Dr. Dinesh Sharma

ITAT allows deduction u/s 10AA of Income Tax  Act in respect of profits derived by Unit from re-export of goods imported [Read Order] Read More: https://lnkd.in/gqhiKmhk #itat #deduction #incometaxact #reexport #goods #imported #taxscan #taxnews

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Dear All, Pl. share your views on whether limitation period of 2/5 years under section 28 is applicable in case assessee has furnished Bond. For example: Bond for EPCG and PIR. OR Limitation period will start or end with the cancellation of Bond. #Tax# Custom#Duty#Limitation

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GST Updates Important Changes to GSTR-2B API by GSTN from October 2024 Managing your GST filings and claiming Input Tax Credit (ITC) has always been straightforward with GSTR2B. The rate-wise tax break-up details of your inward supplies in GSTR-2B made it easy to reconcile your tax credits. The detailed breakdown was essential for automating the GSTR-2B reconciliation. This was achieved through the current version (API Version 3) of the GSTR-2B download process. Recently, GSTN has upgraded the API to the newer version which impacts the way ITC reconciliation process works. The change – GSTR2B API Version 4 Effective 1st October 2024, GSTN has introduced the newer version of GSTR-2B API. Starting 14th November, GSTR-2B downloads will use the new version to fetch the GSTR-2B details. The key change is that the GSTR-2B downloads from 14th November will no longer include the rate-wise tax break-up details of inward supplies —instead, only the total tax amount will be available. As a result, existing reconciliation methods, including auto-reconciliation, will be impacted. From November 14, 2024, GSTN will stop supporting the current version (3.0) of the GSTR2B API. However, businesses can download GSTR2B of previous months up to September 2024, with no changes to the current process. #gstupdates #indirecttax #jaiupdates #itccredit #inputtaxcredit #gstr2b #accounts

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PR. CIT v. LG ELECTRONICS INDIA (P.) LTD. [2018] 12 ITR-OL 334 (SC) ; (2018) 18 SCC 447 ; 2018 SCC OnLine SC 1214 ; [2018] 303 CTR 649 (SC) relied on. Held, that the orders passed under section 201(1) and 201(1A) of the Income-tax Act, 1961 , holding the assessee to be an “assessee-in-default” for short deduction of tax at source for the assessment years 2013-14 and 2014-15, were non-reasoned orders. Neither the Assessing Officer nor the Commissioner had either considered the contentions and submissions of the assessee nor the three basic principles, i. e., the prima facie case, balance of convenience and irreparable injury while deciding the stay application. Even the Office Memorandum dated February 29, 2016, gave instances like where additions on similar issue had been deleted by the appellate authorities in the earlier years or where the decision of the Supreme Court or High Court was in favour of the assessee. The orders and notices were set aside and the matters were remanded to the Commissioner for fresh adjudication in the application for stay. However, before deciding the stay application, the Commissioner should grant a personal hearing to the assessee. [Matter remanded.] CA Mrattunjay Varshney

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CSR Spend? Fund disbursed to Implementing agency is not CSR Spend. Advance by Implementing Agency to its vendors is not CSR Spend. CSR Spend (expenditure) by Implementing Agency is key. There should be supporting documentation to prove that expenditure has been incurred even if payment has not been made. Interpretation of "CSR spend" should be shared by Implementing Agency with its donor/s, so that compliance at both Implementing Agency and Donor level could be complied with. #CSR #NGO #Compliance

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With an aim to boost revenues and expand tax net, Federal Board of Revenue (FBR) has decided to target non-filers with a significant increase in withholding tax, jumping from 2.5% to a whopping 90%. Under this new rule, non-filers will pay Rs 90 out of every Rs 100 mobile recharge. Rs 90 will be deducted and sent to the tax authority. #faco #facotax #business #pakistan #taxnews #taxreturn #taxservice #tax #taxes #taxtips #taxplanning #taxpreparation #taxpreparationservices

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Much needed !! Advisory by GSTN Dated 9th Dec, 2024 Advisory on difference in value of Table 8A and 8C of Annual Returns FY 23-24. Crucial to have aligned presentations by all the taxpayers filing GSTR 9/9C. #Gstupdate #GSTR9 #GST #AnnualReturns

