We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Guided by “Sabka Saath, Sabka Vikas, Sabka Vishwas”, the Finance Minister Smt. Nirmala Sitharaman had introduced a new No Dispute but Trust Scheme – ‘Vivad Se Vishwas’ in the Budget 2020 in the Lok Sabha on 5th February, 2020. Expectations are that the new scheme will work better than erstwhile similar scheme “The Direct Tax Dispute Resolution Scheme, 2016”, given the kind of cases that are in appeal.
To know more:https://itatorders.in/blog/eligible-person-under-vivad-se-vishwas-scheme-2020/
Get consultation under the VSV scheme and calculate your taxes : https://www.itatorders.in/vsvcalculator
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Service Tax Voluntary Compliance Encouragement Scheme, 2013Ashish Gupta
This is about One time amnesty scheme launched by the Central Government under Service Tax Regime vide Finance Act, 2013. Last date to filed 31st December 2013.
Guided by “Sabka Saath, Sabka Vikas, Sabka Vishwas”, the Finance Minister Smt. Nirmala Sitharaman had introduced a new No Dispute but Trust Scheme – ‘Vivad Se Vishwas’ in the Budget 2020 in the Lok Sabha on 5th February, 2020. Expectations are that the new scheme will work better than erstwhile similar scheme “The Direct Tax Dispute Resolution Scheme, 2016”, given the kind of cases that are in appeal.
To know more:https://itatorders.in/blog/eligible-person-under-vivad-se-vishwas-scheme-2020/
Get consultation under the VSV scheme and calculate your taxes : https://www.itatorders.in/vsvcalculator
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Service Tax Voluntary Compliance Encouragement Scheme, 2013Ashish Gupta
This is about One time amnesty scheme launched by the Central Government under Service Tax Regime vide Finance Act, 2013. Last date to filed 31st December 2013.
12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period.
The US tax laws have various deadlines that can cause problems for taxpayers, as late submissions may result in paying more tax than they owe. However, there are also timing rules that apply to the IRS, such as the timeframe for issuing a refund to the taxpayer. The tax code sets the limits for taxpayers to file for a refund claim, which is generally two years from the date of payment or three years from the date of the original tax return, whichever is later. The IRS also has a time limit for issuing a refund once a claim has been filed, as outlined in Sections 6532 and 6514.
One solution for extending the two-year period for the taxpayer or the IRS to bring a suit is the Form 907 Agreement to Extend Time. This form has to be signed by both the taxpayer (or their attorney) and the IRS before the two-year period lapses. However, the taxpayer has to know about this form and track the time limit to find an IRS employee who is able to sign the form.
In cases where the taxpayer has filed an administrative protest and is waiting for the IRS Office of Appeals, they may not have filed a refund claim. Instead, they may have only filed an original return and the IRS conducted an audit and proposed adjustments, but the taxpayer had other issues that required a refund that was not included on the original return.
There have been cases where the courts have recognized some writings as refund claims, even though they did not comply with the formalities outlined by the IRS. The Kaffenberger case, for example, involved a tax refund for the year 1989, and the court held that an informal claim depends on the individual facts of each case and whether the IRS knew or had reason to know of the taxpayer's intent to claim a refund.
In conclusion, the US tax laws have various deadlines and rules that can create difficulties for taxpayers and the IRS. The Form 907 Agreement to Extend Time is one solution for extending the two-year period for bringing a suit, but taxpayers have to be aware of the form and track the time limit. Informal refund claims can also be recognized by the courts if the IRS knew or had reason to know of the taxpayer's intent to claim a refund.
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
The twenty fourth issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Cases where gst inputs are not availablevjmglobal1
We serve on FDI advisory, cross-border accounting, International tax planning, and Management consulting needs of our overseas clients all over the world.
We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
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12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
12. appeal and reference, ICAB, KL, Study Manual
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period.
The US tax laws have various deadlines that can cause problems for taxpayers, as late submissions may result in paying more tax than they owe. However, there are also timing rules that apply to the IRS, such as the timeframe for issuing a refund to the taxpayer. The tax code sets the limits for taxpayers to file for a refund claim, which is generally two years from the date of payment or three years from the date of the original tax return, whichever is later. The IRS also has a time limit for issuing a refund once a claim has been filed, as outlined in Sections 6532 and 6514.
