Depreciation Rates for FY 2023-24 #incometax

Depreciation Rates for FY 2023-24 #incometax

GST_CBIC-सीमा शुल्क में एडवांस रूलिंग या अग्रिम निर्णय

ICAI released the GST Act(s) and Rule(s) Bare Law updated upto the Finance Act, 2023

 

The Institute of Chartered Accountants of India (“ICAI”) has released the “GST Act(s) and Rule(s) – Bare Law” with the amendments made till March 31, 2023 including the amendments made vide the Finance Act, 2023. The publication consists of the Central Goods & Services Tax Act, 2017, the Integrated Goods & Services Tax Act, 2017, the Union Territory Goods & Services Tax Act, 2017, the GST (Compensation to States) Act, 2017, the Constitution (101st Amendment) Act, 2016, the Central Goods & Services Tax Rules, 2017 and the Integrated Goods & Services Tax Rules, 2017.

CIRCULER- updated up to 31-03-2023 index

CIRCULER- updated up to 31-03-2023 index

Regard -CS kk agrawal

"Adjudication order passed without providing opportunity of personal hearing to assessee was not sustainable and authority was to be directed to pass fresh order after affording opportunity of personal hearing to assessee" - High Court of Allahabad Paras Industrial sales V. State of U.P. Writ Tax No. 1518 of 2022, 15-Dec-2022

इलाहाबाद के उच्च न्यायालय ने पारस इंडस्ट्रियल सेल्स बनाम यूपी राज्य, 2022 के रिट टैक्स नंबर 1518 के मामले में एक आदेश पारित किया, जिसमें कहा गया था कि एक अधिनिर्णय आदेश जो निर्धारिती को व्यक्तिगत सुनवाई का अवसर प्रदान किए बिना पारित किया गया था, वह नहीं है टिकाऊ । न्यायालय ने प्राधिकरण को निर्धारिती को व्यक्तिगत सुनवाई का अवसर प्रदान करने के बाद एक नया आदेश पारित करने का निर्देश दिया। दूसरे शब्दों में, उच्च न्यायालय ने माना कि अधिनिर्णय आदेश, जो निर्धारिती को व्यक्तिगत सुनवाई में अपना मामला पेश करने का अवसर दिए बिना जारी किया गया था, वैध या कानूनी रूप से टिकाऊ नहीं था। न्यायालय ने आगे प्राधिकरण को निर्धारिती को व्यक्तिगत सुनवाई का अवसर प्रदान करके इस कमी को दूर करने का निर्देश दिया, और फिर मामले की योग्यता के आधार पर एक नया आदेश पारित किया। यह निर्णय न्यायिक आदेश पारित करने से पहले निर्धारिती को व्यक्तिगत सुनवाई का उचित और उचित अवसर प्रदान करने के महत्व को रेखांकित करता है। यह नैसर्गिक न्याय के सिद्धांत को कायम रखता है, जो यह आदेश देता है कि किसी व्यक्ति के खिलाफ कोई भी प्रतिकूल निर्णय लेने से पहले उसे सुनवाई का उचित अवसर दिया जाना चाहिए। 

 The High Court of Allahabad, in the case of Paras Industrial Sales v. State of U.P., Writ Tax No. 1518 of 2022, passed an order stating that an adjudication order that was passed without providing the opportunity of a personal hearing to the assessee was not sustainable.

 The Court directed the authority to pass a fresh order after affording the opportunity of a personal hearing to the assessee. 

 In other words, the High Court held that the adjudication order, which was issued without giving the assessee a chance to present their case in a personal hearing, was not valid or legally sustainable.

 The Court further instructed the authority to rectify this deficiency by providing the assessee with an opportunity for a personal hearing, and then pass a fresh order based on the merits of the case. 

 This decision underscores the importance of providing a fair and reasonable opportunity of personal hearing to an assessee before passing an adjudication order. It reaffirms the principle of natural justice, which mandates that an individual should be given a fair opportunity to be heard before any adverse decision is taken against them.

Construction/ Renovation of office, showroom or other Business place going on ?

Construction/ Renovation of office, showroom or other Business place going on ? 

One may consider following aspect in respect of eligibility of #GST ITC before deciding whether single turnkey contract should be given or not ? 

