Latest Tax News & Updates

जीएसटी – सफर पाँच वर्षों का – एक समीक्षा

CA, CS, CMA, Goods and Services Tax - लेखक ने इस आलेख के माध्यम से जीएसटी के पाँच वर्ष पूर्ण होने पर पाँच सुविधाओं, पाँच समस्याओं और पाँच सुझाओं को सरकार तक पहुँचाने की ...

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Journey of Five Years of GST- An Analysis

Goods and Services Tax - On the occasion of completion of five years of GST, the author through this write up has made an attempt to portray Five Benefits offered by GST, Five Problems faced in GST and Five Suggestions for improvement of GST....

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Section-194R-Deduction of Tax on Benefit or Perquisite

Income Tax - SECTION-194R-DEDUCTION OF TAX ON BENEFIT OR PERQUISITE IN RESPECT OF BUSINESS OR PROFESSION Section 194R was inserted by the Act No. 06 of 2022, w.e.f. 1-7-2022 which says to deduct TDS on purchase of goods subject to certain conditions fulfillment. Let’s see in detail how the whole provisions of this section works, its applicability &...

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Process for Shifting of Registered Office of A Company from One State to Another State

Company Law - A Company has to specify a place as its principal place of business for carrying on the business operations of the Company and such place is called as the Registered Office of the Company. Any changes in the registered office have to be intimated to the Registrar of Companies under whose jurisdiction the Company is […]...

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Conversion of One Person Company into Private Company- Provisions

Company Law - What is One Person Company (OPC)? Pursuant to Section 2(62) of Companies Act, 2013, One Person Company means a company which has only one person as a member. Provisions involved: – Section 18 and 122 of Companies Act, 2013 – Rule 6 & 7 of Companies (Incorporation) Rules, 2014 To convert an OPC into a […]...

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ICAI cost clarifies on social media rumours related to ongoing June exams

CA, CS, CMA - Some miscreants are engaged in unwarranted and unnecessary posting or spreading rumours on social media about the online Intermediate and Final, June 2022 term of examination. The students are advised to follow only official notification from the official email id/website of the institute....

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ICSI Request for providing extension of timelines for filing of Form CSR-2

Company Law - It is requested to extend timelines to file Form CSR-2 by companies for preceding financial year 2020-2021 from 30th June, 2022 to 31.12.2022...

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ICAI President’s Message – June 2022

CA, CS, CMA - Our nation has shown great resilience and willingness to overcome the ill effects of pandemic and move ahead towards the path of self-reliance. Our economy is not only able to sustain, but is also one of the few growth stories globally because of the will, determination and collective eff orts of all the stakeholders. The […]...

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UDIN for Audit Forms/Certificates can be updated till 30.09.2022

CA, CS, CMA - The timeline to update UDIN is extended till 30th Sep 2022 to give more time to CAs to correctly verify and upload UDINs....

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Recommendations of 47th GST Council Meeting

Goods and Services Tax - GoM on Casino, Race Course and Online Gaming to re-examine the issues based on further inputs from States and submit its report within a short duration GoM to be constituted to address various concerns raised by the States on GST Appellate Tribunal and amendments in CGST Act GoM on IT Reforms, inter alia, recommended that […]...

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Disallowance of interest on ad hoc basis on the plank that Interest-Bearing Funds are diverted not admissible

Guardian Nutrition & Health Supplements Pvt. Limited Vs ACIT (ITAT Delhi) -  Guardian Nutrition & Health Supplements Pvt. Limited Vs ACIT (ITAT Delhi) Brief facts of the case are that assessee is engaged in the business of rental trading of pharmaceutical products. In the present case, Assessing Officer (AO) made proportionate disallowance of interest on ad hoc basis aft...

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No section 271B penalty if Assessee could not maintain books of accounts

Gurukrupa Developers Vs D.C.I.T. (ITAT Ahmedabad) -  Gurukrupa Developers Vs DCIT (ITAT Ahmedabad) The learned AR before us inter-alia submitted that the books and other supporting documents of the assessee were impounded by the search team. Therefore, the assessee could not maintain proper books of accounts due to the reason beyond its control. When ...

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Section 271(1)(c) Penalty not sustainable if failure in Disclosure of Income was unintentional

Shri Himanshu Prafulchandra Varia Vs DCIT (ITAT Ahmedabad) -  Shri Himanshu Prafulchandra Varia Vs DCIT (ITAT Ahmedabad) We find merit in the contention of the Ld. Counsel for the assessee that the failure to disclose the income was by mistake and not deliberate and the assessee had in fact come clean during assessment proceedings before the Revenue authoritie...

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Claims not part of resolution plan, shall stand extinguished

V.S. MetaCast P.Lttd. Vs DCIT (ITAT Ahmedabad) -  It is further declared by the Hon'ble Supreme Court that all claims not part of the resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan....

