Latest Tax News & Updates

Taxation of Casual Taxable Person Under GST

Goods and Services Tax - Small businessmen or Professionals (Such as fashion designer, trainers, and musicians) providing taxable goods or services may find that they have to register under GST if the term Casual Taxable Persons applied to them. Casual taxable person is defined under GST Section 2(20) as...

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The waves in the Taxability of ocean freight

Service Tax - From July 2012, Service Tax shall be levied on all services other than those enumerated in the negative list U/s. 66D of Finance Act 1994 or those provided in the Mega Exemption Notification No. 25/2012. Thus after an act fulfills the conditions of the definition of the term service, it shall be verified if the service falls under the Neg...

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Invoicing under GST regime

Goods and Services Tax - It`s time for the Business to be dynamic to GST regime, as invoicing is crucial in the execution of any transaction. Under GST, taxable persons are required to ensure utmost care while raising the invoice as it is required to be uploaded in the GST Portal for returns. This ensures hassle free flow of Input Tax Credit under the Act...

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GST Transitional Provisions in Simple Terms Part I

Goods and Services Tax - Registered person other than composition taxpayer is allowed to take credit of Unavailed cenvat credit of capital goods, not carried forward in Return, in Electronic Credit Ledger....

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Registration under GST- Provisions and applicability

Goods and Services Tax - GST law provides for registration of various persons in different situation. This article aims at enlightening readers about the persons who are required to take registration and other provisions related to registration....

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ICAI forms group to look intricacies in Disciplinary Mechanism

CA, CS, CMA - Government Nominees on the Disciplinary Committee of the Institute on the Group to look into the intricacies involved in areas pertaining to the disciplinary mechanism wherein changes need to be made and thereafter, further amendments to the Chartered Accountants Act, 1949 and the Rules framed thereunder...

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Draft of amendments to Ind AS 101, First-time Adoption of IND AS

CA, CS, CMA - Following is the Exposure Draft of amendments to paragraph D7AA of Ind AS 101, First-time Adoption of Indian Accounting Standards, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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ICAI President’s Message – May 2017 on GST, Tax Changes etc.

CA, CS, CMA - The Finance Bill, 2017 proposed an insertion of Section 271J in the Income-tax Act, 1961. Considering the undue hardships to be caused to our members, the ICAI had made various representations to the Ministry of Finance, Revenue Secretary and CBDT...

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CBDT Signs 2 More Unilateral Advance Pricing Agreements

Income Tax - The 2 APAs signed yesterday pertain to Information Technology and Banking & Finance sectors of the economy. The international transactions covered in these agreements include Software Development services, IT enabled services and KPO services....

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Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades

Income Tax - President of the Republic of Cyprus urged Indian industry to invest in the country`s key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India –Cyprus Business ...

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Law laid down by jurisdictional HC binding on assessee under jurisdiction: SC

DCIT Vs m/s. Raghuvir Synthetics Ltd. (Supreme Court of India) -  Even though it is a debatable issue but as Gujarat High Court in the case of Ahmedabad Mfg. & Calico (P) Ltd. (supra) had taken a view that it is capital expenditure which was subsequently followed by Alembic Glass Industries Ltd. V. CIT (supra) and the registered office of the respondent assessee b...

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Income Tax Exemption to MIG Cricket Club under department scanner

MIG Cricket Club Vs Director of Incometax (ITAT Mumbai) -  We are prima facie of the opinion that the activities of the assessee of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are in the nature of carrying on trade, commerce, or business for consideration, which are hit by proviso to Section 2(15) of 1961 Act. ...

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Bogus share capital: Source of source relevant even for period before amendment to section 68

Pragati Financial Management Pvt. Ltd Vs CIT (Calcutta High Court) -  Main thrust of the appellant’s case is that the provisions of Section 68 of the Act as amended could not be given retrospective operation and if that position of law was accepted, then it was not open to the C.I.T. to direct an enquiry to ascertain the source and genuineness of the sums being proj...

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No TDS liability can be imposed for notional provision reversed afterwards

State Bank of India Vs Income Tax Officer (ITAT Bangalore) -  If the assessee is able to establish that it was only a notional provision which was reversed afterwards, then no TDS liability can be imposed on the assessee....

