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High Risk Transaction (Pan and Non-PAN) cases AY 2023-24 new Guidelines

Directorate of Income Tax (Systems),
ARA Centre, Ground Floor, E-2 Jhandewalan Extension,
New Delhi-110055

Insight Instruction No. 74 Date. 19.01.2024

No. DGIT(S)-ADG(S)-2l

High Risk Transaction (Pan and Non-PAN) cases/2023-24

To,
All Principal Chief Commissioner(s) of Income Tax/ CCsIT
All Principal Director Generals(s) of Income Tax / DGsIT
All Principal Commissioner(s) of Income Tax/ CsIT/ CsIT (Admin & TPS)/ CsIT (TDS)
All Principal Director (s) of Income Tax / DsIT

 

Sir / Madam,

Sub: Dissemination of High-Risk transaction and High-Risk Non-PAN Transaction cases on the Verification module of Insight portal — reg.

Kindly refer to the above.

  1. The Board approved Risk Management Strategy (Cycle-3) has been executed for the identification of potential cases for action u/s. 148/148A of the Income Tax Act, 1961.
  2. In this regard, potential cases pertaining to AY 2017-18 to AY 2020-21 identified on the basis of risk assessment of verification reports uploaded in the STR module, have been disseminated to field formations with below mentioned case types on the Verification module of the Insight portal.
S. No.Case typeCase assigned to
a)High-Risk TransactionJAG
b)High-Risk Transaction (Non-PAN)Pr. CCIT(CCA)
  1. Navigation path for accessing these cases is Insight Portal >> Verification Module >> Verification stage >> “Case type” (Under verification).
  2. For the case type “High Risk Transaction”, users can initiate proceedings u/s 148/148A from the activity panel on the case detail screen to create a worklist pendency of cases u/s 148/148A on the Assessment module of ITBA. Subsequent proceedings/activities can be performed on the ITBA portal in the usual manner. [For Non-PAN Cases proceedings may be initiated as per instruction no. F.No.225/40/2021/ITA-II Dated 26.03.2021]
  3. Underlying Information related to the case, mentioned in para 5 above, has been made visible in the Profile View of Insight Portal. Navigation path for accessing the underlying information is Insight Portal >> Taxpayer Profile View >> Taxpayer Annual Summary (TAS) » Information >> Uploads.
  4. For the case type “High Risk Transaction (Non-PAN)”, the underlying Information and documents related to these cases can be viewed by clicking on the hyperlink under `Non-PAN Entity Id’.
  5. In this regard, appropriate action may be initiated in accordance with the relevant provisions u/s 148/148A of the Income-tax Act, 1961 and directions issued by the Board in this regard.
  6. In case of technical difficulty, users may contact:

(i) Helpdesk number — 1800-103-4216 or

(ii) Write to [email protected].

Yours faithfully,

 

(Manish Mishra)


Addl. Director General (Systems)-2

 

Copy to:

 

  1. PPS to Chairman, Member (IT &Rev), Member (S&FS), Member (L), Member (TPS), Member (A&J), Member (Admn.) CBDT and DGIT (Systems)-2, New Delhi for information.
  2. Nodal Officer of irsofficersonline.gov.in, DG systems corner, ITBA, Insight i-Library.

GST Notice not valid if date of Personal Hearing not mentioned : High Court

HIGH COURT OF MADHYA PRADESH

Concord Tieup (P.) Ltd.

v.

State of Madhya Pradesh

SHEEL NAGU AND DWARKA DHISH BANSAL, JJ.

WRIT PETITION NO.26956 OF 2022

APRIL  25, 2023

Sanjay Mishra, Adv. for the Petitioner. Darshan Soni, Adv. for the Respondent.

 

ORDER

Dwarka Dhish Bansal, J.– By way of this writ petition under Article 226 of the Constitution of India, challenge has been made to the order dated 24.08.2022 (Annexure P/4) passed under section 74 of the MPSGST/CGST Act, 2017 and section 20 of IGST Act, 2017 by Deputy Commissioner, Audit Wing, Jabalpur upholding the tax, interest and penalty mentioned in the show cause notice dated 22.07.2022 (Annexure P/3).

