The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur

  • Home
  • City
  • Politics
  • Business
  • Education
  • Entertainment
  • Sports
  • Health
  • Crime
  • Forest
  • Featured
  • Vidarbha
Business

Tax awareness programme “Making March Meaningful”

by TLN Team March 26, 2022March 26, 2022
written by TLN Team March 26, 2022March 26, 2022
Tax awareness programme “Making March Meaningful”

VIA Taxation & Corporate Law Forum organized the annual programme on Tax awareness “Making  March Meaningful” for creating awareness for better tax compliances. Expert speakers of the program CA Naresh Jakhotia spoke on “Income Tax” and CA Preetam Batra spoke on “GST”

The objective of such session was to create awareness for Business Houses,  31st  March is Landmark date not only due to the closing of the Financial Year but also due to various compliances and tax planning associated with the end of financial year i.e., 31st March and the subsequent repercussions from Income Tax, GST, Corporate Law perspective. The programme was designed to give an insight about all the actions which businessmen must take before 31st March ends.

CA Naresh Jakhotia, Income Tax said that gone are the days where hiding information was possible, now the income tax department is gathering information from all sources from where non disclosure of income can be traced. He cautioned that tax rate on undisclosed income or expenditure ranges from 78% to 138% plus penalty to the extent of 200%, so check all the records thoroughly and prepare your financial statements accordingly.  He further added that provisions of TDS should not be ignored as the non deduction of TDS and result in attion of very huge amount as disallowance on later stage. He informed that those who have turnover 1cr and are declaring their income under presumptive taxation scheme are supposed to get TDS number and comply with that TDS provisions and non compliance will make that assessee in default and consequences of which will be harsh.  CA Naresh Jakhotia advised that of timing of income or losses should be such that the losses can be set off against income and that tax can be saved. He further added that while selling any long term asset one should check the period of holding so that mere holding of assest for few more days can result in saving huge taxes.

CA Jakhotia an expert in Income Tax said that precautions should be taken by trade and industry so far as March is concerned as interest, late fees, penalty can be avoided which can arise due to slight ignorance or mistake for which business will be at ultimate loss.

CA Jakhotia author of Tax Talk, also said that entire expenses pertaining to this financial year should be accountant for in current year only, else if it is found during assessments that any expenses related to previous financial year are claimed in assessment year the expenses will treated as prior period expenses and will be disallowed. He cautioned that in case of TDS if any amount is payable person who has not filed income tax return to MSE which are under dispute for any reason a mail regarding to such dispute should be sent to payee stating the reason for dispute and denial of payment, this will help to avoid filling Insolvency application at NCLT against payer. With regards to TDS he said that correct TDS deduction and timely payment not only saves you from disallowance, interest and penalty it saves you more particularly from prosecution. He further added on TDS issue that interest payable on loans from NBFCs interest paid to these companies are subject to TDS. Deductor should get in touch with NBFCs and ask for interest amount, deduct TDS, pay TDS, issue certificate of deduction and ask NBFC’s to adjust TDS amount against the outstanding loan.

He advised that if someone is planning to sale any immovable property in the month of march, if possible defer it to first week of April, this will give two advantages to the seller one indexation of next financial year will be applicable and second he will have more time at his disposal for investment to claim any capital gain exemptions. He cautioned before executing the sale deed one should compare if there is any negative difference in stamp duty valuation and sale deed value and where that answer is yes then take valuation report from CBDT approved valuer before sale deed so that a valid document is available to support your transaction at the time of assessment.

CA Pritam Batra, Indirect Taxes (GST) has deliberated his talk on indirect taxes covering GST. He stated that under the GST regime every month or rather say every day is important. Reconciliation of books of accounts with GSTR1, GSTR3B and Input tax credits as per GSTR 2B etc is need of the hour. He suggested that trade and industry should have two managers having special designations first Reconciliation Manager, who will see that all the data is reconciled within the organization and also with the third parties too and second will be Alert Manager who will inform the management what changes are notified so that nothing is missed and interest or penalty is not liable to be paid. He advised that many amendments will be come into effect from 01st April 2022 like compulsory e-invoicing for persons having turnover 20 Crs etc. business persons should be ready for this as not much of time is left with them in the month of March 2022. He further advised to choose vendor carefully so that as seemless ITC is available which is very important for any business. As proposed by the Union Finance Minister in this year budget that ITC will not be available unless Tax Invoice is uploaded in GSTR 1 by the seller, tax on the same is being paid and transaction is reflected in GSTR 3B. He asked the audience to take care of some small but very important things like starting a fresh invoice/documentation series for the new financial year.

He further added that GSTR 2B data to be matched to have a clear picture of ITC claimed, if there are any mismatches then ask the supplier to amend his return wherever required to give correct ITC. Under GST law it is not only March, it is every month where compliances are to be done. Payment for input supplies should be done within 180 days, otherwise ITC will be denied and also interest liability will arise. He said that unclaimed RCM for the current financial year can be claimed in the March closing return.

Earlier, CA Hemant Lodha, Chairman of VIA HRD Forum welcomed the guest speakers and said VIA Taxation Forum is organising the meaningful tax awareness program for the benefits of industrial fraternity. CA Sachin Jajodia, Convener – VIA Taxation & Corporate Law Forum made an opening remarks and proposed a formal vote of thanks.

Satish Sarda, Shilpa Agrawal, representatives from RC Plasto, Eros Group, Arun Lanjewar, Anil Kedia, Anand Apte, were prominently present.

0 comment
FacebookTwitterLinkedin
TLN Team

previous post
Country’s First Aluminium-body Metro Train Flagged Off for Pune Metro Project
next post
NCP Students’ Wing to protest Off-line exam of RTMNU

You may also like

Aditya TATA Cars delivers 111 cars on Gudi Padwa

March 24, 2023

Concluding  Function “Unnati”: A Personal Growth and Skill Development...

March 24, 2023

DCM endorses VED’s concept of Tourism Complex in...

March 23, 2023

Session on Maharashtra Budget & Opportunities in Solar...

March 17, 2023

BCI allows foreign lawyers, law firms to practice...

March 16, 2023

VIA LEW celebrated International Women’s Day & felicitated...

March 15, 2023

VIA LEW celebrates International Women’s Day on March 15

March 13, 2023

Asian Scenario on Infrastructural Development: ASID2023

March 10, 2023

Mah economy expected to grow at 6.8% in...

March 9, 2023

Tax awareness program on ”Making march meaningful

March 8, 2023

Trending News

  • Earth Hour today: its timing in India, history, and significance

    March 25, 2023
  • Fancy dressing combinations on ‘mismatch day’ in Maharashtra College receive praise on social media

    March 25, 2023
  • Asia Cup 2023 in Pakistan, England likely to host India’s matches

    March 24, 2023
  • Salman Khan receives threat on email from Bishnoi gang, FIR filed

    March 19, 2023
  • Leopard from Pakistan enters Indian territory, watch video

    March 19, 2023

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Search

March 2022
M T W T F S S
« Feb   Apr »
 123456
78910111213
14151617181920
21222324252627
28293031  

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us

© 2020 - The Live Nagpur . All Rights Reserved.