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The <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-Department" source="Orion">income tax Department</keyword> has enabled the <keyword id="3321721" type="General" weightage="100" keywordseo="tax-audit" source="Orion">tax audit</keyword> utility form on its portal for financial year 2019-20 and 2020-21. Under the I-T Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of business exceed ₹10 crore, while in case of professionals, the limit was over ₹50 lakh in 2020-21 (AY 2021-22). The last date for filing the <keyword id="2519161" type="General" weightage="20" keywordseo="tax-audit-report" source="Orion">tax audit report</keyword> for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21, limit was ₹5 crore for businesses and ₹50 lakh for professionals and due date for original tax audit report was January 15, 2021. However, companies can still file the revised tax audit report for that year to rectify errors. Nangia &amp; Co LLP Director, <keyword id="12398807" type="General" weightage="20" keywordseo="audit-assurance" source="Orion">Audit &amp; Assurance</keyword>, <keyword id="4734094" type="General" weightage="20" keywordseo="Shalu-Kedia" source="Orion">Shalu Kedia</keyword> said the corporate assessees did not want to wait until due date which is falling in January for tax audit filing for AY 2021-22 can now proceed with their tax audit filings followed by corporate tax returns for Assessment Year (AY) 2021-22 (pertaining to fiscal 2020-21). "Many of the corporate assessees were also waiting for the utility to go live as they had to revise their tax audit reports for AY 2020-21 (FY 2019-20) to rectify errors in original tax audits reports and file a suitable response against demands arising on account of mismatches in tax audit reports and tax returns for AY 2020-21," Kedia said. AMRG &amp; Associates Director – Direct &amp; International Tax Om Rajpurohit said after prolonged postponement, the CBDT has finally enabled the Tax Audit utility on October 26. "However, this delay has resulted in an unnecessary interest burden for the taxpayers who usually finalize their tax due and file their tax return on time once the tax audit report is filed. Though, for such a class of taxpayers who are yet to start their ITR filing process owing to extended due dates, this is a welcome step," Rajpurohit added. AKM Global, Director-Tax and Regulatory, Sandeep Sehgal said "since the due date for filing of tax audit stands extended to January 15, 2022, this will allow sufficient time to auditors and taxpayers to ensure orderly filing, and also identify and report any glitches encountered during the process." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/snapchat-reaches-100-million-monthly-users-in-india/articleshow/87299727.cms">Snapchat reaches 100 million monthly users in India, partners with Flipkart, Zomato and MyGlamm for AR integrations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/has-the-legal-battle-between-phonepe-and-bharatpe-over-pe-been-going-on-for-too-long/articleshow/87299198.cms">Has the legal battle between PhonePe and BharatPe over ‘Pe’ been going on for too long?</a>

Date for filing income tax returns extended to March 15, 2022

<ul><li>Government is planning to bring changes to income tax laws to bring cryptocurrencies under the tax net in Budget 2022.</li><li>Also, it is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament.</li><li>This comes amid a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies.</li></ul>The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the budget next year, a top official said. Revenue secretary <keyword id="947916" type="General" weightage="20" keywordseo="tarun-bajaj" source="Orion">Tarun Bajaj</keyword> said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of goods and services tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "We will take a call. I understand that already people are paying taxes on it. Now that it has really grown a lot, we will see whether we can actually bring in some changes in law position or not. But that would be a budget activity. We are already nearing the budget, we have to look at that point of time," Bajaj told PTI in an interview. Asked if a provision of TCS (tax collected at source) could be introduced for crypto trading, the secretary said "if we come up with a new law then we will see what is to be done". "But yes, if you make money you have to pay taxes... We have already got some taxes, some have treated it as an asset and paid capital gains tax on it," he said. Asked whether people involved in cryptocurrency trading would be categorized as facilitator, brokerage and trading platform and how the taxation would be done under GST, Bajaj said "there would already be such things available in other services also. So whatever GST rate they are taxed at, that will be applicable on them." "They have to get themselves registered. The GST law is very clear. If there is an activity, if there is a broker who is helping people and charging brokerage fee, GST would get charged," he said. Separately, the government is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims. Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times. Currently, there is no regulation or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, last week, held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Earlier this week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated. The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. RBI governor Shaktikanta Das too earlier this month had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks. The Supreme Court in early March 2020, had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank had instituted an internal panel to suggest a model of the central bank's digital currency. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has many concerns. Private digital currencies/virtual currencies/crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. It can be noted that on March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a>

