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Amit K Gupta & Associates, #24, Ganpati Handloom Market, Opp L K Honda, Gohana Road, Panipat (2025)

28/06/2024

In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching third set of Company Forms covering 9 forms [MSME, BEN-2, MGT-6, IEPF-1, IEPF-1A, IEPF-2, IEPF-4, IEPF-5, IEPF-5 e-verification report] on 15th July 2024 at 12:00 AM. To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points: (1) Company e-Filings on V2 portal will be disabled from 04th July 2024 12:00AM. (2) All stakeholders are advised to ensure that there are no SRNs in pending payment/pending for investor details upload/Resubmission status. (3) Offline payments for the above 9 forms in V2 using Pay later option would be stopped from 01st July 2024 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking). (4) In view of the upcoming launch of 9 Company forms, V3 portal will not be available from 13th July 20204 12:00 AM to 14th July 2024 11:59 pm. (5) V2 Portal for company filing will remain available for all the V2 forms excluding above mentioned 9 forms. Stakeholders may plan accordingly.

21/06/2024

CLAIM CSR EXPENSES U/S 80G.

20/03/2024

"Avail the GST Composition Scheme for FY 2024-25 and Simplify Your Tax Structure"

The GST Composition Scheme is a simplified tax structure available for eligible taxpayers with an annual turnover of up to Rs 1.5 crore (Rs 75 lakhs for special category States). This scheme allows taxpayers to pay a fixed percentage of their turnover as GST, instead of the regular GST rates.

To avail of the GST Composition Scheme for the financial year 2024-25, existing GST taxpayers need to submit their application by March 31, 2024. By opting for this scheme, taxpayers can simplify their tax compliance requirements and enjoy certain benefits like reduced tax liability. (copied)

20/03/2024

"SEBI Grants Extended Deadline for High Debt Value Listed Entities to Comply with Listing Norms"

The Securities and Exchange Board of India (SEBI) has provided additional time for High Debt Value Listed Entities (HDVLE) to adhere to listing regulations. The deadline for compliance has been extended till March 31, 2025, following a meeting held by SEBI's Board on March 15.

The extension allows HDVLE to have more time to fulfill the necessary requirements and bring their debt levels in line with the prescribed norms. This decision aims to provide flexibility and support to these entities in managing their debt and meeting the compliance obligations. (copied)

20/03/2024

Allahabad HC Rules That ‘Inputs’ Used For Day-to-Day Business Operations Do Not Need to Be Capitalized in Books of Accounts Under CGST Act

A recent judgment by the Allahabad High Court has clarified that business inputs meant for day-to-day operations are not required to be capitalized in the books of accounts under the Central Goods and Services Tax Act, 2017 (CGST Act).

The ruling came when a petitioner filed for the refund of unutilized Input Tax Credit (ITC) of CGST, SGST, and IGST paid on 'inputs' which, according to them, were not capitalized in the books of accounts as fixed assets. The petitioner had argued that these inputs were used for day-to-day operations and not for making capital assets, and hence there was no need to capitalize them.

The court upheld the petitioner's argument and held that 'inputs' that are used for day-to-day business operations do not need to be capitalized in the books of accounts under the CGST Act. This ruling provides much-needed clarity for businesses on which inputs are required to be capitalized and which are not.

It should be noted that this ruling applies only to those inputs that are used for day-to-day business activities and not for any capital asset formations. Therefore, businesses should carefully evaluate their inputs and determine which ones they should capitalize. It is recommended that businesses consult tax experts to comply with provisions of the CGST Act and avoid any non-compliance penalties. (copied)

20/03/2024

Kerala High Court Directs Fresh GST Assessment Order in Case of Deceased Taxpayer

In the case before the Kerala High Court, the appellant is challenging the continuation of GST assessment proceedings against their deceased mother. The court's decision to issue a fresh assessment order is of great significance as it ensures procedural fairness and upholds legal principles.

The appellant argues that since their mother has passed away, the GST assessment proceedings should be terminated. However, the respondent contends that the proceedings should continue as there are outstanding tax liabilities that need to be resolved.

During the proceedings, the court examined the legal framework governing GST assessment in relation to deceased individuals. The court acknowledged that while the death of the taxpayer may affect the proceedings, it does not automatically absolve the taxpayer of their tax obligations.

After considering the arguments of both parties, the Kerala High Court held that in order to ensure fairness and comply with legal principles, a fresh assessment order should be issued. This means that the authorities will re-evaluate the deceased mother's GST liability based on the available evidence and relevant provisions of the law.

The court's decision is crucial as it establishes a precedent for similar cases involving deceased taxpayers. It highlights the importance of following due process and protecting the rights of both the deceased taxpayer and the government in tax matters. (copied)

20/03/2024

MCA Takes Regulatory Action Against M/S. Sh*tal Sinheshwar Health Care Private Limited for Non-Compliance with Registered Office Requirements

The Ministry of Corporate Affairs (MCA) has recently taken regulatory action against M/S. Sh*tal Sinheshwar Health Care Private Limited for its non-compliance with Section 12 of the Companies Act, 2013. This order serves as a reminder of the utmost importance of maintaining a registered office that is capable of receiving and acknowledging communications, as required by law.

