CA. Praveen Sharma GST Mitra

  अधिक से अधिक लोगों को आयकर के दायरे में लाने के लिए केंद्रीय प्रत्यक्ष कर बोर्ड ने कुछ और लोगों को आयकर रिटर्न दाखिल करने वालों की सूची में शामिल किया है. ये वे लोग हैं जिनकी आय आयकर के अधीन नहीं है. लेकिन, अब उन्हें आईटीआर भी दाखिल करना होगा. इस संबंध में सीडीबीटी ने 21 अप्रैल को नोटिफिकेशन जारी किया है सरकार ने साल 2019 में अनिवार्य आईटीआर फाइल करने वालों की सूची में संशोधन किया था. तब सरकार ने उन लोगों के लिए आयकर रिटर्न दाखिल करना अनिवार्य कर दिया, जिन्होंने एक साल में अपने चालू बैंक खाते में एक करोड़ या उससे अधिक जमा किए हैं, विदेश यात्रा पर या एक साल में दो लाख रुपये से अधिक खर्च किए हैं. एक लाख रुपये से अधिक का बिजली बिल का भुगतान करना चाहिए था. यहां तक ​​कि अगर इनमें से किसी भी शर्त को पूरा करने वाले व्यक्ति की आय आयकर के दायरे में नहीं आती है, तब भी उसे आयकर रिटर्न दाखिल करने की आवश्यकता होती है अब सूची में जोड़े गए चार शब्द मीडिया रिपोर्ट के मुताबिक सीबीडीटी ने 21 अप्रैल 2021 को एक नोटिफिकेशन जारी कर इस लिस्ट में चार और शर्तें जोड़ी हैं. ये शर्तें तत्काल प्रभाव से प्रभा...

  Around 25 per cent of the eight-laning of the Grand Southern Trunk (GST) road's 13.5-km stretch between Guduvanchery and Chettipunniyam (Mahindra City) has been completed, said sources in the National Highways wing of the State government. The work began in November last. Widening of the four-lane GST road (Tambaram-Tiruchy NH) from four to eight lanes was necessitated to facilitate the proposed construction of elevated corridor from Tambaram and Chengalpattu. An official from the National Highways Authority of India (NHAI) said if the road wasn't widened, the elevated corridor work would make it narrower. "Given that the road handles over one lakh vehicles a day, it was necessary to widen it before taking up the elevated road project," the official said. The carriageways on both sides of GST road between Tambaram and Chengalpattu are divided by a median of about 2.5-5 m. The width of the road is 35-45 m. Laying two more lanes on either side is expected to create sp...

  The GST Council is likely to consider imposing 28 percent Goods and Services Tax on cryptocurrencies, various media reports claimed today (May 9, 2022). As per the reports, the GST Council has constituted a committee which will soon take up the proposal to impose 28% GST on all actives and services related to cryptos. The proposal may be tabled before the GST Council in its next meeting. Cryptocurrency activities include sale and purchase of crypto tokens on various exchanges, holding these assets in centralised and decentralised wallets, and staking on various platforms. The GST Council may examine all these activities before arriving at a decision. Reports on imposition of GST on cryptocurrencies have been doing the rounds ever since the Government announced flat 30% tax on income from cryptos and other virtual digital assets. 1% TDS will also apply on crypto transfers from July 1, 2022. Currently 18% tax is levied on service provided by crypto exchanges. New agency PTI had pre...

  It will be great if deliberations are made to keep the taxation on VDAs in line with India’s treatment of other regular financial instruments: WazirX’s Aritra Sarkhel - Slowing down disruption forcefully would leave us behind! And taxes cannot be the way to slow it anyway: Unocoin CEO - By imposing GST on crypto, we are going to miss out on a trillion-dollar opportunity in the near future: IB Capital founder WazirX’s director of public policy, Aritra Sarkhel said, “It will be great if deliberations are made to keep the taxation on VDAs (Virtual Digital Assets) in line with India’s treatment of other regular financial instruments and/or evaluate the different use cases of the tokens while making decisions on crypto taxation. It will also be essential to look at global jurisdiction arguments on such tax.” He further added that the industry was open to dialogue with the larger GST council on such matters. According to a report , the GST Council is likely to consider levying 28% GST ...

