Latest Tax News & Updates

Dussehera gift of date extension, but what about Diwali gift of ITC?

Goods and Services Tax - Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehera gift, in form of date extension, what are the new due dates for GSTR-9 & 9C? Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for extension of due dat...

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Dream11’s ‘online fantasy games’ is a game of skill & not ‘betting’

Corporate Law - The Hon’ble HC, Rajasthan in the matter of Ravindra Singh Chaudhary vs. Union of India [D. B. Civil Writ Petition No. 20779/2019 dated October 16, 2020] held that Dream11’s online fantasy sports games are not betting/gambling. Facts: Ravindra Singh Chaudhary (“the Petitioner”) filed a Public Interest Litigation alleging that Dream...

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Work from Home (WFH) – Towards Digital Office

CA, CS, CMA - COVID 19 Pandemic has changed our Life, Lifestyle, thoughts, behaviour and work life balance beyond our imagination. Nobody has imagined that the present Pandemic will occur at any point of time suddenly. No one was prepared for the same. This Article deals with existing circumstances, problems, benefits and disadvantages with respect to ...

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Analysis of claim of Additional Depreciation

Income Tax - Like most other laws tax law is also an ever evolving subject. Tax laws, every now and then result into difference of opinion between the revenue authorities and tax payers on various issues. Indian Income-tax law has many such issues one of which is benefit of Additional Depreciation....

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Section 44AB vs Section 44AD

Income Tax - Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a)  carrying on […]...

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Join Live Online Courses on Customs, FTP & Income Tax

Custom Duty, Income Tax - Join Professional Development & Certification Courses on Customs & FTP and Income Tax by TaxGuru Edu – November, 2020 Batches. TaxGuru Edu, an educational wing of TaxGuru, announces Online Professional Development Courses on Customs & FTP and Income Tax to help you in learning them in a practical way. Course 1 – Profes...

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Extension of Tax Audit and ITR Due dates is a welcome Move

Income Tax - Extension of Due Date for Tax Audit and Furnishing of Income Tax Returns for FY 2019-2020 welcomed by many organisations The Central Board of Direct Taxes has extended due dates of filing income tax returns till January 31, 2021 for taxpayers who have to get their accounts audited and those that are required to furnish […]...

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Empanelment of Stock & Receivable Auditors with SBI

CA, CS, CMA - State Bank of India, Local Head Office, Delhi invites applications for empanelment of Stock & Receivable Auditors. Eligibility criteria, general guidelines, Bio-data format/application form etc is placed on our Bank’s website in Empanelment of Vendors under Procurement news section....

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Withdrawal of EVC facility extended to companies for filing GSTR1 & GSTR3B

Goods and Services Tax - The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notificatio...

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Make joint audit mandatory for certain class of Companies: CVOCA

Company Law - We strongly believe that mandatory Joint Audit for large Companies is essential to improve Independence & audit quality in this challenging macro-economic environment....

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Advance Towards Sale of Property for Commercial & Business Purpose Can’t be Treated as Deemed Dividend

ACIT Vs Jethanand Thakur Bakshani (ITAT Chennai) -  The issue under consideration is whether the advance received towards sale of property falls within the meaning of commercial and business purpose and can be treated as deemed dividend without considering the true nature of the transaction?...

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TPA to Deduct section 194J TDS on Payments to Hospitals

TTK Healthcare TPA Private Limited Vs DCIT-TDS (Karnataka High Court) -  The issue under consideration is whether a TPA, was required to deduct tax at source on payments made to hospitals under Section 194J of the Act?...

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Entire Purchase cannot be disallowed by Considering it as Bogus

Ilesh Amrutlal Gadhia Vs DCIT (ITAT Mumbai) -  The issue under consideration is whether the disallowance u/s 69C of entire purchase amount by considering it as bogus is justified in law?...

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Section 50C Cannot be Invoked if No Reference Made to Valuation Officer

Razia Abu Khatri V. ITO (ITAT Delhi) -  The issue under consideration is whether AO is correct in invoking section 50C where no reference to valuation officer despite being request made by assessee?...

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Foreign exchange gains/loss from trade debtors/Creditors is operating in nature

Galax E Solutions India Pvt. Ltd. Vs ITO (ITAT Bangalore) -  Galax E Solutions India Pvt. Ltd. Vs ITO (ITAT Bangalore) The revenue is assailing the decision of Ld DRP in holding that the gain/loss arising on account of fluctuation in foreign exchange is operating income/expenses. We notice that the Ld DRP has followed the decision rendered by the Tribunal in ...

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Govt issues guideline for interest waiver (1.3.2020 to 31.8.2020)

F. No. 2/12/2020-BOA.I - (23/10/2020) -  Central Government has approved Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Benefits under the scheme would be routed through lending institutions....

