Forum: Taxation & Corporate Law Forum
Speaker: CA Rajesh Loya and CA Shailendra Jain
VIA holds Tax Awareness Session on “CHHOTI CHHOTI BATEIN”
VIA Taxation and Corporate Law Forum organized a Tax awareness session on “CHHOTI CHHOTI BATEIN” at VIA auditorium by renowned & Prominent Tax Professionals of the city namely CA Rajesh Loya for Income Tax, CA Shailendra Jain for GST.
At the outset, CA Naresh Jakhotia, Treasurer – VIA briefed about the concept of the programme to the audience and the results of small mistake in the tax laws. This is 10th Year of the programme “Chhoti Chhoti Batei”, he informed. VIA President Suresh Rathi in his welcome address appreciated the selection of eminent speakers for Chhoti Chhoti Batein. He also discussed about the frequency of changes in the tax laws along with the need for the programme like this.
CA Ashok Chandak, Chairman of VIA Taxation & Corporate Law Forum and Past National Chairman of ICAI in his opening remarks mentioned about the importance of this session under the prevalent scenario where tax laws are changed every now and then. He appealed to industries to join for this session like this to resolve their issues & grievance related to taxation.
Initiating the presentation, CA Rajesh Loya asked the tax payer to be very serious in keeping the records and books of accounts. He began his presentation with the appeal to the taxpayer to regularly keep the documents and records in its true sense and spirit. He appealed the promoters for their personal involvement in the accounting & voucher signing process as it is one of the key activities of the business. He insisted the businessmen to ensure the timely filing of TDS return, Income Tax Return, Advance tax payment & its importance at subsequent point of time. He also covered the penal consequences in case of non compliances of various provision of Income Tax. He also cautioned about various other laws like money laundering, IPC that could have repercussion after the income tax survey & raids. He advised the taxpayer to be regular in checking the e-notice if any at the income tax portal as non response would result in penalty. He also informed the audience about gathering of the AIR information and CIB, STR & FIU information gathering done by the Income Tax Department. He advised the precautions to be taken in case of borrowing from hundi and market where the onus to establish credit worthiness and genuineness is established on the borrower. With various practical examples and illustrations, he highlighted about the applicability of new tax rate ranging from 78% to 138% in case of certain income. He also highlighted the new concept of “Know your Customer” before you deal with them. He strongly asked to ensure the payment of statutory dues within time. Wrong submission of 15G/15H could result in penal consequences in the form of prosecution and the fine also, he cautioned. He advised the assessee not to treat the tax compliance as year end affair and also to check the 26AS frequently. He cautioned the investor about the classification of income in to business income or capital gain income as improper classification could also result in penal consequences. With various practical examples, he conveyed the industrialist about the usage of artificial intelligence by the income tax department. He advised the taxpayer to be cautious in the TDS compliance as the non deduction /payment results in disallowances and results in unwanted tax liability. He also emphasizes the need for correct classification of income as capital expenditure vs. revenue expenditure. He appealed taxpayer to be genuine, transparent and honest in paying the tax. He also told the audience about the prosecution proceedings which are initiated through out the country for wrong filers or non filers. He informed the audience about the quality scrutiny proceedings that is undertaken by the department and the usage of 360 degree profile of assessee during assessment. He has also thrown the light on deemed dividend, section 14A & notional tax provision.
CA Shailendra Jain advised to dealer to display the GST Number on the Name Board and also to display GST Registration Certificate failure to this provision will be attract penalty of Rs. 25,000/-respectively. He also suggest to dealer to update the latest address of business, email id, contact No. on the GST site. Because all the correspondence and communication of GST is done through email by the officer. He also advised to check the mail boxes regularly once in day and response to the notice immediately otherwise officer can done the assessment as ex party which can lead to heavy compliances. He also advice to make the two authorize signatory on GST portal because OTP is going on authorize signatory mobile no. and without OTP no one can able to file GST returns or update in records so in case of emergency we can use any OTP of alternate no and avoid to unnecessary compliance part. He also suggest to make the payment of vendor and service providers within 6 months from the date of bill otherwise dealer need to reverse that ITC which they have already taken along with interest and reclaim that ITC whenever dealer done the payment. GST returns should be within time because department is asking to pay interest on delay filing of returns and such interest is calculated on gross liability without considering ITC in the credit ledger, he cautioned.
The programme was largely attended by Industrialists, Professionals, Students, Businessman and general public and was followed by numerous question and answers round. The speakers have replied all the queries of the audience and all have appreciated the initiative done by VIA & VTPA. Formal vote of thanks was proposed by O S Bagdia, former Vice President VIA. Prominently present were Mahendra Jain, Satish Sarda, Monika Rathi, Saket Bagdia, M Jawanjar, and many other representatives from industries and professionals.
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