  While filing a return of income one must disclose income from all sources, irrespective of the amount, else at the time of processing of return, the tax department could raise a question or make adjustment on account of mismatch. You may declare your income from pension and capital gains in ITR 2, which is a simple form. You shall be required to disclose the sale consideration, cost of acquisition and the resultant capital gains on account of sale of property. As per Section 80E, any individual who takes a loan from any financial institution or approved charitable institution for pursuing higher education, whether in India or abroad, can claim deduction on the amount of interest paid for a consecutive period of eight years, beginning from the assessment year in which he has started paying the interest on loan or until the assessment year in which the interest is paid in full, whichever is earlier. Education loan can be taken for self, spouse, children or student for whom you are ...

  With the GST compensation cess to end in its present form by June, a confrontation between the Centre and the states is looming on reimbursements for anticipated revenue shortfalls. Although the cess will continue, it will be used to pay the sum borrowed by the Centre on behalf of the states during the pandemic. But the states are expected to insist on compensation beyond June 2022 at the GST Council meeting later this month.The Centre, on its part, is likely to dangle the carrot of subsuming the cess as part of the GST after 2026. The states had accepted the GST in 2017 on an assurance by the Centre that they would be given full compensation in the first five years of its introduction, assuming a revenue growth rate of 14 per cent over the base year 2015-16. The compensation is in the form of cess on luxury items and sin goods. The states are demanding the Centre to continue to compensate them as the revenue buoyancy has not been as promised, while Covid-19 had a huge impact on...

  With the commencement of the financial year 2022-23 in April, it is important to consider the new Income Tax rules which would be effective from 1st April 2022 in order to monitor and manage the tax implication on financial transactions effectively. Suresh Surana, Founder – RSM India explained some of the key changes which would be effective from 1st April 2022 are as under:- The Finance Act, 2022 provides for a taxation of virtual digital assets @ 30% u/s 115BBH of the Income Tax Act, 1961 (hereinafter referred to as ‘the IT Act’). The loss incurred from any Virtual Digital asset would not be allowed to be set off against any other profit including that of any other Virtual Digital asset i.e. Intra head adjustment between VDAs is also not possible. Further, no deduction in respect of any expenditure (other than cost of acquisition, if any,) or allowance shall be allowed. However, it has been clarified that Infrastructure costs incurred in the mining of VDA will not be treated as...

  In a major relief to the home buyers, the Gujarat High Court on Friday said that actual value of land should be deducted to arrive at GST on cost of construction of a flat. As per the current GST rules, 1/3rd of total amount charged is deducted to arrive at the cost of construction for the purpose of calculation of tax. GST is not charged on the sale of land and 1/3rd of the total amount is deemed as value of land, and hence deducted from overall cost of construction of a flat or bungalow. The Gujarat high court in its order said that the mandatory deduction of 1/3rd for value of land is not sustainable in cases where the value of land is clearly ascertainable or where the value of construction service can be derived with the aid of valuation rules. The dispute of tax liability arises in cases where land and construction both are the part of transaction. The court called the mandatory fixing of land value at 1/3rd of the cost of construction as arbitrary which has led to a situat...

  The Supreme Court on Wednesday held that the reassessment notices issued under the unamended Section 148 of the Income Tax Act on or after April 1, 2021, will not be deemed to be invalid just because they were issued under the old law. While modifying the relevant orders of various high courts that quashed the reassessment notices issued under the Section after the cut-off date, the SC said that these notices will be deemed as show-cause notices issued to the respective assessees under the new Section 148A of the Act. The SC order would mean that the the change in law can’t be an alibi for taxpayers to escape the proceedings initiated via the notices. The rare step taken by the apex court invoking the Constitution will help clear the backlog of over 9,000 appeals filed by the finance ministry in this connection. The apex court ruled that its order shall also govern the relevant pending cases before various HCs. A Bench led by Justice MR Shah passed the judgment in a batch of case...

  The introduction of the value-added tax (VAT) has been perhaps the most important tax reform seen across countries in the last three decades. As of 2018, as many as 166 out of the 193 countries that are members of the UN had implemented the VAT in one form or another. In India, it has been a remarkable achievement and a unique experiment in cooperative federalism. In this, both the Union and the state governments gave up their tax autonomy in favour of harmonising domestic trade taxes. The objective of the reform was to simplify the indirect tax system, make the system competitive by reducing cascading effects and increase revenue productivity. Building a consensus to implement GST by combining 11 different domestic indirect taxes levied by the Centre, states and Union territories with legislatures took considerable time and involved several compromises in the structure and operational details. Not surprisingly, some bad features entered into the structure of the tax to get it ac...

