Tag Archives: Penalty
Who is required to File Income Tax Returns FY 2021-22 (AY 2022-23)?
Compulsory to file Income Tax Returns;- Applicable for Financial Year 2021-22 i.e. Assessment Year 2022-23. Recently, CBDT inserted a new rule 12AB which now mandates Compulsory Return Filing in all cases where following limits exceeded:-
- Sales, Turnover or Gross Receipts from business exceeds INR. 60 lacs
- Gross receipts from Profession exceeds INR. 10 lacs
- TDS/TCS exceeds INR. 25,000 (In case of Senior Citizens INR.50,000)
- Deposit in one or more Savings bank account of the person, in aggregate, is INR. 50 lacs or more
Apart from above new conditions, following other criteria already mentioned u/s 139(1) of the Income Tax Act:-
- Deposited INR 1 crores or more in one or more current accounts with a banking company or co-operative bank;
- Incurred expenditure of INR 2 Lacs or more on foreign travel expenses either for himself or for any other person;
- Incurred expenditure of INR 1 Lacs or more towards consumption of electricity.
What are the consequences of non-filing or delay in filing of the Income Tax Returns:-
- Penalty of INR. 5,000 (if filed before 31 Dec) after which penalty of INR. 10,000 will be levied.
- Assessee would not be allowed to claim the benefit of certain deductions and/or set off and carry forward of losses other than loss from house property loss, due to non-filing of the tax return within the prescribed due dates.
- While making an application for a loan to purchase a house/car or medical treatment or making an application for VISA of some foreign countries like the UK, US, Canada, and Australia, copy of Income Tax Return is an important document.
- TDS may be deducted at double the rate applicable as per the provisions of Income Tax Return.
- TDS may be deducted at double the rate applicable as per the provisions of Income Tax Return.
- Interest u/s 234A at the rate of 1% pm will be levied.
- Penalty u/s 270A may be levied and prosecution may also be initiated.
- The above new rule 12AB is applicable for Financial Year 2021-2022 (AY 2022-23)
Court summons GST officer over detention of tax consultant
The Gujarat high court on Wednesday ordered an officer of the Goods and Service Tax (GST) to remain present in court on Thursday morning and bring along a tax consultant, who allegedly was in the department’s custody for the past five days without being produced before a judicial magistrate.
According to petitioner Sanjay Patel, his brother Hitesh Patel, a tax consultant from Ahmedabad involved in work related to gumasta licence, was called by GST officer B D Trivedi on Friday afternoon. He claimed that, since then, the family had not been allowed to contact Hitesh. Sanjay alleged that he was permitted to give two pairs of clothes for Hitesh to a GST officer at the main gate of the GST office building on March 20, but was not allowed to meet his brother.
During the hearing, the petitioner’s advocate submitted that Hitesh had been detained on March 18, but was not produced before a magistrate. The case was mentioned before the court on Wednesday morning and the court agreed to hear it in the afternoon. Ten minutes before the hearing, the petitioner received a call from an unknown person informing him that Hitesh was being produced before the magistrate.
The petitioner’s advocate contended that the GST officer’s behavior was in violation of the guidelines issued to safeguard the interest of a detainee in police custody according to two Supreme Court orders in D K Basu and Vimal Goswami cases. He argued that if the guidelines are meant for the police, the same is applicable to other agencies as well.
Summoning the GST officer, the bench of Justice Sonia GOkani and Justice Mauna Bhatt also directed him to show how guidelines laid down in the SC orders were complied with in this case.
Our View: This high-handedness by the GST Officers is the reason why courts are reprimanding Revenue Authorities wherein Principles of Natural Justice have been completely ignored and Guidelines have been violated.
