Latest Tax News & Updates

Proposed Important Amendments for Charitable Trust by Finance Bill 2017

Income Tax - While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...

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Related Party transactions under Companies Act, 2013 & SEBI LODR, 2015

Company Law - Article Discusses Related Party Transactions under Companies Act, 2013 and SEBI LODR Regulations, 2015. It Explains who is Related Party, What is a related party transaction, Related Party Transaction requiring Audit Committee Approval, Related Party Transaction requiring Board/Shareholders’ Approval and Related Party Transactions whic...

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What will happen after submission of response to notices on cash deposits during demonetization

Income Tax - The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of which about 9 lakh submitted response for verification of cash deposits during demonetization. ...

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Udyog Aadhaar: Govt’s treat for small & medium businesses

Corporate Law - MSMEs, you are the power house of the India’s economy. Feel proud of it. The government recognizes your importance and hence, promotes you, provides you enormous benefits. Udyog Aadhaar is a valuable present that the government has provided for small and medium businesses....

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CBEC launches GST mobile app & invites suggestions on AIR Duty Drawback rates under GST

Goods and Services Tax - CBEC has invited suggestions from Export Promotion Councils/ Commodity Boards/ Trade and Industry Associations/ Chambers of Commerce on All Industry Rates of Duty Drawback under the GST framework....

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Name Change? How It Impacts Taxes in USA

Income Tax - A name change can have an impact on taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what taxpayers should know if they changed their name:...

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IRS Reminds International Taxpayers of Tax Obligations; Clarifies Rules for Tax Withholding Agents

Income Tax - The Internal Revenue Service today reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a U.S. tax return....

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Applicability of ICDS for May 2017 CA exams

CA, CS, CMA - The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145(2), notified ten income computation and disclosure standards (ICDSs) to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-...

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CS Dec 2016 Exam results to be declared on 25th February 2017

CA, CS, CMA - The result of Company Secretaries Examinations for Professional Programme and Executive Programme held in December,2016 is scheduled to be declared at 11.00 A.M. and 2.00 P.M . respectively on Saturday, the 25th February,2017 through the website of the Institute: www.icsi.edu...

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ICAI Shocker: CPE hour increased to 120 Hours

CA, CS, CMA - A. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to: a. Complete at least 120 CPE credit hours in a rolling period of three-years....

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Section 68: ITAT gives relief to Reliance Group, Deletes addition of Rs. 700 crore

DCIT Vs. M/s Reliance Utilities P Ltd. & M/s Reliance Ports and Terminals Ltd. (ITAT Mumbai) -  Whole issue in the present appeal by Revenue, is about the source, nature and genuineness of the transaction to determine whether the addition made by the AO under section 68 of the Act is sustainable. ...

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Exemption U/s. 11 and 12 cannot be denied just because of profits from imparting of education

Society for Participatory Research in Asia Vs ITO(E) (ITAT Delhi) -  Invocation of proviso to section 2(15) of the Act to deny claim of exemption under section 11 and 12 of the Act is not justified. Accordingly, grounds of appeal are allowed...

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Amount Paid to ex-Staffs to avoid Litigation is not Profit in Lieu of Salary

Kuwait Airways Corporation Vs ITO (ITAT Mumbai) -  Challenging the order,dated 02/01/2013,of the CIT(A)-20,Mumbai the Assessing Officer (AO)has filed the present appeal.The assessee has filed cross objections. Assessee-company is an international airline engaged in the business of passenger and cargo transportation....

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Sec. 153C: Documents found during Search must belong to Assessee

CIT Vs M/s Arpit Land Pvt. Ltd. (Bombay High Court) -  Requirement of Section 153C of the Act cannot be ignored at the alter of suspicion. The Revenue has to strictly comply with Section 153C of the Act. We are of the view that non satisfaction of the condition precedent viz. the seized document must belong to the respondent – assessee is a jurisdicti...

