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Income Tax Return FY 23-24: Essential Documents Checklist

Monika Shanmugam
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Income Tax Return FY 23-24: Essential Documents Checklist

As tax season kicks off, preparing your Income Tax Return (ITR) for FY 2023-24 can be a smooth process with the right documents at hand. Filing your ITR not only meets a legal obligation but also contributes to national development and provides benefits to taxpayers. The deadline for filing is Wednesday, July 31, 2024. To avoid penalties and ensure accuracy, here’s a detailed checklist of the essential documents required.

General Documents:

  • PAN (Permanent Account Number)
  • Aadhaar Number
  • Bank account details
  • TDS certificates (Form 16, Form 16A, Form 26AS)
  • Tax payment challans
  • Investment proofs (for deductions under sections 80C, 80D, 80E, 80TTA, etc.)

Documents for ‘Salaried Income’:

  • Form 16 (Salary Certificate)
  • Pension certificate
  • Arrears in salary documents
  • Full and Final Settlement (F&F) documents
  • Rent agreements or receipts (for HRA claims)
  • Travel bills
  • PF withdrawal documents
  • Gratuity or leave encashment records
  • Joining or relocation bonus documents
  • Foreign salary slips and tax returns

Documents for ‘Income from Other Sources’:

  • Bank passbook, post office savings passbook, statements, and interest certificates
  • Dividend warrants
  • Form 26AS
  • Accrued interest documents
  • Lottery income records
  • Agricultural income documents
  • Clubbed income documents

Documents for ‘Income from House Property’:

  • Rent agreement
  • Interest certificate from the bank
  • Property address
  • Co-owner details
  • Receipts of municipality taxes paid
  • Form 16A on rent
  • Details of pre-construction interest
  • Documents proving ownership
  • Home loan processing charges and foreclosure charge receipts

Documents for ‘Capital Gains’:

  • Purchase and sale deeds
  • Transfer expenses incurred
  • Purchase deed in case of reinvestment.

Documents for ‘Tax-Saving Investments’:

  • Receipts for investments in ELSS, PPF, EPF, Sukanya Samriddhi Yojana, tax-saving fixed deposits, SCSS
  • Receipts for donations made
  • Education loan interest-paid receipts
  • Receipts for Mediclaim insurance (for self and family)
  • Receipts for all other investments.

Expert Insights:

Aditi Nayar, Chief Economist at ICRA, highlighted, ‘Organising your documents is crucial for a smooth ITR filing experience. With the right preparation, taxpayers can avoid delays and additional scrutiny.’

Madan Sabnavis, Chief Economist at Bank of Baroda, advised, ‘Keeping all necessary documents handy ensures compliance and can prevent last-minute hassles during the ITR filing process.’

With this checklist, you can confidently navigate the ITR filing process, ensuring you have all necessary documents to substantiate your income, deductions, and tax payments. Happy filing!

GST Council’s Moves to Ease Compliance and Reduce Litigation: A Welcome Relief

Monika Shanmugam
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GST Council’s Moves to Ease Compliance and Reduce Litigation: A Welcome Relief

In its first meeting since the new Union government formed, the GST Council made significant strides on Saturday to reduce the compliance burden and litigation for taxpayers. The Council adjusted tax rates on several items and introduced measures to make tax compliance more manageable.

Key among these steps is the recommendation to waive interest and penalties on demand notices under Section 73 for three financial years, provided the tax is fully paid by March 2025. Additionally, the Council proposed lowering the pre-deposit amounts required to file an appeal and setting monetary limits for the tax department to file appeals. These initiatives are positive, but there remain pressing issues that demand urgent attention.

Rate Rationalisation:

One critical issue is rate rationalisation. In September 2021, the GST Council established a Group of Ministers (GoM) to examine this matter. The committee submitted an interim report in June 2022, and the Council plans to discuss this issue further in its next meeting. Merging two tax slabs is one proposal on the table, but the Council must consider revenue neutrality. A study by the RBI showed that while the Chief Economic Advisor’s report pegged the revenue-neutral rate at 15.3%, the weighted average GST rate had dropped from 14.4% in May 2017 to 11.6% by September 2019.

Including Petroleum Products:

Another complex issue is incorporating petroleum products into the GST framework. Both the Centre and states derive substantial revenue from petroleum taxes, with states exercising control through their own levies. Bringing petroleum products under GST would require careful balancing of these interests.

Compensation Cess:

The compensation cess, initially levied for five years ending June 30, 2022, was extended to March 31, 2026, to repay loans taken by the central government during the pandemic. The Centre borrowed Rs 1.1 lakh crore in 2020-21 and Rs 1.59 lakh crore in 2021-22. There are expectations that these loans might be repaid by 2025-26, prompting the Council to consider discontinuing the cess thereafter.