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Maharashtra permits opening of Gymnasiums from 25.10.2020

Notification No. DMU/2020/CR. 92/DisM-1 - (23/10/2020) -  In the entire State, Gymnasiums outside the containment zones will be allowed to function from 25th October, 2020. The SOP for the same will be issued by the Public Health Department. The Public Health Department will take into consideration the SOP issued by the Ministry of Health and Family Welfar...

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Due date of furnishing of ITR & Tax Audit Reports extended

Release ID: 1667281 - (24/10/2020) -  The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021....

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GSTR 9, GSTR 9A, GSTR 9C due date extended to 31st Dec 2020

NA - (24/10/2020) -  it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020....

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Farmers’ Produce Trade & Commerce (Promotion & Facilitation) Rules, 2020

Notification No. G.S.R. 650 (E) - (20/10/2020) -  (1) These rules may be called the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Rules, 2020. (2) They shall come into force on the date of their publication in the official Gazette....

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1. What is utilization of cash/ ITC for payment of demand or any other amount due about? It is about payments of non-return related liabilities created through generation of Demand ID which may be reference number of the order or application, appearing in the Electronic Liability Register (Part-II)....
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A. FAQs on Electronic Liability Register under GST Q.1 What is an Electronic Liability Register? Ans: All return related liabilities accrued are displayed in the Electronic Liability Register: Part I: Return related liabilities. Payments made from the Electronic Cash Ledger and/or credit utilized to discharge the liabilities are also show...
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A. FAQs on Electronic Credit Ledger under GST Q.1 What is an Electronic Credit Ledger? Ans: In the Electronic Credit Ledger, all credits accrued on account of inward supplies made by a taxpayer within a tax period are accumulated. The ledger is maintained Major Head-wise, i.e., IGST, CGST, SGST, and CESS. Q.2 Who maintains the […]...
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FAQs on  Filing and Viewing Form GST PMT-09 Q.1 What is Form GST PMT-09? Ans: Form GST PMT-09 enables any registered taxpayer to perform intra-head or inter-head transfer of amount as available in Electronic Cash Ledger. Thus, a registered taxpayer can now file Form GST PMT-09 for transfer of any amount of tax, interest, penalty, [&helli...
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The Electronic Cash Ledger contains a summary of all the deposits made by a taxpayer. In the ledger, information is displayed major head-wise i.e., IGST, CGST, SGST/UTGST and CESS. Each major head is further divided into five minor heads: Tax, Interest, Penalty, Fee and Others....
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Income Tax Planning

Tax Planning, Tax Evasion, Tax Avoidance & Tax Management

All about different terms under Income Tax Act, 1961 Tax Planning, Tax Evasion, Tax Avoidance & Tax Management Very Simple analysis of different terms under Income Tax Act...

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Income Tax Saving Guide

Most of us are not aware about the tax saving scheme people are not aware what all options are available where investment can be done. This article will let you know the optio...

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Gold Price Chart – Gold Price History for 95 Years

Invest In Gold Is Still A Good Investment? We are observing since month of August, 2020 that price of Gold has increase tremendous. During August 2020 it reach to Rs. 52,000. ...

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Income Tax Deductions

List of Allowances/Perquisites/Deductions available to salaried persons

If you are a salaried person, you have a right to claim the benefits of an exemptions available on your few parts of the salary components given either in the form of ‘A...

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Income Tax Saving Investments For Salaried Individuals

Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowe...

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Incentive on Purchase of Electric Vehicle on Loan

GOOD NEWS FOR ASSESSEE WHO HAD OR PLANNING TO PURCHASE ELECTRIC VEHICLE ON LOAN To encourage the purchase of ‘electric vehicle’, Govt of India had come with new in...

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Free Perpetual Depreciation Calculator with FAR with Fixed Asset Schedule

Perpetual  Depreciation Calculator with Fixed Asset Register.  – Automated Fixed Schedule Preparation  – Depreciation for entire useful life of assets  –...

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GST Interest & Late Fee Auto Calculator for Extended Due Dates due to Covid 19

GST Interest and Late Fee Auto Calculator for Extended Due Dates due to Covid 19 in Excel Format Due to Covid 19 pandemic in India, The Indian Government has extended the Due ...

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Free Depreciation Calculator Version 2.3- Schedule II of Companies Act 2013

Auditors Tool on Depreciation as per Companies Act 2013- Version 2.3 updated upto FY 2019-20 (Released on 08.06.2020) WHAT IS NEW- in this updated Version 2.3 1. Consolidated ...

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Rate Charts

Updated reduced TDS/TCS Rate Chart for F/Y 2020-21

Due to Covid-19, CBDT has reduced the TDS/TCS rate by 25% through press release dated 13/05/2020. However, No official notification is being released by CBDT till now for redu...

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TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05....

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Income Tax Rates for Financial Year 2019-20 and 2020-21

In this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment ...

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October 2020