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Tax Deduction at Source

Budget may not be right time to restructure capital gains tax: Revenue secy

• Nov 30, 2022
  
  

• The new alternative tax regime should be incentivised to encourage more taxpayers to adopt it, says Revenue Secretary Tarun Bajaj in an interview with Shrimi Choudhary. Bajaj, who superannuates today, suggests this could be done by raising the lower tax slab up to Rs 7-7.5 lakh, from the current Rs 2.5 lakh. He also stresses that restructuring the capital gains tax regime requires detailed consultation and the run-up to the Budget may not be the right time to do this.

Income Tax

I-T dept sends notices to firms to enquire about their foreign assets

• Nov 29, 2022
  The Income Tax (I-T) Department's Foreign Asset Investigation Unit (FAIU) has reportedly sent notices to local companies, including some listed entities enquiring about the hidden assets overseas. The bid to hunt for black money by FAIU was earlier limited only to individuals but has now expanded to companies, a report by the Economic Times (ET) said. The intelligence unit has sent notices to at least eight Mumbai firms and asked for information on their directors. Earlier, FAIU's enquiries were limited to residents' hidden assets, including their bank accounts and shareholding in foreign firms and trusts.
  

• "But now, the FAIU is enquiring into payments by Indian companies to overseas persons and entities. Probably, they may have found cases where there were reasons to believe that the foreign recipients of the money were just intermediaries," a senior tax practitioner told ET.

  
  
  

Income Tax

Need more direct and indirect tax reforms: Tarun Bajaj

• Nov 28, 2022
  
  

  With regard to direct taxes, there is a need to "fix the capital gains on all fronts. Second is the personal income tax and the third is to rewrite the code itself to simplify it," Bajaj told ET in an interview. "If you do that, litigation will reduce," he said, laying down the agenda for reform. He said the goods and services tax (GST) needs to be rationalised and there is a case for making the exemption-less personal income tax regime better than the old one. In the case of GST, the number of slabs needs to be reduced and another look taken at exemptions. "We are reaching a stage in our economy where we need to give complete stability to the tax structures on both sides," he said. Bajaj said increased compliance is providing a boost to revenue and the scheme to allow updated returns has been successful. "We have got about 4.5 lakh updated returns and some corporates have also filed updated returns," Bajaj said.

Income Tax

Rationalisation in long-term capital gains tax structure on the anvil

• Nov 25, 2022

  The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
  

  The revenue department is now looking at rationalising the tax rates as well as holding period for calculating long-term capital gains and an announcement is likely in the 2023-24 Budget to be presented in Parliament on February 1.

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Income Tax

GST Annual Return: CBIC amends GSTR-9 to Allow IRC Claims and Amendment of Invoices till 30th Nov

30 Nov 2022

The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification to allow Input Tax Credit (ITC) claims and amendment of invoices till 30th November 2022. From last week, the GST portal has started allowing the amendment related to FY 2021-22 in October 2022 return period. This in line with the recent amendment in the GST Law wherein amendment can be done up to 30th Nov. of the next FY.

A notification issued on Tuesday stated that “In the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), in FORM GSTR-9, under the heading Instructions, in paragraph 7, – (A) for the figures, letters and words “between April, 2022 to September, 2022”, the figures, letters and words “of April, 2022 to October, 2022 filed upto 30th November, 2022” shall be substituted; (B) in the Table, in second column, – (I) against serial numbers 10 & 11, for the figures and words “April, 2022 to September, 2022”, the figures, letters and words “April, 2022 to October, 2022 filed upto 30th November, 2022” shall be substituted; (II) against serial number 12, for the figures and words “April 2022 to September 2022”, the figures, letters and words “April, 2022 to October, 2022 upto 30th November, 2022” shall be substituted; (III) against serial number 13, for the figures and words “April 2022 to September 2022”, the figures, letters and words “April, 2022 to October, 2022 upto 30th November, 2022” shall be substituted.”

The taxpayer can amend the details of taxable outward supplies made to the registered person that is already reported in table 4A, 4B, 6B, 6C – B2B Invoices. The taxpayer shall provide the financial year and invoice number and click on Amend Record to search for the invoice. As extended by the Government, from time to time, 30th November is the deadline for making GSTR-1 amendments and claiming pending input tax credit (ITC) for FY 2021-22. However, the actual due date is dependent on November’s GSTR-1/GSTR-3B filing deadlines (i.e. pertaining to October’s return period). If a taxpayer misses the relevant deadlines, the GSTR-1/3B cannot be revised. Pending ITC for FY 2021-22, if any, will be forfeited.

GST

Income Tax department issues revised instruction on action against officers for high-pitched assessments

Jun 17, 2022

The income tax department on Thursday said it has issued revised instruction, which provides for initiation of suitable administrative action against the officer concerned, in cases of high-pitched assessments. In 2015, the Central Board of Direct Taxes (CBDT) had provided for the constitution of ‘local committees to deal with taxpayer grievances from high-pitched scrutiny assessment’ in each principal commissionerate region. Considering the implementation of faceless assessment regime, the CBDT has now issued a revised instruction regarding constitution and functioning of these committees.

Income Tax