Government plans to tax cryptocurrency gains in Budget 2022

New Delhi, The <keyword id="76562" type="COMPANY" weightage="20" keywordseo="Confederation-of-All-India-Traders">Confederation of All India Traders</keyword> (CAIT) in a communication sent to Union Commerce Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> demanded <keyword id="2465241" type="PERSON" weightage="20" keywordseo="immediate-action">immediate action</keyword> against e-commerce entities including <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and others. "It is a case of daylight robbery of e-commerce entities in India and therefore demand immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT has accused Amazon, Flipkart, Zomato, Swiggy and various other e-commerce entities for violation of mandatory display of Country of Origin and Manufacturer, seller Details on products sold through their respective E-Commerce Portals as required under the Consumers Protection (E Commerce) Rules,2020, Legal Metrology (Packaged Commodities) Act, 2011 and guidelines of Food Safety &amp; Standards Authority of India. CAIT has asked Goyal to take action against E-commerce entities including Amazon, Flipkart, Zomato, Swiggy and others. "It is a case of daylight robbery of e-commerce entities in India and, therefore demands immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal in a communication to Goyal said that e-commerce entities conducting business in India including Amazon, Flipkart and others are highly violating the mandatory conditions spelled out in above Acts. "It is a pity that particularly in e-commerce every guidelines, Rules &amp; Regulations, Laws and policies are being flouted openly and no department has so far taken any cognizance of compliance issues resulting in a highly vitiated and mess like e-commerce trade of India," CAIT said. Bhartia and Khandelwal said that Rule 10 of Legal Metrology (Packaged Commodities) Rules, 2011 provide that e-commerce entities should have to display name and address of the manufacturer, name of the country of origin, common/generic name of the product, net quantity, best before/use by date (if applicable), maximum retail price, dimensions of the commodity, etc. This rule was introduced in June 2017 and provided a transition period of six months thereby its implementation from January 1,2018 but even after a lapse of three years, the above rules are not being complied by e-commerce companies prominently by Amazon, Flipkart, etc. Failure to make declarations as above will amount to selling non-standard packages and will invite penalty under the above said Act, including fine or imprisonment or both, CAIT said. Both trade leaders further said that similar obligations were imposed on e-commerce food business operators vide guidelines issued by the Food Safety &amp; Standards Authority (FSSAI) on February 2,2017. "But such FBOs like Zomato, Swiggy, etc. are not complying with the above rules," CAIT said. Bhartia and Khandelwal said that under Rule 4(2) of the Consumer Protection (E Commerce) Rules, 2020, it is provided that every e-commerce entity shall provide the following information in a clear and accessible manner on its platform, displayed prominently to its users, namely, legal name of the e-commerce entity, principal geographic address of its headquarters and all branches, name and details of its website, and contact details like email address, fax, landline and mobile numbers of customer care as well as of grievance office. Similar provisions are also spelled out in Press Note 2 of the FDI Policy, 2016. CAIT said no e-commerce entity has appointed a Nodal Officer as also complying with above provisions. Important rights of the consumers are being violated as they are not aware of the seller or description of the product at the time of purchase of products from e-commerce portals. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-indian-railway-finance-corporation-irfc-ipo/articleshow/80406208.cms">Indian Railway Finance Corporation IPO allotment: Here’s how to check share allotment status</a>

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

<ul><li>The CAIT is seeking probe and has alleged that <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> are avoiding a tax liability. </li><li>Meanwhile, <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s troubles continue with hotel owners alleging unethical practices followed by the company. </li><li>Following the <keyword id="92417" type="ORGANIZATION" weightage="20" keywordseo="NRAI">NRAI</keyword>’s path, the Indian Hotel and Restaurant Association (AHAR), which has 8,000 members nationally is also claiming to have logged out of <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>. </li></ul>India’s biggest startups have been solving its systemic problems to build businesses. But the system has now started revolting and it could be another trouble that they have to solve. Startups like Oyo, Zomato, Amazon, Flipkart which have all disrupted traditional setup are now facing challenges that come with overtaking a market. Here’s a look at how trouble is brewing for the companies. Amazon and Flipkart Amazon and Flipkart are united in a rare case – where they both are facing a protest from the Confederation Of All India <keyword id="6371444" type="UNKNOWN" weightage="20" keywordseo="traders">Traders</keyword> (CAIT). While trader protests have been a part of the e-commerce journey so far in India, it has intensified with the CAIT now seeking a <a href="https://www.livemint.com/companies/news/cait-seeks-probe-into-alleged-avoidance-of-tax-liability-by-amazon-flipkart-11574620469832.html">probe </a>against Amazon and Flipkart. The CAIT alleged that Amazon and Flipkart are evading tax. It said that the companies are selling products for much lower than their fair price value, thus avoiding a larger GST cost. “Since FDI is governed by the FEMA and the Reserve Bank of India, it is demanded that an another enquiry may also be initiated on pattern of receivable funding and its disbursement," CAIT <a href="https://www.livemint.com/companies/news/cait-seeks-probe-into-alleged-avoidance-of-tax-liability-by-amazon-flipkart-11574620469832.html">said.</a> Earlier, the CAIT also organised a nationwide protest against the deep discounting of products on Amazon and Flipkart. OYO OYO brought Indian budget hotels online and shot to fame thanks to its many customers. But hotel owners who they work with are alleging that OYO’s practices are unethical. Recently, a Bengaluru hotelier filed a cheating case against Agarwal and six others claiming that the OYO hasn’t paid him his dues. According to the complaint, OYO was supposed to pay ₹7 lakh a month for room bookings but failed to do so since May 2019. OYO responded stating that it would fight back with a complaint against the hotelier for "using improper legal means to sensationalise a civil dispute and get attention". “This matter is currently sub-judice, and we are not at the liberty of commenting on specifics. Having said that, we strongly refute the claims made in the complaint that has been wrongfully filed against our founder and six other office bearers, based on false allegations and exaggeration on a regular commercial dispute,” the company said in a statement. The case of the Bengaluru hotelier is not isolated. Similar reports have surfaced from across the country against <a href="https://www.thenewsminute.com/article/why-many-hotel-owners-across-india-are-agitated-oyos-business-model-106154">OYO</a>. Zomato Indian foodtech unicorn has had a rough few months thanks to one of its bestselling features – Zomato Gold. The National Restaurant Association of India protested against the feature saying that Zomato advertised the ‘elite’ feature which turned out to be a mass product. This resulted in thousands of restaurateurs logging out of Zomato. The foodtech aggregator had shut down the logout movement by not offering discounts for its gold membership. However, it also extended the service for home delivery, where users could avail the 1+1 and 2+2 offers. Now, following the NRAI’s path, the Indian Hotel and Restaurant Association <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/8000-strong-hotels-body-to-shun-zomato-gold-delivery/articleshow/72215761.cms">(AHAR)</a>, which has 8,000 members nationally is also claiming to have logged out of Zomato because of Gold on delivery and other issues like unavailability of delivery executives.

