Keep records in its true sense and spirit: Loya
   Date :18-Nov-2020

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Business Bureau :
Well-known Chartered Accountant Rajesh Loya recently appealed to the taxpayer to be very serious in keeping the records and books of accounts. He appealed to the taxpayer to keep the documents and records in its true sense and spirit. Loya was speaking at the session on ‘Chhoti Chhoti Baaten’ organised on zoom by the Taxation and Corporate Law Forum of Vidarbha Industries Association (VIA). It was a tax awareness session by renowned and prominent tax professionals of the city including CA Rajesh Loya for Income Tax, and CA Shailendra Jain for GST.Loya further insisted the businessmen to ensure the timely filing of TDS return, Income Tax Return, Advance tax payment and its importance at subsequent point of time. He also spoke on the penal consequences in case of non compliances of various provisions of Income Tax. He further cautioned the participants about various other laws like money laundering, IPC that could have repercussions after the income tax survey and raids.
He advised the taxpayer to be regular in checking the e-notice if any at the income tax portal as non response would result in penalty. He informed the audience about gathering of the AIR information and CIB, STR and FIU information gathering done by the Income Tax Department. Loya advised the precautions to be taken in case of borrowing from ‘hundi’ and a market where the onus to establish creditworthiness and genuineness is established on the borrower. In a reply to the query, he highlighted the applicability of the new tax rate of 78 per cent in case of certain income.
CA Shailendra Jain advised the dealer to display the GST Number on the name board and invoice as failure to this simple requirements attracts a penalty of up to Rs 25,000. He also suggested the dealers to update the latest address of business, email ID, contact number on the GST site as all the correspondence and communication of GST is done through email by the officer. “Non checking of the email may result in ex-party assessment order which can lead to heavy compliances and consequences,” he added. Jain also advised to make at least two authorize signatory on GST portal because OTP is going on authorize signatory mobile number and without OTP no one is able to file GST returns or update records so in case of emergency. He also suggested making the payment of vendor and service providers within 6 months from the date of bill otherwise dealers need to reverse that ITC.
At the outset, CA Naresh Jakhotia, Treasurer - VIA briefed about the concept of the programme while Suresh Rathi, VIA President, in his welcome address appreciated the selection of eminent speakers for the session. The programme was attended by industrialists, professionals, students, businessmen and others. Formal vote of thanks was proposed by CA Sachin Jajodia, Convener of VIA Taxation & Corporate Law Forum. Prof Ashit Sinha, Girish Deodhar, Mahendra Jain, Radheyshyam Paliwal, Jai Poptani, CA Rajesh Chandak and others were present on the occasion.