Mehul Rana

Chartered accountant by profession
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[Mehul Rana @MRna93]

@bankofbaroda has deducted TDS for Q4 but till date (23 june/3.42PM) 26AS not reflecting TDS amount from Bank of baroda. Its been 23 days after TDS return filling last day i.e 31st May. @IncomeTaxIndia how taxpayer can file return without TDS claim.

[Mehul Rana @MRna93]

ADVISORY ON HSN REPORTING IN GSTR 1-https://t.co/s4O9TZ6ymZ

[Mehul Rana @MRna93]

earlier it was new day new error...now it is new hour new error.#IncomeTaxSiteIssues

[Mayank Patel @MAYANK8382]

@IncomeTaxIndia please stop this there is no meaning to send remind again and again !! please share data of ITR filed and process every hours !!

[Mehul Rana @MRna93]

income tax portal working very smoothly.

[Mehul Rana @MRna93]

i request CBDT chairman to file ITR on this portal, when every time you try to log in/taxpayment/download AIS-TIS you will get new error.

[Abhas Halakhandi @AbhasHalakhandi]

87A Rebate- Ongoing issue - Part III (The Last Post)

Respected @IncomeTaxIndia ,
This is regarding the SUDDEN restriction of 87A rebate against STCG on Eq Shares u/s 111A & LTCG u/s 112 & other special rate income in utility for FY 23-24

📌Finance Act 2023 got accent from president on 31st Mar 2023 and was effective from 1st April 23 itself. In these 16 months, there was no instance which indicated such restriction. Nor National Income Tax website, Portal, Official Income Tax Calculator Nor the Budget Speech, memorandum etc. - You know Why? Because this is never the intention of law.

📌 In Budget Speech, Memorandum, Official Circulations/information it was only mentioned that in new regime 87A rebate increased to 25K from 12k.
No additional restriction was communicated with such increased rebate- Do you know the reason? Because the law never intended to create such restriction. Such restriction is result of sudden erroneous thought process of a few at helm of affairs.

📌Sharing an illustration from study material of THE @theicai post Finance Act 23 where 87A rebate has been provided against STCG u/s 111A in new regime.
I don't see any reason why @theicai will wrongly teach its students about such practically significant provision.
Also there was no instance/illustration provided by any Income Tax teacher across country or any scholar/professional which even indicated/barely discussed about such restriction before 5th of July.
You know why - Because such restriction is incorrect interpretation of law.

📌Total Income is defined u/s 2(45) of Income Tax Act which corresponds to ONE SINGLE FIGURE. Splitting the term Total Income in its various components and using the figures of these components as 'Total Income' for giving 87A rebate, is definitely incorrect interpretation of law.

📌LTCG u/s 112A provides specific restriction for 87A rebate whereas STCG u/s 111A, LTCG u/s 112 and other special rate section do not pose any such restriction.

📌THE @theicai and many other reputed taxation bodies including such as @BCAGlobal @ITBA_abad have sent representations to you & @FinMinIndia requesting to remove such restriction & allow 87A rebate against STCG u/s 111A & LTCG u/s 112 in line with the correct legal interpretation.
Request you to please give a thought on points highlighted by learned people in these organizations, rather than being stuck with views of bunch of intellectuals at your end.

📌Laws are declared well before the beginning of financial year so that assessee can plan his taxation. Here is a sudden modification post 5th July for restricting 87A rebate after the end of FY that too after Lacs of ITRs have been filed availing such benefit.
Isn't it cruel/unethical move for illegal revenue collection impacting Lacs of assessees ?

📌 Incorrect interpretation is providing rebate even to person with Total Income of much higher than 7 Lac( For eg. 6.90 lac Normal income + STCG u/s 111A of Rs. 10 Lacs- Utility allowing rebate of 25K in such case). That was never the intention. Even in earlier year when rebate was 12500, it was restricted to Total Income of 5 lac of any sort not to high Income assesse.

Request @IncomeTaxIndia to please restore the situation as it was before 5th July and stop the panic/choas among assesses/professionals.

