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?
Pravin Agarwal (CEO) (49 Points)
25 December 2023CAN 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?
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 25 December 2023
Sharath chandra
(Accountant)
(1227 Points)
Replied 25 December 2023
Pravin Agarwal
(CEO)
(49 Points)
Replied 25 December 2023
GOODS ARE PACKAGING GOODS, AND IS SUPPLIED TO ONLY 1 COMPNAY AT 35% HIGHER RATES.
sabyasachi mukherjee
(27292 Points)
Replied 26 December 2023
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 26 December 2023
Originally posted by : sabyasachi mukherjee | ||
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It's under the purview of gst act not income tax act. | ![]() |
Okay Officer...
CA Raj Doshi
(Practising CA)
(8903 Points)
Replied 26 December 2023
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 27 December 2023
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.
sabyasachi mukherjee
(27292 Points)
Replied 29 December 2023
Sharath chandra
(Accountant)
(1227 Points)
Replied 01 January 2024
sabyasachi mukherjee ---- Someone please ban this guy ... i have been fed up reading the half baked replies
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