Forum: Taxation & Corporate Law Forum
Speaker: CA Kapil Hirani for Direct Taxes, & CA Jay Poptani for Indirect Taxes
Avoid discrepancies in submission of financial data: Experts at VIA
VIA Taxation & Corporate Law Forum in association with the Nagpur Branch of WIRC of ICAI organised “Making March Meaningful” for creating an awareness for better tax compliances. The speakers for the Program were re-known CA Kapil Hirani for Income Tax, CA Jai Poptani for GST, Sales Tax & Service Tax.
CA Kapil Hirani, an expert in Income Tax said that precautions should be taken by everyone in the month of March as March is the most important month as far as Tax is concerned. He asked industry people to avoid penalty and interest payment due to negligence & discrepancies in compiling the data. The penalty and interest are quit heavy as compared to business profit margins. He further emphasized that every businessman should have a tentative financial statements as on 15th march ready in hand so as correctives steps can be taken within due time. He informed that final installment of advance tax should be paid within due date as this will help to avoid the penal interest and also to verify 26AS so as check the tax credits available before calculating final installment of advance tax. CA Kapil further cautioned that stock statement submitted to bank and stock reflecting in financial statements should also be double checked else this will lead to payment of heavy tax later. He extended his deliberation to look into your expenses or payments where TDS is applicable and pay TDS in time as this will lead into unnecessary outflow of taxes. Wherever there is and confusion, due professional opinion can be taken. Extending his talk, he explained to check into the related-party, parent-subsidiary or likewise transactions so that proper action can be taken within due time.
CA Jai Poptani has deliberated his talk on indirect taxes covering VAT, Service tax and GST. Under VAT he said that revision of VAT returns as per VAT Audit should be filed within 15th March 2018. Under Service tax has said that if there comes any liability it should be paid so that penalty can be avoided at the time of Service tax audit. With regards to GST he informed that there are many due dates in the month such as filing of GSTR 1, GSTR 3B, Trans 2, CMP 4 etc of March which should be timed complied with.
Opening the program O S Bagdia, Vice President – VIA said that non compliances are going to be costly affair so its better to comply with statutory formalities in time. He also said that manual interferences are going to reduce and hence the information submitted online will carry more importance.
CA Umang Agrawal Chairman of Nagpur Branch of WIRC of ICAI said that under digitalization all things are to be done in time as nothing will be possible after 31st March. Hence this cutoff date of financial year is very important.
In concluding remarks CA Naresh Jakhotia said that this is 10th consecutive year of this program and which gives good take always to the attendees.
Program was well conducted by CA Sachin Jajodia, Convener – VIA Taxation & Corporate Law Forum whereas CA Naresh Jakhotia, Jt. Secretary-VIA gave a concluding remark & proposed a formal vote of Thanks.
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