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Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad) -  CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

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AIR Rate of duty drawback under GST framework: CBEC invite suggestions

F.No.609/23/2017-DBK - (23/02/2017) -  To ensure smooth transition to GST framework, the Drawback Committee is to formulate and recommend revised All Industry Rates (AIRs) of drawback on exports and/ or any other relevant drawback like rebate to be implemented for exports in the context of new GST environment and/or remnant tax structure...

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Section 391(2) closure of place of business by a Foreign Company

General Circular No. 01/2017 - (22/02/2017) -  Section 391(2) Companies Act, 2013 would apply only in case of a foreign company which has issued prospectus or IDRs pursuant to provisions of Chapter XXII of Companies Act, 2013....

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Non acceptance of tax under PM Garib Kalyan Yojna (PMGKY)-regarding

F.No. 370/06/2016-IT(B) - (22/02/2017) -  It has been brought to the notice of Board that many banks are not accepting payments of tax/surcharge/penalty under Prime Minister Garib Kalyan Yojna (PMGKY) due to lack of awareness of prescribed challan and certain technical reasons....

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CBDT SOP for Service Litigation & Vigilance related Court matters

C-18011(S)/70/2017-SO(V&L) - (23/02/2017) -  A SOP has now been prepared for effective, efficient and time bound handling of all the cases of service litigation by CBDT. All the field authorities should meticulously observe the prescribed guidelines within stipulated time limits as mentioned in the SOP....

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Foreign Exchange (Compounding Proceedings) Amendment Rules, 2017

Notification No. G.S.R. 151(E) - (20/02/2017) -  Central Government hereby makes the following rules further to amend the Foreign Exchange (Compounding Proceedings) Rules, 2000, namely: Provided that with respect to any proceeding initiated under rule 4, if the Enforcement Directorate is of the view that the said proceeding relates to a serious co...

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FAQs

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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These FAQs attempt to put in place the common queries that users have on the subject in an easy to understand language. However, for conducting a transaction, the Foreign Exchange Management Act, 1999 (FEMA) and the Regulations made or directions issued thereunder may be referred to. The relevant principal regulations are the Foreign Exch...
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If the information displayed under "cash transactions 2016" does not belong to me, what should I do? Ans: In that case, you can select the response The account does not relate to this PAN and click on submit button. Your feedback will be sent to the information source for confirmation....
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How to apply for Incorporation of Company with Foreign Subscribers, without violating the Rule 13 of the Companies (Incorporation) Rules, 2014? Solution: Rule 13 provide manner of signing of MOA & AOA. Like: in case of foreign subscribers MOA & AOA should be notary in the country of origin, apostillised, authenticated by a Diplomatic or C...
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The composition of the Cost Auditing & Assurance Standards Board [CAASB] is broad based to ensure participation of all interest groups in the standard setting process which includes nominated members of the Council and representatives of C&AG, MCA, Industry Associations, Regulatory Bodies and other professional Institutes....
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Income Tax Planning

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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Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 200...

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Income Tax Deductions

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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Allowability of Deduction U/s. 80-IB(10) on income from sale of Floor Space Index (FSI)

AO declined assessee's claim of deduction on the plea that the profit claimed as deduction u/s 80-IB(10) of the Act was not derived from the housing project but from sale of u...

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Budget 2017: Section 80CCD limit for self-employed individual increased to 20%

Section 80CCD provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under sectio...

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Calculators

Auto Income Tax Calculator for FY 2017-18 (AY 2018-19)

Auto Income Tax Calculator for Financial Year (FY) 2017-18 / Assessment Year (AY) 2018-19 in Excel Format after considering proposed amendment in Tax Rates, Deductions and Reb...

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Income Tax Computation Utility for A. Y. 2018-19 (FY 2017-18)

It Is An Easy To Use Tax Computing Program Designed By Ca. Tejas K. Andharia (Bhavnagar, Gujarat). Which Is Specifically Designed For Computing Tax On The Income Of Individual...

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Depreciation cum Asset Management Utility/Calculator

Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculatio...

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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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