‘Provide proper information while filing I-T returns’

 

 

 

 

 

 

leading Tax Professional CA Kailash Jogani urged the taxpayer to keep proper records and books of accounts and file proper information in Income Tax returns while guiding them during a session organised here recently by the Vidarbha Industries Association (VIA). CA Kailash Jogani and CA Preetam Batra were the keynote speakers. Jogani began his presentation by highlighting the importance of the last quarter of the financial year wherein the records and books of accounts should be verified and any mistake or error should be rectified. Jogani further said that the Income Tax Department has launched I&CI (Intelligence & Criminal Investigation) as a pilot project for checking data of non-filers, off market high value share transactions, purchase of properties, patients’ information from specialty hospitals like IVF etc., marriage banquets halls transactions, social media data and likewise. CA Jogani added that a number of regulatory authorities other than Income Tax like FIU, STR, EOW, CBI, ED can also initiate enquiries.

 

“Thus the assessee may be required to appear before different authorities explaining the same nature of transactions,” he said. He also added that assessment of TDS results in heavy interest of 1.5% pm along with late fees of Rs 200 per day and prosecution in many cases on default of non-payment of TDS after deduction. CA Jogani spoke about a new provision from financial year 2023-24 that payments to MSME creditors should be cleared before the specified time provided under Section 43B(h) otherwise that expenditure of purchase shall be allowed only on payment basis. CA Preetam Batra advised the taxpayers to update e-KYC on GST portal and also the email ID and cell number should be updated at the portal as all the notices and communication are now done in e-mode. He also advised the participants to keep checking the mailbox including the spam folder at regular intervals. He also advised to login at the GST portal for checking the communication form the department.

 

CA Pritam Batra further said that RCM liability should be regularly checked if it is declared and discharged or not, as these are revenue neutral for tax payer of complied on time otherwise non declaration will result in interest liability and in some cases where RCM liability is known on later date it may not allowed as ITC. He also asked the participants to update the place of business immediately where there is any change since the ITC can be denied if the address is not correct. At the outset, VIA President Vishal Agrawal in his welcome address appreciated the selection of eminent speakers for the session. CA Naresh Jakhotia, Project Director, briefed about the concept of the programme and the results of small mistakes in the tax laws. CA Sachin Jajodia, Convener - VIA Taxation & Corporate Law Forum, proposed the formal vote of thanks.