ATA Global - Income Tax/GST/DGFT/ROC /Other Updates

Government (CBIC) has issued detailed guidelines for Return Scrutiny under GST for FY 2017-18 and 2018-19. Such scrutiny of Returns would be in time bound manner. Some indicative list of parameters for scrutiny have been given in the guidelines as below:

➡️ Difference in Tax Liability between GSTR-1 and GSTR-3B

➡️ RCM liability to be compared with RCM ITC availed in GSTR-3B

➡️ RCM liability appearing in GSTR-2A and liability declared in GSTR-3B

➡️ Tax liability paid in cash in GSTR-3B should not be less than liability declared on RCM in GSTR-3B

➡️ ITC availed on ISD to be compared with IDS ITC appearing in Table 7 of GSTR-2A

➡️ All other ITC availed in GSTR-3B to be compared with ITC appearing in GSTR-2A

➡️ Outward tax liability declared in GSTR-3B should not be less than payable as TDS/TCS appearing in GSTR-2A

➡️ Comparison of liability declared in GSTR-3B with E-way Bill Report

➡️ ITC availed in respect of vendors where registration cancelled retrospectively

➡️ ITC availed in GSTR-3B where vendors not filed GSTR-3B

➡️ GSTR-3B filed after September due date- no ITC to be availed in this Return

➡️ Import of goods ITC availed in GSTR-3B to be compared with ITC appearing in GSTR-2A on import of goods

➡️ ITC reversal under Rule 42/43 viz a viz exempted supply shown in Return

➡️ Payment of Interest and Late Fees

Team
ATA Global

All IEC which have not been updated after 01.07.2020 shall be de-activated w.e.f. 01.02.2022.

Happy Republic Day🇮🇳🇮🇳

केंद्रीय प्रत्यक्ष कर बोर्ड (Central Board of Direct Taxes) ने Annual Information System (AIS) की शुरुआत की।

इस Annual Information में ब्याज, लाभांश (Dividend) के साथ साथ शेयर और म्यूचुअल फंड से जुड़ी जानकारी भी शामिल होंगी।

अभी तक अधिकतर करदाता, शेयर और म्यूचुअल फंड से होने वाली कमाई पर टैक्स नहीं देते हैं, उसपर रोक लगाने के लिए और शेयर और म्यूचुअल फंड (Share Market) से होने वाली कमाई पर नजर रखने के लिए CBDT का बड़ा कदम।

अब अपनी शेयर मार्केट से होने वाली कमाई को छिपाना करदाता के लिए बड़ा संकट खड़ा कर सकता है। अतः अपनी शेयर मार्केट की कमाई को इनकम टैक्स रिटर्न में अवश्य दर्शाएं।

Advisory for Taxpayers regarding Generation of EWB where the principal supply is Supply of services.

In view of the glitches in Income Tax Portal, CBDT extend the due date for filing of various forms.
Last date for payment under Vivad Se Vishwas scheme further extended from 31st August ,2021 to 30th September,2021.

After 15th August 2021,the System will restrict the generation of EWB in case of

1-Non filing of 2 or more returns in Form GSTR-3B for the months up to June, 2021 and
2-Non filing of 2 or more statements in Form GST CMP-08 for the quarters up to April to June

Regards
Team TAXadvice4India - GST, Income Tax Updates & Discussions

Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961