  आयकर विभाग ने अपने रिटर्न फाइल करने का दायरा और बढ़ा दिया है। विभाग ने ऐसे लोगों को भी कर की श्रेणी में शामिल किया है जिनकी आय वास्तव में कर योग्य नहीं है लेकिन विभाग द्वारा लागू किए गए कुछ नियमों के तहत वे आ गए हैं तो उन्हें भी इस बार रिटर्न फाइल करना होगा। केंद्रीय प्रत्यक्ष कर बोर्ड (सीबीडीटी) के नए निर्देशों के तहत व्यक्तियों, पेशेवर लोगों को आयकर रिटर्न दाखिल करना अनिवार्य होगा, चाहे उनकी आय करयोग्य सीमा में आती हो या नहीं। अभी आयकर में छूट की सीमा 60 वर्ष से कम आयु के व्यक्तियों के लिए 2.5 लाख, 60 से 80 वर्ष की आयु के लिए तीन लाख, 80 वर्ष से आयु से अधिक के लिए पांच लाख रुपये है। अब नए निर्देशों के मुताबिक जिनका विक्रय धन 60 लाख रुपये से ऊपर है। या पेशे से आय 10 लाख रुपये से ऊपर हैं, उन्हें भी रिटर्न अनिवार्य रूप से फाइल करना होगा। इसी तरह अगर 60 वर्ष कम आयु के किसी व्यक्ति का वर्ष में 25 हजार रुपये टीडीएस (टैक्स डिडक्शन एट सोर्स) या टीसीएस (टैक्स कलेक्शन एट सोर्स) वार्षिक कटा है तो उसे भी रिटर्न फाइल करना होगा। वहीं 60 वर्ष से अधिक की आयु पर यह कटौती 50 हजार रुपये या अधिक ह...

  The Union Food Ministry has suggested imposing a 5 per cent GST on de-oiled rice bran to discourage use of the product for feed purpose, Food Secretary Sudhanshu Pandey said on Wednesday. ''We have written to the Finance Ministry to impose 5 per cent GST on de-oiled rice bran,'' Pandey said at a press conference here. At present, about 5 per cent GST (Goods and Services Tax) is applicable on rice bran (before oil extraction) and crude rice bran oil. Imposition of a levy on de-oiled rice bran will discourage the sale of rice bran directly to feed manufacturers and the product will be available for oil extraction, Pandey said. The issue will be decided in the GST Council, he added. Amid increased dependence on edible oil imports, the country needs to increase the domestic production of rice bran oil as now only 60 per cent of the capacity is being utilised. On rising retail edible oil prices, the secretary said the government has taken it seriously and an oil palm missi...

  The income tax return (ITR) forms for AY 2022-23 have been notified by the income tax department. Now, taxpayers are finding ways to save tax through their investments and expenses, which can be claimed for exemption after the due date for TDS return filing on May 31, 2022. A major section in the ITR is House Rent Allowance (HRA). Section 10 of the income tax act says that a taxpayer can claim exemption if they are paying rent for an accommodation which is not owned by them. Hence, this makes a taxpayer eligible for claim if they are living in a house owned by their wife or husband, provided he or she is getting HRA in its monthly income. This may sound easy, but there’s a catch. While this income tax exemption rule fits well in the case of rent paid to parents, brother or sister, it is not that simple in the case of spouse. If a taxpayer claims HRA exemption on the rent paid to their spouse, the spouse should have bought the house from its own income and not be bought by the tax...

  राजस्थान, पंजाब और हरियाणा में स्क्रैप की गाड़ियों में हर माह 100 करोड़ की जीएसटी चोरी हो रही है। फर्जी बिल और अधिकारियों से सांठगांठ कर दलाल हर ट्रक का महज 24 हजार रुपए लेकर सरकार को प्रति गाड़ी औसत 1.80 लाख रुपए की कर चोरी का नुकसान आए दिन पहुंचा रहा है। यह जीएसटी की चोरी कबाड़ियों द्वारा खरीदे जा रहे स्क्रैप से व फैक्ट्री से आ रहे हार्डवेयर के सामान पर होती है। भास्कर रिपोर्टर ने सच जानने के लिए एक ट्रक चालक को विश्वास में लिया, उसका खलासी बन 4 दिन में 1174 दिन की यात्रा की। दलालों का नेटवर्क पुलिस से भी गहरा दिखा। किसी भी शहर में नाके की सूचना ट्रक चालक को पल-पल में मिल रही थी। भास्कर रिपोर्टर ट्रक में राजस्थान से हरियाणा होते हुए पंजाब की गोविंदगढ़ मंडी पहुंचा, जहां स्क्रैप की डिलीवरी देनी थी। इस बीच 4 बार दलालों ने ट्रक को विभिन्न शहरों के बाहर 2 से 20 घंटे तक रुकवाए रखा और जैसे ही जीएसटी अधिकारी नाका हटाते, ट्रक चालक को मैसेज कर रवाना कराते। जानिए, कैसे फैला है इनका नेटवर्क और सरकार को कैसे हो रहा है नुकसान? भास्कर पड़ताल दलाल ही बताते हैं कि कहां, कब और किस रास्ते से जाना है रा...