Reduction in cost = Increased profit.

"Where after passing order of detention under section 129 of cgst act against assessee, proper officer proceeded to issue order of confiscation of goods and conveyance in tran sit, thereby nullifying statutory right of owner of goods or non owners to get the goods released on compliance of con- ditions mentioned under section 129, the entire confisca- tion proceedings was rendered illegal." Karnataka High Court Notice of Confiscation issued after passing order of detention Under section-129

 

"Where after passing order of detention under section 129 of cgst act against assessee, proper officer proceeded to issue order of confiscation of goods and conveyance in tran sit, thereby nullifying statutory right of owner of goods or non owners to get the goods released on compliance of con- ditions mentioned under section 129, the entire confisca- tion proceedings was rendered illegal." Karnataka High Court Notice of Confiscation issued after passing order of detention Under section-129 

Rajeev Traders V. U01 

Writ Petition No. 100849 of 2022 (T-RES), 16-Aug-2022 

APPEAL UNDER GST- APPEAL TO APPELATE AUTHORITY-BY SUDHIR HALAKHANDI

APPEAL UNDER GST- APPEAL TO APPELATE AUTHORITY 

PREFACE TO THE ARTICLE 

Any taxpayer or an unregistered person aggrieved by any decision or order passed against him by an adjudicating authority, may appeal to the Appellate Authority, within three months from the date on which the said decision or order is communicated to such person. Now orders are coming from the GST department in large number hence the Appeal and the procedure of filing the appeal is a very important subject. Here we are studying the whole provisions of filing the appeal to appellate authority and procedure of filing of an appeal. The provisions are given in Section 107 of the CGST Act, and rules of the same are given in Rule 108 and 109 of the CGST rules 2017. The relevant Forms are APL-01, 

INTRODUCTION In the GST regime, the government has provided a robust mechanism for redressal of grievances of taxpayers through the appeal process. Under the GST law, any taxpayer who disagrees with the decision or order passed by an adjudicating authority can file an appeal to the Appellate Authority. This article provides an overview of the appeal process under the GST law, including the relevant provisions, rules, and forms.

WHO CAN FILE AN APPEAL? Any taxpayer or an unregistered person aggrieved by any decision or order passed against him by an adjudicating authority can file an appeal to the Appellate Authority. The appeal should be filed within three months from the date on which the said decision or order is communicated to such person.

APPELLATE AUTHORITY The Appellate Authority is an authority appointed by the government for hearing appeals filed against the decision or order passed by the adjudicating authority. The Appellate Authority has the power to examine the legality and validity of the decision or order passed by the adjudicating authority and pass an appropriate order on the appeal filed by the taxpayer.

PROCEDURE FOR FILING AN APPEAL The procedure for filing an appeal is as follows:

1. The taxpayer or an unregistered person should file an appeal in Form APL-01, along with a certified copy of the order against which the appeal is being filed.

2. The appeal should be filed within three months from the date on which the said decision or order is communicated to such person.

3. The taxpayer or an unregistered person should submit the appeal along with the necessary documents and fees to the Appellate Authority.

4. After the appeal is filed, the Appellate Authority will issue a notice to the taxpayer or an unregistered person against whom the appeal has been filed, informing him of the date and time of the hearing.

5. The taxpayer or an unregistered person should appear before the Appellate Authority on the date and time mentioned in the notice and present his case.

6. The Appellate Authority will examine the appeal and may call for additional information or documents from the taxpayer or an unregistered person.

7. After considering all the facts and documents presented, the Appellate Authority will pass an appropriate order, either upholding or setting aside the order passed by the adjudicating authority.

FORMS USED FOR APPEAL The following forms are used for the appeal process:

1. APL-01: This form is used for filing the appeal.

2. APL-02: This form is used for filing the reply to the appeal.

3. APL-03: This form is used for filing a cross-objection.

4. APL-04: This form is used for filing an application for rectification of an order passed by the Appellate Authority.

CONCLUSION The appeal process under the GST law provides an effective mechanism for redressal of grievances of taxpayers. The taxpayer or an unregistered person aggrieved by any decision or order passed against him by an adjudicating authority can file an appeal to the Appellate Authority, and the Appellate Authority has the power to examine the legality and validity of the decision or order passed by the adjudicating authority and pass an appropriate order on the appeal filed by the taxpayer. The taxpayer or an unregistered person should follow the prescribed procedure for filing an

 

"Where Show-cause notice issued to the driver was not adequate and the assesee being not Given adequate opportunity, the impugned order was therefore liable to be set aside." -Madras High Court Show-cause Notice Issued to Driver- Impugned Order was Passed on same day-Validity Ramki Cements (P) Ltd. V. STO W.P.(MD) No. 24778 of 2022 Er W.M.P (MD) No. 18861 Er18862 of 2022, 01-Nov-2022

A writ petition has been filed to quash an order demanding tax and penalty on the petitioner's consignment, and to direct the release of the goods. The court found that the petitioner was not given adequate opportunity, the impugned order was set aside, and the respondent was directed to issue a fresh notice and pass a speaking order within eight weeks.

"Withdrawal of writ petition allowed to avail efficacious remedy of appeal as available under section 107 of OGST/CGST Act, 2017 against adjudication order raising demand for delayed payment of tax." - High Court of Orissa Nath Enterprises V. Union of India W.P.(C) Nos. 7910 and 8037 of 2022, 22-Jul-2022

 The High Court of Orissa heard two writ petitions against the demand raised by the State Tax Officer, CT & GST Circle, Dhenkanal, for delayed payment of CGST & OGST for financial years 2017-18 and 2018-19. The court allowed the petitioner to leave the issue of vires of sub-sections (1) and (2) of Section 50 of the OGST/CGST Act open to be agitated in appropriate cases and allowed the withdrawal of the writ petition to avail the efficacious remedy of appeal.

The Delhi High Court on Wednesday upheld the validity of notifications issued by the Union of India levying goods and services tax (GST) on auto rickshaw and bus services booked through e-commerce platforms like Ola and Uber.

दिल्ली उच्च न्यायालय ने बुधवार को ओला और उबेर जैसे ई-कॉमर्स प्लेटफॉर्म के माध्यम से बुक किए गए ऑटो रिक्शा और बस सेवाओं पर माल और सेवा कर (जीएसटी) लगाने के लिए भारत संघ द्वारा जारी अधिसूचना की वैधता को बरकरार रखा।

 न्यायमूर्ति मनमोहन और न्यायमूर्ति मनमीत प्रीतम सिंह अरोड़ा की खंडपीठ ने कहा कि अधिसूचना उपभोक्ताओं द्वारा प्राप्त "बुकिंग के तरीके" के आधार पर एक अनुचित वर्गीकरण नहीं बनाती है और भारत के संविधान के अनुच्छेद 14 और 21 का उल्लंघन नहीं करती है। .

 अदालत ने 18 नवंबर, 2021 को यूनियन ऑफ़ इंडिया द्वारा जारी की गई दो अधिसूचनाओं को चुनौती देते हुए मेक माई ट्रिप (इंडिया) प्राइवेट लिमिटेड के साथ Uber इंडिया, प्रगति ऑटो रिक्शा ड्राइवर यूनियन और IBIBO ग्रुप प्राइवेट लिमिटेड द्वारा दायर याचिकाओं को खारिज कर दिया।

अधिसूचनाओं ने 2017 की पिछली अधिसूचना को संशोधित किया था जिसमें ऑटो रिक्शा द्वारा सेवाओं की आपूर्ति और वातानुकूलित स्टेज कैरिज के अलावा स्टेज कैरिज द्वारा यात्रियों के परिवहन के मामलों में जीएसटी के भुगतान से बिना शर्त छूट प्रदान की गई थी।

 किराए पर कर की छूट व्यक्तिगत ऑटो-रिक्शा चालक, बस ऑपरेटर और इलेक्ट्रॉनिक कॉमर्स ऑपरेटर (ईसीओ) के लिए उपलब्ध थी, भले ही उपभोक्ता ने बुकिंग के किसी भी तरीके का इस्तेमाल किया हो।

 हालांकि, 2017 की मूल अधिसूचना को ECO से छूट वापस लेने वाली विवादित अधिसूचनाओं द्वारा संशोधित किया गया था। अधिसूचनाएं पिछले साल 01 जनवरी से लागू हुईं, जिससे ऑटो-रिक्शा की सवारी या बस की सवारी के लिए ECO के इलेक्ट्रॉनिक प्लेटफॉर्म के माध्यम से एक उपभोक्ता द्वारा की गई बुकिंग के संबंध में किराया कर के लिए पात्र हो गया है।

अदालत के समक्ष मुद्दा यह था कि क्या अधिसूचना मनमाने ढंग से ईसीओ और व्यक्तिगत सेवा प्रदाताओं के बीच केवल सेवा का लाभ उठाने के लिए उपभोक्ता द्वारा प्राप्त "बुकिंग के तरीके" के आधार पर एक वर्गीकरण बनाती है और इस प्रकार, ईसीओ के खिलाफ भेदभाव करती है और उन्हें लाभ से वंचित करती है। मूल अधिसूचना के तहत व्यक्तिगत सेवा प्रदाताओं के लिए छूट उपलब्ध है।

 याचिकाकर्ताओं ने तर्क दिया कि ईसीओ के माध्यम से सवारी बुक करने वाले उपभोक्ता से उबर और आईबीआईबीओ ग्रुप प्राइवेट लिमिटेड द्वारा लिया गया किराया जीएसटी के लेवी से मुक्त रहना चाहिए जैसा कि उस मामले में होता है जहां बुकिंग सीधे व्यक्तिगत ऑटो चालक के साथ की जाती है। या बस ऑपरेटर। याचिकाकर्ताओं ने इस प्रकार व्यक्तिगत ऑटो-रिक्शा चालकों और बस ऑपरेटरों के साथ किराए की दरों की समानता की मांग की।

 विवाद को खारिज करते हुए, अदालत ने पाया कि ईसीओ व्यक्तिगत सेवा प्रदाता के साथ समानता की मांग करके "असमानों के बीच समानता" की मांग कर रहे थे।

"इस अदालत की राय में, यह विशिष्ट तथ्य उन ऑटो-रिक्शा चालकों पर समान रूप से लागू होगा जो सड़क पर चलते हैं। यह एक स्वीकृत तथ्य है कि ईसीओ ऑटो-रिक्शा चालकों को संभावित से जुड़ने के लिए डिजिटल प्लेटफॉर्म प्रदान करने के लिए कमीशन लेता है। उपभोक्ता, जो ईसीओ द्वारा उपभोक्ताओं से एकत्र किए जाने वाले परिवहन शुल्क के अतिरिक्त है। सड़क पर चलने वाले ऑटो रिक्शा चालक को ईसीओ को यह कमीशन नहीं देना पड़ता है। सड़क पर चलने वाले ऑटो रिक्शा चालक को जीएसटी से छूट इसलिए प्रदान करता है व्यक्तिगत ऑटो रिक्शा चालक ईसीओ द्वारा प्रदान की जाने वाली सेवाओं के साथ आर्थिक रूप से प्रतिस्पर्धा करने की क्षमता रखते हैं और उनके पास स्वतंत्र रूप से काम करने का विकल्प होता है, ”अदालत ने कहा।

अदालत ने यह भी कहा कि हालांकि एक ऑटो रिक्शा में भौतिक सवारी की गुणवत्ता समान रह सकती है, भले ही वह सड़क पर हो, दरवाजे की सुविधा का अनुभव और सवारी के लिए सुरक्षा संभालने का उबर का आश्वासन उपभोक्ता के लिए अनुभव को अलग बनाता है।

 इसलिए, अदालत ने फैसला सुनाया कि उपभोक्ता, जो ऑटो रिक्शा की सवारी के लिए उबर ऐप का उपयोग करता है, और उपभोक्ता, जो सड़क पर चलने वाले ऑटो रिक्शा का उपयोग करता है, एक अलग श्रेणी के अंतर्गत आते हैं।

 "इसलिए, इस न्यायालय की राय है कि सेवा प्रदाताओं के एक वर्ग के रूप में याचिकाकर्ता 1 और 3 जैसे ईसीओ का वर्गीकरण, जो अलग-अलग आपूर्तिकर्ता से अलग और अलग हैं, इसलिए, वैधानिक रूप से वर्गीकृत और मान्यता प्राप्त है। 2017 का अधिनियम और विशेष रूप से 2017 के अधिनियम की धारा 9 (5) और 52 में, “अदालत ने कहा।