Expert Insights:

Aditi Nayar, Chief Economist at ICRA, emphasised, ‘Organising your documents is crucial for a smooth ITR filing experience. With the right preparation, taxpayers can avoid delays and additional scrutiny.’

Madan Sabnavis, Chief Economist at Bank of Baroda, added, ‘Keeping all necessary documents handy ensures compliance and can prevent last-minute hassles during the ITR filing process.’

The GST Council’s recent moves to ease compliance and reduce litigation are commendable. However, it must also address these critical issues in a balanced and comprehensive manner, ensuring the concerns of state governments are addressed to reach a consensus on necessary measures.

Maruti Suzuki Faces GST Demand Notice of ₹ 5.4 Crore Over Input Tax Credit Denial

Monika Shanmugam
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Maruti Suzuki Faces GST Demand Notice of ₹ 5.4 Crore Over Input Tax Credit Denial

Maruti Suzuki India Limited (MSIL), the country’s largest carmaker, has been hit with a GST demand notice of ₹ 5.4 crore. The notice, issued by the GST Department in Gujarat, pertains to the denial of input tax credit on certain services for the period from July 2017 to March 2023. This information was disclosed by the company in a communication to the exchanges.

The total demand mentioned in the show cause notice (SCN) is approximately ₹ 5.4 crore. MSIL has stated that it will file a reply to the notice before the adjudicating authority. The company assured stakeholders that this notice will not impact its financial, operational, or other activities.

This is not the first time Maruti Suzuki has faced such issues. Last year, the GST Authority issued a show cause notice to the company proposing a tax demand of ₹ 139.3 crore, including interest and penalties. That notice concerned the tax liability under reverse charge basis on certain services for the period from July 2017 to August 2022.

Maruti Suzuki’s proactive approach in addressing these notices reflects its commitment to compliance and transparency.

GST Made Household Goods Cheaper, Helped Poor Save: PM Modi

Monika Shanmugam
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GST Made Household Goods Cheaper, Helped Poor Save: PM Modi

Prime Minister Narendra Modi emphasised on Monday that his government remains committed to reforming policies to ‘transform people’s lives,’ highlighting how the Goods and Services Tax (GST) has lowered the prices of essential household items.

‘For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper. This has resulted in significant savings for the poor and common man,’ PM Modi tweeted, citing data that shows reduced levies have helped lower the cost of goods and services.

Modi’s comments indicate the government’s intent to continue pushing reforms despite having fewer seats in the Lok Sabha. Analysts have expressed concerns about the NDA regime’s ability to implement key changes as it navigates coalition politics. While some legislative changes might face delays, executive decisions are expected to move forward.

The statement comes nearly seven years after GST was introduced as the biggest tax reform since Independence. While the government has highlighted the benefits of GST, such as subsuming multiple taxes and eliminating various cesses and octroi, the opposition has criticised it.

The GST regime has helped create a system that checks tax evasion and ensures that levies paid at each stage of production, from raw materials to finished products, are refunded through tax credits. This system eliminates the cascading effect of taxes, effectively removing tax on tax and lowering prices.

The government has listed several products to demonstrate the reduced tax burden. For instance, mobile phones, refrigerators, washing machines, 32-inch TV sets, and fans, which attracted a 31.3% tax pre-GST, now see an 18% tax under the new regime that started in July 2017.

PM Modi’s remarks underline the ongoing commitment to reforms aimed at reducing the financial burden on ordinary citizens and improving the overall economic landscape.

BBIL Moves to Correct Patent Oversight in COVID-19 Vaccine

Akash G Varadaraj
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BBIL Moves to Correct Patent Oversight in COVID-19 Vaccine

Bharat Biotech International Limited (BBIL) is swiftly addressing a patent application oversight regarding its COVID-19 vaccine. The oversight involved the exclusion of the Indian Council of Medical Research (ICMR) from the original application, a mistake stemming from the confidential nature of the BBIL-ICMR agreement.

The error occurred amidst the high-pressure environment where organisations worldwide were racing to develop and patent COVID-19 vaccines. BBIL prioritised rapid development and early patent filing, which led to the unintentional omission of ICMR.

BBIL emphasises its respect and gratitude for ICMR’s continuous support on various projects. Recognising the mistake, BBIL is now working to amend the patent application to include ICMR as a co-owner. The necessary legal documents are being prepared and will be submitted to the Patent Office promptly, in line with the memorandum of understanding (MoU) signed between ICMR-NIV Pune and BBIL in April 2020 for joint vaccine development.