Learned counsel for the petitioner submits that upon issuance of notice/intimation of tax ascertained as being payable under Section 74(5) of the M.P.G.S.T. Act (in short “the Act”), reply was submitted on 23.06.2022, thereafter show cause notice under Section 74 of the Act dated 22.07.2022 (Annexure P/3) was issued making mention about personal hearing to the effect that “you may appear before the undersigned for personal hearing either in person or through authorized representative for representing your case on the date, time and venue, if mentioned in table below”, but no date, time and venue for personal hearing was shown in the notice. He submits that as per Section 75(4) of the Act, before passing the impugned order, personal hearing was necessary, which is mentioned in the notice itself, as such in absence of personal hearing, the order dated 24.08.2022 (Annexure P/4) is not sustainable. In support of his submissions, he placed reliance on the coordinate Bench decision of Allahabad High Court in the case of Bharat Mint & Allied Chemicals Vs. Commissioner of Commercial Tax, 2022 (59) G.S.T.L. 394 (All.). The relevant paragraphs of which are quoted as under:-

5. We have carefully considered the submissions of learned counsel for the parties.

Question

The two question involved in this writ petition are as under :-

  1. We have perused the show cause notice dated 09.09.2021 in which it has been mentioned as under:

“You may appear before the undersigned for personal hearing either in person or through representative for representing your case on the date, time and venue, if mentioned in the table below.”

  1. In the table below the aforementioned lines, date, time and venue of personal hearing has not been mentioned. Section 75(4) of the Act, 2017 provides that opportunity of personal hearing shall be granted where a request is received in writing from the person chargeable with tax or penalty or where any adverse decision is contemplated against such person.
  2. Section 75(4) of the Act, 2017 reads as under:

“An opportunity of hearing shall be granted where a request is received in writing from the person chargeable with tax or penalty, or where any adverse decision is contemplated against such person.”

    1. From perusal of Section 75(4) of the Act, 2017 it is evident that opportunity of hearing has to be granted by authorities under the Act, 2017 where either a request is received from the person chargeable with tax or penalty for opportunity of hearing or where any adverse decision is contemplated against such person. Thus, where an adverse decision is contemplated against the person, such a person even need not to request for opportunity of personal hearing and it is mandatory for the authority concerned to afford opportunity of personal hearing before passing an order adverse to such person.”
    2. Learned counsel appearing for the respondents supports the impugned order and prays for dismissal of the writ petition, although has failed to justify the impugned order on the ground of non-affording of personal hearing to the petitioner. However, he submits that the petitioner has alternative remedy of appeal against the impugned order, therefore, no interference is warranted in the limited scope of Article 226 of the Constitution of India.
    3. Heard learned counsel for the parties and perused the record.
  1. The show cause notice dated 22.07.2022 (Annexure P/3) issued under Section 74 of the Act, itself shows that before passing final order dated 24.08.2022 (Annexure P/4), the intention of the respondents was to give personal hearing to the petitioner as required under the law, but in the table given below, captioned as “Details of personal hearing etc.”, no Date, Time and Venue of personal hearing has been shown and in front of columns 3,4&5 of Date, Time and Venue, NA has been mentioned, which is sufficient to infer that no personal hearing was given to the petitioner before passing the impugned order dated 24.08.2022.
  2. So far as argument raised by counsel for the respondents regarding availability of alternative remedy of appeal, is concerned, it is well settled that when due opportunity of hearing, as required under the law, has not been afforded and principle of natural justice has not been followed, then the question of availability of alternative remedy does not come in the way for exercising jurisdiction under Article 226 of the Constitution of India.
  3. In view of the aforesaid and following the law laid down by the co-ordinate Bench of Allahabad High Court in the case of Bharat Mint & Allied Chemicals (supra), the impugned order is not sustainable and deserves to be and is hereby quashed and the matter is remitted back to the Deputy Commissioner, Audit Wing, Jabalpur for passing order afresh, after giving personal hearing to the petitioner as indicated above.
  4. Resultantly, writ petition succeeds and is allowed. No order as to the costs.
  5. Interim application(s), if any, shall stand disposed off.

GST Number can not be denied if t two persons have been carrying on their business in same premises : High Court

HIGH COURT OF MADRAS
Bio Med Ingredients (P.) Ltd.
v.
Assistant Commissioner (ST) / Commercial Tax Officer*
KRISHNAN RAMASAMY, J.
W.P. NO. 28811 OF 2023
W.M.P. NO. 29632 OF 2013
NOVEMBER 1, 2023

Ms. Aparna Nandakumar for the Petitioner. Ms. Amrita Dinakaran for the Respondent.


ORDER


1. When the matter was taken up for hearing on an earlier occasion, i.e. on 13-10-2023, this Court has passed the following order:-
“This petition has been filed by the petitioner seeking to call for the records of the impugned order in Form – GSTREG05 in Ref. No. ZA330923068624C dated 15-9-2023 and quash the same.
(A). Ms. Amrita Poonkodi Dinakaran, learned Government Advocate takes notice for the respondents.
(B). Learned counsel for the petitioner submitted that the petitioner-Company initially submitted an application for GST registration on 31-7-2023 and the same was rejected by the 1st respondent without assigning any reason. Therefore, the petitioner Company once again applied for GST registration on 22-8-2023, which was also came to be rejected stating that both the lessor and lessee have been running business in the same premises, which was not acceptable.
(C). She would further submit that the petitioner has been running its business in the same land which comprised to an extent of three acres. The respondents without conducting any physical verification had erroneously rejected the application of the petitioner Company and hence, the present writ petition has been filed.
(D). Learned Government Advocate appearing for the respondents seeks some more time to get instructions and file counter.
(E). Considering the above submissions, this Court directs the respondents to visit the petitioner Company and find out as to whether the petitioner is carrying on business separately in a portion of land or not and report the same before this Court in the next date of hearing.
(F). Post the matter on 31-10-2023. 
2. The learned Government Advocate appearing for the respondents would submit that in compliance of the above said direction, the officials of the respondent-Department visited the petitioner’s place of business and during such visit they found that two persons have been carrying on their business in the same premises with two separate GST Numbers and there is no demarcation of the properties referred by the petitioner.
3. Refuting the same, learned counsel for the petitioner would submit that though in the place, where, the petitioner is going to conduct the business, exists some other Company being run by some other person, however, the properties have been demarcated and in regard to such demarcation, records are available and the same would be filed before this Court.
4. In view of the rival submissions made by the petitioner, this Court in the interest of justice is inclined to pass the following order:-

     (i) In the event, the property referred to by the petitioner, where, the Petitioner-Company is going to run its business either demarcated or not, the respondents are directed to issue GST registration number to the petitioner within one week from the date of receipt of a copy of this order. In case, if there is no demarcation of the property, the petitioner-Company is directed to demarcate the property within a period of one (1) week time from the date of issue of GST number.
    (ii)The petitioner shall demarcate the property and file the demarcation report on 27-11-2023.
5. With the above direction, this Writ Petition stands disposed of. No costs. Consequently, connected Miscellaneous Petition is closed.
6. List the case before this Court on 27-11-2023 for Reporting Compliance of this order by both parties.

CBIC Instruction No. 05/2023-GST Section 74(1) cannot be invoked merely on account of non-payment of GST

Judgment of the Honourable Supreme Court in the case of Northern Operating Systems Private Limited (NOS).

Instruction No. 05/2023-GST

F. No. CBIC-20004/3/2023-GST

Government of India Ministry of Finance

Department of Revenue

Central Board of Indirect Taxes and Customs

GST Policy Wing

New Delhi, dated the 13th December 202

 

To, All the Principal Chief Commissioners / Chief Commissioners / Principal Commissioners /Commissioners of Central Tax All the Principal Directors General/ Directors General of Central TaX

Madam/Sir,

 

Subject: Judgment of the Hon’ble Supreme Court in the case of Northern Operating Systems Private Limited (NOS).