यह देखते हुए कि केंद्रीय माल और सेवा कर अधिनियम, 2017 की धारा 9 (5) और 11 का उद्देश्य जीएसटी के संग्रह में रिसाव को रोकना है, पीठ ने कहा कि भारत संघ को एकत्र करने के दायित्व को समेकित करने के प्रावधान के तहत अधिकार प्राप्त है और ECO के माध्यम से आपूर्ति की गई सेवाओं के लिए कर का भुगतान करें।

 "ऑटो रिक्शा और गैर-वातानुकूलित स्टेज कैरिज से संबंधित प्रविष्टियों के संबंध में मूल अधिसूचना का उद्देश्य, जैसा कि आज संशोधन के बाद है, अब केवल व्यक्तिगत सेवा प्रदाताओं को छूट देने तक सीमित है और यह धारा 11 के अनुरूप है। 2017 का अधिनियम जो प्रतिवादी को पूरी तरह या सशर्त छूट देने की अनुमति देता है, ”अदालत ने कहा।

अदालत ने इस प्रकार माना कि ईसीओ एक अलग वर्ग है और भारत संघ उन्हें छूट से बाहर करने के अपने अधिकार क्षेत्र में है, यह कहते हुए कि ईसीओ में छूट की निरंतरता का दावा करने का कोई निहित अधिकार नहीं है।

 अदालत ने कहा, "इसलिए, इस न्यायालय की राय में, ईसीओ और व्यक्तिगत सेवा प्रदाता के बीच वर्गीकरण का 2017 के अधिनियम द्वारा प्राप्त किए जाने वाले उद्देश्य के साथ तर्कसंगत संबंध है।"

 यह देखते हुए कि ईसीओ सेवाओं का एक बंडल प्रदान करते हैं और उपभोक्ताओं और व्यक्तिगत आपूर्तिकर्ता दोनों से शुल्क या कमीशन लेते हैं, पीठ ने कहा:

“Therefore, for all purposes, the ECOs are an independent supplier of service to the consumer. And, the service provided by the individual supplier is only one facet of the bundle of services assured by the ECOs to the consumer booking through it. Hence, the impugned Notifications do not result in discrimination on the basis of the mode of booking.”

Title: UBER INDIA SYSTEMS PRIVATE LIMITED v. UNION OF INDIA & ANR and other connected matters

Source- The Love Law

Income Tax Department New Campaign For Non-Verified ITRs

Income Tax Department New Campaign

Income Tax Department has started new campaign on 6 April, 2023, for ITRs which are filed between 1 April, 2022 to 31 July, 2022 but not verified yet.

In this campaign, the Income Tax Department has sent emails to those taxpayers whose ITRs are falls in above category and not verified yet. The email is as under:

“It is observed that your ITR is filed between 1.4.2022 to 31.07.2022 for AY 2022-23 and not verified within 120 days. It shall be taken up for further processing only when it is verified, therefore you are requested to complete the e-verification process by raising a condonation request from the e-filing portal on www.incometax.gov.in at the earliest.”

ITR Non Verification- Consequences

Let us tell you that if an ITR is not verified within time limit, then the same is deemed as never filed and all the consequences of non-filing of return are applicable to the taxpayer concerned. Also, if a taxpayer fails to file required return within the due date, the assessing officer is under obligation to make an assessment to best of his judgment u/s 144 of the Income Tax Act. In addition to this, the taxpayer may face other consequences like problem in bank finance, carry forward of losses, claim of refund etc.

How To E-Verify ITR

Step-1: Log in to income tax e-filing portal here https://www.incometax.gov.in/iec/foportal/

Step-2: Click on e-file > income tax returns > e-verify return

Step-3: Select available assessment year, file condonation request and e-verify ITR by choosing applicable option.