BBIL assures that this oversight is not uncommon and that Patent Law provides provisions to rectify such mistakes. The company is committed to upholding its collaborative agreements and ensuring that all contributions are rightfully acknowledged.

In light of BBIL’s swift action to rectify the patent oversight involving ICMR, it is clear that navigating patent laws in high-stakes environments requires meticulous attention to detail and robust legal support. Ensuring that all contributions are properly acknowledged is paramount for maintaining collaborative integrity and legal compliance. For professional legal assistance in managing patent applications and addressing similar issues, consider consulting the experienced team at Vakilsearch. Our experts are equipped to provide comprehensive guidance and support to safeguard your intellectual property rights and collaborative agreements.

NEET 2024 Controversy: CBI to Transfer Accused to Delhi

Akash G Varadaraj
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NEET 2024 Controversy: CBI to Transfer Accused to Delhi

The Central Bureau of Investigation (CBI) is intensifying its probe into the alleged NEET  2024 Controversy with a team set to bring the accused from Patna to New Delhi today. This follows widespread criticism of the National Testing Agency (NTA) and the contentious marking system of the May exams.

Following the uproar over NEET-UG results, the Education Ministry recently cancelled both the NEET-PG 2024 and UGC-NET exams, fueling further public dissent. In response, the government has established a seven-member panel to scrutinize NTA’s operations and recommend reforms. Additionally, NTA Director General Subodh Kumar Singh has been reassigned, pending further review.

To combat exam malpractice, the government has introduced strict penalties, including up to 10 years in prison and fines reaching ₹1 crore.

Understanding the NEET 2024 Crisis

The NEET-UG exams have faced allegations of paper leaks, inflated scores, and arbitrary grace marks. Notably, 67 students, mostly from one Faridabad center, scored a perfect 720/720, raising suspicions. The Bihar police unearthed evidence of a NEET  2024 Controversy of paper leak, igniting political tensions.

Amidst this, the Education Ministry announced a re-examination for over 1,500 students awarded grace marks and abruptly cancelled the NEET-PG 2024 hours before it was due to start. The new date is yet to be announced.

Grace Marks Controversy

Education Ministry sources admitted that grace marks were awarded using an ‘odd method’ not stipulated in NEET guidelines, highlighting NTA’s failings.

CBI’s Next Steps

Today, a CBI team will visit Patna to transfer those arrested in connection with the NEET paper leak to Delhi for further questioning. So far, 18 individuals have been detained by the Bihar Police’s Economic Offences Unit.

 As the investigation into NEET 2024 unfolds, the need for clarity and legal guidance becomes paramount. For individuals affected by the fallout from the alleged irregularities in the exams, seeking professional legal counsel is crucial. At Vakilsearch, we specialise in navigating complex issues and ensuring your rights are protected. Contact us today to receive expert advice and support during this challenging period.

Changes in ITR Forms for AY 2024-25: What Taxpayers Need to Know

Akash G Varadaraj
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Changes in ITR Forms for AY 2024-25: What Taxpayers Need to Know

In a significant update for taxpayers, the Income Tax department has rolled out revised ITR forms for the Assessment Year 2024-25, incorporating several key changes mandated by the Finance Act 2023. Effective from December 2023, these amendments aim to enhance reporting transparency and compliance.

Under the latest guidelines, taxpayers filing ITR 1 and ITR 4 are required to navigate new reporting requirements. Specifically, ITR 1 filers must now declare their chosen tax regime directly in their income return, whereas ITR 4 filers need to submit Form 10-IEA to opt out of the new regime, emphasising flexibility in tax management.

For those dealing with capital gains, including users of ITR forms 2, 3, 5, and 6, detailed disclosures under the Capital Gains Account Scheme have been intensified. Unlike previous years, the revamped forms demand comprehensive information such as deposit dates, account numbers, and IFSC codes, ensuring meticulous financial record-keeping.

Furthermore, the introduction of Legal Entity Identifier (LEI) requirements in ITR forms 2, 3, 5, and 6 signifies a move towards greater transparency in high-value financial transactions exceeding ₹50 crore. This measure is poised to fortify financial integrity and deter fraudulent activities.

In line with these updates, ITR 6 submissions from companies now necessitate acknowledgment numbers and Unique Document Identification Numbers (UDIN) for audit reports, aligning with regulatory compliance under Sections 44AB and 92E.

Political contributions have also come under scrutiny with the inclusion of Schedule 80GGC in ITR forms 2, 3, 5, and 6. Taxpayers must now meticulously document donations to political parties, including transaction details like mode of payment and IFSC codes, underscoring transparency in political funding.

