Latest Tax News & Updates

Service Exports from India Scheme (SEIS) An Incentive Scheme for Service Exports

DGFT - Objective As per Foreign Trade Policy of India 2015-2020, Service Providers of Notified Services, located in India, shall be rewarded under SEIS, subject to conditions as may be notified. Objective of Service Exports from India Scheme (SEIS) is to encourage and maximize export of notified Services from India. Eligibility: Para 3.08 of FTP...

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Conversion of OPC into Private/Public Company

Company Law - The One Person Company (OPC) is a newly incorporated type of company and was introduced in the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. There can be only one, natural person resident of India who can […]...

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Legal Entity Identifier (LEI) A Global Unique Code For Entities In Financial Transactions

Corporate Law - ORIGIN AND NEED OF LEI The story of LEI Code starts 40 years ago from the BARCODE REVOLUTION in 1974, when Wrigley’s Chewing Gum packet with a BARCODE swiped under an electronic reader in a Super Market. This was the First time that any machine had “read” any item with a standardised 11 digit bar code […]...

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Whether Loan Waiver to farmers is one stop solution for eliminating Agrarian Distress in India?

Finance - In recent times, loan waiver to farmers has become common agenda in manifesto of political parties. This has again gained the light of the day ahead of 2019 general elections. In this article let us analyse whether loan waiver can become a brahma asthra to address all problems faced by the farmers in India or it is only a tool for politic...

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Simplified Approach of Advance Ruling under GST

Goods and Services Tax - Meaning and Necessity of Advance Ruling under GST: An advance ruling may be defined as an determination of certain matters and question as specified by the law , regarding interpretation of the law specifically in those cases where there is an ambiguity in the law itself and assessee wishes to avoid any type of litigation […]...

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CCI decides Third Lesser Penalty case

Corporate Law - The Competition Commission of India (‘CCI’) passed a Final Order imposing penalty on Panasonic Energy India Co. Limited (‘Panasonic’) and Godrej and Boyce Manufacturing Co. Limited (‘Godrej’) for colluding to fix prices of zinc-carbon dry cell batteries in India....

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Guidance Note on Audit of Banks (2019 Edition)

CA, CS, CMA - Your comments on this Exposure Draft -Guidance Note on Audit of Banks (2018 Edition) should reach us by January 13, 2018. Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments should be sent to:...

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Join Online GST Certification Course (Last 3 days to Register)

Goods and Services Tax - Join Online GST Certification Course by TaxGuru, Govt. of India (Ministry of M.S.M.E) & GST Professionals – Jan’19 Batch- Starting from 20th January’ 2019 (Limited Seats- Registration Closing Soon). Due to overwhelming response and feedback from previous batches, TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E...

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ICAI caution against misleading timetable of May 2019 CA exam

CA, CS, CMA - It has been brought to our notice that the probable date of commencement of May 2019 CA examinations and the time table there on are doing the rounds in the social media. It is hereby clarified that the timetable in respect of the May 2019 CA examinations has not yet been finalized....

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ICAI Convocation for Members Registered during June to Nov 2018

CA, CS, CMA - In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organize Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the new members into the fraternity....

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GST leviable on Supply of Goods at Domestic Airport to transit passengers

A­1 Cuisines Private Limited Vs Union of India (Bombay High Court) -  A­1 Cuisines Private Limited Vs Union of India (Bombay High Court) Facts : Petitioner seeks issuance of Writ directing the respondent UOI to exempt the petitioner from charging applicable taxes under the GST legislations on sale of cosmetic products, perfumes etc. to the International passengers an...

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Absence of price reduction after GST Rate reduction proves Profiteering

Shri Surya Prakash Loonker Vs M/s Excel Rasayan Pvt. Ltd (NAA) -  Shri Surya Prakash Loonker Vs M/s Excel Rasayan Pvt. Ltd (NAA) it is clear that the Respondent has admittedly not passed on the benefit of tax reduction since the base prices of the above two products were increased to maintain the same selling prices which were existing before the reduction in the ...

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S. 271(1)(c) No Penalty if returned and assessed income are same

Armoury International Vs ACIT (ITAT Mumbai) -  Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per information received from the Sales Tax Department. The assessee was issued notice u/s. 148 on 11.03.2013 served on 12.03.2013. The assessee filed revised return of income on 15.0...

