Latest Tax News & Updates

Job work under Revised GST Law if Job worker add his own material

Goods and Services Tax - Sec.55 of revised GST Act lays down procedure for removal of goods for job work. It states that a registered taxable personmay, under intimation and subject to conditions as may be prescribed , send any inputs and / or capital goods , without payment of tax , to a job worker for job-work. ...

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Budget 2017-18 – Expectations of a salaried person

Income Tax - Yes. Its that time of the year again when the common man, the salaried person looks out to what’s in store for them – concessions, rebates. The Union Budget for the next fiscal shall be announced early this year on February 1, 2017 and the common man awaits....

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Supply and Place of Supply of Goods and Services in IGST Law

Goods and Services Tax - Supply is wider term used in GST law as the GST is based on Supply only. Now the question arises what is supply. Supply is transfer of goods and services on which GST will be imposed. Supply has been mainly defined in Section 3 of GST law subject to Schedule- I to IV. ...

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कैसा होगा दोहरे नियंत्रण की 50 : 50 सहमती के तहत जी.एस.टी.

Goods and Services Tax - जी.एस.टी. की जो पिछली कुछ बैठकें हुई थी उनमें से अंतिम तीन मीटिंग्स में जो मुद्दा सबसे अधिक चर्चा का विषय बना था वह था करदाताओं के ऊप...

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Rule 114E Transaction Specific Guidelines for Preparation of SFT

Income Tax - Transaction Specific Guidelines for Preparation of Statement of Financial Transactions (SFT) Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT) are given in following paragraphs. SFT- 001: Purchase of bank drafts or pay orders in cash Transaction Code SFT- 001 Transaction Description Purchase of b...

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CCI imposes penalty on bidders for cartelisation in tenders of Indian Railways

Corporate Law - The Competition Commission of India (CCI) has imposed penalties on three firms for bid rigging of tenders floated by Indian Railways for procurement of Brushless DC fans in the year 2013....

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CCI imposes penalties on 7 cement companies for bid-rigging

Corporate Law - CCI’ has imposed penalties on 7 cement companies for bid rigging of a tender floated by the Director, Supplies & Disposals, Haryana, in the year 2012, for procurement of cement to be supplied to Government Departments/ Boards/ Corporations in the State of Haryana. ...

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Make in India New and Renewable Energy Sector- Achievement Report

Corporate Law - The Government has revised its target of renewable energy capacity to 175 GW by end of 2022, making it the largest expansion in the world and providing plenty of opportunities for investors....

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Make in Indian Gems and Jewellery Sector – Achievement Report

Corporate Law - The Gems and Jewellery sector in India is one of the largest in the world and contributes to about 29% of the global consumption. In FY 2014-15, the sector constituted 13.30% of the country’s total merchandise exports. India is the largest diamond processing center in the world and accounts for 95% of world’s processed diamonds....

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Make in India Chemicals & Petrochemicals Sector – Achievement Report

Corporate Law - The Chemicals industry in India is an important contributor to the Indian economy sustaining a variety of downstream industries such as textiles and pharmaceuticals. The Indian chemicals industry with a market size of USD 145 billion is the seventh largest producer of chemicals worldwide and the third largest producer in Asia after China ...

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Registration of FIR is not necessary before arresting a person U/s. 104 of Customs Act

Kishin S. Loungani Vs. Union Of India (High Court Of Kerala at Ernakulam) -  It is apparent that the proceedings conducted by an officer of the Central Excise are vitally different from the investigation by a police officer. It is implicit that a person who is making a statement before a Central Excise Officer can be called upon to sign the statement. On a combined reading o...

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Bogus capital gains from penny stocks- Off-market transactions not illegal

ACIT vs. Vineet Sureshchandra Agarwal (ITAT Ahmedabad) -  In view of these glaring facts, the assessment of Smt. Jaya Agrawal and the fact that the relevant purchases for AY 2004-05 have been held to be genuine, we see no infirmity in the order of ld. CIT(A) in deleting these additions. On the issues of Shri Chokshi, Mahasagar Securities Pvt. Ltd. and Gold...

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SC admits SLP on levy of Late TDS / TCS return Filing Fees U/s. 234E

Rashmikant Kundalia and another Vs Union of India(Supreme Court of India) -  Against Bombay High Court order in case of Rashmikant Kundalia and another Vs UOI in Section 234E matter Supreme Court admits the SLP filed with it. ...

