Dhanraj Sharma

Dhanraj Sharma is CEO of Tax Concept. He is on a Mission to Educate and Empower 10,000+ Professionals across the Country.

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GST: Request For Re-credit Of Amount in Electronic Credit Ledger

Circular No. 174/06/2022-GST, Dated 6th July 2022 Request For Re-credit of Amount in Electronic Credit Ledger I/ We have been granted refund under the following category (please tick the relevant category): a. Refund of IGST, obtained in contravention of sub-rule (10) of rule 96 of the CGST Rules, 2017. b. Refund of unutilised ITC on …

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Breaking: CBIC Prescribes Manner Of Re-credit in Electronic Credit Ledger Using PMT-03A

Vide Circular No. 174/06/2022-GST, Dated 6th July 2022, the CBIC has prescribed manner of re-credit in electronic credit ledger using FORM GST PMT-03A. Circular is as under: Difficulties were being faced by the taxpayers in taking re-credit of the amount in the electronic credit ledger in cases where any excess or erroneous refund sanctioned to …

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CBIC Issues Clarifications On Applicability Of Demand And Penalty Under CGST Act

Vide Circular No. 171/03/2022-GST, Dated 6th July 2022, the CBIC has issued clarification on various issues relating to applicability of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 in respect of transactions involving fake invoices. Circular is as under: A number of cases have come to notice where the registered …

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Breaking: CBIC Issues Clarifications On Mandatory Furnishing Of Correct Details in GSTR-3B And GSTR-1

Vide Circular No. 170/02/2022- GST, Dated 6th July 2022, the CBIC has issued clarifications on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/ blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1. Circular is as under: The process of return filing …

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Breaking: Government Prescribes Manner Of Calculating Interest On Delayed Payment Of Tax

Vide Notification No. 14/2022- Central Tax Dated 5th July 2022, the CBIC has prescribed manner of calculating interest on delayed payment of tax. Rule 88B has been inserted in the CGST Rules 2017 for this purpose. Rule 88B of the CGST Rules as prescribed in the notification is as under: (1) In case, where the …

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Breaking: Due Date For Filing GSTR-4 Of FY 2021-22 Further Extended

Vide Notification No. 12/2022- Central Tax Dated 5th July 2022, the CBIC has extended due date for filing GSTR-4 of financial year 2021-22 to 28th July 2022. Notification States: In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the …

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Breaking: Government Extends Due Date For Filing CMP-08 For 1st Quarter Of FY 2022-23

Vide Notification No. 11/2022- Central Tax Dated 5th July 2022, the CBIC has extended due date for filing Form GST CMP-08 for the first quarter of financial year 2022-23 (i.e. 1st April 2022 to 30th June 2022) to 31st July 2022. Notification States: In exercise of the powers conferred by section 148 of the Central …

Breaking: Government Extends Due Date For Filing CMP-08 For 1st Quarter Of FY 2022-23 Read More »

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Breaking: These Taxpayers Are Not Required To File GST Annual Return For FY 2021-22

Vide Notification No. 10/2022- Central Tax Dated 5th July 2022, the CBIC has exempted taxpayers having aggregate turnover upto Rs. 2 Crore in the Financial Year 2021-22 from filing GST Annual Return for the said Financial Year. Notification states: In exercise of the powers conferred by the first proviso to section 44 of the Central …

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There is Difference Between ‘Contract Of Work’ And ‘Contract Of Service’: ITAT Kolkata

In the case of ITO vs. Emami Paper Mills Ltd, ITAT Kolkata has held that: There is a difference between ‘Contract of work and ‘Contract of service’. The two words convey different ideas. In the ‘Contract of work’ the activity is predominantly physical; it is tangible. In the activity referred as ‘Contract of service’, the …

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What Are Benefits Available To Senior Citizens Under Section 80DDB Of Income Tax Act?

Section 80D​DB of the Income-tax Law gives various provisions relating to tax benefits available on account of expenditure on medical treatment of specified diseases. Click Here to know about details of section 80DDB which covers the details of special benefits under section 80DDB ​available to a senior citizen. Check page 8 topic “Deduction in respect …

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What Are Benefits Available To Senior Citizens in Respect Of Interest On Deposits?

Section 80TTB ​of the Income Tax law gives provisions relating to tax benefits available on account of interest income from deposits with banks or post office or co-operative banks of an amount upto Rs. 50,000 earned by the senior citizen (i.e., an individual of the age of 60 years or above). Interest earned on saving …

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GST Council Gives Relief To Taxpayers Claiming GST Refund

GST Council in its 47th Meeting has provided relief to taxpayers claiming GST refund. The press release states: Time period from 01.03.2020 to 28.02.2022 to be excluded from calculation of the limitation period for filing refund claim by an applicant under section 54 and 55 of CGST Act, as well as for issuance of demand/ …

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Breaking: GST Council Proposes Automatic Revocation Of Cancelled GST Registration

In its 47th Meeting, the GST Council has suggested automatic revocation of cancelled GST registration in certain cases. Press Release of 47th GST Council Meeting states: Provision for automatic revocation of suspension of registration in cases where suspension of registration was done by the system under Rule 21A(2A) of CGST Rules, for non-compliance in terms …

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GST Council Gives Big Relief To GST Composition Taxpayers

Waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22 and extension of due date for filing FORM GST CMP-08 for Q1 of FY 2022-23: (1.) To extend the waiver of late fee under section 47 for delay in filing FORM GSTR-4 for FY 2021-22 by approximately four more weeks, i.e. till …

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Is A Resident Senior Citizen Exempt From Payment Of Advance Tax?

