Clarification in respect of refund of tax specified in section 77(1) of the CGST Act and section 19(1) of the IGST Act

Subject: Clarification in respect of refund of tax specified in section 77(1) of the CGST Act and section 19(1) of the IGST Act -Reg

 

Representations have been received seeking clarification on the issues in respect of refund of tax wrongfully paid as specified in section 77(1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”) and section 19(1) of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as “IGST Act”). In order to clarify these issues and to ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the CGST Act, hereby clarifies the issues detailed hereunder:

2.1 Section 77 of the CGST Act, 2017 reads as follows:

वेतन के अलावा अन्य सभी स्रोतों से हुई आय का जिक्र इनकम टैक्स रिटर्न में करना जरूर, नहीं तो आ सकता है नोटिस

 इनकम टैक्स रिटर्न फाइल करते समय करदाता को पक्का कर लेना चाहिए कि उसने सभी आय का जिक्र इसमें कर दिया है। आयकर विभाग को नियोक्ता के वेतन प्रमाण पत्र (फॉर्म-16) के अलावा अन्य स्रोतों से भी करदाताओं को हुई आय की पूरी जानकारी होती है। बैंकों व वित्तीय संस्थाओं के ‘एनुअल इंफॉर्मेशन रिटर्न’ और ‘स्पेसिफाइड फाइनेंशियल रिटर्न’ इनमें शामिल हैं। इसलिए यदि आप आय का कोई स्रोत छुपाते हैं तो पूरी आशंका है कि कामयाबी न मिले और आयकर विभाग के नोटिस का सामना करना पड़ जाए।

दरअसल आयकर विभाग को हर करदाता के हर बड़े लेनदेन से जुड़ी ज्यादातर जानकारी रहती है। जैसे ही करदाता आय से जुड़े विवरण मुहैया कराता है, इनकम टैक्स डिपार्टमेंट का पोर्टल उन सारी जानकारियों का मिलान विभाग के पास उपलब्ध सूचनाओं से करता है। CA अभय शर्मा के अनुसार यदि इसमें कोई अंतर पाया जाता है तो विभाग नोटिस जारी करके पूछताछ कर सकता है।

Download 151 Land Mark Judgements of The Supreme Court

The All India Federation of Tax Practitioners (AIFTP)  and other leading professional organizations have issued a publication containing 151 land Mark judgements of the Hon’ble Supreme Court of India.

The judgements cover 

:- Direct taxes,
:- Indirect taxes and 
:- Allied laws.
 A pdf copy of the publication is available for download

Transfer of PPF account from post office to Bank

 I have my PPF account in Post office but want to shift it to Bank where I have my Saving Bank account, can I do it? 

How to transfer money to NRE account from USA?

 How to transfer money to NRE account? How to transfer money to NRE account from USA? These are common questions many NRIs have. There are several ways in which you can transfer money to a NRE account from abroad. The money is deposited in Indian rupees.

Another question you may have is- can I deposit money in NRE account from India? You cannot transfer money to a NRE account from a savings account in India. However, you can transfer money from NRO to NRE account. You can also transfer money from one NRE account to another.

Do I need to pay tax on income earned on gift amount?

I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.

Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?

Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that  income up to Rs.2,50,000/- is not taxable. 

GST Council Meeting Updates

Recommendations of the 42nd GST Council Meeting

The42nd GST Council meeting

 has been held through video conferencing under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. 

The GST Council has made the following recommendations: 

New Requirement in Tax Audit Report and in ITR 6

New Tax regime i.e. "propagated as concessional tax rate" has been introduced in Finance Act which provide options to taxpayer to adopt any one of the two options and pay tax accordingly. A lot of deductions/allowance which were availed earlier by the tax payer shall be forgone. 

Section 115BAA and section 115BAB are introduced for company assessee and section 115BAC and Section 115BAD have been brought for assessee, being an Individual, HUF and Co-operative society. so that tax payer can opt for concessional tax rate regime subject to fulfillment of various conditions given in these sections.

Do you need to maintain books of accounts for Income Tax purpose ?

 Are you maintaining Books of accounts to disclose proper Income for Income Tax purpose?

you are filing your income tax return and declaring a certain amount as income , just think that you have received a notice from income tax department to prove your income, how will you prove that you have declared your true income? are you maintaining books of accounts and keeping record of the income and expenditure, if yes , very good but what if you are not maintaining,can Income tax department force you to maintain books of accounts or can department may penalize you for not keeping record? 

Just join me here to know what is required and what is not required , I am going to discuss the provisions relating to maintenance of books of Accounts.

GST taxpayers get relief in implementation of e-invoice

 As per twitter handle of CBIC , One time relaxation has been given in implementation of E-Invoice Provisions for the month of October, 2020. Read  full press release below:-