Latest Tax News & Updates

Section 185 re modified by Companies Amendment Act, 2017

Corporate Law - This article tries to give brief understanding of the provisions of section 185 as modified by the Companies Amendment Act, 2017...

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7 Effective ways to Save on your Car Insurance Premium

Finance - Amidst the ever increasing fuel rates which is making driving a car an expensive proposition , If I say that I can give you magic mantras which will reduce the annual budget of your car or I can make driving your car cheaper than earlier , Will you believe me?...

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Importance of 31st January, 2018 for the Share Market!

Income Tax - Arjuna, This year the Budget suggests certain changes relating to Income tax. One of the important changes among that is Long Term Capital Gain on equity shars or equity oriented mutual funds. ...

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Consequences of Non-Filing of the Income Tax Return

Income Tax - Penalty u/s 271F: If a person fails to furnish return before the end of the relevant assessment year, the assessing officer may levy a penalty of Rs. 5,000/-. Thus, Non-filing of Income Tax Return may result in the penalty of Rs. 5,000/-....

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Procedure for online registration of Trust in Maharashtra

Income Tax - In this article we will understand the procedure for online registration of Trust under Maharashtra Public Trusts Act, 1950 on charity organization website

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Petition filed in Bombay HC for alleged Tampering of TRAN-1 Status

Goods and Services Tax - It is alleged by petitioner that despite the Petitioner having filed the TRAN-1 form on 24.11.2017 and the status after filing being FILED on GSTN Portal, the status of the form online was tampered on the GST portal from FILED to SUBMITTED at the end of GSTN which is an unauthorized, illegal, malafide and criminal act by a Private Limited...

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Have enough assets to meet any liability decided by law: PNB

Fema / RBI - PNB looking to monetize assets.- Bank has enough assets to meet any liability which is decided as per law. However, realization of any specific asset would be decided at the time of need with the approval of Board....

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No Instruction from Govt for Forensic Audit: PNB Bank

Fema / RBI - With reference to the media reports regarding Govt. asks fraud-hit Punjab National Bank to conduct forensic audits. We submit as under: Since our bank has not received any instruction from any investigating/Govt. authority, we at present cannot comment on media reports....

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Join 4 day Course on GST by M.S.M.E.- Limited Seats

Goods and Services Tax - JOIN 4 day GST CERTIFIED PRACTITIONER course of Ministry of M.S.M.E. at Chennai, Cochin, Pune, Kolkata, Ahmedabad, New Delhi, Mumbai, Agra, Bangalore, Indore, Hyderabad, Trichy, Coimbatore in February and March 2018 starting from 24 February 2018. WHAT THE GST CERTIFICATION COURSE AIMS AT? The Course aims to facilitate the Graduating Stud...

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Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018

Corporate Law - In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-...

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HC finds no merit in Challenge to Reassessment Notice issued to Robert Vadra’s Firm

SKY Light Hospital LLp Vs Assistant Commissioner of Income Tax (Delhi High Court) -  Delhi High Court has refuses to set aside re-assessment notice U/s. 147/148 issued by Income Tax Department to the partnership firm Sky Light Hospitality, in which Robert Vadra is a partner, in connection with the DLF- Sky Light Hospitality land deal....

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JCIT to disclose Tax Budget Target fixed & Tax Collected under RTI

Mr. Radha Raman Tripathy Vs CPIO & Jt. Commissioner of Income Tax (Central Information Commission) -  The Complainant vide his RTI application sought information on two points with respect to JCIT and desired details regarding Income Tax Budget Target fixed by JCIT Range- 3, Bokaro for the Financial Year 2015-2016 and Tax Collected during the Financial Year 2015-16....

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Govt should consider effects of IPL on Cricket & Other Sports: Bombay HC

Lalit Kumar Modi Vs Special Director (Bombay High Court) -  If the IPL has resulted in all of us being acquainted and familiar with phrases such as Betting, fixing of matches, then, the RBI and the Central Government should at least now consider whether holding such tournaments serves the interest of a budding cricketer, the sport, the game itself. ...

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Books of accounts cannot be rejected merely at the instance of assessee

ITO Vs. Babu Lal Somani (ITAT Jaipur) -  During the course of assessment proceedings, in response to each of the queries raised by the assessing officer in relation to observations of the special auditor, the assessee has repeatedly stated that his books of account should be rejected as done in past assessment years. ...

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Assessee cannot be taxed for money received as power of attorney of land owner

Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur) -  Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur) The issue in this ground is whether the sale consideration of the land belonging to Shri Sultan Meena can be taxed in the hands of the assessee, who is admittedly Power of Attorney holder of Shri Sultan Meena. There is no dispute with regard to the fact ...

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Computation of Daily Contract Settlement Value – Interest Rate Futures

Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2018/27 - (20/02/2018) -  Kindly refer to SEBI circular CIR/MRD/DRMNP/35/2013 dated December 05, 2013 and circular CIR/MRD/DRMNP//11/2015 dated June 12, 2015 on Exchange Traded Cash Settled Interest Rate Futures (IRF) on Government of India security....