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When will ITR e-filing begin this year? When can salaried taxpayers start filing their tax returns for AY 2024-25? Additionally, could you provide details on the new AIS functionality? The original income tax return for the financial year 2023-24 must be filed by 31st July 2024 for salaried taxpayers. If a salaried taxpayer fails to file the return or wishes to revise it, they can do so until 31st December 2024, subject to applicable late filing fees. Generally, the filing of income tax returns starts on the 1st day of April of the relevant assessment year (AY) or from the date the income tax forms are notified by the CBDT, whichever is later. Since the income tax forms for AY 2024-25 were notified in January 2024, taxpayers can technically start filing their ITRs for the financial year 2023-24 (relevant to AY 2024-25) from 1st April 2024. However, salaried individuals usually file their tax returns based on the TDS certificate (Form 16) received from their employers. Employers typically issue this form in the first half of June, as the last day for TDS filing for the quarter ending in March is 31st May, and Form 16 must be issued within 15 days of this deadline. Once the TDS certificate is obtained, salaried taxpayers should file their returns after verifying the details in the certificate. Given the due date for filing tax returns for salaried taxpayers is 31st July 2024, it is advisable to file early to avoid excess interest. Taxpayers must ensure the details reported in the ITR align with the information in the AIS. If there are errors in the AIS or if certain income reflected does not pertain to them, taxpayers can submit online feedback and report the discrepancy by selecting options such as "Information is correct" or "Information is not taxable/not fully correct." This feedback allows taxpayers to comment on the accuracy of the information provided by the source. The Central Board of Direct Taxes (CBDT) announced a new functionality in the AIS on 13th May 2024 to display the status of the information confirmation process. This feature shows whether the taxpayer's feedback has been addressed by the source, either by fully or partially accepting or rejecting it. If accepted, the source must correct the information by filing a correction statement. The following attributes will be visible to the taxpayer: Whether feedback is shared for confirmation: Indicates if the feedback has been shared with the reporting source. - Feedback Shared On: Displays the date the feedback was shared with the reporting source. - Source Responded On: Shows the date the reporting source responded to the feedback. - Source Response: Provides the source’s response to the taxpayer's feedback, indicating if any correction is required. This new functionality is expected to enhance transparency by displaying this information in the AIS, furthering the Income Tax Department's goal of easing compliance and improving taxpayer services. #IncomeTaxReturn

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PPF accounts with excess contributions beyond the Rs.1.5 lakh annual limit, multiple accounts – all such accounts will be declared irregular with changes proposed. Check out how these new rules will affect the irregular accounts. https://lnkd.in/gUERa8i5 PS: I had written about this 2 years back when I found few of my clients contributing more than the stipulated limit in PPF. PPF rules are finally catching up from October this year. #PPF

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🇮🇳 Company providing all tax, accounting and compliance-related services to 1,000+ micro clients. Business for Sale - The owner is selling the business due to personal reasons. The asking price of the business is 4-5 P/E while the industry average is 15+. #accountingfirm #accountingfirmforsale #taxsolutions #professionalservices #dehradunbusiness #dehradunbusinessopportunity #uttarakhandbusiness

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All about the Modified Return (Form ITR-A) in Case of Business Reorganisation: Section 170A and the associated provisions offer a structured approach to filing modified returns in the case of business reorganization. The modified return of income is to be furnished by a successor entity to a business reorganisation as referred to in section 170A of the Act for an assessment year shall be filed in Form ITR-A. Key Provisions and Process 1. Section 170A of the Income-tax Act, 1961: Provision of Section 170A Allows entities undergoing business reorganization to file a modified return of income for any relevant assessment year. within six months from the end of the month when the order of reorganization is issued by the competent authority. 2. Introduction and Effect: Form ITR-A Inserted By Finance Act, 2022 with effect from April 1, 2022,  To facilitate the implementation of orders issued by tribunals, courts, or an Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016, regarding business reorganization. 3. Scope and Applicability: Applies to entities that have filed a return of income under Section 139 for the assessment year relevant to the previous year affected by the reorganization order. The successor entity must file a modified return in accordance with the reorganization order, within the specified six-month period. 4. Benefits of Section 170A is to Facilitates a seamless transition for companies undergoing business reorganization (amalgamation, merger, demerger). Section 170A has some Practical Difficulties like Addresses and resolves practical issues in completing assessment or reassessment proceedings for transferee and transferor companies post-reorganization. Steps to File a Modified Return in Case of Business Reorganization Step -1 Communication with Jurisdictional Assessing Officer: The assessee (taxpayer) must communicate with the Jurisdictional Assessing Officer using a specific proforma to enable electronic filing of the return. This step must be completed by April 30, 2024. Step 2: Verification by Jurisdictional Assessing Officer :  The Jurisdictional Assessing Officer will verify that the return is a result of, and limited to, the order of the competent authority. The Jurisdictional Assessing Officer will enable the filing through the ITBA (Income Tax Business Application) system. The taxpayer will receive confirmation and instructions on their e-filing portal within 30 days of the Jurisdictional Assessing Officer receipt of communication. Step 3: Electronic Filing of Return : Once enabled, the taxpayer can furnish the return for the relevant assessment year on the e-filing portal. This step must be completed by June 30, 2024. https://lnkd.in/g2wiWYdR #tax #taxes #ais #advance #incometax #incometax #updates #Taxation #TaxConsultant #IncomeTax #IncomeTaxRefund #IncomeTaxReturn #TaxCompliance #TaxPlanning #IndianTax #FinancialAdvice

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GST KNOWLEDGE SERIES: More you SHARE More you LEARN With reference to recent changes in GST applicability on Rental Income/expenses follow my WhatsApp channel link https://lnkd.in/gRNZmZt5

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input Tax credit time limit India GST vs UK VAT While India GST allow maximum 19 month to avail ITC, UK VAT allow 4 year to claim VAT Input. Though businesses regularly avail ITC however 4 year longer period definitely benefits to avail ITC which was missed by any reason.

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