Latest Tax News & Updates

GST Impact on Desh ka Aam Aadmi

Goods and Services Tax - GST i.e Goods and service tax or according to our Rajasthani folks GST means Ghadho saaro Tax. Yes offcourse it is not like this but for general public who are still not aware of what is GST and what changes are to be implying to them after the implementation of GST ....

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An Overview of Capital Gain

Income Tax - Capital gains are profits that an investor has made from selling asset like stocks and real estate. Capital gains are differentiated as long-term and short-term for taxation purposes. In India, the definition of capital gains for various asset classes is different....

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Hurry Up!! Get Ready For Enrollment For Gstp, Tds & E- Commerce Operators (TCS) From June 25, 2017

Goods and Services Tax - Bringing GST regime into reality, all required steps are being taken up to successfully implement GST from July 1, 2017. Another important step taken up with respect to Registration for GSTP, TDS & e-commerce operators (TCS). Yes, registration for all these are open from June 25, 2017....

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GSTR-3 Is A Blend of GSTR-1 & GSTR-2

Goods and Services Tax - Indeed, rolling out of GST from July 1, 2017 is unstoppable. But to provide relief to the taxpayers, GST Council in its latest meeting, extended the time period for filing of return i.e. FORM GSTR-1 & FORM GSTR-2 for the first two months after the roll out of GST....

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What is transition provisions in GST?

Goods and Services Tax - Need of transitional provisions in GST - Transition provisions take effect during the period between the movements of existing taxation i.e. Central Excise, Service Tax, and Vat and luxury tax etc. and Goods and Services tax. Such provisions are required for the smooth and successfully implementation of GST....

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GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II

Goods and Services Tax - After the huge response to our first Batch we are happy to announce the second batch for our Online Certification Course on GST organised jointly by GST Professionals and TaxGuru.in across India. Batch will start from 2nd July 2017 and ends on 12th August 2017....

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ICAI invites EOI for software relevant to Practitioners & CA Firms

CA, CS, CMA - Invitation for Expression of interest (EOI) from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by July 31, 2017...

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Cabinet expresses Gratitude to State CMs and others for support in GST introduction

Goods and Services Tax - Cabinet expresses Gratitude to State CMs and others for their cooperation in introduction of GST The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has passed a resolution expressing gratitude to Chief Ministers of States and others for their cooperation in introduction of GST. “GST is the biggest tax reform in independe...

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Consultation Paper on SEBI (Investment Advisers) Regulations, 2013

SEBI - Regulation 22 and other applicable provisions of IA Regulations are proposed to be amended as under: i. There shall be clear segregation between the investment advisory activities and distribution/execution services. An entity offering investment advisory services shall not be permitted to offer distribution/execution services....

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Complaint against Rana Ayyub for criticising Presidential Candidate

Corporate Law - Complaint against Journalist Ms, Rana Ayyub under Section 3(r) and Section 3(u) of The Scheduled Castes and The Scheduled castes and The Scheduled Tribes (Prevention of Atrocities) Act, 1989 for insulting and humiliating Hon'ble Governor of Bihar and N.D.A.-Nominee for post of Hon'ble president of India Shri Ram Nath Kovind ji....

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Salary Exemption to Non-Resident for services rendered outside India

Sudhanshu Mohapatra Vs. DCIT (International Taxation)-2(1) (ITAT Kolkata) -  Brief facts of the case are that the assessee is an individual and derives his income from salary and other sources. The assessee claiming himself as non-resident filed his return declaring total income at Rs. Nil. Under scrutiny, notices u/s. 143(2) and 142(1) of the Act were issued. ...

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Expense on PF in respect of Contractual Labors is allowable

M/s. Ratilal Bhagwandas Construction Co. Pvt. Ltd. Vs ITO (OSD) (ITAT Pune) -  Assessee is not in a position to recover the amounts paid as provident fund contribution for the respective contract laborers, or considering the business exigencies when the Assessee bears the expenses on account of Provident Fund contribution, then whether in such a situation the expenses can be d...

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Mechanical Approval to Assessment order by Addl CIT u/s 153D is bad in law

AAA Paper Marketing Ltd. Vs. ACIT, Central Circle- I (ITAT Lucknow) -  1. It is amply clear that in the case in hand the ACIT observed that the mechanical approval had to be accorded as there is hardly any time left for any discussion or consideration much less meaningful discussion including the fact that absolutely no time available for any further inquiry or investi...

