Latest Tax News & Updates

Union Cabinet Approves 4 GST Bill

Goods and Services Tax - Esha Agrawal The Union Cabinet has cleared four bills related to the Goods and Services Tax (GST), ahead of their introduction in Parliament, to enable roll out of the tax reform from July 1. Approval of the bills by Parliament and a separate one by all state Assemblies will complete the legislative process for roll […]...

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5 Last-Minute Income Tax Saving Instruments

Income Tax - By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

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Revised Statewise GST Enrolment schedule with % Enrolled

Goods and Services Tax - Enrolment schedule for your State The GST schedule of the enrolment activation drive for states is given below. Existing Dealers should complete the enrollment during the specified dates. We encourage you to complete the enrolment during the specified dates. State Start Date End Date % Enrolled Puducherry 08-11-2016 31-03-2017 77.8% Sikki...

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Know your Registration Status under GST

Goods and Services Tax - The taxpayer may now check their exact status regarding the registration under GST regime Statewise either based on Registration Number or Provisional Id or Permanent Account Number....

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Audit provisions under GST Law

Goods and Services Tax - Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit. ...

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ITD searches about 2534 groups of persons

Income Tax - ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs. 3,625 crore ...

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Unclaimed Deposits in Banks and Insurance Companies

Corporate Law - (i) All insurers are required to display the information about any unclaimed amount above Rupees 1000/- of Policyholders in their respective web-site. (ii) A facility shall be given in the web-site of the insurer to enable Policyholders / or its dependents to find out whether any unclaimed amounts due to them are lying with the insurer....

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Using digital technology to accelerate business growth

Corporate Law - In India, adoption of advanced business digital technologies can lead to increase in revenues by up to 27%, increase in employment by up to 84% and enhanced access to international markets by up to 65% for small and medium business (SMBs), according to ASSOCHAM-Deloitte joint study....

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CCI order against CIL and subsidiaries for abusing dominant position

Corporate Law - Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal....

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Revisit Provisions Regulating Disciplinary Control Over Lawyers: SC

Corporate Law - Supreme Court Directs Law Commission of India to Revisit the Provisions Relating to Regulation of Disciplinary Control Over Lawyers Under the Advocates Act ...

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Powers u/s. 263 cannot be invoked to substitute lawful view taken by AO with another view

M/s. The Erumely Service Co-operative Bank Ltd. Vs. Principal CIT (ITAT Cochin) -  Principal Commissioner of Income Tax was trying to substitute a legally permissible view taken by the Id. AO with another view which was not a rational one. Hon'ble Apex Court in the case of Malabar Industrial Co. Ltd (supra) has clearly held that revisionary powers u/s.263 of the Act cannot be invo...

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S. 10A Deduct Foreign currency Expenses from Export /Total Turnover

M/s. Sunquest Information Systems India Pvt. Ltd. Vs JCIT (OSD) (ITAT Bangalore) -  Insurance & Travelling Expenses incurred in Foreign Currency needs to be Excluded from both Export and Total Turnover for the purpose of section 10A Calculations...

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Provisions for gratuity actually accrued during the year is allowable

DCIT Vs M/s. Reliance Jute Mills International Ltd (ITAT Kolkata) -  Provisions contained in section 40A(7)(b) that provision made by the assessee for the purpose of payment of any gratuity, that has become payable during the year is allowable which means that the liability which has actually accrued during the year is allowable....

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CCI order against CIL and subsidiaries for abusing dominant position

Maharashtra State Power Generation Company Ltd . Vs. Mahanadi Coalfields Ltd. & Others (Competition Commission of India) -  Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for suppl...

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Malayalam Movie Artist Association & others violated Competition Law

Shri T. G. Vinayakumar Vs. Association of Malayalam Movie Artists & Others (Competition Commission of India) -  CCI finds the conduct and practice of Association of Malayalam Movie Artists (AMMA), Film Employees Federation of Kerala (FEFKA), FEFKA Director’s Union, FEFKA Production Executive’s Union and their five Office Bearers to be in contravention of the Competition Law. The Informant, T. G. Vinayakum...

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Guidelines for waiver of interest charged under Section 201(1A)(i)

Circular No. 11/2017-Income Tax - (24/03/2017) -  In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of Income-tax Act, 1961( the Act), Central Board of Direct Taxes (the Board), hereby directs that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under ...

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PF & withdrawal benefit on date of leaving service to International Worker

File No. IWU/7/)(25)/2017 /Payment of PF and Withdrawal Benefits/34140 - (23/03/2017) -  In order to facilate payment of Provident Fund and withdrawal benefit under EPS, 1995 to International Workers on the date of leaving service in India, the following instructions are issued:-...

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Rebate of State Levies on Export of Made-up articles

Public Notices No. 38/2017 - (23/03/2017) -  In the ROSL scheme, the Central Govt. provides rebate of State levies comprising of State VAT/CST on inputs including packaging, fuel,duty on electricity generation and duties and charges on purchase of grid power as accumulated through the stages of production from yarn to finished made-ups. ...

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Notification No. 11/2017-Service Tax, Dated: 23.03.2017

Notification No. 11/2017-Service Tax - (23/03/2017) -  Central Board of Excise and Customs hereby invests in the officers specified in column (1) of the Table below, the powers of the Central Excise Officer of the rank specified in column (2) of the said Table...

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Reduction in basic customs duty from 30% to 10% on sunflower seeds

Notification No. 9/2017-Customs - (23/03/2017) -  Amendment to Notification No.12/2012-Customs, so as to reduce the basic customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 [i.e. other than of seed quality] for the purposes extraction and refining of oil subject to actual user condition, for the period from 1st Apr...

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FAQs

The basic principle of GST is that it should effectively tax the consumption of supplies at the destination or at the point of consumption. So place of supply provision determines the place i.e. whether a transaction is intra-state or inter-state. In other words, the place of Supply of Goods is required to determine whether a supply is su...
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Migration of existing registered persons into the GST is an exercise for updation and validation of data of existing taxpayers registered with various tax authorities for use at GST Network (GSTN) post implementation of GST. This process may not be construed as completion of registration process under GST....
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Q. 1 How the subscriber sheet should be signed in case of foreign subscribers. Ans: In case of the foreign subscriber, the subscriber sheet needs to be physically signed and witnessed there. Also ensure to follow the process of Notarisation & Apostille for all documents as required under the Act. The complete MOA and AOA along with the su...
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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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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

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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Tax Benefit on Home Loan

Repayment of housing loan is through Equated Monthly Installments (EMI) which consists of principal and interest component. As the repayment comprises of 2 different component...

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Calculators

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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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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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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