"12 January 2021" Archive

Mumbai Exporter arrested for issuing fake GST invoices

Exporter arrested for creating bogus companies for issuance of fake invoices On the basis of inputs received from PCCO by using BIFA tool and intelligence further developed by the officers of CGST Mumbai West Anti Evasion team, a case was booked on nine (9) companies run by a 40 year old exporter Shri Santosh Kumar […]...

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CBDT launches e-portal for filing tax evasion complaints

CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of ...

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Group service fees paid to AEs: ITAT restore the matter to AO / TPO

Disa India Limited Vs ITO (ITAT Bangalore)

Disa India Limited Vs ITO (ITAT Bangalore) The Tribunal in assessee’s own case for assessment year 2012-2013 (supra) had directed to do afresh transfer pricing analysis and determine the ALP of international transactions with regard to group service fees paid by the assessee to its AEs. In view of the Tribunal order in assessee’s own ...

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Income Tax Dept conducts searches in Assam & Hyderabad

Income Tax Department conducts searches in Assam The Income Tax Department carried out search and survey action on 08/01/2021 in the cases of renowned Doctors/Medical professionals of Assam. The search and survey actions were carried out at 29 locations in Guwahati, Nalbari and Dibrugarh in Assam. The main allegations against the groups w...

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Table wise applicability of GSTR-9 for F.Y.2019-20 – GST

In terms of section 44 of the CGST Act, 2017 (hereinafter referred to as the ‘Act’) every registered person is required to file the Annual Return in Form GSTR-9, irrespective of turnover limit on or before 31st December of the following financial year....

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Assistant Commissioner cannot revise or Review his own order – Section 11A of Central Excise Act

Tripura Ispat Vs Union of India (Tripura High Court)

Tripura Ispat Vs Union of India (Tripura High Court) We have briefly touched on this difference in statutory scheme of the Central Excise Act against the Income Tax Act in order to drive home the point that if the department was desirous of pursuing the question of leviability of education and higher education cess when […]...

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15 Suggestions to Rationalise Current Direct Tax Structure

1. ALLOW FILLING ITR AFTER 31-MARCH OF AY Allow filling Income Tax return after 31st March of Assessment year (Of-course with Higher late fees than currently prescribed ..i.e. Higher than Rs. 10000). Govt will get high revenue if the Taxpayer is having high income.. Earlier 2 years time was allowed to file ITR 2. REDUCTION […]...

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Inconsistencies in current provisions of Income-tax Act, 1961

The Income-tax, Act, 1961 has in all 298 sections and many of these have cross reference to each other while interpreting the provisions. In such a scenario, when any amendment takes place in any of the sections, the corresponding effect and reference should be given to the relevant related sections as well.  However, inconsistency exist...

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Annual Filing for Companies for Financial Year Ended on 2020

What is Annual Filing? Annual filing has no definite or fixed definition or explanation. It is a general term used by stakeholders/ professionals in regard to company for filing the mandatory forms to concerned department like Registrar of Companies, Income Tax Department, GST, etc. for containing all the major working of the company. Thi...

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Delayed payments of Prize Money by Chit Fund Companies

Chit Fund Companies in India delays payment of Prize money amount, which should be paid immediately after furnishing of security. The relevant Acts governing Chit Funds did not grant any time for payment, thereafter.  Delay in payment is Unlawful and this view is also affirmed by Consumer courts. The prize amounts should be paid immediat...

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