Attention is invited to the Hon’ble Supreme Court’s judgment dated 19.5.2022 in the case of CC, CE & ST, Bangalore (Adj.) etc. Vs. Northern Operating Systems Private Limited (NOS) in Civil Appeal No. 2289-2293 of 2021 on the issue of nature of secondment of employees by overseas entities to Indian firms and its Service Tax implications. Representations have been received in the Board that, subsequent to the aforesaid judgment, many field formations have initiated proceedings for the alleged evasion of GST on the issue of secondment under section 74(1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the ‘CGST Act’).

2.1The matter has been examined by the Board. It appears that the Hon’ble Supreme Court in its judgment inter-alia took note of the various facts of the case like the agreement between NOS and overseas group companies, and held that the secondment of employees by the overseas group company to NOS was a taxable service of ‘manpower supply’ and Service Tax was applicable on the same. It is noted that secondment as a practice is not restricted to Service Tax and issue of taxability on secondment shall arise in GST also. A careful reading of the NOS judgment indicates that Hon’ble Supreme Court’s emphasis is on a nuanced examination based on the unique characteristics of each specific arrangement, rather than relying on any singular test.

2.2Hon’ble Supreme Court in the case of Commissioner of Central Excise, Mumbai Versus M/s Fiat India(P) Ltd in Civil Appeal 1648-49 of 2004 has given the following observation- “ 66. ………..Each case depends on its own facts and a close similarity between one case and another is not enough because either a single significant detail may alter the entire aspect. In deciding such cases, one should avoid the temptation to decide cases (as said by Cardozo) by matching the colour of one case against the colour of another. To decide, therefore, on which side of the line a case falls, the broad resemblance to another case is not at all decisive.”

2.3It may be relevant to note that there may be multiple types of arrangements in relation to secondment of employees of overseas group company in the Indian entity. In each arrangement, the tax implications may be different, depending upon the specific nature of the contract and other terms and conditions attached to it. Therefore, the decision of the Hon’ble Supreme Court in the NOS judgment should not be applied mechanically in all the cases. Investigation in each case requires a careful consideration of its distinct factual matrix, including the terms of contract between overseas company and Indian entity, to determine taxability or its extent under GST and applicability of the principles laid down by the Hon’ble Supreme Court’s judgment in NOS case.

3.1 It has also been represented by the industry that in many cases involving secondment, the field formations are mechanically invoking extended period of limitation under section 74(1) of the CGST Act.

3.2 In this regard, section 74 (1) of CGST Act reads as follows: “(1) Where it appears to the proper officer that any tax has not been paid or short paid or erroneously refunded or where input tax credit has been wrongly availed or utilized by reason of fraud, or any wilful-misstatement or suppression of facts to evade tax, 

3.3 From the perusal of wording of section 74(1) of CGST Act, it is evident that section 74(1) can be invoked only in cases where there is a fraud or wilful mis- statement or suppression of facts to evade tax on the part of the said taxpayer. Section 74(1) cannot be invoked merely on account of non-payment of GST, without specific element of fraud or wilful mis-statement or suppression of facts to evade tax. Therefore, only in the cases where the investigation indicates that there is material evidence of fraud or wilful mis-statement or suppression of fact to evade tax on the part of the taxpayer, provisions of section 74(1) of CGST Act may be invoked for issuance of show cause notice, and such evidence should also be made a part of the show cause notice.

4.The above aspects may be kept in consideration while investigating such cases and issuing show cause notices.

5. Difficulties, if any, in implementation of these instructions may be informed to the Board ([email protected])
 
(Sanjay Mangal)
Principal Commissioner (GST) Copy to:
1.The Joint Secretary, GST Council Secretariat, New Delhi, for circulating the same to all States/ UTs for information and necessary action at their end.
2.Webmaster, CBIC (for uploading under ‘Instructions’ on www.cbic.gov.in).