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Single revised return for year 2016-17 onwards under MVAT Act

Trade Circular No. 07T of 2018 - (17/02/2018) -  The new single revised return filing process envisages preparation of invoice-wise sales and purchase annexure. For this dealer is required to visit to MGSTD Web-site and download the return template form. The new process of filing of single revised returns for the periods starting from Apr 2016 is ...

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CBEC accepts 63 Orders of SC, HC & CESTAT for no further appeal

Circular No. 1063/2/2018-CX - (16/02/2018) -  Attention is invited to sixty three orders of different High Courts summarized in this Circular which have been accepted by the Department. In fourteen of these orders, Hon’ble High Courts have decided various questions of law. In the rest forty nine cases the Hon’ble High Courts have delivered ...

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Adhere to time frame for filing of SLPs and Appeals in SC: CBEC Chairman

DO. No. 07/CH(EC)/2018 - (16/02/2018) -  CBEC has already put in place a mechanism to prevent delay in filing of SLPs and Appeals in the Hon'ble Supreme Court and a letter dated 1st June 2017 to this effect has already been circulated indicating revised time-frames. This is also available in the CBEC website. May I request you all to stric...

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Field formations can obtain SDR/CDR details directly from telecom companies: CBEC

Instruction No. 03/2018-Customs - (16/02/2018) -  This is reportedly being done as telecom service providers are not providing these details to the field formations since they are not a designated Law Enforcement Agency' like DRI under the provisions of Section 5(2) of Indian Telegraph Act, 1885....

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Q.1 What are the features of RUN (Reserve Unique Name) web service Ans: It is a simple and easy to use web service for reserving a name for a new company or for change of name for any existing company. Q.2 What is the first step for availing the service Ans: This is a post-login service […]...
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Refund on Account of Export of Goods (With Payment of Tax) 1. Am I eligible to receive the refund of IGST paid on export of goods if I have filed GSTR-3B? Yes, you are eligible for Refund of Integrated Tax on account of Export of goods (with payment of tax) if you meet the following […]...
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Refund on Account of Supplies made to SEZ Unit/ SEZ Developer (Without Payment of Tax) 1. What are the preconditions for filing a refund application on account of supplies made to SEZ unit / SEZ developer (without payment of tax)? The following conditions must be met for being eligible to file the form RFD-01A to […]...
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1. What is Inverted Tax Structure in the GST regime? The term ‘Inverted Tax Structure’ refers to a situation where the rate of tax on input received (i.e. Input tax credit received) is more than the rate of tax (i.e. the tax paid) on output supplies. As a result, the higher tax paid on input […]...
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Q1. What is an E Way Bill? Ans. E-way bill (FORM GST EWB-01) is an electronic document (available to supplier/ recipient / transporter) generated on the common portal evidencing movement of goods of consignment value more than Rs. 50000/-. It has two Components-Part A comprising of details of GSTIN of supplier & recipient place of [&h...
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Income Tax Planning

Taxes in India on Cryptocurrency

The financial market remains abuzz with all sorts of new stories and some of them are about highly impactful items. The most recent of such news stories is that of cryptocurre...

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8 Investment Myths To Be Avoided

Today I am going to debunk a few investment myths. You will know ‘why individual investors are failing miserably and how you can avoid being one of them’....

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Tax Saving Through Mutual Fund

It is always better to plan your taxes in advance so that you can achieve the twin goal of maximizing wealth through investment and tax saving at once. Many a time, in an effo...

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Income Tax Deductions

Truth Behind – ‘File Tax Return or Lose Relief’

It appears that without analyzing the proposed amendments in Budger 2018, most of the people have jumped to the conclusion that entire Chapter VI A deduction are covered, thu...

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Section 80-JJAA Incentive for employment generation: Conditions relaxed

At present, under section 80-JJAA of the Act, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who...

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Section 80IAC tax deduction for Start Ups- Relaxed Conditions

Section 80-IAC of the Act, inter alia, provides that deduction under this section shall be available to an eligible start-up for three consecutive assessment years out of seve...

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Download GSTR 3B Late Fee Calculator in Excel

Download simple GSTR 3B Late Fee Calculator in Excel. Calculator calculates Late fees payable for both Nil and other than Nil Returns. Reader has to input the month of Return,...

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Interest Payable U/s. 234A, 234B & 234C Calculator for FY 2017-18 (AY 2018-19

Excel Calculator for Interest Payable Under Section 234A, 234B and 234 C Calculator for FY 2017-18 (AY 2018-19)...

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Arrears Relief Calculator U/s 89(1) with Form 10E from F.Y.2000-01 to F.Y.2017-18

Download Automated Arrears Relief Calculator U/s 89(1) with Form 10E from F.Y.2000-01 to F.Y.2017-18 in excel format...

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Rate Charts

Income Tax Rates for financial year 2018-19 / AY 2019-20

Rates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19  for Individual below the Age of Sixty Years, Hindu u...

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Income Tax Rates for Financial Year 2017-18

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2017-18 . The Income tax rates discussed in this pa...

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Updated GST on Goods Rate Rate Chart Updated till 15.11.2017

Updated scheduled CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The ra...

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