Additionally, for deductions related to medical treatment expenses for dependents with disabilities, a separate Schedule 80DD mandates detailed information on the nature of disability, dependent type, PAN, Aadhaar number, and other specifics, ensuring precise claim submissions.

Moreover, the Finance Act 2023 introduced Section 80CCH, facilitating deductions for contributions to the Agniveer Corpus Fund, reflected in updated columns within applicable ITR forms.

These updates underscore the Income Tax department’s commitment to streamlining tax compliance while bolstering reporting standards, ensuring taxpayers stay informed and compliant with the evolving fiscal landscape.

Navigating the complexities of income tax filing is now easier than ever with Vakilsearch’s comprehensive online ITR filing services. Whether you’re an individual taxpayer, a business owner, or an entity navigating the latest tax regulations, our expert team ensures seamless compliance and accurate submissions.

 

Adidas Starts a 45,000 sq ft Global Capability Centre in Chennai

Akash G Varadaraj
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Adidas Starts a 45,000 sq ft Global Capability Centre in Chennai

Adidas, the renowned German sportswear giant, has leased 45,000 sq ft in Chennai to establish its first Global Capability Centre (GCC) in India. This marks the company’s inaugural centre in Asia outside of China.

The centre, which can accommodate 700 employees, is situated in Smartworks’ facility at Olympia Pinnacle on Old Mamallapuram Road, Chennai’s prominent IT corridor. Sources indicate that the starting monthly rent for the space is ₹65 per square foot.

While Adidas confirmed the lease in an email, they withheld further details. ‘We can confirm that we have recently rented a new office space in Chennai, India,’ stated the corporate communications team. Smartworks has not provided additional information regarding the lease.

Earlier this year, reports surfaced about Adidas’ plans to launch its first GCC in India, aimed at enhancing functions such as planning and analysis, invoice-to-cash, record-to-report, and source-to-pay. The centre is spearheaded by Akhil Kapoor, Vice President of GBS Global Procurement and Head of GBS in India. Kapoor announced on LinkedIn that the GBS Chennai hub has now relocated to the Smartworks office. He described the new facility as ‘state-of-the-art,’ highlighting its significant upgrades in infrastructure, facilities, and accessibility.

The GCC in Chennai is part of a broader trend where global multinationals leverage India’s cost efficiencies and rich talent pool. As of FY23, India hosted approximately 2,740 GCCs, according to CBRE India. While Bengaluru remains the top choice for GCCs, Chennai houses around 9% of the nation’s total, with GCC leasing reaching 3.5 million sq ft in FY24.

Chennai’s OMR zone has attracted significant investments, including Bank of America’s 1.1 million sq ft lease in December last year, one of its largest centres outside the US. Adidas’ new centre underscores India’s growing appeal for global firms seeking advanced capabilities and innovation.

As Adidas sets up its pioneering Global Capability Centre in Chennai, the move highlights the increasing trend of global investments in India. For businesses looking to navigate the complex legal landscape of establishing operations in India, Vakilsearch offers expert guidance and support to ensure seamless compliance and strategic growth. Contact us today to learn how we can assist your business in thriving in the dynamic Indian market.

Setback For Mr Kejriwal: Delhi HC Passes and Pauses Bail Order

Akash G Varadaraj
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Setback For Mr Kejriwal: Delhi HC Passes and Pauses Bail Order

In a significant setback for Arvind Kejriwal, the Delhi High Court has temporarily halted his bail in a corruption case related to the Delhi Liquor Policy, pending a hearing on the Enforcement Directorate’s (ED) petition. The ED contested the bail granted to Mr. Kejriwal just hours before he was scheduled to be released from Tihar Jail.

The ED’s urgent petition was brought before a bench of Justices Sudhir Kumar Jain and Ravinder Dudeja, who decided that the trial court’s bail order would be suspended until the high court heard the matter.

Mr. Kejriwal’s wife, Sunita Kejriwal, along with leaders of the Aam Aadmi Party (AAP), had planned to visit Tihar Jail at 4 PM today to welcome the Delhi Chief Minister. The previous day, a Delhi court had ordered Mr. Kejriwal’s release on a personal bond of ₹1 lakh, with conditions including that he must not interfere with the investigation or influence witnesses. The court had accepted Mr. Kejriwal’s argument that the ED had not provided sufficient evidence since his arrest on March 21.

Delhi Chief Minister Arvind Kejriwal secured bail on June 20 from the Rouse Avenue Court after being arrested by the Enforcement Directorate (ED) in connection with a money laundering case linked to the scrapped Delhi Excise policy of 2021-22.

