Khurana Himanshu & Associates

23/06/2021

💸 *Case Law on Cash deposit upto Rs 2.5 L during demonetisation:*

💎 *Smt Uma Agrawal (127 taxmann.com 735 Agra ITAT)* ⚖️

🌎 *Facts:*
🌴 1. Assessee was a housewife and had deposited *Rs 2,11,500 in her bank account.*

📍 2. She had no business and claimed before the AO that this cash was out of her *savings over a period of time* and also claimed that after demonetisation, she had no option but to deposit the cash in the bank.

🎋 3. AO did not *accept the contention and added the amount to income U/S 69A as unexplained money.*

🇮🇳 Note: As per Insstruction 3/2017 dated 21/2/17, *AO cannot tax cash deposit less than Rs 2.5L during the demonetisation.*

⚖️ *The ITAT held as below:*

🍉 1. The *small amount of Rs 2,21, 000/ would have been saved* by her from various activities undertaken by her in the last many years.

🧘🏻‍♂️ 2. *No evidence has been brought* on record to prove that the deposit was from unexplained sources.

🍓 3. The word *“may”* had been used by the statute under section 69A, therefore applying the same analogy as laid down by SC in the case of Smt. P.K. Noorjahan(supra), we are of *the opinion that the amount deposited by the assessee during the demonetization cannot be treated as income of the assessee.*

🌱 4. Hence the *appeal of the assessee is allowed*

🌎 Footnote: Tribunal said that this decision may be treated as a precedent in respect to proceedings arising out of the cash deposit made by the housewives during the demonetization scheme 2016, *only up to the limit of Rs 2.5 lakhs only.*

15/06/2021

Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants &taxpayers to be part of the interaction. team to clarify on glitches faced. https://t.co/d1RzbReDr7

05/06/2021

Important Announcement - Revised Schedule of ICAI Intermediate(IPC & New), Final(Old & New) and PQC Exams - MAY 2021. The Exams will be held from 5th July 2021 to 20th July 2021. https://t.co/DNLyTgHEvR

28/05/2021

Today GST Council Meeting Key decisions as follows:

1) GST Exemption to some COVID-19 supplies till 31st August 2021.

2) A Particular Medicine for Black Fungus also exempted.

3) GoM to be formed to check if further reductions to be given to new items, GoM to submit reports before 8th June.

4) Amnesty Scheme with reduced late fee to be launched for GST Small Taxpayers.

GST Amnesty Scheme for all Small Taxpayers (MSME) The GST Council is likely to announce an amnesty scheme on late fee in GST return filing to provide a huge relief to small taxpayers- Due to Covid-19 pandemic:-
Pending GSTR-3B returns from July-2017 to till April 2021.
Amnesty scheme could be from 1st June 2021 till 31st August 2021

5) Rationalization of Late fee for Small Taxpayers to be applicable to future liabilities.

6) Annual Return form to be rationalized, Govt to amend CGST Rules.

7) Annual Return filing to continue to be optional for Small Taxpayers.

8) A Special Session on GST Compensation Cess before 22nd July 2021.

26/05/2021

21/05/2021

Income Tax Extension for FY 2020-21 or AY 2021-22:-

Various due dates under income tax extended few of them are as under:

1. SFT for the Financial Year 2020-21 is extended to 30th June 2021

2. The Statement of Deduction of Tax for Q4 of FY 20-21 is extended to 30th June 2021

3. Due date of furnishing of Return of Income for the AY 21-22 is extended to 30th September 2021

4. Due date of furnishing of Report of Audit for the FY 20-21 is extended to 31st October 2021

5. Due date of furnishing of Return of Income ( under tax audit compliance) for the AY 21-22, which is 31st October 2021, is extended to 30th November 2021

6. Due date for furnishing belated return/ revised return for AY 21-22 which is 31st December 2021, is extended to 31st January 2022

18/05/2021