Income Tax Notification No 28/2023 Income-tax (Fifth Amendment) Rules 2023.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 22nd May, 2023
INCOME-TAX

G.S.R. 379(E).––In exercise of the powers conferred by section 295 read with section 115BBJ, section
194BA, sub-section (3) of section 200 and proviso to sub-section (3) of section 206C of the Income-tax Act 1961
(hereinafter referred to as ‘Act’), the Central Board of Direct Taxes hereby makes the following rules further to amend
the Income-tax Rules, 1962, namely:––

1. Short title and commencement.–– (1) These rules may be called the Income-tax (Fifth Amendment) Rules,
2023.
(2) Save as otherwise provided, they shall come into force from date of their publication in the Official
Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 31A, in sub-rule(4) with
effect from 1st July 2023,––

(a) for clause (ix), the following clause shall be substituted namely:-
“(ix) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate
in view of the notification issued under second proviso to section 194N or in view of the exemption provided
in fourth proviso to section 194N or in view of the notification issued under fifth proviso to section 194N;”;
(b) in clause (xvii), after sub-clause (a), the following sub-clause shall be inserted, namely:-
“(aa) winnings in terms of sub-section (2) of section 194BA;”.


3. In the principal rules, after rule 132, the following rule shall be inserted, namely:–

“133. (1) Net winnings from online games during the previous year, for the purposes of section 115BBJ, shall
be calculated using the following formula, namely:–


Net winnings =(A+D)-(B+C), where –
A = Aggregate amount withdrawn from the user account during the financial year;
B = Aggregate amount of non-taxable deposit made in the user account by the assessee during the financial
year;
C = Opening balance of the user account at the beginning of the financial year; and
D= Closing balance of the user account at the end of the financial year

 

(2) Net winnings comprised in the first withdrawal during the financial year, for the purposes of section 194BA, shall
be calculated using the following formula, namely:–
Net winnings =A-(B+C), where –
A = Amount withdrawn from the user account;
B = Aggregate amount of non-taxable deposit made in the user account by the owner of such account during
the financial year, till the time of such withdrawal; and
C = Opening balance of the user account at the beginning of the financial year.

 

(3) Net winnings in the formula given in sub-rule

 

(2) shall be zero, if the sum of amounts B and C is equal to or
greater than the amount A.


(4) Net winnings comprised in each subsequent withdrawal during the financial year, for the purposes of section
194BA, shall be calculated using the following formula, namely:–
Net winnings =A-(B+C+E), where –
A = Aggregate amount withdrawn from the user account during the financial year till the time of subsequent
withdrawal including the amount of such subsequent withdrawal;

B = Aggregate amount of non-taxable deposit made in the user account by the owner of such account during
the financial year, till the time of such subsequent withdrawal;
C = Opening balance of the user account at the beginning of the financial year; and
E= Net winnings comprised in the earlier withdrawal or withdrawals computed under sub-rule (2), or under this
sub-rule, during the financial year till the time of subsequent withdrawal if tax has been deducted

 

(5) Net winnings in the formula given in sub-rule

 

(4) shall be zero, if the sum of amounts B, C and E is equal to or


greater than the amount A.
(6) Net winnings comprised in the user account at the end of the financial year, for the purposes of section 194BA,
shall be calculated using the following formula, namely:–
Net winnings =(A+D)-(B+C+E), where –
A = Aggregate amount withdrawn from the user account during the financial year;
B = Aggregate amount of non-taxable deposit made in the user account by the owner of such account during
the financial year;
C = Opening balance of the user account at the beginning of the financial year;
D= Closing balance of the user account at the end of the financial year; and
E= Net winnings comprised in the earlier withdrawal or withdrawals computed under sub-rule (2), or sub-rule


(7), during the financial year if tax has been deducted in accordance with the provision of section 194BA on
winnings comprised in such withdrawal or withdrawals.

 

(8) Net winnings in the formula given in sub-rule

 

(9) shall be zero, if the sum of amounts B, C and E is equal to or
greater than the sum of amount A and D.


Explanation 1.– For the purposes of this rule –


(a) “non-taxable deposit” means the amount deposited by the user in his user account and which is not taxable;


(b) “taxable deposit” means any amount deposited in the user account which is not a non-taxable deposit and
includes any amount paid directly to the user not through the user account; and


(c) “withdrawal” means any amount withdrawn by the user from any user account.

 

Explanation 2.– For the removal of doubts, it is hereby clarified that –


(a) user account shall include every account of user, by whatever name called, which is registered with the
online gaming intermediary and where any taxable deposit, non-taxable deposit or the winnings made by
the user is credited and withdrawal by the user is debited;


(b) whenever there is payment to the user in kind or in cash, or partly in kind and partly in cash, which is not
from the user account, the provisions of this rule shall apply to calculate net winnings by deeming that the
money equivalent to such payment has been deposited as taxable deposit in the user account and the
equivalent amount has been withdrawn from the user account at the same time and shall accordingly be
included in amount A;


(c) whenever there are multiple user accounts of the same user, each user account shall be considered for the
purposes of calculating net winnings and the deposit, withdrawal or balance in the user account shall
mean aggregate of deposit, withdrawal or balance in all user accounts;


(d) whenever there are multiple user accounts of the same user, transfer from one user account to another
user account, maintained with the same online gaming intermediary, of the same user shall not be
considered as withdrawal or deposit, as the case may be, for the purposes of deducting tax under section
194BA;


(e) whenever there is taxable deposit in the form of bonus, referral bonus, incentives, promotional money,
discount by whatever name called; and such deposit can only be used for playing the online games and not
for withdrawal or any other purposes, such deposit shall be ignored for the purposes of calculation of net
winnings and shall not be included in amount B or amount C or amount D; and


(f) whenever any bonus, referral bonus, incentives, promotional money, discount, by whatever name called, is
not considered as part of amount B or amount C or amount D under clause (e) and subsequently they are
recharacterised and allowed to be withdrawn, they shall be deemed as taxable deposit at the time of such
recharacterisation and it shall be deemed that the equivalent amount has been deposited in the user
account at that time.”.

 

4. In the principal rules, in Appendix II,–
(a) for Form No. 16 the following form shall be substituted with effect from 1st July 2023 and shall be
applicable for the assessment year 2024-25 and subsequent assessment years, namely:––
“FORM NO. 16
[See rule 31(1)(a)]

Income tax exemption: Big relief to taxpayers:

Income of more than 7 lakhs is also tax free, full tax will not have to be paid, Will get benefit from small margin

Income tax exemption, tax exemption has also been given on income of more than Rs 7 lakh. Under this, individuals earning income slightly above the tax free income of Rs 7 lakh will have to pay tax only on the additional income.

 

New Delhi. After announcing major changes in the income tax slab in Budget 2023, now the Modi government has given another big relief to the taxpayers. In the first budget, Finance Minister Nirmala Sitharaman changed the new tax regime and kept income up to Rs 7 lakh out of tax.

 

Now under the Finance Bill 2023, tax exemption has also been given on income of more than Rs 7 lakh. For this, amendments have been made in the Finance Bill. Under this, individuals earning income slightly above the tax free income of Rs 7 lakh will have to pay tax only on the additional income.

Finance Ministry explained the rules.

 

Clarifying the provision of the Finance Bill 2023, the Finance Ministry has said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then there is no tax liability on him. But if the income becomes Rs 7,00,100, then the tax liability becomes Rs 25,010. That is, due to additional income of only Rs 100, taxpayers have to pay tax of Rs 25,010. In view of this problem of taxpayers, it has been proposed to give minor relief through amendment in Finance Bill 2023.

Taxpayers will get the benefit of small margin.

