VIA Taxation and Corporate Law Forum organised a Tax awareness session on â€œCHHOTI CHHOTI BAATEINâ€ on zoomÂ by renowned & Prominent Tax Professionals of the city namely CA Rajesh Loya for Income Tax, CA Shailendra Jain for GST.
At the outset,Â CA Naresh Jakhotia, Treasurer – VIA briefed about the concept of the programme to the audience and the results of small mistakes in the tax laws.Â VIA PresidentÂ Suresh RathiÂ in his welcome address appreciated the selection of eminent speakers for Chhoti Chhoti Baatein, now-a-days, session is very relevant for industries to resolve their issues related to taxation. In his opening remarks, he said the formation of VIA Taxation Forum came in to existence 10 years back to simply update the industrialist and taxpayers about the changes in the tax laws and harmful tax provisions.
Initiating the presentation,Â CA Rajesh LoyaÂ askedÂ 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 to regularly keep the documents and records in its true sense and spirit. He appealed the promoters for their personal involvement in the accounting & voucher signing process as it is worth to put the efforts over it considering subsequent cost and consequences. He insisted the businessmen to ensure the timely filing of TDS return, Income Tax Return, Advance tax payment & its importance at subsequent point of time. He also covered the penal consequences in case of non compliances of 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 & raids.Â He advised the taxpayer to be regular in checking the e-notice if any at the income tax portal as non response would result in penalty. He also informed the audience about gathering of the AIR information and CIB, STR & FIU information gathering done by the Income Tax Department.Â He advised the precautions to be taken in case of borrowing from hundi and market where the onus to establish credit worthiness and genuineness is established on the borrower. On a reply to the query, he he highlighted about the applicability of new tax rate of 78% in case of certain income. He also highlighted the new concept of â€œKnow your Customerâ€ before you deal with them. He strongly asked to ensure the payment of statutory dues within time. Wrong submission of 15G/15H could result in penal consequences in the form of prosecution and the fine also, he cautioned. He advised the assessee not to treat the tax compliance as year-end affair and also to check the 26AS frequently. He cautioned the investor about the classification of income in to business income or capital gain income as improper classification could also result in penal consequences. He also cautioned to be careful while filling different column in the ITR forms as erroneous and casual filing could result in unnecessary additions to the income. With various practical examples, he conveyed the industrialist about the usage of artificial intelligence by the income tax department. 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 emphasizes the need for correct classification of income as capital expenditure vs. revenue expenditure. He appealed taxpayer to be genuine, transparent and honest in paying the tax. He also told the audience about the prosecution proceedings which are initiated throughout the country for wrong filers or non filers. He informed the audience about the quality scrutiny proceedings that is undertaken by the department and the usage of 360 degree profile of assessee during assessment. He has also thrown the light on deemed dividend, section 14A & notional tax provision.
CA Shailendra Jain, an expert in GST,Â Â advised to dealer to display the GST Number on the Name Board and Invoice as failure to this simple requirements attracts penalty up to Rs. 25,000/-He also suggested dealers to update the latest address of business, email id, contact No. on the GST site as all the correspondence and communication of GST is done through email by the officer. Non checking of the email may result in ex party assessment order which can lead to heavy compliances & consequences. He also advice to make at least two authorize signatory on GST portal because OTP is going on authorize signatory mobile no. and without OTP no one can able to file GST returns or update in records so in case of emergency we can use any OTP of alternate no and avoid to unnecessary compliance part. He also suggested to make the payment of vendor and service providers within 6 months from the date of bill otherwise dealer need to reverse that ITC. This ITC can be claimed whenever dealer does the payment.Â GST returns should be done within allotted time as the cost of interest charged by the department is much higher than the normal interest rate. He appealed to the dealer to be prepared for e-invoicing which is going to become compulsory for all dealers soon. He also asked buyer to take the bills for every purchase as failure by the purchaser in taking bills may also results in penalty on them. He advised dealer to do reconciliation of GSTR on a periodical basis.
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.
Formal vote of thanks was proposed by CA Sachin Jajodia, Convener of VIA Taxation & Corporate Law Forum. Prominently present Prof Ashit Sinha, Girish Deodhar, Mahendra Jain, Radheyshyam Paliwal, Jai Poptani, CA Rajesh Chandak, Krishna Mohan Illendula, Prakash Fulwani, Rajiv Javery, Mahesh Poddar, Manish Mehta, Vivek Agrawal, Murli Manohar Rathi, Nandkishore Bhandari, Shyam Agrawal, Adv R D Chandak, Amravati, Adv Jagdish Sharma, Amravati, Adv Suryakant Parekh, Ajay Somani, Akshay Parikh, Anil Kedia, Ashok Rathi, CA P N Kakani, Ajay Jain, Suresh Kumar Lakhotia, Seema Lakhotia, Hardik Doshi, N V Chary, Vidarbha Defence Industries Association, were many representatives from industries and professionals.