  The Income Tax department has notified a new form for filing updated I-T returns (ITRs) in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals. Taxpayers filing ITR-U, which can be filed within two years of the end of the relevant assessment year, will have to give reasons for updating the income tax return previously not filed or income not reported correctly or wrong heads of income chosen or reduction of carried forward loss. The reasons given in the form also include reduction of unabsorbed depreciation or reduction of tax credit u/s 115JB/115JC or wrong rate of tax or any other reasons given by the taxpayers. The Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes, a move aimed at helping correct any discrepancy or omissions....

  The first month of the new financial year has yielded a sharp surge in Goods and Services Tax (GST) collections , taking them well past ₹1.67 lakh crore — the highest, by a wide margin, in the five years since the levy was introduced by subsuming myriad State and central duties. In fact, GST revenues have scaled fresh highs in three of the last four months, having hit ₹1.41 lakh crore in January and ₹1.42 lakh crore in March . Overall GST revenues had grown 30.8% in 2021-22 to ₹14.9 lakh crore, despite slipping below the ₹1 lakh crore mark for two months when the second COVID-19 wave raged. The 20% year-on-year revenue uptick this April could be seen as a comforting signal about 2022-23 revenue prospects for policy makers at the Centre and the States, whose treasuries are fretting about the prospect of income falling off a cliff from this July when the assured compensation for implementing the GST comes to an end. Compensation cess levies will persist till at least March 2026, bu...

  The Madras High Court has issued a non-bailable arrest warrant against two officers attached to the Income Tax department in Salem. The officials who are to be produced before the court by the police are B L Meena, IRS, Principal Commissioner of Income Tax and B Lapila, Administrative Officer (Grade-III) of the Commissioner of Income Tax in Salem. A division bench of Justices S Vaidyanathan and N Mala issued the non-bailable arrest warrant while passing interim orders on a contempt application from Sampangi Ramaiah of Hosur in Krishnagiri district, on April 27. The charge against the duo was that they had not implemented the orders passed by the court in The respondents have not only flouted the orders of this court, but have shown utmost disregard and disrespect to the orders of this court…this court issues non-bailable warrant to secure the presence of the contemners. The police is directed to secure the presence of the contemners and produce them before this court on June 6,” ...

  In the new form for filing updated I-T returns, taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The Income-Tax department has notified a new form for filing updated returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals. Taxpayers filing ITR-U, which can be filed within two years of the end of the relevant assessment year, will have to give reasons for updating the income return previously not filed or income not reported correctly or wrong heads of income chosen or reduction of carried forward loss. The reasons given in the form also include reduction of unabsorbed depreciation or reduction of tax credit u/s 115JB/115JC or wrong rate of tax or any other reasons given by the taxpayers. The government had announced in the B...

  India’s gross Goods and Services Tax (GST) revenues hit a fresh high of ₹1,67,540 crore in April, with revenues from goods imports rising 30% year-on-year and domestic transactions along with services imports rising 17%. The Finance Ministry said that April’s revenues for transactions undertaken in March, reflect a ‘faster recovery’ of business activity, while industry experts attributed part of the surge to a massive uptick in input costs for producers some of which is also visible in high retail prices, as well as new, tighter input credit norms. Overall GST revenues were 20% higher than a year ago, and 17.9% higher than March 2022 collections of ₹1,42,095 crore with 7.7 crore e-way bills generated in March, 13% higher than February 2022. “For the first time, gross GST collection has crossed ₹1.5 lakh crore mark,” it said. ‘Multiple favourable factors’ “While the GST collections in respect of March have always been high, the record collections are due to multiple favourable fac...