​​​​​​​​As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. However, section 207 gives relief from payment of advance tax to a resident senior citizen. As per section 207​ a resident senior citizen (i.e., an …

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Income Tax: Webinar On Form 10E

Dear Taxpayer, Please note that a WebEx session is being scheduled on Form 10E to provide assistance or address any technical difficulties being faced while filing/ submitting the form. Date: 1st July 2022 Time: 3 PM to 5 PM  Link: https://cpcincometax.webex.com/cpcincometax/e.php?MTID=ma1d47df3901141408e9b5dc4037b02dc As this session is exclusively for discussion on filing/ submitting Form 10E, if the …

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Breaking: Now You Can Pay Income Tax Through These Two Banks

Income Tax E-filing Portal has posted an update that: The e-Filing website now offers e-Pay Tax service through two new Authorized Banks namely Kotak Mahindra Bank and Federal Bank in both pre-login and post-login mode. These two banks are currently accepting payments for taxes in both Over the Counter and Net Banking modes. Tax payment …

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Major Relaxation To E-Commerce Operators (ECOs) By 47th GST Council Meeting

In-principal approval for relaxation in the provisions for suppliers making supplies through E-Commerce Operators (ECOs): (1.) Waiver of requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions, such as- (i.) the aggregate turnover on all India basis does not exceed the turnover specified under …

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Clarification On GST Rate Of Services in 47th GST Council Meeting

Clarification On GST Rate Of Services in 47th GST Council Meeting (1.) Due to ambiguity in GST rates on supply of ice-cream by ice-cream parlours, GST charged @ 5% without ITC on the same during the period 1.07.2017 to 5.10.2021 shall be regularized to avoid unnecessary litigation. (2.) Application fee charged for entrance or for …

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Clarification On GST Rate Of Goods in 47th GST Council Meeting

Clarification on GST Rate of Goods in 47th GST Council Meeting (1.) Electric vehicles whether or not fitted with a battery pack, are eligible for the concessional GST rate of 5%. (2.) All fly ash bricks attract same concessional rate irrespective of fly ash content (3.) Stones covered in S. No.123 of Schedule-I (such as …

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At What Age A Person Will Qualify As A Senior Citizen And Very Senior Citizen Under Income Tax?

​​Before understanding the age criteria, it is very important to know that the tax benefits offered under the Income-tax Law to a senior citizen/very senior citizen are available only to resident senior citizen and resident very senior citizens. In other words, these benefits are not available to a non-resident even though he may be of …

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What Benefits Are Available To Senior Citizen And Very Senior Citizen in Respect Of Tax Rates?

​​​Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax. The exemption limit granted to senior citizen and very senior citizen for the financial year 2022-23 is as …

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Breaking: Long Awaited Updated ITR (ITR-U) is Now Live On Income Tax Portal

Income Tax E-filing Portal has posted an update that: E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. …

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Long Term Capital Gains Claimed Exempt u/s 10(38) Cannot Be Treated As Bogus Unexplained Income If Paper Work is in Order: ITAT Kolkata

In the case of Surya Prakash Toshniwal HUF vs. ITO, ITAT Kolkata has held that: The lower authorities have not brought on record any concrete evidence for disallowing the long term capital gain of the assessee. The AO should have issued notices and summons to M/s RFL and ACPL under section 133(6) and 131 of …

Long Term Capital Gains Claimed Exempt u/s 10(38) Cannot Be Treated As Bogus Unexplained Income If Paper Work is in Order: ITAT Kolkata Read More »

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What is Advance Ruling Under Income Tax?

Advance ruling means the determination of a question of law or fact specified in the application in relation to tax liability of an applicant arising out of transactions which have been undertaken or proposed to be undertaken. The Finance Act, 2021 has provided that the Authority for Advance Rulings shall cease to operate with effect …

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What Fees is To Be Paid Along With Application For Advance Ruling?

​The fees to be paid along with application shall be as follows: Amount of transaction(s) does not exceed Rs. 100 crore: Rs. 2 Lacs Amount of transaction(s) exceeds Rs. 100 crore but does not exceed Rs.300 crore: Rs. 5 Lacs Amount of transaction(s) exceeds Rs. 300 crore: Rs. 10 Lacs Other Cases: Rs. 10,000 Source: …

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Are The Advance Ruling Under Income Tax Binding On Taxpayers Or Tax Authorities?

An advance ruling pronounced by the Authority is binding on the follows :- The Applicant. The Commissioner. Commissioner of Income-tax (Appeals). Income-tax authorities who are subordinate to Commissioner In respect of transaction for which ruling had been sought​. Source: Income Tax India’s Official Website

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Stock Options Are Intended To Motive Employees And So Expenditure Thereon Is A Deductible Revenue Expenditure: ITAT Delhi

In the case of Religare Commodities Ltd vs. ACIT, ITAT Delhi has held that: The discount under ESOP is in the nature of employees cost and is hence deductible during the vesting period w.r.t. the market price of shares at the time of grant of options to the employees. The amount of discount claimed as …

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What Are Consequences For Furnishing Inaccurate Statement Of Financial Transaction Or Reportable Account?

​​​​​​​​​If a prescribed reporting financial institution referred to in Section 285BA(1) who is required to furnish statement of financial transaction or reportable account, provides inaccurate information in the statement, and where: (a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed* under section 285BA(7) or is deliberate on the …

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