Timely updating of contact details on tax portals is crucial for compliances

VIA Taxation and Corporate Law Forum organized a 16th edition of Tax awareness session on “Chhoti Chhoti Batein Tax Ki” at VIA Auditorium, Nagpur by renowned & Prominent Tax Professionals of the city namely CA Saket Bagdia, spoke on Income Tax & Allied Laws and CA Prateek Gupta spoke on GST-related aspects.

Initiating the presentation, CA Saket Bagdia asked the tax payer to keep Smart Accounting which means books of accounts and related data are maintained on real time basis of accounts and smart accounts are indeed very useful for data analysis using AI. He cautioned the attendees against tax avoidance and evasion, though it appears lucrative but results in hefty tax, interest and penalty which at times may exceed the tax amount. He further advised to prepare Monthly & Quarterly Balance sheets which helps in better business planning though working capital management, Cash credit limit usage and better prepared for future projections.CA Saket has discussed the latest updates on TDS and TCS rules applicable on renting of immovable property, purchase of immovable property, foreign tour sponsorships etc.  He added that Form 26AS, AIS, TIS and data available of compliance portal should be verified from time to time so as to verify if there is any usual transaction reported in it. CA Saket Bagdia has specifically cautioned business houses to check their cash transactions whether they are within the prescribed limits of Income Tax and he also asked to keep check on cash deposits in saving accounts. CA Saket Bagdia discussed in details certain important provisions like 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,  borrowing loans from market and to check the credit worthiness of person giving loans or credit for long period since the department is asking the borrower to prove credit worthiness of the lender i.e. explain the source of source and many more.

CA Prateek Gupta said suppliers’ default being buyers’ problem, thus it is important to identify guanine dealers and deal with them. He further cautioned that many dealers don’t discharge their RCM liability which are applicable on Directors Remuneration, Transportation charges, Security charges and others even though there is no actual loss of revenue to the business. CA Prateek later discussed about ITC on Fixed assets which is allowed only when assets are used for 5 years and if assets are sold within 5 years the proportionate ITC has to be reversed. He discussed common issues which are ITC is availed but it is not available like restaurant expenses, personal expenses, passenger cars, immovable property. He added that from January 2025 generation of e-way bill, e-invoices will be generated with dual authentication. He asked the industrialists & Trade to reconcile the GST returns and information on regular basis and keep adopt practice of maintaining strong documents in support of the transaction. He further said that provisions of restricted ITC u/s 17(5) and reversal of ITC as per Rule 42 should be done periodically as the claim of excess ITC and thereafter reversal of it during assessment will result in interest liability  and may also result in levy of penalty for wrongful claim of ITC.

Question related to GST on transfer of leasehold rights in MIDC land, TDS on Sale of Immovable property, GST on ISD, Place of supply of services by hotel were answered by the speakers.

At the outset, CA Ashok Chandak, Chairman of VIA Taxation & Corporate Law Forum, warmly welcomed the guest speakers. He briefly set the context of the Programme and summed up the session by highlighting key compliance and governance aspects. He emphasized the growing importance of real-time accounting, timely confirmation statements, and the need to keep email IDs and mobile numbers updated on tax portals to avoid communication gaps. He also highlighted self-invoicing of RCM liabilities, regular review and reconciliation of data available on tax portals, and other proactive measures essential for ensuring accuracy, transparency, and smooth statutory compliance.

CA Naresh Jakhotia, Vice President VIA briefed about the concept of the programme to the audience and the harsh consequences of small mistakes in the tax laws. There are enormous changes in the tax laws in recent times wherein the taxpayers have not only to keep themselves updated about the changes but also need to understand its impact. Non compliances are resulting in heavy cost and consequences on the taxpayers. Short two-hour session is designed to give an overview of all the changes and the way forward in view of the changing taxation landscape. This will be the 16th  successive session of the “Chhoti Chhoti Batein” designed with the concept that pre-mortem is always better than post-mortem in the tax laws. In day-to-day business affairs, one has to take care of lot of tax compliance, ignorance of which could entail penalty & fine behind mental tension. The session would not only cover the important law related to income tax and GST but also will also cover the allied business laws which is concerning the businesses. The session would also cover the latest ongoing litigation and notices that are issued in the recent times to the industries. The importance of the session is all the more relevant in view of the fact that the number of changes & amendment carried out frequently. One need to learn, relearn & unlearn lot many provisions.

CA Sachin Jajodia, Convener – VIA Taxation & Corporate Law Forum made an open remark and also proposed the formal vote of thanks and appealed for regular participation.

The programme was largely attended by industrialists from Aerocom Cushions Pvt Ltd, R C Plasto, GMC Technotrade, Sharda Metals, Truform Engineering, Gimatex Industries, Jayaswals Neco, Tolu Tours, Stabplast Chemo Industries, 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.

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Event Photos