Latest Tax News & Updates

Issue of Bonus Shares | Section 63 | Companies Act, 2013

Company Law - 1. What dose Bonus Share means? Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns. These are company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares. 2. What are the [&he...

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Dishonored Cheques Provision Under NI Act, 1881

Corporate Law - Nowadays cheques are used closely everywhere for many purposes which include loan repayment, salary & wage payment, bill payment, and fee payment, etc. so on a daily basis, banks process and clear the vast majority of cheques which is used to secure evidence of payment. However, cheques are still a very common mode of payment for all nowa...

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Reconciliation under GST

Goods and Services Tax - What is reconciliation? The word “reconciliation” has not been defined under the GST Act. Although, in accounting terms, “reconciliation” can be explained as a process of matching balances at the end of a particular period to ensure two sets of accounting records agree with one another. With the amendments brought out in Finance B...

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CSR under Companies Act vis-a-vis UN SDG & Income Tax Act

Company Law - Comparative study on Schedule VII of Companies Act, 2013 vis-a- vis UN SDG vis vis Income Tax Provision (refer to provisions relating to Charitable Institutions / Trusts / NGOs / Section 8 companies) and also mention projects / activities, clause wise, which can be covered under the different Clauses of Schedule VII presented in tabular ...

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Expenditure on COVID-19 Healthcare facilities & Infrastructure counted under CSR

Company Law - Expenditure on COVID-19 Healthcare facilities and Infrastructure counted under CSR Expenditure Pursuant to the General Circular No. 09/2021, issued by Ministry of Corporate Affairs, on 5th May, 2021, and in continuation to the General Circular No. 10/2020, as issued on 23rd of March 2020, the MCA hereby elaborated on various health relate...

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Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal

Income Tax - Members are aware that the CBDT vide its press release dated 26th November 2020 has mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in all the Income Tax Form and Audit Reports uploaded at the e-filing portal....

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Share Covid vaccines liberally with those who are in dire need of it

Corporate Law - Shri Piyush Goyal urges the countries to share Covid vaccines liberally with those who are in dire need of it, stating that Global solidarity is the need of the hour;...

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Facility to accept undertaking for bond extended till June 30 2021

Custom Duty - Central Board of Indirect and Customs had issued a Circular No. 09/2021 – Customs dated May 08, 2021, to restore the facility under Circular No. 17/2020 dated April 3, 2020, namely, ‘Measure to facilitate trade during lockdown period under Section 143AA of the Customs Act, 1962’. Taking cognizance of the difficulties listed ...

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Steps to apply for CS Membership in a very easy way

CA, CS, CMA - File has been attached for applying COMPANY SECRETARY Membership Number with a few easy steps. Hope this will help a lot to all CS aspirants who are keen to become a valued member of ICSI. User Manual for Applying ACS Membership Below are the steps that you need to follow for applying ACS Membership. 1. Go to

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No link between 5G technology and spread of COVID-19

Corporate Law - It has come to the notice of the Department of Telecommunications (DoT),  Ministry of Communications that several misleading messages are being circulated on various social media platforms claiming that the second wave of coronavirus has been caused by the testing of the 5G mobile towers. As per a press statement issued by DoT these mess...

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No section 195 TDS on payments by Airport Authority to Federal Aviation for technical assistance & cooperation

Airports Authority of India Vs ITO (TDS) (ITAT Delhi) -  Airports Authority of India Vs ITO(TDS) (ITAT Delhi) Conclusion: TDS under section 195 was not applicable on payments made by company to the Federal Aviation Administration, USA (FAA), for providing technical assistance to AAI by way of providing its personnel and meeting on ATFM requirements and as...

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No addition could be made merely on basis of seized excel sheet which was a mere dumb document

Tarun Kumar Goyal Vs ACIT (ITAT Hyderabad) -  Addition of on-money payment made in both these assessees’ hands on the basis of a mere dumb document and not corroborated by any other evidence was not sustainable as the department had failed to corroborate the impugned seized document indicating assessee’s alleged on money payment over and ab...

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Addition in Reassessment based on mere audit objection are not tenable

Kaushal Devendra Doshi Vs I.T.O (ITAT Ahmedabad) -  Kaushal Devendra Doshi Vs I.T.O (ITAT Ahmedabad) As it can be seen after going through the impugned order that Ld. A.O. made reassessment on the basis of audit objection. We are of the considered opinion that Ld. A.O. should have formed independent opinion and copy of the said opinion should have be...

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Section 35D: ROC expense for increase of share capital allowable

Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad) -  Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad) On perusal of the financial statements submitted by the assessee, we find that there is no doubt that the assessee has increased share capital. On perusal of the provisions of section 35D, we find substance in the written synopsis submitted by...

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Extraordinary times require extraordinary remedy & desperate times require remedial remedy: HC

Prateek Jain Vs State of U.P. (Allahabad High Court) -  The Apex Court in the case of Suo Motu Writ Petition (C) No. 1/2020 In Re: Contagion of Covid 19 Virus in Prisons has considered the measures for de-congestion of the jails on account of threat of spread of infection of novel corona virus and by the order dated 07.05.2021....

