sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
GST - Goods and Services Tax »
 E-tailers may be offered easier return filing rules for TCS under GST
 Five reasons why government should cut GST rate for private security industry
 More rate cuts likely at GST Council meet
 Infosys working on simplified GST returns forms, roll out in 6 months
 Revenue shortfall may limit the scope of GST rate cuts
 No GST slab cuts if govt revenue doesn't increase
  GST annual return forms to help check tax evasion
  Government notifies new annual return form for GST
 Centre extends GSTR-1 filing date till Oct 31, announces late-fee waiver
 Foreign ecommerce companies rush to register for GST in all states
 GST can do a lot without troubling taxpayers

Income tax June 27 GST turnover mandatory to file I-T return
June, 28th 2018

To check tax evasion by comparing direct and indirect tax numbers, the income tax department has mandated to furnish GST turnover in the I-T return filing. But, this may lead to high number of discrepancies, said leading chartered accountants.

Under the ITR-4, assesses, who have presumptive income from business and profession will have to furnish their GST registration number and its turnover.

Indore chapter of Institute of Chartered Accountant chairman Abhay Sharma said, “There is a huge possibility of discrepancies arriving in the ITR for 2017-18 since GST turnover will differ from the I-T turnover due to various technical issues.”

Sharma said the mismatch may result in invalidating the ITR forms and in some cases may invite notices to the assessees.

CAs said GST turnover will be for nine months since the date of roll out in July 2017 while the turnover as per the book of accounts will be of 12 months. CA Som Singhal said, “As clients are still settling down with GST, the government should have made this requirement from the next financial year.”

According to I-T officials, assessees will not face any problem in filing the ITR with GST details. The department has upgraded e-filing portal in all the categories of ITR’s for ease of filing and minimizing interface.

I-T principal commissioner Shelley Jindal said, “Our focus is on voluntary compliance and redressal of grievances has been in sharp focus and disposal rates are at an all-time high.”

He added that in Range-4, Indore, 98 per cent of all grievances filed during last year were disposed of on time.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions