CA. Praveen Sharma GST Mitra

  New Delhi: Taxability in India depends on residential status, source of income and place of receipt of income. Residential status is determined on the basis of physical presence of an individual in India during a financial year (FY) and the preceding 10 FYs. Residential status needs fresh determination for each year. You are considered an Indian resident for a financial year: When you are in India for at least 6 months (182 days to be exact) during the financial year When you are in India for 2 months (60 days) for the year in the previous year and have lived for one whole year (365 days) in the last four years If you are an Indian citizen working abroad or a member of a crew on an Indian ship, only the first condition is available to you – which means you are a resident when you spend at least 182 days in India. The same is applicable to a Person of Indian Origin (PIO) who is on a visit to India. The second condition is not applicable to these individuals. A PIO is a person whos...

The Income Tax Department has invited applications for appointment to several posts of Inspector of Income Tax, Tax Assistant and Multi-Tasking Staff in Income Tax Department UP (East) Region. The applications have been invited from meritorious sportspersons who can submit their application form by Registered post only before September 30, 2021 (October 8, 2021, for candidates domiciled in the North Eastern States, Andaman Nicobar Islands, Lakshadweep, Jammu and Kashmir, Kerala). The applications are needed to be sent to the Income Tax Officer (Hq)(Admn), Office of the Principal Chief Commissioner of Income Tax, UP(East), Aaykar Bhawan, 5, Ashok Marg, Lucknow - 226001. Tax Assistant -- 13 Multi-Tasking Staff -- 12 Income Tax Department Recruitment: Pay as per 7th CPC Inspector of Income Tax -- Pay level-7 (Rs 44,900 to Rs 1,42,400) Tax Assistant -- Pay level-4 (Rs 25,500 to Rs 81,100) Multi-Tasking Staff -- Pay level-l (Rs 18,000 to Rs 56,900) Income Tax Department Recruitment: Age lim...

  In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India’s largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government’s intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them. Calling for a reduction in taxes, the auto majors expressed frustration that the contribution of the industry towards India's growth was perhaps not being recognised by policymakers as cars were still being considered a luxury only the rich can afford. “There have been a lot of statements made on the importance of the auto industry. But in terms of concrete action, which would reverse the decline in trend, I haven't seen any on the ground. I am afraid words don't get us very much in terms of extra sales," said Bhargava. It was seemingly directed...

  NEW DELHI: GST intelligence officers of Gurugram Unit has arrested two more persons -- a chartered accountant and a dealer-- for alleged involvement in the Rs 176-crore input tax credit (ITC) fraud racket, the Finance Ministry said on Wednesday. The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit had earlier busted a case wherein total fake ITC of Rs 176 crore has been fraudulently passed on by Sanjay Goel, Prop of M/s. Redamancy World, and Deepak Sharma, the de-facto controller of eight non-existent firms. Accordingly, Goel and Sharma were arrested then. The ministry said on further investigation by GST officers, the role of two more key persons -- Manish Modi and Gaurav Agarwal -- has also surfaced. Modi and Agarwal were arrested on August 23 by DGGI officers for fraudulently passing on fake ITC of more than Rs 36 crore and 15 crore, respectively, it said. "Based on details revealed by further investigation this office has arrested, Manish Modi, Chartered Ac...

  नई दिल्ली: GST Alert: गुड्स एंड सर्विस टैक्स (Goods and Service Tax) देने वाले टैक्सपेयर्स ध्यान दें. अगर आपने अभी तक जुलाई 2021 का जीएसटी बकाया नहीं चुकाया है, तो आज भर दीजिए, क्योंकि आज इसकी आखिरी तारीख है. आज आपने बकाया नहीं भरा तो आपको पेनल्टी के तौर पर ब्याज देना होगा. सेंट्रल बोर्ड ऑफ इनडायरेक्ट टैक्स और कस्टम्स (CBIC) ने एक ट्वीट कर इसकी जानकारी दी है. GST बकाया जमा करने की आज आखिरी तारीख CBIC ने ट्वीट कर बताया कि आज यानी 25 अगस्त को जुलाई 2021 के GST बकाया राशि भरने की आखिरी तारीख है. अगर आज ये बकाया नहीं जमा किया गया तो टैक्सपेयर्स को ब्याज का भुगतान करना होगा. CBIC ने ट्वीट में बताया कि लेट पेमेंट के चलते जीएसटी टैक्सपेयर्स को ब्याज का भुगतान करना होगा. अगर आपने अभी तक जुलाई 2021 का बकाया नहीं चुकाया है, तो आज ही इसे भर दें. टैक्स भरने में ढिलाई की तो आएगा नोटिस टैक्स भरने में ढिलाई बरतने वालों के खिलाफ अब कड़ाई से निपटने की तैयारी है. टैक्स न जमा करने वाले व्यापारियों को अब GSTN पोर्टल से स्वत: नोटिस भेजा जाएगा. अगर इस नोटिस का जवाब व्‍यापारियों ने नहीं दिया तो कार्रवा...

  The Central Goods and Services (CGST) Commissionerate has detected evasion of GST worth several crores by a firm in Uttarakhand’s Uddham Singh Nagar district. It recovered ₹5 crore in a search operation carried out simultaneously at nine locations across Uttar Pradesh, Jharkhand, Uttarakhand, and Delhi. People aware of the matter said the Commissionerate has detected tax evasion of around ₹8 crore. Deepankar Aron, commissioner Central GST Commissionerate (Dehradun), said the modus operandi entailed taking fraudulent input credit of GST on fake supplies. “This fraudulent credit was then utilised to pay the output duty liability of the various outward supplies effected by the unit, thereby obviating the need to pay the requisite duty in cash leading to the evasion of revenues.” Aron said based on intelligence, an investigation was initiated against Galwalia Ispat Udyog Pvt Ltd, Kashipur. “As per the inputs available, it appears that the firm fraudulently availed input tax credit on...

  Taxation has been prevalent in India since the time of Manusmriti and Arthashastra. The British did introduce tax laws in India as early as 1860. The current Income-tax Act was introduced in 1961 under the aegis of the Direct Tax Administrative Commission. Since then, tax laws have undergone several policy and administrative reforms to make governance for tax authorities and compliance for the taxpayers, easier. From a personal taxation perspective, the policy reforms included measures such as reduction of tax rates (the maximum marginal tax rate was as high as 97% at one time), simplification of tax slabs, introduction of presumptive taxation and widening of the taxation base. The administrative tax reforms included electronic filing of tax returns, simplification of tax forms, providing transparency in operations and swifter processing of tax refunds. Since independence, several laws have been introduced and abolished, like the Wealth Tax Act introduced by the government in 195...