 

Let us understand this relief given by the government to the taxpayers through an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100 means your income is Rs 100 more than tax free income. Now you have to pay tax of Rs 25,010 because of the excess of just Rs 100.

 

The government has given relief to such taxpayers. Under the new proposal, if your income is Rs 7,00,100, then they will not have to pay tax of Rs 25,010. Rather, they will have to pay tax only on Rs 100. Tax experts have told according to the calculation that individual taxpayers whose income is up to Rs 7,27,777 can get the benefit of this provision.

 

Income up to 7 lakhs was tax free in the budget.

 

In Budget 2023, Finance Minister Nirmala Sitharaman had announced that now those earning up to Rs 7 lakh will not have to pay any tax. Earlier, after adopting the tax exemption options, no tax had to be paid up to 5 lakhs. But the new tax regime will give an additional benefit of Rs 2 lakh.

DigiHunter update-Income Tax Due Dates in May 2023.

7 May 2023 –​Due date for deposit of Tax deducted/collected for the month of April, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

 

15 May 2023 –​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2023

 

15 May 2023 –Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March, 2023​

 

15 May 2023 –​Due date for issue of TDS Certificate for tax deducted under section 194M in the month of March, 2023

 

15 May 2023 –Due date for issue of TDS Certificate for tax deducted under section 194S in the month of March, 2023

Note: Applicable in case of specified person as mentioned under section 194S

15 May 2023 –​Quarterly statement of TCS deposited for the quarter ending March 31, 2023

 

15 May 2023 –​Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2023

 

30 May 2023 –Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2022-23.

 

30 May 2023 –Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of April, 2023​

 

30 May 2023 –​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of April, 2023​

 

30 May 2023 –​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of April, 2023

 

30 May 2023 –Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of April, 2023

 

Note: Applicable in case of specified person as mentioned under section 194S

​

30 May 2023 –​Issue of TCS certificates for the 4th Quarter of the Financial Year 2022-23

 

31 May 2023 –​Quarterly statement of TDS deposited for the quarter ending March 31, 2023

 

31 May 2023 –​Return of tax deduction from contributions paid by the trustees of an approved superannuation fund​

 

31 May 2023 –​Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect for financial year 2022-23

 

31 May 2023 –​Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2022 by reporting financial institutions

 

31 May 2023 –​Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2022-23 and hasn’t been allotted any PAN

 

31 May 2023 –​Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN​

 

31 May 2023 –​Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on or before July 31, 2023)

 

31 May 2023 –​Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit return of income on or before July 31, 2023)​

Digihunter Update-Gst Registration Cancellation Without A Justification Is Invalid: Allahabad High Court..

The Allahabad High Court ruled that the GST registration cancellation without a justification is incorrect. 

The Petition has been filed challenging the order whereby the registration of the petitioner was cancelled as well as the appellate order whereby the appeal was dismissed as being beyond the prescribed period of limitation. 

The petitioner is a proprietorship concern engaged in civil contractual works and was registered under the GST Act. It appears that as the GST returns was not filed by the counsel, a show-cause notice was served.

Submissions 

 

Counsel for the Petitioner argued that although no fault can be found with the appellate order dismissing the appeal as Appellate Authority does not have the power to condone the delay in terms of the scheme of the Act.

 

He, further argued that the quasi judicial order which has an adverse effect on the right of the petitioner to run business as guaranteed under Article 19 of the Constitution of India, the same has been done without any application of mind which is neither the intent of the Act nor can it be held to be in compliance of the mandate of Article 14 of the Constitution of India. 

Decision 

 

The single judge bench of Justice Pankaj Bhatia observed that there is no reason ascribed to take such a harsh action of cancellation of registration. In view of the order being without any application of mind, the same does not satisfy the test of Article 14 of the Constitution of India.

 

The bench directed that the petitioner shall file reply to the show-cause notice within a period of three weeks and the Adjudicating Authority i.e. Assistant Commissioner, Lucknow shall proceed to pass fresh order after giving an opportunity of hearing to the petitioner and after considering whatever defence he may take.

