Latest Tax News & Updates

Glimpse of Companies (Significant Beneficial Owners) Amendment Rules, 2019

Company Law - MCA has notified the amendments to the Companies (Significant Beneficial Ownership) Rules, 2018 dated 08.02.2019 vide Companies (Significant Beneficial Owners) Amendment Rules, 2019.  RULE- 2 : Meaning of Significant Beneficial Owner : An individual who acting alone or together, or through one or more persons trust, possesses one OR more...

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Lets Contribute For The Family of Martyred Jawans

Corporate Law - I am feeling very sad while writing this article. 14th February, 2019, a BLACK DAY for our country. When youngster’s of our country are busy in giving Rose to their Valentine and Celebrating Valentine Day. Son’s of our country are fighting with Terrorists. ...

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Blocked GST Credit on Motor Vehicles w.e.f. 1st February, 2019

Goods and Services Tax - CGST Act, 2017 has under gone amendments and one of such amendment relates to blocked credit on motor vehicles which have been taken up in the present article....

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Post Incorporation Work under Companies Act, 2013

Company Law - Process of Incorporation has been amended more than 10 times since Effectiveness of Companies Act, 2013. Similarly much compliance has been decreased and increased by amendments in Companies Act by Circulars, Notifications and amendment in Rules in respect of Post Incorporation of Compliances....

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Applicability of Deposit Rules on NBFCs and filing of e-form DPT-3

Company Law - In this Article author analyses provisions of Deposit and applicability of provisions of Deposit Rules including Companies (Acceptance of Deposits) Amendment Rules, 2019 and Sections  on NBFC Companies. Whether as per Latest Deposit Rules NBFC or Banking Companies are also required to file e-form DPT-3 with ROC? Legislative Language: As ...

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Upload all Adjudication/Appellate Orders on website of respective Zones: DGFT to RA’s:

DGFT - DGFT Authorities have instructed all RA’s to upload all the Adjudication/Appellate Orders passed by them on the website of the respective Zones. Instances have come to the notice of DGFT where such Orders are not being regularly uploaded by the concerned Zonal offices. A need has been felt to have a system to have all such […]...

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I-T officer gets 7-year imprisonment; mother, 90, jailed in DA case

Income Tax - SEVEN YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS.3.5 CRORE TO THEN ADDITIONAL COMMISSIONER OF INCOME TAX IN DISPROPORTIONATE ASSETS CASE; THREE OTHER ACCUSED ALSO SENTENCED The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Swetabh Suman(an IRS Officer of 1988 Batch), the then Additional Commissioner of Income Tax, J...

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3 New Functionality / Improvement on GST Portal

Goods and Services Tax - Registration- For Taxpayer Suo-moto cancelled taxpayers were not able to file revocation of cancelled registration application, as they were asked to file return after the month (also), in which cancelation order was issued (till filing of this application) and same (the later months) was also not shown in drop down list for filing. This ...

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Mandatory to link Aadhaar-PAN by 31.03.2019 to to file Income Tax Return

Income Tax - Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return. Constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA of Income Tax Act., 1961 and order dated 30.6.2018...

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Computer based Examination under Customs Brokers Licensing Regulations

Custom Duty - Computer based Examination under Regulation 6 of the Customs Brokers Licensing Regulations, 2018 (As Amended); The Examination to be conducted on 15th March, 2019 at designated Examination Centers across India...

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Bogus Capital gains: Order Without Cross Examination Opportunity is invalid

Anubhav Jain Vs ITO (ITAT Delhi) -  Bogus Capital gains- Order is against the principle of natural justice in as much as the order has been passed taking the statement of person as base, the copy of which is not made available to the assessee. Further, opportunity to cross examine the concerned person was also not provided to the asse...

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Addition cannot be made Merely on Statement unless supported by documentary evidence

Concept Communication Ltd Vs DCIT (ITAT Mumbai) -  Income earned corresponding to the expenditure alleged to be bogus is not question and hence the entire expenditure incurred which is duly supported by the income cannot be disallowed. Genuineness of the transaction has been proved by the documentary evidence. Addition restricted to the difference i...

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Tax cannot be levied on Gift Received From Brother-In-Law

DCIT Vs Shri Arvind N. Nopany (ITAT Ahmedabad) -  Once the identity, creditworthiness and genuineness of the transaction has been proved, gift received from the brother-in-law is exempted in terms of provisions of section 56....

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Arbitrator Appointment not possible if jurisdiction of Designated Officer cannot be invoked by both parties to dispute

South Delhi Municipal Corporation Vs South Delhi Municipal Corporation (Supreme Court of India ) -  The agreement between the parties provides the competent officer and the Commissioner with supervisory control over the execution of work and administrative control over it from time to time and thus to prevent disputes. The intention is not to provide for a forum for resolving disputes. Thus, no Ar...

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Addition Not Possible U/S 68 Once Identity, Creditworthiness & Genuineness Of Transaction Is Proved

DCIT Vs Piramal Realty Pvt. Ltd. (ITAT Mumbai) -  Transaction is duly recorded in the books of accounts, statutory returns are duly filed with regard to allotment of shares. Documentary evidence proving identity, creditworthiness and genuineness of the transaction is provided. Addition under section 68 not possible....

