offers to buy Citi's consumer business in India, valued at about $2 billion, said people with knowledge of the matter. The US bank under CEO Jane Fraser is looking to exit consumer banking in 13 countries, including India. IRB Infrastructure Developers: Will raise ₹5,347 crore from...

  National Pension Scheme (NPS) is an essential retirement planning tool. It holds an important place in the overall portfolio of an investor which must include other types of asset classes as well. One can have an income tax exemption on NPS investment up to ₹50,000 under Section 80CCD. However, investors need to keep in mind other aspects such as more flexibility (ability to choose more or less exposure), ability to invest in equity (not all retirement tools offer this), and a low cost and well-managed product. Active mode: The investor can evaluate the return annually and switch from equity to debt and debt to equity options in the active mode. Auto mode: There would be eight fund managers handling the investment and changing from debt to equity. Should you invest in NPS just for the tax benefits? “NPS gained popularity since the Income Tax Act introduced an additional deduction of ₹50,000 under Section 80CCD(1b). This deduction is over and above the deduction of ₹1.5 lakh allo...

  Income tax assessees can check the status of the tax refund online through the income tax e-filing website -- incometaxindiaefiling.gov.in or via the e-governance website of National Securities Depository Limited (NSDL) - tin.tin.nsdl.com. Here are the steps to check ITR status from the income tax website: Step 1: Open www.incometax.gov.in and log in to your account by entering the user ID (PAN), and password. Step 2: Login and click on the 'e- file' option. Step 3: Select 'Income tax returns' and then click on 'View Filed returns'. Step 4: Now, check the latest ITR filed. Step 5: Select the 'View Details' option and it will show the status of the ITR you have filed. In order to check income tax status through the website tin.tin.nsdl.com, users need to enter their Permanent Account Number (PAN) and select the relevant assessment year. The status will be reflected. 'Refund paid' status is also reflected in the 'Tax Credit Statements' i...

  The Gurugram Zonal Unit of Directorate General of GST Intelligence (DGGI) has arrested three persons for running multiple fake firms and evading GST of more than ₹48 crore. Two persons were arrested from Delhi on 5 and 9 October on charges of orchestrating a fake billing racket involving more than 20 fake firms where more than ₹22 crore of fraudulent input tax credit was taken thereby defrauding the exchequer, the Ministry of Finance said on Wednesday. In another case of fake billing a resident of Pataudi, Haryana, was also arrested, the ministry informed. He was found to be in possession of huge cache of incriminating documents like fake stamps of government departments, cheque books and ATMs of multiple fake firms, toll receipt book, “Dharam Kanta" or weighing station booklets, fictitious transporters booklets etc. The same were being used to show evidence of fake supply of goods on which fake input tax credit was generated and passed on through these slew of fake firms. Based...

  To find out whether your income shall be taxed in India, you need to establish your residential status as per the Income Tax Act of India for the relevant financial year. You can test your residential status in the following manner. Conditions: a) you are in India for 182 days or more in the financial year (FY); or b) you are in India for 60 days or more in the FY and 365 days or more in the four FYs immediately preceding the relevant FY. Additional conditions: You are resident in India in two of the 10 FYs immediately preceding the relevant FY; and you are in India in the seven years immediately preceding the relevant FY for 729 days or more. If you meet any of the first set of conditions and both the additional conditions, you shall be considered a resident in India. If you meet any of the first conditions, but do not meet the additional conditions, you shall be considered a resident but not ordinarily resident (RNOR) in India. If you do not meet any of the first conditions, yo...

  A rickshaw puller approached the police in this Uttar Pradesh district on Sunday after he was served a notice by the Income Tax (IT) department, asking him to pay over Rs 3 crore. Pratap Singh, a resident of Amar Colony in the Bakalpur area here, submitted a complaint at the Highway police station, claiming fraud after he received the notice from the IT department. Station House Office (SHO) Anuj Kumar said no case was registered on the basis of Singh's complaint but the police will look into the matter. Meanwhile, Singh uploaded a video clip on social media in which he narrated the sequence of events. He said on March 15, he applied for a PAN card at the Jan Suvidha Kendra in Bakalpur, owned by Tej Prakash Upadhyay, as his bank had asked him to submit it. Subsequently, he got a coloured photocopy of the PAN card from one Sanjai Singh of Bakalpur. Since he is illiterate, he could not differentiate between an original PAN card and a coloured photocopy of the same, the rickshaw pul...

