Latest Tax News & Updates

GST Version 2.0-New GST Returns

CA, CS, CMA - The Modi Government is coming up with the various new changes in the GST Regime including the New GST Returns and the concept of E-Invoicing. Both the E-invoicing and the new GST returns have direct linked with each other. Successful of both depend on each other how they perform after there final roll out in […]...

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GST Professional k Mann Ki Baat….!!!

Goods and Services Tax - GST was Introduced as a Good and Simple Tax but for whom??? It was expected to be Good and Simple for the public at large but now it has become Good source of Revenue by way of late fees, interest and penalty for the Government. Today’s hot topic for every professional is interest on GST […]...

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Significant Amendments in Budget 2020

Income Tax - Finance Bill, 2020 has been presented on 1st Feb, 2020 in the Parliament. Provisions of Finance Bill, 2020 relating to direct tax seek to amend the Income-Tax Act, 1961. The various proposals for amendments are placed before parliament. Let’s have a look what is there as income tax aspects for every person. Analysis of Budget 2020 1. ...

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Whether GST Dues Are Operational Creditors

Goods and Services Tax - WHETHER GST, VAT, TDS, TCS ETC WHICH ARE COLLECTED ON BEHALF OF THE GOVERNMENTS ARE OPERATIONAL CREDITORS UNDER IBC   NATURE OF GST AND DUTY OF TAXABLE PERSON  Article 366 Article 366 of the Constitutional Amendment Bill refers to Goods and Service tax as any tax on supply of goods or services or both except taxes […]...

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Subvention Scheme: A Scam or A Boom!

Finance - These are some of the examples of subvention schemes offered by developers of real estate with tie-ups with banks and financial institutions. The discounts, freebies are extensively promoted by the builders to lure prospective homebuyers who obviously find these schemes irresistible....

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CBIC starts capturing district-wise data or origin of export goods

Goods and Services Tax - Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech. This additional information from the export declarations will provide a key statistical input to policy makers on the importance of ea...

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Issues faced by taxpayers & tax professionals related to GST & GST Portal

Goods and Services Tax - The GSTN website, very frequently stops working for hours together more particularly during last days of filing returns. The problem is more frequent and serious in remote, mofussil places. Frequent technical glitches in the GST portal are causing severe inconvenience, frustration and hardship to the taxpayers and tax professionals in com...

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Register for online Crash course on GST & Income Tax

Goods and Services Tax - Now-a-days, all the practitioners are tied up with so many tax compliances in every month and hence they are not able to allocate major time on learning new things. Hence we TaxGuru Edu, an educational wing of Taxguru now bring you the Crash Courses on GST and Income Tax. The motive will be to give maximum coverage in optimum time utilisa...

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91 to 92% Large Taxpayer filed GSTR-9/GSTR 9C by 12.02.2020: GSTN

Goods and Services Tax - About 91% of eligible large Taxpayers filed Annual GST Return and 92% eligible large taxpayers filed the Reconciliation Statement (GSTR-9C) by 12th Feb 2020  – 91.3% of eligible large taxpayers filed annual return (GSTR-9) by 12th Feb 2020. – 92.3% filed reconciliation statement (GSTR-9C) by 12th Feb 2020. -Total 42.03 Lakhs ...

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No condonation of delay in submission of Form 18 beyond 29th Feb 2020: ICAI

CA, CS, CMA - For the purposes of Empanelment in the C&AG Panel prepared by office of C&AG and Bank Branch Auditors’ Panel prepared by ICAI (for which Constitution Certificates as on 1st January, 2020 are issued every year), no condonation of delay in submission of Form 18 beyond 29th Feb., 2020 for the preceding the financial year under audit will b...

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Whether reduction in share capital amounts to a transfer if consideration is paid

Carestream Health Inc. Vs DCIT (ITAT Mumbai) -  Mumbai ITAT Ruling: Whether reduction in share capital amounts to a transfer and thereby gives rise to capital gains, if consideration is paid for such reduction?...

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Stock-in-trade seized must be released within 120 days: Delhi HC

Khem Chand Mukim Vs Pr. Director of Income Tax (Delhi High Court) -  Seized stock-in-trade under Section 132 within the custody of the Income Tax authority must be released within 120 days. Since the action of Officer to seize jewellery without pre-existing and pre-recorded good reasons to believe was found to be grossly arbitrary, and the entire action was vitiated,...

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HC denies bail to Accused in 22 Crore GST ITC Fraud Case

Aditya Gupta Vs. Union of India (Rajasthan High Court, Jaipur Bench) -  Aditya Gupta Vs. Union of India (Rajasthan High Court, Jaipur Bench) Petitioner has filed this petition under Section 439 Code of Criminal Procedure, 1973 seeking regular bail in File No. DGGI/JZU/INU/GST/02/18-19 filed by the Directorate General of GST Intelligence, Jaipur Zonal Unit for offences u...

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Quick Heal Antivirus Software was goods not liable to service tax: CESTAT

Quick Heal Technologies Limited Vs Commissioner of Service Tax (CESTAT Delhi) -  Quick Heal Antivirus software was held to be 'goods‘, but whether the transaction would be sale or service, would depend upon the terms of the agreement. Thus, the transaction in the present Appeal resulted in the right to use the software and would amount to 'deemed sale‘ not liable to service ...

