Forum: Taxation & Corporate Law Forum
Speaker: CA Rajesh Loya & CA Shailendra Jain
“Time to be alert, correct and responsive”
VIA Taxation & Corporate Law Forum & Vidarbha Tax Practitioners Association jointly organised a programme “Chhoti Chhoti Batei” by renowned & Prominent Tax Professionals of the city namely CA Rajesh Loya for Income Tax and CA Shailendra Jain for GST.
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 t ochange the mindset to comply with the law. He asked the taxpayer to comply with the law in due spirit and respect. He appealed the assessee to ensure the timely filing of TDS return, Income Tax Return & Advance tax payment. He also covered the penal provision for not complying with the 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. He advised the gathering of the AIR information and CIB, STR & FIU information gathering done by the Income Tax Department. He strongly asked to ensure the payment of statutory dues within time. Wrong submission of information/data with the department could result in hefty penal consequences in the form of prosecution and the fine also, he cautioned. He advised the assessee not to treat the tax compliance as yearend affair and also to check the 26AS at regular interval. He advised the taxpayer to develop the right habit to ensure due compliance with the tax laws, more particularly with reference to cash transactions. He elaborated about section 269SS/269T and also about section 40A(3) which places a cap of Rs. 10,000/- for allowability of expenditure in cash. He also covered in detail the consequences of violation of section 269ST which bar acceptance of cash in excess of Rs. 2 Lakh.
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 informed the consequences of unexplained investment and expenditure on the taxpayers and concluded that be transparent and honest in reporting of all the transactions. He also told the audience about the prosecution proceedings which are initiated through out the country for wrong filers or non filers. He also highlighted the new provision of taxing income @ 60% and penalty also, that too without any exemption limit if the source of income remained unauthentic. He also spoke about the new jurisdiction free e-assessment proceeding launched by the department and consequences thereof.
CA Shailendra Jain explained about the new procedure of e way bill and various implications on the business transactions. He advised to regularly check the email as almost all the communication in the GST regime is done through e-system only.
“Don’t wait for the last minute, complete your VAT audit before the extended due date” he insisted strongly. The burden of the last minute mistakes has to be borne by the Dealer only. In case of doubt please take the declaration to your consultant and have his opinion, he suggested.
He spoke about various GST compliances and the recent amendment. He advised taxpayer to ensure whether the bill against which they have availed ITC has been paid within a period of 180 days failing which the taxpayers need to reverse the credit of tax claimed. He also advised the taxpayer not to rely completely on the Google for the HSN code and tax rate thereof. He spoke about the concept of compliance rating of the businessmen also. “Dont change your mobile number frequently as it most of the time password/OTP is forwarded to the registered mobile number only” he cautioned.
At the outset, CA Rajesh Loya welcomed by O S Bagdia, Vice President – VIA, CA Shailendra Jain welcomed by CA Nitin Gandhi, Secretary – VTPA and R S Paliwal, President of VTPA welcomed by Atul Pande with floral bouquets. Atul Pande, President VIA in his welcome address said issues related to taxations are very vital now a days and today’s resource persons enlighten us with current changes in the tax laws, which not only beneficial for taxpayers but also industrialists. In the opening remarks R S Paliwal, President, VTPA said the popularity of this event seen since nine years and speakers would cover all day to day affairs in tax laws. No doubt at initial stage after implementation of GST, lots of trouble we were facing, but time would come and it will be hassle free. The programme was well conducted and introduced the guest speakers by CA Saket Bagdia. The event was Summed up and a formal vote of thanks was done by CA Naresh Jakhotia, Jt Secretary, VIA.
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.
Prominently present on the occasion were Girish Deodhar- Treasurer-VIA, Shailendra Manawat, Vaibhav Agrawal, CA. Jay Poptani, CA. Ritesh Mehta, Prakash Fulwani, Monika Rathi, CA Mahendra Jain, CA Jethalal Rukhiyana, CA Sachin Jajodia, and lot of industrialists and members.
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