Oyo, Zomato, Amazon, and Flipkart are chasing growth but the very foundation is shaking

The Enforcement Directorate (ED) has told Delhi High Court through an affidavit that <keyword id="215177" type="General" weightage="20" keywordseo="vivo" source="Orion">Vivo</keyword> India indulged in money laundering to destabilise the financial system and challenge the integrity and sovereignty of the country. The affidavit was filed before the Delhi High Court last week. The anti-money laundering agency has said in the affidavit that they were scanning the suspicious financial transactions of 22 firms owned by Hongkong based foreigners and entities. These firms transferred huge money to China. It is also probing a money laundering case against Grand prospect International Communication private limited, a Jammu and Kashmir based distributor of Vivo. The firm was reportedly incorporated on the basis of forged documents and it was claiming to be a subsidiary of Vivo India. The firm used an email peter.ou@vivoglobal.com, indicates connection with Vivo India and it is in record of Ministry of Corporate Affairs. Delhi-based Chartered Accountant firm had helped in incorporating J&amp;K based firm. This firm has been in touch with Vivo India since 2014. The ED has mentioned that Vivo India incorporated 22 firms in different states which allegedly laundered money. The Delhi based CA firm helped Vivo India in incorporating 22 firms. Earlier, Vivo India had said that they were following all rules of the land of India. Chinese smartphone company Vivo's top executives, directors Zhengshen Ou and Zhang Jie, had fled from India via Nepal. In February, the ED initiated a Prevention of Money Laundering case against them on the basis of an FIR lodged with Kalkaji Police Station of Delhi under sections 417, 120B and 420 of IPC, 1860 against Grand Prospect International Communication Private Limited (GPICPL) and its Director, shareholders and certifying professionals etc on the basis of complaint filed by Ministry of Corporate Affairs. As per the FIR, GPICPL and its shareholders had used forged identification documents and falsified addresses at the time of incorporation. The allegations were found to be true as the investigation revealed that the addresses mentioned by the directors of GPICPL did not belong to them, but was a government building and house of a senior bureaucrat. ED has said that out of the total sale proceeds of Rs 1,25,185 crore, Vivo India remitted Rs 62,476 crore. i.e, almost 50 per cent of the turnover is out of India, mainly to China. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/why-is-zomato-share-price-down-today/articleshow/93101975.cms">Zomato tanks 14% wiping out ₹1,000 crore investor wealth – here’s what is happening</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-calculate-income-tax-on-stock-market-earnings/articleshow/93055335.cms">How to calculate income tax on stock market earnings</a>

You Searched For "zomato tax case" and got 5 results

Date for filing income tax returns extended to March 15, 2022

PTI

Government plans to tax cryptocurrency gains in Budget 2022

PTI

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

IANS

Oyo, Zomato, Amazon, and Flipkart are chasing growth but the very foundation is shaking

Sanchita Dash

ED to Delhi court: Vivo indulged in money laundering, challenged the integrity and sovereignty of the country

IANS

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