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Rajasthan HC grants bail to CA accused of wrongly availing ITC

Paridhi Jain Vs State (Rajasthan High Court) -  Paridhi Jain Vs State (Rajasthan High Court) HC held that Having regard to the facts and circumstances of the case and upon a consideration of the arguments advanced and the fact that the petitioner being a practising Chartered Accountant and a lady of 27 years is facing incarceration for last more ...

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Filing of forms in Registry (MCA-21) by IRP, RP or Liquidator

General Circular No. 04/2020 - (17/02/2020) -  Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016)....

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Govt. organisations under compulsory CAG audit exempt from FCRA

S.O. 459(E) - (30/01/2020) -  Central Government exempts all the Government organisations from the operation of all the provisions of Foreign Contribution (Regulation) Act, 2010 with effect from 30th January, 2020 if such organisations are under compulsorily audited by the Comptroller and Auditor General of India (CAG). MINISTRY...

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FAQs on Long Term Repo Operations (LTROs)

Press Release: 2019-2020/1945-RBI - (13/02/2020) -  What is the maximum amount that a single market participant can bid in LTROs? A market participant can place bids of amount less than or equal to the notified amount. RBI may reject all the bids of the participant if the total bid amount submitted by the participant exceeds the notified amount....

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Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2020

Notification No. 14/2020-Customs (N.T.) [G.S.R. 121(E)] - (14/02/2020) -  These regulations may be called Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....

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Exemption of duties of Customs against scrips issued under 2% Additional ad hoc incentive for mobile phones

Notification No. 14/2020-Customs [G.S.R. 120(E)] - (14/02/2020) -  Notification No. 14/2020 – Customs regarding exemption of duties of Customs against scrips issued under the 2% Additional ad hoc incentive for mobile phones. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 14/2020-Customs New Delhi, the 14th February, 2020 G.S....

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FAQs

To establish and follow the law laid down by Supreme Court in the judgement ICSI Vs. Paras Jain, ICAI appointed CPIOs exclusively for providing certified copies under RTI dated 29th Aug 2019....
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What is the maximum amount that a single market participant can bid in LTROs? A market participant can place bids of amount less than or equal to the notified amount. RBI may reject all the bids of the participant if the total bid amount submitted by the participant exceeds the notified amount....
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Q.1 Will the new admissions to Foundation Programme be discontinued after introduction of new regulations / CS Executive Entrance Test (CSEET)? Ans: Yes. New admissions to Foundation Programme will be discontinued after introduction of new regulations and the CSEET shall be introduced as a qualifying test for registration to Executive Pr...
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Budget 2020- FAQs on Proposed TDS under Section 194O on E-commerce Operator (w.e.f. 01/04/2020) 1. Who is responsible to deduct TDS under section 194O? Any person, being E-commerce operator facilitating sale of good or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever na...
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FAQs on new scheme of Income Tax rates introduced in Union Budget 2020-21 / Finance Bill 2020. Q1. When will the new scheme of Income Tax rates be applicable? Ans. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q2. What is the new Scheme of Income Tax rates? Ans. […]...
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Income Tax Planning

Tax Planning Tips for Pensioners & senior citizens for AY 2021-22

Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Tr...

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Taxability of Leave Travel Allowance (LTA) | Section 10(5)

Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) o...

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Investment Declaration by Salaried- Dribs & Drabs in tax planning

Investment Declaration’s Dribs & Drabs in tax planning (Proof submission for Income Tax Purposes (Correct TDS on Salary Calculation) by Salaried Employee to His Empl...

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Income Tax Deductions

Section 80IBA Time limit for approval of project extended to 31.03.2021

Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act extended to 31st March, 2021. The existing provisions of...

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Section 80EEA Time limit for sanctioning of loan extended till 31.03.2021

Budget 2020: Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act to 31st March, 2021. The existing provis...

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Deductions In Respect of Certain Incomes (Section 80IA To 80IE)

Simple And Latest Version of Deductions In Respect of Certain Incomes (80IA To 80IE) The Deductions in respect of section 80IA to 80 IE is quite confusing. Therefore those sec...

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Calculators

Income Tax Calculator for FY 2020-21

Download Income Tax Calculator for Financial Year 2020-21 in Excel Format / Download Income Tax Calculator for Assessment Year 2021-22 in Excel Format/ Download Income Tax Cal...

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Excel Utility to Compare Income Tax | Old & New Regime | Budget 2020

This is an Excel Utility with the help of which one can make simple calculations regarding comparative study of Income Tax as per old regime and income tax as per new regime l...

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Income Tax Calculator AY 2021-22 (Existing & New Tax regime)

Income Tax Calculator AY 2021-22 (for Comparison under Present/Existing Tax Regime and Proposed New Tax Regime)- Union Budget 2020-21 In Finance Budget 2020, Government has co...

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Rate Charts

Income Tax rate chart for AY 2019-20 and AY 2020-21

Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year...

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TDS Rate Chart for AY 2020-21 and AY 2021-22

TDS Rate Chart For Financial year 2019-20 and Financial year 2020-21 Finance Minister has presented Union Finance Budget on 01st February 2020. Vide the Budget FM has made var...

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Income tax slab rates in India – AY 2020-21 (FY 2019-20)

Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2019-20 (...

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