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Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers

(12/05/2021) - Regulation 11(aa) provides that a Portfolio Manager shall obtain prior approval of SEBI in case of change in control in such manner as may be specified by SEBI. Accordingly, it has been decided that all SEBI registered Portfolio Managers shall comply with the following in case they propose a change ...

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SEBI specifies qualified financial market participants under Bilateral Netting of Qualified Financial Contracts Act, 2020

(12/05/2021) - SEBI specifies qualified financial market participants under Bilateral Netting of Qualified Financial Contracts Act, 2020 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 12th May, 2021 No. SEBI/LAD-NRO/GN/2021/24.—In exercise of the powers conferred by clause (b) of Section 4 read ...

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Exercise of ESOPs by CEO/MD/WTDs of Insurance company

(11/05/2021) - In case the shares of the insurance company are offered as ESOPs to Managing Director / Chief Executive Officer / Whole Time Directors, then: i. If the CEO/MD/WTDs is one of the promoters / investors or directly related to the promoters, then the same will be governed by the provisions of SEBI (Issu...

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CBDT notifies special court for Tripura under Black Money Act

(11/05/2021) - Central Government, in consultation with the Chief Justice of the High Court of Tripura, hereby designates the Court of the Additional Chief Judicial Magistrate, West Tripura as the Special Court for the State of Tripura for the purposes of section 84 of the Black Money (Undisclosed Foreign Income a...

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CBDT notifies court of States of Assam, Nagaland, Mizoram & Arunachal Pradesh for Black Money Act

(11/05/2021) - Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, First Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh for the purposes of sect...

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Frequently Asked Question on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 This FAQ has been issued by the Accounting Standards Board of the Institute of Chartered Accountants of India. Question : On January 22, 2...
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Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notification No. 56/2021-Income Tax Dated: 7th May, 2021 for a period of 2 months. Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST (as inserted by the […]...
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Article contains FAQ’s on Relaxations of time of filling of MCA forms for Companies and LLP except Charge Forms and FAQ’s on Relaxations of time of filling of CHARGE form (Creation & Modification of Charge) A. FAQ’s on Relaxations of time of filling of MCA forms for Companies and LLP except Charge Forms which Due […]...
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FREQUENTLY ASKED QUESTIONS Ad hoc Exemption Order No. 4/2021-Customs dated 3 May, 2021 (said Order) exempting IGST on imports of specified COVID-19 relief material subject to conditions – regarding Last Updated: 7th May, 2021 Q.1 Whether exemption from IGST under the said Order is available in case the importer buys the goods from abroa...
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FAQs on Removal of Names of Companies From the Register of Companies 1. When can ROC suomoto remove the name of Company? When: – ♠ A company which has failed to commence its business within one year of its incorporation; ♠ a company which has not obtained status of dormant is not carrying on any […]...
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Income Tax Planning

Choose Your Tax Saving Options Wisely

Common tax-saving mistakes: ♦ Not exhausting all the tax-saving avenues: -There are various investment schemes notified under section 80C along with certain expenses, do cov...

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Income Tax Savings Tips to help in Tax Planning

Tax planning is a part of financial planning Though it is difficult to avoid taxes, you can strategies to reduce the tax outgo efficiently Two Important Steps 1) To choose bet...

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Tax Planning while setting up of a business with reference to Nature of business

Tax Planning while setting up of a business with reference to Nature of business related with A.Y 2021-2022 and A.Y 2022-2023 – An analysis of Six important Deductions a...

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Income Tax Deductions

Section 80C – Investment cum Deduction

Chapter VI-A contains deductions from Gross Total Income. It is to be noted that if there is no Gross total Income than no deduction will be permissible. That means maximum de...

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How to save tax efficiently for salaried Individuals

Who doesn’t want to save tax? So, in this article we are discussing about how a salaried Individual can save tax through tax planning. Salaried Individuals have comparativel...

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Tax Incentive to Business / Service sector/ Industry on salary of new employees

Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufac...

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TDS Calculator Excel Utility for FY 2021-22

This is an Excel based TDS Calculator for the FY 2021-22 and onwards. We can use this Excel Utility for Calculating TDS Amount, for Remitting TDS Amount to Govt and for e-fili...

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Income Tax Calculator – Financial Year 2021-22

On March 31, 2021, the Ministry of Finance released a notification on slashing the interest rates of all the Small Saving Schemes, and the same notification rolled back by the...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax...

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Rate Charts

Tax Deducted at Source (TDS) rates for FY 2021-22 (AY 2022-21)

TDS rates for FY 2021-22 (AY 2022-21) considering amendments made by Finance Act, 2021 are as follows: Tax Deducted at Source (TDS) Rates applicable from 1st April, 2021 Tax D...

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Updated Profession Tax Rates in Maharashtra

Maharashtra Government has presented its Additional Budget on 05th June 2014 through its Deputy Chief Minister And Finance Minister Shri Ajit Pawar in his Budget FM has increa...

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Income Tax Rates for A.Y. 2021-22 (Company, Co-Op Society & Local Authority)

Income Tax Rates for A.Y. 2021-22 or Financial Year 2020-21 (For Company, Co-Operative Society and Local Authority) (A) COMPANY- The tax rates as applicable are as under Domes...

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May 2021