One solution for extending the two-year period for the taxpayer or the IRS to bring a suit is the Form 907 Agreement to Extend Time. This form has to be signed by both the taxpayer (or their attorney) and the IRS before the two-year period lapses. However, the taxpayer has to know about this form and track the time limit to find an IRS employee who is able to sign the form.
In cases where the taxpayer has filed an administrative protest and is waiting for the IRS Office of Appeals, they may not have filed a refund claim. Instead, they may have only filed an original return and the IRS conducted an audit and proposed adjustments, but the taxpayer had other issues that required a refund that was not included on the original return.
There have been cases where the courts have recognized some writings as refund claims, even though they did not comply with the formalities outlined by the IRS. The Kaffenberger case, for example, involved a tax refund for the year 1989, and the court held that an informal claim depends on the individual facts of each case and whether the IRS knew or had reason to know of the taxpayer's intent to claim a refund.
In conclusion, the US tax laws have various deadlines and rules that can create difficulties for taxpayers and the IRS. The Form 907 Agreement to Extend Time is one solution for extending the two-year period for bringing a suit, but taxpayers have to be aware of the form and track the time limit. Informal refund claims can also be recognized by the courts if the IRS knew or had reason to know of the taxpayer's intent to claim a refund.
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
The twenty fourth issue of our monthly tax newsletter – Tax Inform, is out. Through these newsletters, we provide a compilation of key tax-related case laws, circulars, notifications, etc. issued by the authorities in the previous month, impacting entities and individuals operating in India.
We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.
Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
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We serve on FDI advisory, cross-border accounting, International tax planning, and Management consulting needs of our overseas clients all over the world.
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Set off and carry forward of losses and assessment of individuals.pptx
Demand order passed without giving opportunity of being
1. Demand order passed without giving
opportunity of being heard is liable
to be set aside
2.
3. Brief Facts of the case
• The Petitioner (Ocean Sparkle Limited) has received the
Assessment Order (Ref. No. ZD370321001535W dated 17th
March, 2021) from Assessing Authority (“The
Respondent”) regarding the Tax demand and the penalty
for the period of July 2017 to March 2018.
• The Respondent issued a show cause notice to the
petitioner under section 73 of CGST Act, 2017 read with
Rule 142(1) of CGST Rules, 2017 on 20th January, 2021.
• However, the petitioner failed to respond to such Show
Cause Notice. However, written objections were filed on
18th March, 2021.
• The Petitioner contended that such demand order is
liable to be set aside on the ground of non-compliance
of mandatory provisions of Section 75(4) of CGST Act
2017.
4. Relevant Legal Extract
• Chapter XV of CGST Act, 2017 deals with “Demand &
Recovery”.
• Section 73 deals with “Determination of tax not paid or
short paid or erroneously refunded o/r input tax credit
wrongly availed or utilized for any reason other than
fraud or any willful misstatement or suppression of
facts”.
• Section 74 deals with “Determination of tax not paid or
short paid or erroneously refunded or input tax credit
wrongly availed or utilized for any reason other than
fraud or any willful misstatement or suppression of
facts”.
• Section 75 deals with “General provisions relating to
determination of tax”.
• Section 75 (4) is relevant for the matter under
discussion and relevant extract of which reiterated
below for ready references
5. Contentions of the Petitioner
• The Petitioner contended following points:
• The petitioner could not file an objection to
the show cause notice within the stipulated
time period due to various reasons.
• However, a written objection was filed on 18th
March, 2021.
• The Respondent have not followed the mandatory
provisions of GST law. Therefore, impugned
order is liable to be set aside
6. Contentions of Respondent
• The Respondent contended that:
• The petitioner has failed to file response to show
cause notice dated 20th January, 2021. Therefore,
now it is not open for the petitioner to raise any
objection against impugned order.
• The respondent has passed the impugned order only
after granting the full fledged opportunity to the
petitioner.
• Further, in case of any objection, the petitioner
has alternate remedy available under Section 107
of CGST Act to file an appeal before Appellate
Authority. Therefore, writ petitioner before
Hon’ble High Court is not maintainable.
