CAN INCOME TAX RAISE OBJECTION ON OVER INVOICING OF GOODS?
RATES COMPARED IN GENERAL MARKET ARE 30-35% LOWER.
UNDER WHICH SECTION INCOME TAX CAN TAKE ACTION?
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OVER INVOICING
Replies (10)
Quick Summary
RATES COMPARED IN GENERAL MARKET ARE 30-35% LOWER...!!
It's mean Your invoicing is lower... Right...??
It's mean Your invoicing is lower... Right...??
OUR INVOICING IS HIGHER
Depends on what kind of goods and you are selling this to whom. is it to all the public or specific related people?
GOODS ARE PACKAGING GOODS, AND IS SUPPLIED TO ONLY 1 COMPNAY AT 35% HIGHER RATES.
It's under the purview of gst act not income tax act.
| Originally posted by : sabyasachi mukherjee | ||
 |
It's under the purview of gst act not income tax act. |  |
Okay Officer...
Sir
If you are doing genuine work, then no problem. Income tax does not have any issue provided both are unrelated parties. Refer section 40A(2)(b) which is applicable to purchasing company
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
If you are doing genuine work, then no problem. Income tax does not have any issue provided both are unrelated parties. Refer section 40A(2)(b) which is applicable to purchasing company
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Over invoicing to related party is prohibited under income tax laws. Refer section 40A(2)(b) of Income Tax Act.
As far as GST Law is concerned, over Invoicing will not be an issue whether for related person or not. Only under Invoicing is prohibted under GST law if purchaser is not eligible for full ITC.
Sec 40 (A) (2) does not strictly apply here.
sabyasachi mukherjee ---- Someone please ban this guy ... i have been fed up reading the half baked replies
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