Mohit Jain – Page 8

Changes in GST from 1st April 2023

Compliance with essential GST requirements is crucial for companies that are GST-registered. Prior to the start of the year, companies must prepare new invoice processing series, evaluate their accumulated turnover to determine whether to opt for the scheme for FY 2023-2024

Changes in Income Tax from 1st April 2023

There have been several changes to income tax rules that have become effective from the current financial year. These changes include alterations to income tax slabs, an increase in the tax rebate limit, and the removal of LTCG tax benefits on certain debt mutual funds. These changes have been in effect since April 1st, 2023.

Assessee cannot be prosecuted simultaneously by both CGST and SGST authorities for the same subject matter

In a recent case Tvl Metal Trade Incorporation v. the Special Secretary, Head of the GST Council Secretariat and Ors.(W.P. No. 3033 of 2023 And W.M.P. No. 3125 of 2023 dated February 6, 2023), the Hon’ble Madras High Court ruled that the State Tax Authority cannot prosecute an assessee if the Central Tax Authority has already taken action regarding the same subject matter. The court further stated that the assessee must participate in a personal hearing or enquiry to substantiate such a defence and to determine whether the proceedings initiated by the Central and State Tax Authorities involve the same subject matter. The court directed the assessee to appear before the Revenue Department and present all their objections.

Income taxed by another entity cannot be subject to additional penalties

The ITAT, Ahmedabad in Amit kumar Hasmukhbhai Shah v. Deputy CIT [ITA Nos. 517 & 518/Ahd/2019 dated January 18, 2023] has set aside the penalty, for alleged concealing the particulars of income, on the grounds that the income which was sought to be taxed in the hands of the assessee had already been taxed as income in the hands of another entity. Directed the Revenue Department to delete the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961 (“the IT Act”).

6 benefits of Outsourcing the Business Accounting to an Expert

Outsourcing business accounting can be a smart decision for many businesses, for several reasons:

SCN Without Mentioning The Date And Time Of Personal Hearing Is Illegal

The Hon’ble High Court of Allahabad vide its order dated 22.12.2022 in the matter of M/s Jaiprakash Thekedar Vs. Commissioner, Commissioner Taxes and Another in Writ Tax No. 1511 of 2022, quashed the order cancelling the registration passed

Most Awaited Amendment under GSTR-3B form

On 17th Feb 2023, the GSTN team has issued a direction that now the table 4 of GSTR-3B will now accept negative values also.

No need to prove Intention to evade Tax incase of Section 129

Section 129 of Central Goods and Service Tax Act, 2017 has been enacted to check evasion of tax. If the goods are intercepted during transit and the documents accompanying the goods are not in compliance with the provisions, authorities are within their power to detain the goods and demand payment of tax and 100% penalty.

Restriction on Use of Amount Available in Electronic Credit Ledger

The Central Board of Indirect Taxes (“CBIC”) having power in Section 164 of the CGST Act, 2017, released a crucial Notification No. 94/2020-Central Tax dated 22nd December, 2020 by which a new Rul

Important Changes in Income Tax -New Tax Regime

In 2020, the Indian government announced an optional new tax regime that applies to FY2020-21 and onward. The new scheme offers a lower rate of tax for those who opt for it as well as new deductions and exemptions. This blog post will provide a brief overview of the changes so that business owners can make informed decisions about their taxes.

Author: Mohit Jain