Income Tax : A Comprehensive Analysis of Undisclosed Incomes under Sections 68 to 69D of the Income-tax Act, 1961, Taxation of these Incomes Un...
Income Tax : It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these ...
Income Tax : Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Ass...
Income Tax : Decoding Section 271AAD – Penalty for false entry / fake invoices [inserted vide Finance Act, 2020 – w.e.f. 01.04.2020] Chap...
Income Tax : Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Ame...
Income Tax : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : ITAT Chandigarh quashed Section 263 revision, holding that a plausible assessment view after detailed enquiry cannot be replaced b...
Income Tax : We recently found below CBDT instruction on Social media on ‘Penalty u/s 271AAD for false entry etc. in the books of account...
In the recent past, GST Department has caught various fraudulent cases of Input Tax Credit. Fake invoice are issued without any actual supply of goods or services with an aim of claiming ITC and reduce GST output liability. To curb this, Finance Act,2020 has brought amendment to penalty provisions of Sec 122 & Sec 132 […]
Understand the implications of Section 271AAD of the Income Tax Act,2020. Learn about the fair interpretation and applicability of this important section.
In the past we seen that, the GST department endeavours several cases whereas fraudulent input tax credit has been availed and claimed. GST department stated that, in all cases bogus invoices are been obtained by the suppliers and fraudulently claim the ITC taken to reduce tax liability. The bogus invoices has been issued by the […]
Understand the consequences of false entries in books of account. Learn about the penalty provisions introduced by Finance Act, 2020 to curb malpractices of issuing fake invoices.
Introduction Through the Finance Bill of 2020, the already voluminous Income Tax Act was laden with another a new provision.This time the addition was triggered due to some events or practices under the GST Law. Section 271AAD was inserted for imposing penalty for false entry or for omission of any entryin books of accounts, which […]
Penalty for Fake Invoices and False Entries – Section 271AAD under Income Tax Act, 1961 & Section 122 of CGST Act, 2017 Various cases of fraudulent input tax credit claims have been caught by the GST Authorities nowadays. In most of the cases fake invoices are used to claim fraudulent input tax credit which is […]
New Penal provisions under Income tax Act Section 271AAD and under GST Section 122(1A) for No entry or false entry in Books of accounts and its consequences The finance bill 2020 has introduced new penal provisions under the Income Tax Act and GST. The reason for introduction of the same is In the recent past […]
Arjun (Fictional Character): Krishna, several cases of fraudulent claim input tax credit (ITC) have been caught by the GST authorities. Considering the same, in Union Budget 2020 it has been proposed to take massive steps to curb issuance of fake invoice. So, what are they? Krishna (Fictional Character): Arjuna, to curb issuance of fake invoices, […]
Clause 98 of the Finance Bill 2020 has introduced Section 271AAD in the Income Tax Act relating to penalty for (a) a false entry or (b) any entry relevant to computation of total income of such person has been omitted with the intention to evade any tax liability in the books of account maintained by […]
In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to […]