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Capital Gain on Penny Stocks cannot be bogus if Paper work is in order

Surya Prakash Toshniwal VS. ITO (ITAT Kolkata ) -  This article deal with the issue of Long Term Capital Gain on Sale of Small Company Shares or on Penny Stocks. Article is based on ITAT Kolkata order in the case of Surya Prakash Toshniwal VS. ITO in which it held that Long-term capital gains claimed exempt u/s 10(38) cannot be treated as bogus unex...

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Imposition of late fees by Section 234E is constitutional : Kerala High Court

Sree Narayana Guru Smaraka Sangam Upper Primary School Vs. Union Of India (High Court Of Kerala At Ernakulam) -  Article is case study on constitutional validity of Section 234E of the Income Tax Act 1961 inserted by Finance Act, 2012 and covers all earlier judgments on the subject and is based on the Kerala High Court judgment in the case of Sree Narayana Guru Smaraka Sangam Upper Primary School Vs. Union O...

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RBI (Access Criteria for Payment Systems) directions 2017

RBI/DPSS/2016-17/51 Master Direction DPSS.CO.OD.No.1846/04.04.009/2016-17 - (17/01/2017) -  These directions are issued with a view to providing a framework for scheduled/ licensed banks/ primary dealers /authorised PSPs enabling them to apply for membership of payment systems....

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12 FAQs on Tax & Investment- Pradhan Mantri Garib Kalyan Yojana 2016

Circular No. 2/2017-Income Tax - (18/01/2017) -  Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity ...

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Employees’ Enrolment Campaign, 2017 from 01.01.2017 to 31.03.2017

This is regarding Employees' Enrolment Campaign, 2017 during period 01.01.2017 to 31.03.2017, in order to extend social security benefits to all eligible workers in country....

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Rule 114E: Reportable Transactions & Guidelines for Preparation of SFT

DGIT Notification No. 1/2017-Income Tax - (17/01/2017) -  Nature and value of transactions to be reported under Rule 114E and General Guidelines for Preparation of Statement of Financial Transactions (SFT)...

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DGFT notifies ITC (HS), 2017 Schedule-1 (Import Policy)

Notification No. 36/2015-2020 - (17/01/2017) -  Government hereby notifies ‘Indian Trade Classification (Harmonised System) of Import Items, 2017 [ITC (HS), 2017] as enclosed in the Annexure to this Notification....

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FAQs on Withdrawal of Legal Tender Character of Old Bank Notes of ₹ 500 & ₹ 1000 & Specified Bank Notes (Cessation of Liabilities) Ordinance 2016....
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Jeevan Pramaan is a biometric enabled digital service for pensioners. Pensioners of Central Government, State Government or any other Government organization can take benefit of this facility....
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The list of the successful and qualified GSPs can be viewed at GSPs.pdf. GSTN congratulates the GSP applicants who have successfully met all the requirements of becoming GSPs....
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1. How many names can be applied for in SPICe (INC-32)? Only one. However, for reservation of a name prior to filing SPICe (INC-32), you may use INC-1 (in which up to 6 names can be proposed) and then input the SRN of approved INC-1 into SPICe....
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सरकार बहुप्रतीक्षित वस्तु एवं सेवा कर जीएसटी को अप्रैल 2017 से सितंबर 2017 के बीच में लागू करने की तैयारी में है इन्हीं तैयारियों के तह...
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Income Tax Planning

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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Advance Tax Provisions, Payment Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part...

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Income Tax Deductions

Loans and income tax benefits available

Most of us must have borrowed at some point in life whether it is friendly borrowings from friends and relatives or whether it is a home loan from a financial institution. In ...

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Analysis of NPS, ELSS, PPF Investment u/s. 80C of Income Tax

Individuals who are employed and contributing to NPS would enjoy tax benefits on their own contributions as well as their employer’s contribution as under...

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All about NSC and Tax Benefit

Deposits up to Rs.1.50 lakh in National Savings Certificate (NSC) qualify for Deduction Section 80C of the Income Tax Act. Accrued interest on NSC also qualify for deduction...

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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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Can you trust the online financial calculators?

Yes, it is true that financial / retirement calculators are simple to use. Based on a few assumptions that you input on your computer about the future, it instantly provides y...

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Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Rate Charts

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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Countrywise Withholding tax rates / Chart as per DTAA

A person responsible for making payment to non-resident or foreign company is required to withhold tax. Tax is deductible at the rates prescribed under the Act or under the re...

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Income Tax Rates for Financial Year 2016-17

In this Article we updates about the normal tax rates applicable to different types of taxpayers. The tax rates discussed in this part are applicable for assessment year 2017-...

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