Oswal & Co.

14/10/2024

*_CIT(E)को मिल गई है पावर_*

*12A/80जी की डिले कंडोने की*

*चाहे रिन्यूअल छूट गया हो*

*या रिन्यूवल की बजाय, गलत कोड में, गलत रजिस्ट्रेशन हो गया हो*

*ट्रिब्यूनल के डायरेक्शन से,ओल्ड लॉ में लिमिटेड पीरियड के लिए रजिस्ट्रेशन मिला हो, लेकिन, रिन्यूअल न होने की वजह से एक्सपायर हो गया हो। लेकिन रिन्यूअल का टाइम बीत गया।*

*या प्रोविजनल को परामनेंट के लिए Re-अप्लाई में डिले हो गया हो*

*चाहे ऑब्जेक्ट क्लॉज़ में चेंज की वजह से 1 महीने के भीतर Re-अप्लाई में डिले हो गई हो*

*या एक्टिविटी के बाद भी क्लॉज़ vi(B) में डायरेक्ट परमानेंट, अप्लाई करने में डिले हो गई हो*

1 अक्टूबर 2024 से 12A के सभी 6 के 6 क्लॉज़ में से, किसी भी क्लॉज़ में अप्लाई करने में कोई डिले होती है, तो "रीजनेबल कॉज" होने CIT(E) को डिले कोंडोने की पावर दे दी गई है।

25/09/2024

22/06/2024

*Key Recommendations made by the 53rd GST Council meeting held today:*

*1. Waiver of Interest and Penalty*
Waiver of interest and penalty on demand notices issued under Section 73 for FY 2017-18, 2018-19, and 2019-20, applicable where tax is paid entirely by March 2025.

*2. Extended Time Limit for ITC*
Time limit to avail ITC u/s 16(4) extended to 30th November instead of October for FY 2017-18, 2018-19, 2019-20, and 2020-21.

*3. Monetary Limits for Appeals*
Monetary limit for filing appeals by the tax department set at ₹20 lakh for the tribunal, ₹1 crore for the High Court, and ₹2 crore for the Supreme Court.

*4. Reduced Pre-Deposit for Appellate Authority*
Maximum amount of pre-deposit for filing an appeal before the appellate authority reduced from ₹25 crore to ₹20 crore each for CGST and SGST.

*5. Reduced Pre-Deposit for Tribunal*
Pre-deposit for filing an appeal before the tribunal reduced to 20% and ₹20 crore each for CGST and SGST.

*6. Amendment in Appeal Time Limits*
Amendment in law to provide that the time limit for filing appeals before the tribunal will start from the date the government notifies it.

*7. Extension of GSTR-4 Filing Deadline*
Extension of time limit to file GSTR-4 till 30th June.

*8. No Interest on Cash Ledger Amount*
Interest will not be charged for the amount available in the cash ledger at the time of filing GSTR-3B.

*9. New Form GSTR-1A*
Insertion of new Form GSTR-1A to allow corrections in GSTR-1, which can be filed before filing GSTR-3B.

*10. Biometric Aadhar Authentication*
Biometric-based Aadhar authentication on a PAN-India basis in a phased manner.

*11. Various Clarifications Issued*
Clarifications issued on various topics, including:
- 12% tax rate for milk cans
- Uniform GST rate of 12% on all carton boxes
- Clarification that all types of sprinklers will attract 12% GST and past practice to be continued
- 12% rate on all solar cases
- Services by railways, platform tickets, and other services are exempt
- Service of hostel accommodation outside educational institutions made exempt with conditions

Regards
*CA Atul Mehrotra*

06/06/2024

This happens only in Bollywood 🤣

31/05/2024

https://youtu.be/_tnXQQmD8cQ?si=DriHyCxYw1hRZdxC

False HRA Declarations - Know the implications | Fake rent receipt punishment - Penalty for false HRA claim discussed by CA. Satuti Mahajan.DISCLAIMER :- Thi...

31/03/2024

Income Tax dept has detected House Rent Allowance false claim of deduction with illegal use of PAN
Finds 10000 Cases of Rs 10 lakh or more, employees face action.
Similarly in many cases deduction has been claimed for arranged donation to political parties -many of such political parties being almost non existent.
Anyone who has claimed such fake deductions, rebates etc will face severe penal actions. With the digitisation of all data and use of Artificial Intelligence tools , all such case will get identified.
Accordingly if any one has made such false claim or deduction in AY 21-22 , AY 22-23 and AY 2023-24, it will be advisable to file updated return immediately ( today 31st March,2024- before issue of formal notice ) to avoid penalty which will be 200% of tax.
If considered appropriate, you may circulate it to your other colleagues and friends.
Regards

27/07/2023

13/07/2023

नमस्ते! 🙏
हम आपको याद दिलाना चाहते हैं कि व्यक्तिगत आयकर रिटर्न (जो टैक्स ऑडिट में नहीं आते) जमा करने की अंतिम तारीख 31 जुलाई है | 💥💥💥
आपका आयकर रिटर्न जमा करना आपके वित्तीय मामलों को सुचारू रूप से नियंत्रित करने और आपके टैक्स कर बचाने में मदद करेगा।🥸🥸🥸
इसके अलावा, अपना आयकर रिटर्न समय पर जमा करने से आपको किसी भी दंड या ब्याज से बचाया जा सकता है।💥💥💥
इसलिए, कृपया अपनी आयकर रिटर्न जमा करने के लिए समय से पहले आवश्यक कार्यवाही करें । आप अपने टैक्स कंसलटेंट कि मदद से अथवा स्वयं आयकर विभाग की आधिकारिक वेबसाइट पर आवश्यक जानकारी देकर अपनी आयकर रिटर्न जमा कर सकते हैं।🥸🥸🥸
धन्यवाद,
आपका, सी. ए. विकास ओसवाल 🙏🙏🙏

11/07/2023

*4,900 Fake GST Registrations Cancelled, Rs 15,000 Crore Tax Evasion Detected*

✅ GST authorities have so far cancelled over 4,900 GST registrations and detected tax evasion of over Rs 15,000 crore during the ongoing two-month drive to w**d out fake GSTINs.

✅ The large number of fake registrations unearthed during the drive underlines the need for policy changes to tighten Goods and Services tax (GST) registration and return filing process.

✅ Over 69,600 GST Identification Numbers (GSTINs) have been selected for physical verification, of which 59,178 have been verified by field officers during the ongoing pan-India special drive.

✅ 16,989 GSTINs are found to be non-existent. 11,015 GSTINs have been suspended and 4,972 have been cancelled.

✅ Tax evasion of Rs 15,035 crore has been detected and Rs 1,506 crore ITC has been blocked by tax officers since May 16.

✅ Out of this, around Rs 87 crore have been recovered.

✅ The two-month long special drive to curb fake registration under GST, which began on May 16, will end on July 15.

✅ On trade facilitation front, the monthly return form GSTR-3B will be made more trade friendly by providing additional fields to report more granular data.

02/07/2023

https://youtu.be/znoHWOffnOI

A TVF CreationDirected By: Pratish MehtaDeveloped By: Arunabh Kumar & Harish PeddintiWritten By: Harish Peddinti, CA Khushbu Baid, Tatsat PandeyProduced By: ...

01/07/2023

Happy CA DAY AND DOCTOR’s Day to all