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BSE issued circular on Filing of Annual Reports In XBRl Mode

LIST/COMP/40/2018-19 - (08/02/2019) -  The Bombay Stock Exchange issued Circular no. LIST/COMP/40/2018-19 Dated 08.02.2019 on Filing of Annual Reports in XBRL Mode for Listed Companies. In continuation to the Circulars to the Companies dated November 30, 2015, March 11, 2016 and March 16, 2016 with regards to mandatory filing of infor...

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DGFT allows import of Groundnut in Shell /Kernels

Public Notice No. 73/2015-2020 - (14/02/2019) -  If item of export is HPS Groundnut Kernels (roasted and blanched), the import item at S.No. 3(a), i.e, Groundnut in Shell may be allowed as 1.25 Kg/Kg content in the export product or the import item at S.No.3(b), i.e., Upgraded Groundnut Kernels may be allowed as 1.10 Kg/Kg content in the export pr...

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Guidelines for representation of cases before CIT(A)

F.No.279/Misc/M-124/2018-ITJ - (14/02/2019) -  Undersigned is directed to state that since the monetary limit of tax effect for filing of appeals to ITAT against the order of CIT(A) has been raised to Rs. 20 lakhs vide CBDT Circular No 3 of 2018 dated 11.7.2018, it is expedient that the cases are properly defended before the CIT(A), as the depar...

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Time Table of CA Final / IPC / Foundation / Intermediate Exams

No. 13-CA (EXAM)/M/2019 - (14/02/2019) -  ICAI announces timetable, Examination Centre, Fees, Forms and Last date of Form submission for next CA Foundation, IPC, Intermediate, CA Final (Existing & Revised Scheme) Examinations etc. to be held in November, 2018....

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Notification No. 11/2019-Customs (ADD) Dated: 12th February, 2019

Notification No. 11/2019-Customs (ADD) [G.S.R. 106(E)] - (12/02/2019) -  Notification No. 11/2019-Customs (ADD) Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 11/2013-Customs (ADD), dated the 16th May, 2013, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-se...

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In this article author answer queries related to filing of MSME-1 Form which was notified by Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 A. If a Company falls in criteria of MSME, However not registered under MSME Act. Whether Company need to mention details of such MSM...
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What are Micro, Small and Medium (MSME) Enterprises? In accordance with Micro, Small and Medium Enterprises Development Act, 2006, the manufacture and service enterprise is defined in terms of investment in plant & machinery and services respectively as micro, small and medium enterprise as explained below:...
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The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been amended to include the following Regulation: 24A: Secretarial Audit Every  listed  entity  and  its  material  unlisted  subsidiaries  incorporated  in  India  shall  undertake  secretarial  audit  and  shall  annex  with  its  ann...
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The Ministry of Corporate Affairs vide its notification dated 22.01.2019 bought a very important change w.r.t. mandatory furnishing of information regarding outstanding receipt of loan by every Company other than Government Company. This move by the Government has been taken up in consultation with the Reserve Bank of India so that there ...
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1. What is Unique Document Identification Number (UDIN)? Unique Document Identification Number (UDIN) is 18-Digits system generated unique number for every document certified/attested by Practicing Chartered Accountants. 2. What is the objective of UDIN? It has been noticed that financial documents/ certificates attested by third person m...
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Income Tax Planning

Application of Income V/s Diversion of Income

One of the 1st concepts that you would have studied in Income Tax- Application of Income V/s Diversion of Income. Very simple yet confusing!!!! In this blog we will discuss an...

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Your spouse can be a vehicle for tax savings

Your spouse not only helps you in meeting your social and personal but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enha...

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Some Income tax provisions to know, to avoid service of I-T notice at your door

CPC for electronic tax returns in Bangalore and CPC (Vaishali in Ghaziabad) for tax deducted at source (TDS) are working as the right hands of Government for detecting cases o...

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Income Tax Deductions

Investment Options beyond Section 80C

As the deadline for investments related to tax savings nears, individuals should look at various options to save tax under the Income-tax Act, 1961. Section 80C offers a tax d...

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Summary of Slab & Deductions under Income Tax AY 2020-21

IN THE PREVIOUS ARTICLE , I HAVE LISTED OUT ALL MAJOR DEDUCTIONS FOR AY 2019-20. After Budget 2019 speech , Here is summary of Income Slabs & deductions under Income Tax w...

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Summary of Slab & Deductions under Income Tax AY 2019-20

This chart of Deductions & Slab rates will help you to plan your Income & Investments for Financial Year 2018-2019 / Assessment Year 2019-2020 and help you to minimize...

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Auto tax calculator for tax calculation after Budget Proposal 2019

The Interim Budget 2019 has been introduced and left a question for the Indian tax Payers.  That how much this budget will impact on their tax liability? People have a miscon...

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Automatic GST Late Fees Calculator for Form GSTR 3B

Simple Automatic GST Late Fees Calculator in Excel Format for easy calculation of Late Fees Payable for late filing of Form GSTR 3B which calculates  late fees under both CGS...

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Download House Rent Allowance (HRA) Calculator

This Calculator calculates House Rent Allowance which is exempt from tax U/s. 10(13) of The Income Tax Act, 1961. The calculator is in excel format and it calculates the allow...

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Rate Charts

Small Savings Schemes Interest Rate for 01.01.2019 to 31.03.2019

Rates of interest on various small savings schemes for the fourth quarter of financial year 2018-19 starting 1stJanuary, 2019, and ending on 31st March, 2019, on the basis of ...

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TDS – Rate Chart, Provisions, Penalty, Return Due Date

Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961. ...

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TDS & Tax Provisions for F.Y.2018-19

TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at ...

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