Latest Tax News & Updates

USA – Green card by investment (EB 5 Program)

Income Tax - One often hears some rich reaching out to U.S.A. by investing huge money there under a program which encourages creation of jobs in rural areas with lots of unemployment. Seemingly, it does not promise any return of investments but promises offbeat path of permanent residency in U.S.A. popularly known as Green card. Mostly popular among [...

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Taxability of NRIs in the light of India-Singapore DTAA

Income Tax - Article explain Determination of Residential Status of An Indian Citizen or Person of Indian Origin, Definition of Indian Citizen in accordance with Indian Citizenship Act, 1955 and Laws Relating to Double Taxation Avoidance Agreement (DTAA) between India and Singapore. Investments In India By A Singapore Based (Entity or) Individual And ...

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Treatment of Special Expenses in Cost Accounting

CA, CS, CMA - Treatment of Special Expenses in Cost Accounting Certain items need special treatment in Cost Accounting. In this juncture, we have to discuss the treatment of some special expenses in cost accounts. 1. Research and Development Cost (CAS 18) As per CAS 18, the treatment of Research and Development Cost (CAS 18) is as follows:- Development...

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Analysis: Section 194R TDS on benefit or perquisite in respect of business or profession

Income Tax - Applicability of Section 194R of Income Tax Act, 1961: -Any person responsible for providing to a resident -any benefit or perquisite -whether convertible into money or not -arising from business or profession by such resident -shall deduct TDS. Explanation:  Person responsible for providing means the person providing such benefit or per...

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Compliance for NGOs in India

Corporate Law - Preface The word NGO (Non-Government Organization) in India refers to a body that remains detached from the Government and profit framework of usual businesses. These bodies work towards the broad advancement of the society and operate as small units which fill the gaps at places where the government cannot reach directly and efficiently....

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Income Tax Department conducts searches in Rajasthan & Mumbai

Income Tax - Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, alongwith some bullion traders. The search operation covered more than 25 premises spread across Rajasthan and Mumbai. During the cour...

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Discussion Paper on Financial Self-Sufficiency of IBBI

Corporate Law - The Insolvency and Bankruptcy Board of India (the IBBI/ Board) is one of the four key pillars of the ecosystem responsible for implementation of the Insolvency and Bankruptcy Code, 2016 (the Code)....

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Draft IRDAI Staff (Officers and other Employees) (First Amendment) Regulations, 2022

Corporate Law - Draft Insurance Regulatory and Development Authority of India Staff (Officers and other Employees) (First Amendment) Regulations, 2022...

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Observations of Candidates on CA Foundation Exam Question Papers

CA, CS, CMA - Candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to Foundation Examinations being held in June 2022 by e-mail at [email protected] or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 5th July 2022....

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ICAI postpones Foundation exam at Silchar (Assam) Examination Center

CA, CS, CMA - ICAI postpones CA Foundation Exams scheduled to be held on 24th & 26th June 2022 at Silchar (Assam) Examination Center ...

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Cash deposit due to cash sales & cash receipt from debtors permissible

DCIT Vs Roop Fashion (ITAT Chandigarh) -  Books of accounts maintained by the assessee were audited and accepted by the AO. Cash sales and cash realized from debtors were also known to AO. Addition u/s 69A of cash deposited deleted....

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Declaration is mandatory for foreign tourist having gold above Rs. 50,000

Chandrasegaram Vijayasundaram Vs Principal Commissioner (Revision Application) (Madras High Court) -  It was incumbent on the part of the petitioners to have made proper declaration under Customs Baggage Declaration Regulations, 2013 read with Baggage Rules 2016. These Rules apply to all passengers including tourist coming to India....

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Addition u/s 68 confirmed as amount credited in books lack genuineness

Suncap Commodities Private Limited Vs DCIT (ITAT Mumbai) -  The assessee was used as a conduit company along with other companies to violate the provisions of minimum public shareholding criteria under SEBI Laws. Accordingly, addition confirmed as the amounts credited in the books of accounts of assessee lack genuineness....

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Sternal Buildcon guilty of not passing ITC benefit to 112 customers: NAA

Parveen Kumar Bansal Vs Sternal Buildcon Pvt. Ltd. (NAA) -  Parveen Kumar Bansal Vs Sternal Buildcon Pvt. Ltd. (NAA) Authority finds and determines that the Respondent has profiteered by an amount of Rs. 42,21,321/- for the project `Signum 36′ during the period of investigation i.e. 01.07.2017 to 30.06.2019. The above amount that has been profiteered b...

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No anti profiteering if project started after GST implementation w.e.f. 01.07.2017

Sh. Ritesh Kumar Khandelwal Vs Forever Buildtech Pvt. Ltd. (NAA) -  Sh. Ritesh Kumar Khandelwal Vs Forever Buildtech Pvt. Ltd. (NAA) Authority finds that the allotment of units, agreements, booking, construction activity and receipt of payments had taken place in the post-GST era. The draw of lots for allotment of houses was conducted on 05.07.2017 in the presence o...

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Format, Procedure & Guidelines to submit Form No. 1, 2 & 2A for STT

(24/06/2022) - Form No. 1, Form No. 2 and Form No. 2A is required to be signed, verified and furnished by the class of person responsible as defined in the Securities Transaction Rules 2004...

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Extension of the validity of FCRA registration certificates till 30.09.2022

(22/06/2022) - Government extended validity of FCRA registration certificates of certain categories of FCRA registered entities till 30.09.2022 or till the date of disposal of renewal application, whichever is earlier....

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Customs Brokers Licensing (Amendment) Regulations, 2022

(24/06/2022) - (1) These regulations may be called the Customs Brokers Licensing (Amendment) Regulations, 2022. (2) They shall come into force on the date of their publication in the Official Gazette....

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CBDT designates Special Court in Uttarakhand under Black Money Act

(24/06/2022) - Notification No. 68/2022- Income Tax- Designation of Courts in Uttarakhand as Special Court for the purposes of section 280A of the Income tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department OF Reve...

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Draft Central Motor Vehicles amendment Rules- Bharat New Car Assessment Program

(24/06/2022) - Bharat New Car Assessment Program (BNCAP) - (1) On and from the1st day of April 2023, the BNCAP authority, (hereinafter referred to as ‘the Authority’), notified by the Central Government, shall authorise the testing agency referred to in Rule 126 of CMVR 1989 to conduct evaluation on Type Appro...

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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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CBDT issued Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961 vide Circular No. 12 of 2022-Income Tax | Dated 16th, June, 2022. F. No. 370142/27/2022-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes), New Delhi ********* Circular No. 12...
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Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit (exempted deposits) or both by every company other than the companies mentioned above. Such deposits and exempted deposits that are outstanding as on 31.03.2022, needs to be reported....
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India is fast becoming one of the world’s largest connected nations - with over 80 Crores Indians presently connected and using the Internet and cyberspace - and with this number expected to touch 120 Crores in coming few years. The Internet also represents an important part of our Economy -...
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Article covers Income Tax Act provisions related to Carry Forward and Set Off of Losses with Frequently asked Question and Answers.Loss from exempted source of income cannot be adjusted against taxable income...
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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

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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Section wise Income Tax Deductions for AY 2022-23/ FY 2021-22

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2023-24 / F.Y. 2022-23 and subsequent Years. Deductions i...

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Section 80JJAA Deduction for employment of new employees

PROVISIONS OF SECTION 80JJAA QUANTUM AND PERIOD OF DEDUCTION: Where the gross total income of an assessee to whom section 44AB applies, includes any profits and gains derived ...

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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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June 2022