Section 12 of the Companies Act, 2013 mandates that every company must have a registered office and must communicate its registered address to the registrar within 30 days of its incorporation. The purpose of this requirement is to ensure that the company has a physical address where legal and official communications can be sent and received.

In the case of M/S. Sh*tal Sinheshwar Health Care Private Limited, the company failed to comply with this provision and did not provide a valid registered office address. As a result, the MCA took regulatory action and issued an order emphasizing the seriousness of this violation.

The order emphasizes that maintaining a registered office is not a mere formality but a legal obligation that must be fulfilled by all companies. It also highlights the consequences of non-compliance, such as potential penalties and even the possibility of the company being struck off from the register.

The regulatory action taken against M/S. Sh*tal Sinheshwar Health Care Private Limited serves as a cautionary example for other companies, reiterating the importance of compliance with Section 12 of the Companies Act, 2013. It underscores the significance of maintaining a registered office that is capable of receiving and acknowledging communications, and the potential consequences of failing to do so.

20/03/2024

Income Tax Department Releases JSON Schema for ITR-1 and ITR-4 for AY 2024-25 (FY 2023-24) to Facilitate Accurate Filing

The Income Tax Department has recently released the JSON schema for two important Income Tax Return forms, namely ITR-1 and ITR-4 for the Assessment Year (AY) 2024-25, corresponding to the Financial Year (FY) 2023-24.

The JSON schema is a document that defines the structure and format of data exchange, in this case, for filing Income Tax Returns electronically. It provides the necessary guidelines and specifications for taxpayers and tax professionals to accurately prepare and submit their returns.

ITR-1, also known as Sahaj, is a simplified form for individuals who have income from salary, pension, or income from one house property, among others. ITR-4, known as Sugam, is designed for individuals and Hindu Undivided Families (HUFs) with presumptive income from business or profession.

The release of the JSON schema for these forms is significant as it provides taxpayers with the required technical specifications to prepare and validate their ITR data before filing electronically. It helps ensure that the data submitted is compliant with the Income Tax Department's systems and processes.

Taxpayers and tax professionals can refer to the JSON schema to understand the data structure, field requirements, and validations for ITR-1 and ITR-4 for the specific assessment year. This helps in minimizing errors and discrepancies during the filing process, ultimately streamlining the Income Tax Return filing experience.

The timely release of the JSON schema for ITR-1 and ITR-4 for AY 2024-25 (FY 2023-24) by the Income Tax Department is advantageous for taxpayers, as it enables them to early access the necessary information for accurate preparation and filing of their income tax returns.

17/02/2024

Session at PIET Sanskriti School Sec 25 HUDA Panipat.

17/02/2024

Session at PIET Senior Secondary School NFL Panipat..

04/01/2024

The GSTN added two new tables in GSTR-1 starting from January 2024 onwards.

Table 14 – Supplies Made Through E-Commerce Operators (In this table, you can add details of taxable outward supplies made through e-commerce operator.)

Table 15 – Supplies under Section 9(5) of the CGST Act (In this table, you can add details of taxable outward supplies on which the e-commerce operator is liable to pay tax under Section 9(5) of the CGST Act.)

In GSTR – 3B, Table 3.1.1 addresses supplies notified under Section 9(5) of the CGST Act, 2017. This table requires suppliers and e-commerce operators (ECOs) to separately report supplies on which the e-commerce operator is liable to pay tax.
Previously, GSTR-1 did not have specific tables for reporting these transactions separately. As a result, Table 3.1.1 in GSTR-3B was not auto-filled due to the absence of corresponding reporting sections.
Starting from January 2024, GSTR-1 has introduced Tables 14 and 15 specifically designed for reporting supplies on which e-commerce operators are liable to pay tax. This modification ensures accurate auto-filling of Table 3.1.1 in GSTR-3B for both suppliers and e-commerce operators.

27/12/2023

Penalty cannot be levied by the Tax Authorities for Minor Breach or Procedural Requirements. Section 126 (1)

Let's decode Penalty provisions.

Minor Breach = Tax involved is less than Rs. 5,000/-

Other cases where penalty not leviable:
(i) Minor breach for Tax Regulations

(ii) Breach for Procedural Requirements
(iii) Omission of a mistake which can be easily rectified
(iv) Mistakes and Omissions without fraudulent intent or gross negligence

Rectifiable Mistake:
(i) It is made without fraudulent intent
(ii) It does not result from gross negligence

(iii) Such mistakes should be an error apparent on the face of record.

Penalty cannot be levied where a person voluntarily discloses the circumstances of a breach of the tax law, regulation or procedural requirement prior to discovery of the breach by the Tax Authority.

Penalty is not imposable when there is no loss of revenue to the Department. CEGAT Calcutta in Tata Engg. and Locomotive Co. Ltd. vs CCE (1994)

No Penalty was imposable, as no mala fide on part of assessee who entertained the reasonable belief that the value of material was not

required to be added in the value of services being provided by them. CESTAT Delhi in CCE, Chandigarh vs Satyam Digital Photo Lab (2012)

Penalty provisions should be interpreted as it stand, and in case of doubt, it should be interpreted in a manner favorable to the taxpayer.

Supreme Court in CIT vs Vegetable Products Ltd. (1973)

I hope you will find this discussion useful.

Amit K Gupta & Associates

28/06/2024

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