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The Delhi High Court invalidated the assessment order passed under the Income Tax Act, 1961 citing it was issued before the deadline for filing a reply to the show cause notice (SCN) had passed. The petitioner, Wonder Bricks, argued that the assessment order was flawed because it was issued prior to the designated date, despite the show cause notice allowing sufficient time for a response by May 5, 2023, at 15:49 hours. Sanjeev Menon, representing the respondent/revenue, stated that he had not received a copy of the case papers. The Court granted a period for the respondent to provide instructions. It was emphasized that if instructions were received opposing the writ petition, a counter-affidavit would be submitted. However, no counter-affidavit was filed, leaving the petitioner's claims unchallenged. A Division Bench comprising Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the assessment order was clearly passed before the deadline for filing a reply to the show...

LLP compliance refers to the essential adherence to legal and regulatory requirements by Limited Liability Partnerships (LLPs). Entrepreneurial success relies not only on innovative ideas and unwavering dedication but also on making it necessary to pay attention to legal and regulatory obligations.  For Indian entrepreneurs, LLP compliance is a crucial aspect to consider. LLP, which stands for Limited Liability Partnership, offers the advantages of a partnership structure along with the protection of limited liability. Nevertheless, these benefits come with specific responsibilities towards regulatory compliance. What Is LLP Compliance and Why Is It Important? LLP Compliance refers to the necessary guidelines and filings that every Limited Liability Partnership (LLP) in India must adhere to. It serves as a mechanism implemented by the government to promote transparency, uphold good governance practices, and establish accountability among the businesses. Compliance with these regu...

GSTN has introduced Form DRC-01C to address discrepancies in Input Tax Credit (ITC) between GSTR 2B and GSTR 3B, as outlined in the newly added Rule 88D of the Central Goods and Services Tax Rules, 2017 ("the CGST Rules"), through Notification No. 38/2023-Central Tax dated August 4, 2023. The Applicable Rule of CGST Rule 88D of the Central Goods and Services Tax Rules Rule 88D of the CGST Rules details the procedure for tackling the discrepancies in the input tax credit available according to the auto-generated statement contained in the Input Tax Credit in GST and that availed in return. (1) If a registered person claims more input tax credit in their tax return (FORM GSTR-3B) for a specific period than the available input tax credit stipulated in the auto-generated statement (FORM GSTR-2B) for that period, concerning that period or periods, depends on the scenario, by that sum and that percentage, as may be advised by the Council, the said registered person will be notifi...

Tax auditors play a crucial role in verifying the precision and openness of financial records when it comes to financial governance. They maintain records for individuals, businesses, trusts, and institutions. However, to uphold the integrity of the auditing process, it is vitally important to establish explicit guidelines and disqualifications for individuals who serve as income tax auditors .  This article will delve into the specific disqualifications in accordance with the Act. Certified Chartered Accountant with an Active Practice Certificate The Income Tax Act has some qualification criteria for tax auditor eligibility. An individual must meet the definition of a chartered accountant as outlined in clause (b) of sub-section (1) of Section 2 of the Chartered Accountants Act, 1949. Additionally, it is necessary for them to hold a valid practice certificate under Sub-section (1) of Section 6 of the Chartered Accountants Act, 1949. The eligibility criteria under the Act make sur...

An updated version of the common offline utility for the Income tax return (ITR) 1 to ITR 4 is been launched by the income tax department dated 22nd September 2023. An offline income tax tool is a software resource offered by tax authorities, such as the income tax department, which enables individuals to complete and submit their income tax returns offline . This utility is commonly accessible as downloadable software or an Excel spreadsheet that individuals can complete with their personal and financial information. SAHAJ (ITR-1) Form ITR-1, also referred to as the Sahaj Form is one of the income tax return documents utilized by individual taxpayers in India to submit their annual income tax declarations. It is intended for individuals whose income originates from sources like salary or pension. File ITR 2 Form  ITR-2 can be employed by individuals or Hindu Undivided Families (HUFs) who do not meet the eligibility criteria for filing ITR-1 (Sahaj). They should not have income fro...

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA.  MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a...

To simplify the income tax audit procedures, individuals having business or professional income are required to maintain specific documents that ensure accurate reporting and prevent tax evasion . This process aids the government in revenue generation and scrutinizing intricate financial transactions.  The following crucial documents are required- Journal Notebook This record becomes mandatory when accounts follow the mercantile accounting system. Cash Notebook This document records daily cash inflows and outflows, maintaining a cash balance at the conclusion of a designated period, typically not more than a month. Credit Debit Ledger All credits and debits are documented in this ledger. Duplicate Copies of Invoices and Receipts In cases where invoices or receipts amount to Rs. 25,000 or above, it's mandatory to keep duplicate copies of issued invoices and given receipts. If expenses are below Rs. 50 and invoices or receipts aren't generated, signed payment vouchers should be r...