Requesting Everyone to Join  whatsApp community

Join the WhatsApp *TAX UPDATE* group to get frequent tax updates

https://chat.whatsapp.com/KMtBVKA4W1a36ORArxIurR

ITC IN CASE OF MOTOR VEHICLE INCLUDING BLOCKED CREDIT🧵

ITC IN CASE OF MOTOR VEHICLE INCLUDING BLOCKED CREDIT🧵

1) Motor Vehicle used for transportation of Persons 🚗

(A) ITC is blocked for motor vehicles have approved seating capacity ≤ 13 persons (including the driver). 🚗

ITC is also blocked on certain services relating to motor vehicles like insurance, servicing, repair & maintenance.👨‍🔧

BUT, there are some exceptions to point (A) i.e. if motor vehicle is used for:

(i) Making further taxable supply of motor vehicles.

(ii) Making taxable supply of transportation of passengers. 🚖

(iii) Making taxable supply of imparting training on driving such cars.

Then, ITC is available ☝️.

(B) ITC is allowed if motor vehicle have approved seating capacity of >13 person.🚎 

ITC on certain services relating to motor vehicles like insurance, servicing, repair & maintenance are also allowed.👨‍🔧

2) Motor Vehicle is used for transportation of goods:🚚

 - ITC is allowed without any restriction.

 - ITC on realated service like insurance also allowed.

The Delhi High Court has held that merely because certain other documents or clarifications are sought by way of issuing a Deficiency Memo, the same will not render the application filed by a taxpayer as non-est.

The Delhi High Court has held that merely because certain other documents or clarifications are sought by way of issuing a Deficiency Memo, the same will not render the application filed by a taxpayer as non-est.

The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that if the application filed is not deficient in material particulars, it cannot be treated as non est. If it is accompanied by the "documentary evidence" as mentioned in Rule 89(2) of the Rules, it cannot be ignored for the purposes of limitation. The limitation would necessarily stop upon filing the application.

The petitioner/assessee challenged the denial of his request for a refund of GST amounting to Rs. 2,63,98,462. The petitioner claimed that excess tax to that extent was paid for the month of December 2017, and the petitioner is entitled to a refund of the said amount.

The petitioner explained that there was an error on its part in reporting the sales for the month. The petitioner stated that it had raised an invoice for carrying out the work of the NFS Project, which involved laying an alternate communication network for the Defense Services. The petitioner had also deposited the goods and services tax amounting to Rs. 18,60,35,829 and reported it in its returns (GSTR-1 and GSTR-3B) filed for the month of December, 2017.

The petitioner received a letter dated February 22, 2018 from the Department of Telecommunications (DOT) clarifying that the amount of Rs. 104,651,628 paid to the petitioner was inclusive of taxes. It is the petitioner’s case that, on receipt of the said letter, it realized that the calculation of GST was erroneous inasmuch as the petitioner had assumed that the amount received was exclusive of GST, which would be paid over and above the specified amount.

The petitioner contended that it was open for the respondents to seek any documents required for clarification relating to the refund claim made by a taxpayer. However, the taxpayer’s application cannot be considered deficient if it was duly accompanied by the documents prescribed under Rule 89(2).

The court held that it is erroneous to assume that the application, which is accompanied by the documents as specified under Rule 89(2) of the Rules, is required to be treated as complete only after the taxpayer furnishes the clarification of further documents as may be required by the proper officer, and that too from the date the clarification is issued.

Case Title: Bharat Sanchar Nigam Limited Versus UOI

Citation: W.P.(C) 3550/2023

Date: April 6, 2023

Counsel For Petitioner: Kamal Sawhney, Krishna Rao, Aakansha Wadhwani, Deepak Thackur and Anishka Gupta

Counsel For Respondent: Bhagwan Swarup Shukla, Sarvan Kumar and Vikrant, R. Ramachandran

GST Compensation Cess Rate Amendment w.e.f. 1st April 23!

GST Compensation Cess Rate Amendment w.e.f. 1st April 23!

