Beetroot Consultancy

The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation.

The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said. ”If the assessee either does not agree or partially agrees for adjustment, the matter shall be referred by CPC immediately to the assessing officer, who shall, within 21 days from the date of such reference, shall provide feedback to CPC as to whether the adjustment should be made or not,” it added AMRG & Associates Senior Partner Rajat Mohan said in many cases involving the adjustment of refunds, the Centralised Processing Centre (CPC) noticed that wrong categorisation of demand or lack of feedback from the AO (Assessing Officer) on the assessee's response led to incorrect adjustment of refunds, resulting in needless complaints and litigations. Another concern was that the AO did not promptly respond to the assessees' complaints.

”This instruction clarified that the AO now has only 21 days to respond to a taxpayer's complaints, as opposed to the 30 days previously allowed. It restricts the CPC from holding refunds beyond the allotted period. This approach will lead to a swift resolution of difficulties faced by the taxpayers,”

Computation of ITC has been made based on GSTR-1/IFF/GSTR-5 filed by your corresponding suppliers upto 30/11/2022. GSTR-1/IFF/GSTR-5 filed after the updation date will be covered in the next updation.

Penalty as per s.271B for failure to get accounts audited or furnish a report of audit as required u/s 44AB shall be
Lower of
1:one-half per cent of total sales, turnover or gross receipts, etc.,
or
2:Rs.1,50,000
Last date for this year is 30-09-2022

📍Taxation of Equity Shares and Equity Mutual Funds

Kindly Check this Cash Transaction Limits while Conducting Income Tax Audit and Filing Tax Audit Reports.