Judge Niyay Bindu of the vacation bench issued the bail order following extensive arguments from both Mr. Kejriwal and the ED. The court’s decision to grant bail was announced in an evening session, with a detailed written order expected imminently.

Immediately after the ruling, ED’s counsel Zoheb Hossain requested a 48-hour delay in executing the bail bond, aiming to challenge the decision at an appellate level. However, the court swiftly dismissed the plea and scheduled the bail bond submission for June 21 before the duty judge.

Mr. Kejriwal’s arrest by the ED on March 21 was based on allegations that he orchestrated a scam through the Delhi Excise policy. After a period in custody, the Supreme Court granted him temporary release on May 10 to campaign during elections, only for him to return to jail on June 2 following the denial of further relief.

Earlier this month, Mr. Kejriwal filed two bail applications, the first for medical treatment, denied on June 5, and the second for regular bail, which was granted on June 20 by the Rouse Avenue Court.

The case stems from an FIR initially filed by the CBI on the complaint of the Lieutenant-Governor of Delhi, citing irregularities in the Delhi Excise policy, subsequently withdrawn by the state. The ED later invoked the Prevention of Money Laundering Act, 2002 alleging funds diverted through illicit channels financed AAP’s Goa campaign in 2022.

The investigation has seen multiple arrests, including former Deputy CM Manish Sisodia and AAP’s Rajya Sabha MP Sanjay Singh, both incarcerated, while Ms. Kavitha and Mr. Singh were granted bail earlier this year.

During the bail hearing, the ED argued that Mr. Kejriwal’s alleged involvement extended to extravagant expenditures like a stay at a seven-star hotel in Goa, funded by kickbacks. In response, Senior Advocate Vikram Chaudhary, representing Mr. Kejriwal, dismissed ED’s claims as speculative, asserting no tangible money trail supports the accusations.

The developments mark a pivotal turn in the legal saga surrounding Mr. Kejriwal and underscore ongoing scrutiny over the Delhi Excise policy’s contentious legacy. The next steps in the legal proceedings await the detailed court order, expected to shed further light on the intricacies of this high-profile case.

For expert legal assistance choose Vakilsearch. Our seasoned professionals are skilled in handling every aspect of legal proceedings, from filing appeals to representing clients in court. Trust Vakilsearch for reliable, comprehensive legal services tailored to your needs. Contact us today to ensure your rights and interests are protected.

The Delhi HC Prohibits an IT Company From Using the Infosys Trademark

Akash G Varadaraj
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The Delhi HC Prohibits an IT Company From Using the Infosys Trademark

In a decisive move, the Delhi High Court has barred Southern Infosys Limited from using the ‘INFOSYS’ trademark after a lawsuit from the IT giant Infosys. Justice Sanjeev Narula, in an interim order on May 27, ruled that the defendant’s use of the ‘INFOSYS’ mark infringes on Infosys’ rights, risks consumer confusion, and dilutes the trademark’s value.

The Defendant is restrained from using the mark ‘INFOSYS’ as part of their corporate/trade name ‘Southern Infosys Limited’ or in any other manner amounting to infringement of the Plaintiff’s trademarks,’ stated Justice Narula. He granted the defendant a four-month period to transition to a new trade name, after which they must cease using ‘INFOSYS’ entirely.

The court dismissed Southern Infosys’ argument that ‘INFOSYS’ is a generic abbreviation of ‘information systems,’ ruling there is no prima facie basis to consider the term generic. The Bench further noted that ‘INFOSYS’ has acquired a secondary meaning, inextricably linking it to the plaintiff.

Infosys contended that Southern Infosys’ use of the trademark violated Section 29(5) of the Trade Marks Act,1999 which prohibits using a registered trademark in a corporate name in a way that implies a business connection or endorsement by the trademark owner, potentially misleading the public.

The court acknowledged the delay in Infosys initiating the lawsuit but affirmed that this did not nullify their rights under trademark law due to their continuous trademark use. Representing Infosys were advocates Peeyoosh Kalra, CA Brijesh, V Mohini, and Ishith Arora, while Advocate Piyush Kaushik appeared for Southern Infosys Limited.

 The Delhi High Court’s ruling to bar Southern Infosys Limited from using the ‘INFOSYS’ trademark underscores the critical importance of protecting intellectual property rights and preventing consumer confusion. This landmark decision reinforces the necessity for companies to uphold trademark laws and respect established brand identities. At Vakilsearch, our team of intellectual property experts is dedicated for trademark registration  and ensuring compliance with all relevant regulations. For robust legal support in navigating trademark disputes and protecting your brand’s integrity, contact Vakilsearch today.

 

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