ADVOCATE VISHAL JOSHI

  1. In view of the outbreak of Covid-19, the Government has come up with few Notifications on 24 th  June 2020, for extending the various due dates for filing GSTR -3B return. CBIC vide Circular No. 141/11/2020- GST dated 24th June 2020   has clarified the manner of calculation of interest for delay in filing of GSTR 3B. 2. In this article, an attempt has been made to further clarify the manner of calculation with the help of illustrations. 3.  Illustration No 1 :  Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Mr A has a tax liability of Rs 1, 00,000 every month from Feb 2020 to July 2020 and he will file GSTR 3B on 30th September 2020. The interest payable for delayed filing of GSTR 3B will be calculated in the following manner:- 1a Specified Date 24th June 2020 ( Refer Note 1) 1b Date of filing GSTR 3B 30th September 2020 1c Tax Liability Rs 1,00,000 2a Tax Period Feb 2020 Mar 2020 April 2020 May 2020 Jun 2020 Jul 2020 2b Due Dates 20th M...

Tax Audit Under Section 44AB V/s. Section 44AD   Article explains provision of Section 44AB and Section 44AD of Income Tax Act, 1961 with reference to Income Tax Audit. While presenting the Union Budget for 2020-21, the Finance Minister announced that currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector, she proposed to  raise by five times the turnover threshold for audit from the existing Rs. 1 crore to Rs. 5 crore . Further, in order to boost less cash economy, she proposed that the  increased limit for mandatory tax audit shall apply only to those businesses  which carry out less than 5% of their business transactions in cash.   Let’s discuss in detail:- SECTION 44AB a) BUSINESS Every person carrying on business shall, if his total sales, turnover or gross receipts,...