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ITAT explains Change of opinion vs. Failure to apply mind

M/s Crescent Construction Co. Vs ACIT (ITAT Mumbai): ITA NO.658/Mum/2014 -  The assessee as well as the Revenue is in cross appeal against the impugned order dated 29/11/2013 of the First Appellate Authority, Mumbai. In the appeal of the assessee (ITA No.658/Mum/2014), the first ground raised pertains to confirming the reopening u/s 147 of the Income Tax Act, 1961 ...

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Appeals Filed U/s. 10F of Companies Act 1956 cannot be condoned after 60 days

Santosh Kumar Hegde Vs. Parimala Hospitality (P.) Ltd. & Ors. (Bombay High Court) -  In view of Companies Act, 1956 being a special statute and upon considering the language of section 10-F, in my view it is clear that the Company Court has no power to condone delay beyond the period of 60 days....

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Amendment in export policy of Muli Bamboo & bamboo products

Notification No. 11/2015-2020-DGFT - (23/06/2017) -  Export of Mull Bamboo till 31.03.2019 and bamboo products (except bamboo charcoal, bamboo pulp and unprocessed bamboo shoots) mace from bamboo obtained from legal sources has been permitted....

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CBEC declares Kannur International Airport as Customs Airport

Notification No. 56/2017-Customs (N.T.) - (23/06/2017) -  Seeks to amend Notification No. 61/94(NT) - Customs, dated 21st November, 1994 to declare Kannur International Airport as Customs Airport under sub-section (2) of section 7 of Customs Act, 1962...

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Project Imports (Amendment) Regulations, 2017

Notification No. 24 /2017-Customs - (23/06/2017) -  In exercise of powers conferred by section 157 of Customs Act, 1962, CBEC hereby makes following regulations further to amend Project Imports Regulations, 1986, namely...

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CA Final & IPC November-2017 Examinations dates & centres

Notification No. 13-CA (Exam)/N/2017 - (23/06/2016) -  ICAI is pleased to announce that Intermediate (IPC) and Final examinations for November 2017 will be held on the dates given below at the following places provided that sufficient number of candidates offer themselves to appear from each centre....

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Guidance Manual for GST Seva Kendras: 1st July will be known as GST Day

Order NO. D.O.DP/PUB/130/17 - (22/06/2017) -  As you are aware the implementation of GST will be on 1st July, 2017. The introduction of GST heralds a new era in indirect taxation as well as in cooperative fiscal federalism in India. The officers & staff of CBEC have been assiduously working over the past several months for the smooth introducti...

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FAQs

Query 1: Will GST be debited in duty credit scrips such as Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS)? Response: No, MEIS and SEIS scrip would be used only for payment of Basic Customs Duty under GST regime. Query 2: What is HSN code (under GST scheme) for my […]...
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Q.1 Is completion certificate and occupancy certificate to be made available to allottees? A.1 Yes, when promoter obtains the completion certificate and occupancy certificate then the same will be made available to allottees individually or to Association of Allottees....
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As per the RERA rules, the allottee is entitled to receive information about the sanctioned plan, approved layout plan, stage wise progress of the project, carpet area and facilitation of basic amenities & services such as drinking water, electricity, sanitation etc....
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The three levels will now be called as Foundation, Intermediate and Final in place of earlier levels i.e. Common Proficiency Course (CPC), Intermediate (integrated Proficiency Competence) Course and Final....
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GSTR-3 is a consolidated return filed by the taxpayer based on GSTR-1 and GSTR-2. GSTR-3 provides the details of tax liability for a given tax period and details of tax paid. GSTR-3 provides details of gross turnover, export turnover, exempted domestic turnover, Nil rated turnover, Non GST turnover and Net taxable turnover....
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Income Tax Planning

Top 5 Legal ways to Save Tax

The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must e...

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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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Income Tax Deductions

100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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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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Calculators

Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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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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Rate Charts

GST Rate Card for Services

Right after the GST rates for goods, another meeting held on May 19, 2017 at Srinagar, Jammu & Kashmir, headed by Finance Minister Arun Jaitley, approved the GST rates for...

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GST Rate Chart on Services & List of Services Exempt from GST

The Article Covers Rate Chart of Goods and Services Tax (GST) applicable on 35 specifically mentioned services and on all other services with availability of Input Tax Credit ...

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Chart of Services Under Reverse Charge as approved by GST Council

Articles covers list of services that will be under reverse charge as approved by the GST Council and Percentage of GST payable by service provider and any person other than N...

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