Blog

No recovery of interest on Gross GST Liability
Blog
CA. Sachin Jindal

Interest on GST to be charged on Net output Tax Liabilities

CBIC assured that no recoveries shall be made for the past periods as well, i.e., delayed GST payment made upto 31.08.2020, by any of the Central and State tax administration. Therefore, interest computation for earlier period shall be carried out in accordance with the decision taken in the 39th meeting of GST Council only.

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Tax Avoidance Practices plugged by Department
ITR
CA. Kavit Vijay

Tax Avoidance Practices plugged by Department

This tax liability reduction practise, either through legitimate or illegitimate options, is known as “Tax Avoidance”, “Tax Evasion” and “Tax Planning. Although the words “Tax avoidance” and “Tax evasion” and “Tax planning” sound similar but in practical scenarios they are radically different.

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Verify Income Tax Return
ITR
CA. Kavit Vijay

How to E-Verify Your Income Tax Return | E-Verify ITR

For the purpose of Income tax return filing, mere uploading a return file is not sufficient. Post uploading of return, sending a signed copy of acknowledgment (ITR-V) was prerequisite to verify the ITR and complete the filing process. ITR is considered as not filed till it ITR verified and the signed copy of ITR-V is not received at Central Processing Cell (CPC), Bangalore.

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GST Registration Process with Aadhar
Blog
CA. Sachin Jindal

GST Registration Process with Aadhar Authentication

Government is making all the efforts to sync all the statutory information of a person through one common source. For this purpose, Aadhar number is used as a base. Over the period of time, linking of Aadhaar Number has been made mandatory at various places such as Bank Accounts, Income Tax portal etc. In this direction, a minor but the most major change has been made in the GST registration process vide Notification No. 62/2020- Central Tax dated 20th August 2020 with effect from 21st August, 2020.  Under GST also, a new feature of “Aadhaar Authentication” has been added to

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Faceless Assessment & Appeal Scheme
Blog
CA. Kapil Mittal

Faceless Assessment & Appeal Scheme|Transparency in Taxation System

Faceless assessment is a “big step in reducing Department’s interference from people’s lives” and ensures speedy assessment of cases. Further, another major cause is that the I-T department has been progressively reducing the percentage of cases picked up for scrutiny assessment so as to establish the fact that the department places trust on the taxpayer.

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