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Contempt jurisdiction is jurisdiction of necessity and inheres in every court of record

M/s Lanco Amarkantak Power Ltd. Vs A.P. Panda, Chairman-cum-Managing Director (Chhattisgarh High Court) -  M/s Lanco Amarkantak Power Ltd. Vs A.P. Panda, Chairman-cum-Managing Director (Chhattisgarh High Court) it is quite vivid that this Court while granting the appeal under Section 37(1)(b) of the Act of 1996 preferred by the petitioner not only set aside the order passed by the learned District Judge ...

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HC should have condoned delay in removing office objections : SC

CIT Vs M/s Reliance Industries Ltd. (Supreme Court of India) -  CIT Vs M/s Reliance Industries Ltd. (Supreme Court of India) The appeal was filed by the Department (appellant herein) before the High Court against the judgment of the Income Tax Appellate Tribunal (ITAT). However, the said appeal was defective and the appellant took abnormal time of 1371 days in r...

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Customs Rate of Exchange of Foreign Currency wef 18.01.2019

Notification No. 05/2019-Customs (N.T.) - (17/01/2019) -  Customs Rate of Exchange of Foreign Currency Conversion wef 18.01.2019 notified vide Notification No. 05/2019 – Customs (N.T.) dated 17th January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 05/2019-Cust...

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IBBI constitutes a ‘Working Group on Group Insolvency’

File No: IBBI/CIRP/GI/2018-19/001 - (17/01/2019) -  Insolvency and Bankruptcy Board of India hereby constitutes a ‘Working Group on Group Insolvency’. The Working Group shall submit a report recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group, within two months from...

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Mutual funds permitted to write call options under a covered call strategy

Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/17 - (16/01/2019) -  Based on the suggestions of market participants and recommendations of Mutual Fund Advisory Committee (MFAC), it has been decided to permit mutual funds to write call options under a covered call strategy as prescribed below:...

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IRDAI (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019

Ref. No: IRDA/RI/GDL/MISC/012/01/2019 - (16/01/2019) -  Insurance Regulatory And Development Of India Ref. No: IRDA/RI/GDL/MISC/012/01/2019 Date: 16-01-2019 IRDAI (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019 Guidelines Insurance Regulatory and Development Authority of India (International Financial Service Ce...

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Angel Tax Relief U/s 56(2)(viib)- DIPP Notification

A Startup which is recognised by DIPP under para 2(iii) (a) shall be eligible to apply for approval for the purposes of clause (viib) of sub-section (2) to section 56 of the Act for the shares already issued or proposed to be issued if the following conditions are fulfilled‑...

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FAQs

Article compiles FAQs on GST Registration, Composition Scheme, Casual Taxpayer / Non Resident Taxpayer, Reverse Charge, Input Tax Credit, ITC on Job Work, GST Payment, E-way Bill, GST on Agriculture, GST Refund, GST Audit and Other GST Issues. Introduction Q.1 Which Taxes are not replaced in GST? Ans: GST has substituted most of the indir...
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In PART – 1 of Audit Report, Form Date and To Date are not entered as complete financial year, i.e. from data should be 01.04.2017 and To date should be 31.03.2018. Dealers who are migrated to GST wef 01.07.2017, has to download the latest template ( after clearing cache, cookies and history) and can enter the applicable VAT period ( vi...
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Frequently Asked Questions related to Banking Sector Related on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 Whether Banks are required to capture the details of ATMs in registration certificate as a ‘place of business’? Ans:- No. Banks are not required to provide the details of ATMs while applying fo...
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Frequently Asked Questions related to Insurance Sector Related on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 What is the location of the supplier of service for fund management charges in ULIP policies? Ans: The fund management charges are charges towards managing and administering the fund. These funds...
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Frequently Asked Questions related to Stock Broking Services on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 In the case of stock broking, whether stamp duty or securities transaction tax or other Central or State taxes would be considered as a part of the value of supply as prescribed under Section [&he...
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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

Affordable Housing in India and Section 80-IAB

The Union Budget 2017-18 announced number of measures to boost affordable housing which includes Section 80-IAB which allowed 100% deduction on profits generated by developer ...

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Tax benefits available for home loans

Under Section 80 C, an individual and an HUF can claim a deduction up to Rs 1.50 lakh for principal repayment of home loan taken for a residential house along with other eligi...

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Tax Deductions – A Quick Summary

Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused...

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Calculators

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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Income Tax Computation Sheet for F.Y 2017-18 (A.Y 2018-19)

In order to file your income tax return you first need to collect all the information required to file it. The next important step is to compute your total taxable income. Aft...

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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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