VIA -tax & corporate law forum & vidarbha tax practitioners association jointly organised a programme “chhoti chhoti batei” by re-known and prominent tax professionals of the city namely ca. Kailashji jogani for income tax, ca. Shailendra jain for sales tax, & ca. Atul sarda for service tax & excise.
Initiating the presentation, CA Kailash Jognai asked the tax payer to be very serious in keeping the records and books of accounts. He appealed the assessee to ensure the timely filing of TDS return, Income Tax Return & Advance tax payment. He also covered the penal provision for not complying with the various provision of Income Tax. He also cautioned about various other laws like money laundering, IPC that could have repercussion after the income tax survey. He advised the gathering of the AIR information and CIB, STR & FIU information gathering done by the Income Tax Department. Wrong submission of 15G/15H could result in penal consequences in the form of prosecution and the fine also, he cautioned. He advised the assessee not to treat the tax compliance as year end affair and also to check the 26AS frequently.
CA Shailendra Jain said advised the gathering to start following up for declarations in Form ‘C’, E-1, E-2, H,F,I as soon as the quarter end instead of waiting till the end of the year or start of VAT Audit. He asked to dealer to verify the declarations forms received from buyers so as to ensure that the information furnished, therein is correct and meets the requirement of law. With an example he explained to ensure that all the required details are properly filled particularly in case of ‘H’ Form and ‘I’ Form. After receipt of the declaration forms, he suggested dealer to arrange them in proper sequence and make the list of wanting declaration forms to pursue for the rest of the declarations. If on receipt of any declaration any discrepancy is noted there in please communicate to the buyers immediately and insist for issue of correct and complete declarations, he highlighted. In case of doubt please take the declaration to your consultant and have his opinion on the admissibility of declarations and the future course of action to be taken. If you wait till audit U/s. 61 or the assessment then and if during the course of assessment or Audit any discrepancies pointed out then it may be too late for you to get the discrepancies removed as a result you may suffer loss because of additional tax liability, interest and penalty, he cautioned. When you submit any declaration to the department please ensure that you obtain a dated acknowledgement from the authorities to that effect and make a bunch of duplicate of all such forms submitted and on the top of the bunch/bundle keep the acknowledgement stapled/ pasted / tagged, he opined.
CA. Atul Sarda, said in Service Tax & Excise: Payment should be invariably made within due date else assessee is liable for interest and penalty both. Old registrations if not in use should be cancelled immediately. The status of ER-1, Dealer and ST-3 Returns uploaded online & should be checked on next day, whether “Filed” or some error is there. Always reconcile the annual figures shown in ST-3 Returns with the P&L A/c and Form 26AS, he opined. For Companies, service tax on reverse charge basis is applicable. The registration should be amended suitably. He further advised the service tax dealer to be in touch with their consultant always, to take preventive consultancy, rather than waiting for the end of period / year. Don’t try to decide the applicability of tax on your transactions on the basis of “newspaper items”, he cautioned the gathering. After July 2012, the Mega Exemption notification and Negative List are the only things which should be kept in mind while deciding the applicability of service tax.
The programme was largely attended by Industrialists, Professionals, Students, Businessman and general public.
At the outset, floral welcome of CA. Kailashji Jogani, CA. Shailendra Jain & CA. Atul Sarda was done by Prafull Doshi, President- VIA. Summing up and vote of thanks was given by Adv. L. P. Dhunisingani, Secretary, VTPA. The programme was conducted by Naresh Jakhotia, Convener, VIA Taxation & Corporate Law Forum.