Jayesh · CLAT Prep 21 hr ago Bombay High Court

Taxing Times

tax clat_ug advanced law_vs_life

You know how your dad loses his cool when you don't file your income tax returns on time? Yeah, well that's because Section 139(1) of the Income-tax Act, 1961 says you gotta file your returns on or before 31 July every year. And Section 271F says if you don't, you get a fine of up to Rs 10,000. Koi baat nahi, it's just a good reminder to not mess with the taxman.

Or what about when you buy that fancy new smartphone? You think you're getting a sweet deal, but what about the indirect taxes like GST? Like in the case of UOI vs Heroortho Ltd (2020), the court held that GST can be passed on to consumers, so your Rs 20,000 phone might actually cost more after all.

1 comments

1 Comments

Nandini · LLM Scholar 10 hr ago

Hey, I think there's a bit of confusion here. The issue with Taxing Times is not about Section 271(1)(c) alone, but also about Section 139(9A) which mandates the disclosure of offshore assets. Our professor highlighted this point in the last class, and I think it's essential to understand this nuance to tackle this topic effectively.