Reference: Central Board of Direct Taxes
Update:
Banks are required to report the exemption availed at the end of a fortnight under “exemptions/others” in the Section-42 return
I-T Dept to share taxpayers\’ PAN, other data with SEBI to help in stock market-related probes.
(CBDT) issued an order on February 10 under section 138 (1) of the I-T Act regarding the I-T department that it will share all taxpayers\’ data like PAN information with SEBI in order to help the capital market regulator in its probe against various entities, including those involved in \’stock market manipulation\’. The CBDT said under the suo moto exchange, information such as list of scrutiny cases marked as having evasion or violation related to \’stock market manipulation\’ and any other information considered necessary for SEBI (Securities and Exchange Board of India), will be provided.
Implication:
While furnishing the information, the specified income tax authority shall form an opinion that sharing of such information is necessary for the purposes of enabling SEBI to perform its functions under its respective laws.
Reference: Central Board of Indirect Taxes & Customs
Update:
Liability on the tax payer to assess and pay the interest on delayed payment of tax
CBEC has casted liability wherein the taxpayers have filed their FORM GSTR-3B returns belatedly without discharging the applicable interest payable on the delayed payment of tax. Further, interest payable on such delayed payment of tax can be recovered under the provisions of section 79 of the CGST Act read with section 75(12)
Sub-section (1) of Section 50 of CGST Act
(1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent., as may be notified by the Government on the recommendations of the Council.
Sub-section (12) of Section 75 of CGST Act
(12) Notwithstanding anything contained in section 73 or section 74, where any amount of self-assessed tax in accordance with a return furnished under section 39 remains unpaid, either wholly or partly, or any amount of interest payable on such tax remains unpaid, the same shall be recovered under the provisions of section 79.
The above provisions show that CBEC has casted liability on the taxpayer to assess and pay the interest on delayed payment of tax.
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