IT major Infosys said that some of the glitches that impacted the seamless operation of the new Income Tax e-filing portal have been addressed and these were related to filing forms, e-proceedings, KYC-related issues and instant payment among other areas. Close to 100,000 IT returns have been filed so far.
In signs of economy reflating after a devastating second wave of Covid-19, net income and corporate tax collections so far this fiscal doubled to over ₹1.85 lakh crore buoyed by advance tax and TDS payments. Mop up of net direct tax between April 1-June 15 was at ₹1,85,871 crore, a 100.4% growth over ₹92,762 crore collected in the same period last fiscal.
The Department of Commerce (DoC) has recommended increasing the budget of the Remission of Duties and Taxes on Export Products (RoDTEP) scheme to ₹20,000 crore to cover all 11,310 tariff lines and allay any legal concerns that it is a mere replacement of the WTO non-compliant Merchandise Export Incentive Scheme (MEIS). A cabinet is likely to be floated this week.
Data from GSTN, showed that the average e-way bills generated this month until June 13 stood at 1.61 million, 25% more than the daily average reported for May. It also showed a reversal of the sequential decline seen in April and May. India’s Goods and Services Tax (GST) revenue collections are likely to stage a recovery from July.
Even during the second wave of COVID-19, direct tax collection has nearly doubled in FY22 so far, compared with the same period in the previous fiscal year. Direct tax collection was ₹1.62 lakh crore up to June 11, 2021, 85% higher than ₹87,700 crore collected during the same period in FY21.
The government has launched a new tax portal that is supposed to improve taxpayers' experience. However, the glitches in the portal are giving a tough time to taxpayers as well as chartered accountants Multiple links are not working which is creating further problems for users. Old forms, income-tax returns and other records are not visible on the new website as well.
An eight-member group of ministers (GoM) set up to decide GST reduction on Covid relief materials. The GoM, headed by Meghalaya CM, has suggested reduction in GST rates of Covid relief material to 5% on items including medical grade oxygen, oxygen concentrators, pulse oximeters and Covid testing kits. Exemption for drugs related to treatment of black fungus has also been recommended.
GST Collection for the month of May came in at ₹1.02 lakh crore, official data by the Ministry showed on June 5. While this was the eighth consecutive month of GST being above ₹1 lakh crore, it was also the lowest collection since September 2020. The May GST collections were also a 27.6% drop from record sum of ₹1.41 lakh crore in April.
Link your Aadhaar with PAN, Link PAN and Bank account and Declare Tax saving investments. At the start of the fiscal year, employees should make declarations regarding the investments they plan to do during the year. If you don't have a taxable income then you need to submit 15G/15H form with your bank to avoid TDS deduction on the interest earned.
A plan to merge goods and services tax (GST) slabs of 12% and 18% into a single rate that will apply to most goods is expected to get delayed, while the GST compensation cess levied on items like cars may be extended. This will imply a change in the design of the GST structure itself and impact some of the goods.
RBI in the year 2018, banned all banks from dealing in such currencies but a Supreme Court order reversed such ban because of the plea filed by Internet and Mobile Association of India. Because of any regulation or law being absent here, the business of dealing in cryptocurrencies is protected under Article 19(1)(g) of our Constitution that guarantees right to carry on trade, occupation or business.
Even an under assessment or otherwise is a ground for reopening of assessment. In the present case, any erroneous claim made resulting under assessment would constitute a ground for reopening of assessment by the Assessing Officer by invoking Section 147 of the Act. Failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment is a ground of reopening of assessment.
ITAT has held that the cost of Parking Space provided to Shop Owners / Office Owners of Mall by a developer is an expense and should not be carried as WIP. The assessee has incurred a cost of the project for providing the parking space to the shop owners, which was a commercial obligation on the assessee.
An extension has been provided for the issuance of TDS certificate in Form 16 from June 15 to July 15 to employees post extension of due date for filing of TDS return. A similar extension is not yet provided for the issuance of TDS certificate in non-salary cases. Thus, banks are required to issue Form 16A (TDS certificate for tax deducted on interest) by June 15, 2021
There is no prohibition for a consignor to unload the consignments to two different destinations intended for two different parties in two different States on a single conveyance; and also there is no rule that consignments intended for a party at a shorter distance should be offloaded first. Goods can be offloaded as per convenience of the transporter. Thus the department should not be passing detention orders for the same.