 

Case title: M/S Chandra Sain,Sharda Nagar, Lucknow v/s U.O.I.

Citation: Writ Tax No. – 147 Of 2022 

FourV Update-EPFO: New updates! Big relief to pensioners!

15000 limit is going to be removed!

Pension Update: There is great news for pensioners. If you are also a government employee, then a big update regarding pension has come out. According to the new update, the pension of government employees is going to increase soon. The government is now going to increase the limit of pension.

Pension will increase manifold

 

Let us tell you that the matter of abolishing this salary limit of Employees’ Provident Fund Organization is going on in the Supreme Court. Along with this, the calculation of pension in EPFO can also be done on the previous salary i.e. higher salary category. After this decision of EPFO, there will be a bumper increase in the pension received by the employees. With this decision, the employees will get many times more benefits of pension.

 

Hearing was held in August

 

Let us tell you that on August 12 last year, the Supreme Court had adjourned the hearing of a batch of petitions filed by Union of India and EPFO, which said that the pension of the employees cannot be limited. The hearing of these cases is going on in the court.

 

How much is the maximum pension now?

 

Employed people are members of the Employees’ Provident Fund Organisation, who are also considered members of the EPS. All employees contribute 12% of their salary to EPF. Along with this, the employee gets the same amount from the company and 8.33 percent of it also goes to the Employees’ Pension Scheme. Talking about the maximum pensionable salary at this time, it is Rs 15,000.

 

Pension is available after the age of 58 years.

 

Let us tell you that any employee gets the benefit of pension after 58 years. For this, it is mandatory for the employees to work for at least 10 years. Along with this, tell that employees who contribute to EPF are also eligible for EPS.

 

There is also a demand for fixing the date of pension.

 

Along with this, recently many complaints have been received from the pensioners, in which it has been said that people have to wait a long time for their pension. For this, the Employees’ Provident Fund Organization has decided to fix the date of pension.

Income Tax Exemption: Big relief for taxpayers!

New order issued regarding tax exemption, These people will get exemption of Rs 1.5 crore in tax.

Recently, while pointing out the tax exemption given to these people, the government said that they will get a rebate of at least one and a half crore rupees, which will benefit them a lot. Let’s know the whole news in detail.

 

Economic think-tank GTRI said that the GST Council should also think about raising the tax exemption limit to Rs 1.5 crore per annum, as well as doing away with the need for state-wise registration. The Global Trade Research Initiative (GTRI) said in a statement that the GST Council, which is the policy making body for GST, should now focus on the need to maximize benefits by simplifying tax compliance. For this, he has also suggested seven reforms.

GST

 

Among these suggestions, the proposal to give GST exemption to firms with an annual turnover of up to Rs 1.5 crore is the most important. GTRI said that doing this will prove to be a game-changer for the country’s micro, small and medium units and they will be able to give new employment and accelerate growth. At present, only product firms with an annual turnover of less than Rs 40 lakh are exempted from GST registration. On the other hand, in case of service firms, this scope is limited to Rs 20 lakh turnover.

 

GST rate

 

GTRI said, “Of the total registered firms, the number of firms with an annual turnover of less than Rs 1.5 crore is about 84 percent. But their share in the total tax collected is less than seven percent. If the tax exemption limit is increased to Rs 1.5 crore, If it goes, the burden on the GST system will come down and they will have to deal with less than 23 lakh taxpayers.”

 

GST Network

 

There are more than 1.4 crore firms registered on the GST network. Thus it is the largest global forum on indirect taxes. GTRI said that by reducing the burden on the GST network, the concept of matching bills and receipts will be implemented and the problem of fake bills and tax evasion will also go away to a great extent. The gains from this would far outweigh the seven per cent tax loss incurred by excluding firms with a turnover of up to Rs 1.5 crore.

 

GST Number

 

Along with this, the think tank has requested the GST Council to look into eliminating the need for state-wise registration. At present, if a company does business in ten states, then it will have to take GST number everywhere. This makes it difficult for them to take input tax credit.