Jagadish T G & Associates

  Filing income tax returns with false claims may land  assessee’s in jail, say officials The Income Tax (I-T) Department officials have cautioned against filing the I-T returns with false claims seeking exemptions and deductions, saying that it may land the assesses in jail, besides attracting a huge penalty. The I-T Department officials, in association with the South Central Railway (SCR), organised an ‘Outreach Awareness Programme’ for the employees here on July 2 (Tuesday). Participating in the programme as the chief guest, Vijayawada Divisional Railway Manager (DRM) Narendra A. Patil said many employees were filing their I-T returns through middlemen or chartered accountants by submitting all details to them. “If the middlemen misguide us and file returns with false claims, you (the assessee) will land in trouble,” he said. “The I-T Act is very stringent. Some employees are negligent in this regard and they need to be careful. Just spend a couple of hours, read the I-T la...

  Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order Zomato Ltd., the food delivery provider received a Goods and Service Tax (GST) demand notice of ₹9.45 crore from the Assistant Commissioner of Commercial Taxes (Audit), Karnataka, said the company in a BSE exchange filing. The tax regulator of Karnataka has demanded a GST of ₹5,01,95,462 ( ₹5.01 crore), which will be marked up with an interest charge of ₹3.93 crore, and a penalty of ₹50.19 lakh, bringing the total up to ₹9.45 crore, according to the filing. The company has received the tax order for the financial year 2019-20 under the audit of GST returns and accounts, according to the filing. Zomato shares closed 0.10 per cent higher at ₹200.35 on Friday, June 28th compared to the previous close at ₹200.15. “We believe that we have a strong case on merits and the company will be filing an appeal against the order before the appropriate authority,” said the company in response to the tax notice. This is not th...

  Now make GST Payments through HDFC Bank, through UPI and Debit card/Credit card; Total States/UTs is 16 The GSTN issued an  Update dated June 27, 2024 , stating that now make GST Payments through HDFC Bank Payment Gateway, through UPI and Debit card/Credit card; Total States/UTs is 16. Here is the List of UTs: Assam Delhi Goa Gujarat Haryana Himachal Pradesh Jammu & Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Odisha Rajasthan Tripura Uttar Pradesh   Rest of India and Banks to be covered soon. This is applicable for all UPIs, Credit/Debit cards powered by Rupay, MasterCard, Visa and Diners via Kotak Mahindra Bank and HDFC Bank. Source from:  https://x.com/Infosys_GSTN/status/1806210264234172626

  Finance Minister Nirmala Sitharaman Chairs First Pre-Budget Consultations With Economists Union minister for finance & corporate affairs, Nirmala Sitharaman, on Wednesday, chaired the first pre-budget consultation with India’s leading economists. This crucial meeting set the stage for the upcoming full budget formulation, bringing together top economic minds to provide valuable insights and recommendations. The meeting was also attended by senior officials from the ministry. “Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the first Pre-Budget Consultations with leading economists in connection with the forthcoming General Budget 2024-25 in New Delhi, today,” the finance ministry posted on social media platform X. Nirmala Sitharaman is set to become the first finance minister to present seven consecutive Union Budgets, surpassing the record of Morarji Desai, who had presented six budgets in a row. “The #PreBudget consultation meeting was also atten...