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Unaccounted Money Received on Sale of Agricultural Land is not Taxable

Income-tax Officer Vs Shri Abraham Varghese Charuvil (ITAT Cochin) -  Any surplus money arising to an assessee on sale of agricultural land would always partake the character of agricultural income itself. The consideration stated in the Registered Sale Deed was agricultrual income. Likewise, the on money also should be treated as agricultural income. ...

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Govt servants to get Salary directly in bank Account

Notification No. G.S.R. 412(E) - (27/04/2017) -  All payments to Government servants, including salary payments, shall be made by electronically signed payment advices for direct credit to their bank accounts, subject to availability of banking facilities:...

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DVAT return filing due date for 4th quarter extended to May 15, 2017

Circular No. 2 of 2016-17 - (28/04/2017) -  Hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2016-17, in Form DVAT-T6 ,DVAT-17 and DVAT-48 along with required annexure/enclosures up to 15/05/2017....

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RBI notifies Role of Chief Risk Officer (CRO)

Notification No. RBI/2016-17/294 DBR.BP.BC.No.65/21.04.103/2016-17 - (27/04/2017) -  As part of effective risk management, banks are required, inter-alia, to have a system of separation of credit risk management function from the credit sanction process. However, it is observed that the banks follow diverse practices in this regard....

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Reg. Creation of Computer Terminal Banks in Income Tax Offices

F. No.ADG(S)-4/JDIT(S)-4-(2)/CTB/2017-18 - (25/04/2017) -  You may be aware that 1-IRMS Module of ITBA has recently been launched For successful implementation of HRMS module, each employee of the department should have access through Intranet However, challenges like non availability of space to house those many computers, furniture and insufficient electr...

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Govt. notifies Insurance Ombudsman Rules, 2017

Notification No. G.S.R. 413(E) - (25/04/2017) -  These rules shall be called the Insurance Ombudsman Rules, 2017. The objects of these Rules is to resolve all complaints of all personal lines of insurance, group insurance policies, policies issued to sole proprietorship and micro enterprises on the part of insurance companies and their agents and ...

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FAQs on Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs. 500 and Rs. 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016...
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The Insolvency and Bankruptcy Code, 2016 was enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally....
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The Companies Act, 2013 was enacted to improve Corporate Governance and better transparency in the corporate sector which is imperative to infuse confidence amongst investors in Indian market and abroad and to further strengthen regulations for the companies...
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In this article we compiled information / How to register Aadhaar in ITD e-Filing website, Solution to errors in linking of Aadhaar, Aadhaar in case of HUF/Corporate login, reset password through Aadhaar, Validity of OTP sent from Aadhaar database, How to check Aadhaar number linking, Is it mandatory to link Aadhaar number, De – Lin...
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It may be noted that if an entity does not have an unconditional right to defer the settlement of a liability then, the same shall be classified as current liability. In the given case, although it is expected that most of the customers will not surrender their connection and the deposit need not be refunded, but surrendering of the conne...
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Income Tax Planning

It’s Not Too Late To Save tax!

The deadline for making tax saving investments is 31 March. But, there is still time to adopt last minute tax saving tips to claims tax benefits offered by the Government. Thi...

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Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Tax...

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Tax Benefits on Home Loan

Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....

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Income Tax Deductions

Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in forc...

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Section 80D: Deduction for premium paid for Medical Insurance

CA Abhianchal Dua Deduction is available up to Rs. 25,000 to a tax payer of premium paid for Medical insurance of self, spouse and dependent children. If individual or spouse ...

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HRA Taxability & Section 80GG Deduction on Rent Paid

House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certai...

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Download Income Tax Calculator for Financial Year 2017-18

Salient features of the Tax calculator. 1. Useful for the salaried employees of government and private sector. 2. Private sector employees can use to do their Flexi allocation...

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Download Automatic TDS Delayed Payment Interest Calculator

Sometimes Deductor deposit TDS after the due date without Interest, hence when return processed, demand notice raised by TRACES and penalize heavy interest on late payment. Bu...

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Income Tax Calculator for Financial Year 2016-17

This Indian Income Tax Calculator can be used to compute tax liabilities for salaried individuals only. I do not have a version for professionals or businessmen. After downloa...

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Rate Charts

TDS Rates Chart for FY 2017-18 / AY 2018-19

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments mad...

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Income Tax Rate Chart for Financial Year 2017-18

CA Vinay Lunkad S Is it worthwhile to continue the business as a Partnership Firm / LLP or to run as a corporate , since the later one enjoys the benefit of paying tax @ lesse...

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Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnis...

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