  The Income Tax Department has detected unaccounted for monetary assets worth ₹100 crore and seized cash to the tune of ₹23.45 crore after a raid on a Nashik-based real estate aggregator, the finance ministry said on Monday. According to the Central Board of Direct Taxes (CBDT), most of the people involved were engaged in wholesale trading of onions and other cash crops in the Pimpalgaon Baswant region of Maharashtra. The CBDT added that the “incriminating” evidence seized by the I-T department included records of large amounts of cash transactions made by the traders for investments in properties, land agreements, notarised documents. Bank lockers were also found during the search operation and have been sealed and put under prohibitory orders. "The main persons who had invested their unaccounted for income towards purchase of large patches of land, were also searched," the CBDT said in a statement. Further investigations are in progress. Source: https://www.hindustantimes....

  NAMAKKAL: With diesel price crossing the Rs 100 a litre mark in several districts, truck operators said they are in dire straits and appealed to State and Central government to intervene. Speaking to TNIE, Tamil Nadu Sand Lorry Owners Federation president Sella Rasamani said, "Already, around 35 per cent of the estimated fleet of five lakh trucks is confined to the sheds due to loss of orders and manpower shortage. The rising fuel price will impair the transport sector." The fuel cost and toll fee constitute more than 70 per cent of the operating cost of a truck. So, the price of diesel must be brought under GST, ”Rasamani said and recalled that DMK had made a poll promise to reduce diesel price by Rs 4 a litre. All India Motor Transport Congress state president Murugan Venkatachalam said, "When BJP assumed power, the fuel price was Rs 70, but now it has touched Rs 100 a litre. We are unable to bear the losses. Not only the transport sector but also small scale industr...

  A non-resident is liable to pay tax in India only on his Indian Income. Not all interest income earned by an NRI are tax free in India. Though the interest earned by a non-resident on NRE and FCNR account are fully tax free but other interest income like interest on NRO account are fully taxable in India. Even the interest on NRO account are subject to TDS without any threshold limit. The dividend income as well as the capital gains earned by your son from shares listed in India and equity oriented schemes of mutual funds are subject to tax in India. Like a resident tax payer, a non-resident is also entitled to the basic exemption limit. In case income other than long term capital gains of any nature and short term capital gains on equity shares/equity mutual funds is less than the amount of basic exemption, a resident is entitled to set off such short fall against any long term capital gains and short term capital gains on equity products. The same facility to set off the sho...

  In a major drive initiated against fraudsters availing and utilizing fake input tax credit, the Thane Central GST Commissionerate arrested a mastermind, who had opened a company M/s Doshi Marketing and was operating from Bhayander West. The accused allegedly indulged in fraudulent utilization of input tax credit to the tune of Rs 90.68 crore without receiving the goods or services in violation of the provisions of CGST Act 2017. An official said that the firm was dealing in trading of asbestos, cotton yarn, sewing thread etc and had fraudulently taken credit of input tax showing the value of goods amounting to Rs 503.80 crore. This was a ‘paper transaction’ only without actual supply of goods and without the filing of e-way bills. Source: https://indianexpress.com/article/cities/mumbai/man-commits-gst-fraud-of-rs-90-crore-arrested-7587298/ Download our App to get knowledge updates: https://play.google.com/store/apps/details?id=com.app.gstmitra Join Our Telegram Channel for more ...

  Income Tax Return Verification (ITR-V) is an acknowledgment that the Income Tax Department sends after it successfully receives the income tax return from the taxpayer. After checking the verification, the applicant needs to take out a print of it, sign it, and send it to CPC Bangalore so as to complete the process of filing the returns. After submitting it online to the Income Tax Department the user has the leverage to check the ITR-V receipt status. Electronic filing is an easy and convenient way to pay your taxes. You can even pay your taxes online. If you have added your ‘digital signature’ while e-filing, then your return filing process is complete. You will receive the acknowledgment by the I-T department through email. If you fail to verify your ITR within 120 days, it will be considered that you have never filed your ITR. That is why it is important to ensure that your ITR-V reaches on time to the income tax department for processing of ITR. Check ITR-V receipt status St...