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Order without finding for deciding the classification of goods – CESTAT remands matter back

Suzuki Morots Gujarat Private Limited Vs C.C.-Ahmedabad (CESTAT Ahmedabad) -  Suzuki Morots Gujarat Private Limited Vs C.C. (CESTAT Ahmedabad) The Commissioner (Appeals) while deciding the classification of the disputed goods, in question, under heading 8708, has not given any finding as to whether all the above conditions which are very important for deciding the classificat...

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Interest rates of small saving schemes for July 22 to September 22

(30/06/2022) - Revision of interest rates for Small Savings Schemes for Q1 of 2022-23 (i.e. from 1st July 2022 to 30th September 2022) Interest rates of small saving schemes for the Second quarter of financial year 2022-23 starting from 1st July, 2022 and ending on 30th September, 2022 shall remain unchanged from ...

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Migration of e-BRC Portal/Website to new IT platform – reg.

(30/06/2022) - Existing eBRC module is now being upgraded to a new IT platform and it is proposed to discontinue earlier version ( from end of July 2022....

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Modification in Cyber Security/resilience framework for Stock Brokers / Depository Participants

(30/06/2022) - All Cyber-attacks, threats, cyber-incidents and breaches experienced by Stock Brokers / Depositories Participants shall be reported to Stock Exchanges / Depositories & SEBI within 6 hours of noticing / detecting such incidents or being brought to notice about such incidents....

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SEBI amends format of Statement showing shareholding pattern of Public shareholder/foreign ownership limits

(30/06/2022) - i. In the disclosure of public shareholding, names of the shareholders holding 1% or more than 1% of shares of the listed entity is to be disclosed. ii. Names of the shareholders who are persons acting in concert, if available, shall be disclosed separately....

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Implementation of Circular on ‘Execution of ‘Demat Debit & Pledge Instruction’ extended

(30/06/2022) - Securities and Exchange Board of India Circular No. SEBI/HO/MIRSD/DoP/P/CIR/2022/91 | Dated: June 30, 2022 To, All Depositories All Recognised Stock Exchanges Dear Sir/Madam, Sub: Implementation of Circular on ‘Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities...

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SECTION-194R-DEDUCTION OF TAX ON BENEFIT OR PERQUISITE IN RESPECT OF BUSINESS OR PROFESSION Section 194R was inserted by the Act No. 06 of 2022, w.e.f. 1-7-2022 which says to deduct TDS on purchase of goods subject to certain conditions fulfillment. Let’s see in detail how the whole provisions of this section works, its applicability &...
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The officer not below the rank of Joint Commissioner can delegate the inspection power to any other officer (of any rank) in writing in FORM INS-01 as prescribed under Rule 139 of the CGST Rules, 2017....
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The Finance Act, 2022 had inserted a new section 194R to the Income Tax Act, 1961 providing for deduction of tax at source (TDS) @ 10% on the benefit or perquisite paid to a resident businessman or professional arising from its business or profession, and the provision of this section is applicable from 1st July, 2022....
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Simplified FAQs on TDS under section 194S of Income Tax Act The Finance Act, 2022 had inserted a new section 194S to the Income-tax Act, 1961 providing for deduction of tax at source (TDS) on transfer of a virtual digital asset (VDA). TDS under section 194S is applicable with effect from 1st July 2022. Provisions […]...
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Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is taxable....
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Income Tax Planning

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that...

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Advance Tax Provisions, Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...

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Super Seven Income Tax Planning Tips

Everyone wants to reduce tax outgo. However, Tax reduction should be done within the ambit of law & that is termed as tax planning in common language. Income tax laws prov...

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Income Tax Deductions

Section 80-IC deduction eligible on exchange rate fluctuation

Classic Binding Industries Vs DCIT (ITAT Chandigarh) Assessee has challenged the disallowance of claim of deduction under section 80-IC on account of exchange rate fluctuation...

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Section 80A(5) not apply if return of income is not filed

ITAT held that that section 80A(5) of the Act is applicable only when a return of income is filed by an assessee and a deduction under Chapter VI A of the Act, is not claimed ...

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Whether Interest income is eligible for deduction u/s 80IA of Income Tax Act, 1961

In Income Tax Act, deduction has been prescribed specifically for industrial undertakings or enterprises engaged in infrastructure development, etc. vide section 80-IA. Hundre...

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Format to Calculate Section 80JJAA Deduction

Section 80JJAA of Income Tax Act, 1961 provides  deduction for the recruitment of new or additional employees. Section 80JJAA has been made available in the Income Tax Act to...

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Income Tax Calculator – Financial Year 2022-23

Article contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful...

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Taxability of interest on Recognised provident fund (Along with calculator)

Till FY 2020-21 contribution to Recognised Provident fund (RPF) was eligible for EEE (Exempt- Exempt- Exempt) This EEE implied that full exemption from tax is given on (1) inv...

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Rate Charts

Rates of Depreciation as Per Income Tax Act, 1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnis...

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Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services ...

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July 2022