Cess on Pan Masala,Tobacco etc. is now leviable  on Retail Sale Price -NNo02/2023-CCR

(Pic 1👇)

Impact on Manufactures,Wholesale & Retailers. Also on Stock (Pic 2 👇)

For Detailed Article,Check:-

https://taxationpost.com/impact-of-change-in-gst-compensation-cess-rate-w-e-f-1st-apr-2023/

Regard- Abhas halakhandi

New Tax Regime vs Old Tax Regime

LIMITATION PERIOD DATES – SECTION 73 /74

TAX NOT PAID OR SHORT PAID OR ITC WRONG AVAILED OR UTILISED FOR REASON OTHER THAN FRAUD OR WILFUL MISSTATEMENT OR SUPPRESSION OF FACTS

ITC Reversal Circumstances in #GST

ITC Reversal Circumstances in #GST

Many provisions for cash transactions-

Many provisions for cash transactions-

* 40(A)(3)- 10K exp. limit

* 44AB- 95% audit criteria

* 44AD- Profit 8%, not 6% 

* 80D- Not allowed

* 80G- 2K limit

* 80GGB/GGC- Not allowed

* 80JJAA- Not allowed

* 194N- TDS on withdrawal

* 269SS/T- Loan 20K limit

* 269ST- Receipt 2L limit

Cash deposit more than 10 lakh (saving)

Cash withdrawal more than 10 lakh (saving)

Cash deposit more than 50 lakh (current)

Cash withdrawal more than 50 lakh (current)

FD made in cash more than 2 lakh

Credit card bill paid more than 1 lakh

'GTA' V/s 'Renting - Leasing of Vehicle' DECODED - Ca Deep Koradia

'GTA' V/s 'Renting - Leasing of Vehicle' DECODED 

When something is Transported from Point A to Point B, it's called 'Transportation Service'

WHEREAS

When the vehicle is Given On Time basis, that's Renting / leasing.

Here is exhaustive Comparison: ⬇️

Passenger Transport V/s 'Renting - Leasing of Vehicle'

Unlike the Goods Transportation, for passenger Transportation / renting of vehicle, ITC to recipient is restrictive. 

Here is the exhaustive summary ⬇️

Share it with someone who may need it!

Circular No.04/2023 CBDT1:Each year the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly

Circular No.04/2023 CBDT

1:Each year the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly

2:If intimation is not made by an employee then the default tax regime is the new regime u/s 115BAC

3:This intimation would not amount to the exercising option, it means a person can select any regime at the time of filing ITR u/s 139(1)

LIMITATION OF ISSUING SCN AND ORDER UNDER GST EXTENDED -u/s 73

LIMITATION OF ISSUING SCN AND ORDER UNDER GST EXTENDED:

Yesterday, Via NN 09-2023 CT, Time limit to Issue Show Cause Notices u/s 73 has been Extended for the FY 17-18, 18-19 & 19-20. Here is the exhaustive Chart till date

AMNESTY for Deemed Withdrawal of Order u/s 62(Non Filer) serviced till 28th feb,if return could not be filed within 30days

NNo. 06/2023!

AMNESTY for Deemed Withdrawal of Order u/s 62(Non Filer) serviced till 28th feb,if return could not be filed within 30days:-

👉File return till 30th Jun23

👉Along with Payment of Int. due u/s 50 & late fee payable u/s 47

Whether Appeal filed or not/decided or not!

Extended the time limit specified u/s 73(10) for issuance of order u/s 73(9) of the CGST Act, for recovery of tax not paid or short paid or of ITC wrongly availed or utilised, relating to the period as specified below

Extended the time limit specified u/s 73(10) for issuance of order u/s 73(9) of the CGST Act, for recovery of tax not paid or short paid or of ITC wrongly availed or utilised, relating to the period as specified below 

Notification ⬇⬇

Compensation Cess (Rate) on Pan masala, Gutkha and Chewing Tobacco.

Govt. issued Notification No. 2/2023-Compensation Cess (Rate) on Pan masala, Gutkha and Chewing Tobacco. 

If GSTR-10 was not filed within the due date then Maximum Late fee for Final Return GSTR 10 will be Rs.1,000 if filed between 01/04/23 to 30/06/23

Notification No.08/2023 Central Tax

If GSTR-10 was not filed within the due date then Maximum Late fee for Final Return GSTR 10 will be Rs.1,000 if filed between 01/04/23 to 30/06/23

Reduction in Late Fee for annual return from FY 2022-23 onwards

Notification No.07/2023 Central Tax

Reduction in Late Fee for annual return from FY 2022-23 onwards

Maximum Late fee for annual return for FY 2017-18, 2018-19, 2019-20, 2020-21 or 2021-22 is Rs.20,000 if it will be filed between 01/04/23 to 30/06/23