I have received information that Dept. is adamant on its view. Also learned intellectual having direct reach standing is unfortunately supporting Dept's view. Hence hopes for changes are not so great.

I have only this platform to raise the issue and would request professionals/tax payers to please use their resources, reach, media, print or whatever if you feel that restriction on 87A is unjustified.
Its not only about the monetary hit but the manner of imposing such restriction 🙏

[Taxation Updates (CA Mayur J Sondagar) @TaxationUpdates]

Dear @IncomeTaxIndia

Income Tax Portal is not working properly

Unable to Download Acknowledgements after filing ITR
Unable to Import 26AS
Tax Payment Service not Working Properly

Kindly Extend the Due Date

[Saurin Shah @SaurinShahCA]

Tagging few for larger reach as many are facing similar issues according to me in TDS return and accordingly ITR filing is also affected. @TaxationUpdates @AbhasHalakhandi @CA_HarshilSHETH @CAChirag

[Mehul Rana @MRna93]

@FinMinIndia @cbic_india it is day 24 of issue reported to help desk and ticket generated (G-202406150254751) but no resolution has been provided yet @Infosys_GSTN . number of times contacted with help desk as this is common issue faced by many taxpayers. kindly resolve error.

[Mehul Rana @MRna93]

@Infosys_GSTN its been more than 15 days since we are facing this error while filing Refund Application in many cases, Ticket has been raised and shared with @Infosys_GSTN but no resolution has been provided yet. anyone having solution please share.

[Mehul Rana @MRna93]

@Infosys_GSTN is there any chance of getting solution for this error??

[Mehul Rana @MRna93]

@Infosys_GSTN its been more than 15 days since we are facing this error while filing Refund Application in many cases, Ticket has been raised and shared with @Infosys_GSTN but no resolution has been provided yet. anyone having solution please share.

[Mehul Rana @MRna93]

@Infosys_GSTN its been more than 15 days since we are facing this error while filing Refund Application in many cases, Ticket has been raised and shared with @Infosys_GSTN but no resolution has been provided yet. anyone having solution please share.

[Mehul Rana @MRna93]

@Infosys_GSTN its been more than 15 days since we are facing this error while filing Refund Application in many cases, Ticket has been raised and shared with @Infosys_GSTN but no resolution has been provided yet. anyone having solution please share.

[Saurin Shah @SaurinShahCA]

It seems that there is 2nd round of issue in AIS/Insight Reporting because share prices of 10.00 has been treated as 1000 and in few cases shares wherein party has never transacted are being reported. All this is for CDSL. Request to @IncomeTaxIndia to do the needful.

[CA Akhil Pachori @akhilpachori]

Some Industries have freezed purchase from Micro & Small Enterprises till 31.03.2024

Some Businesses have Trade cycle upto 6 months also, this is causing them Working Capital Shortage

This 43B(h) is doing more harm to businesses than good

Government need to rethink now!!!

[Mehul Rana @MRna93]

Due to a scheduled maintenance activity, e-Filing website and the associated services will not be available from 2.00 P.M. on 03.02.2024 to 08.00 A.M. on 05.02.2024.  Kindly plan your activities accordingly.

[Mehul Rana @MRna93]

"भारत भाग्य विधाता"
Happy Republic Day!

[Taxation Updates (CA Mayur J Sondagar) @TaxationUpdates]

GST Payment Facility enabled through Credit Card / Debit Card option by @Infosys_GSTN
@cbic_india @PIB_India
@FinMinIndia @nsitharaman @PMOIndia
@KotakBankLtd

[Mehul Rana @MRna93]

many of us have rcved notice 4 non filing ITR from compliance portal. Bt magically @IncomeTaxIndia sending notices even 4 A'ee who hv filed their ITR b4 2mnths. either their data is not updated/not in sync. unnecessary time consuming job to explain a'ee whose return already filed

[Mehul Rana @MRna93]

while filing GSTR 1 facing error for compliance DRC-01c, checked in compliance tab, there is no records.. this error also appeared in GSTN for which NIL return filed where there were no mismatch but still portal showing error..@Infosys_GSTN kindly update on this issue.