Latest Tax News & Updates

Foreign Subsidiary Company Incorporation in India

Company Law - Incorporation of Foreign Subsidiary in India Whenever a person wants to incorporate a foreign subsidiary or wholly owned subsidiary in India, there would be few questions that would come in our mind. In this article, I would like to clear such doubts in best possible manner. Page ContentsStep by step involved in Foreign Subsidiary Company...

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GST Updates – Outcome of 45th GST Council Meeting

Goods and Services Tax - Outcome of 45th GST Council Meeting held on 17th September 2021 The GST Council met for the 45th time on 17th September 2021 at Lucknow. The Council discussed and approved: (I) Recommendations relating to GST rates on Goods and Services; (II) Issue of Compensation Scenario; and (III) Recommendations relating to GST Law and Procedure. I. [...

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Highlights of 45th GST Council Meeting dated 17th September, 2021

Goods and Services Tax - Introduction The 45th GST Council Meeting was held on 17th September, 2021 under the charimanship of Honourable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States & UTs and Senior officers from Union G...

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CBIC cannot cheat assessee by manipulative interpretation -Part II

Goods and Services Tax - Now, we examine three situations. All arising out of manipulative interpretation but then there is God, as you will see it. The first is a case, where the exporter effected exports under the erstwhile Central Ex. regime under the rebate & discharged duty liability on the CIF value of exports as the contract with the foreign buyer states v...

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Fast payment systems: Indo- Singapore link up

Fema / RBI - To enforce India and Singapore to link their Fast Payment Systems – Unified Payments Interface and Pay Now, The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced a project to link their respective fast payment systems. The linkage is targeted for operation by July 2022. The details are available in [&he...

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Challenge By Tax Bar Association to New Income Tax Portal System

Income Tax - The writ petition filed by the tax Bar Association before the Gauhati High Court seeking a direction from the respondent authorities to restore the old income tax portal immediately due to non functioning to the new income tax portal system (Income Tax Portal 2.0) inasmuch as the genuine tax payer who are interested in paying due taxes an...

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Request for extension of Rajasthan VAT Amnesty Scheme 2021

Goods and Services Tax - Tax Bar Association Bhiwadi humbly request your good self to advise / direct the authorities to consider the above points and extend the Rajashthan Amnesty Scheme 2021 by at least 3 months....

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CA IPC/Intermediate July 2021 Exam Pass Percentage & Toppers

CA, CS, CMA - The Institute of Chartered Accountants of India (ICAI) today announced the results of Chartered Accountants Intermediate (IPC) & Intermediate (New) examination held in July, 2021. A. Result of Chartered Accountants Intermediate (IPC) Examination Held in July – 2021 The result of the Chartered Accountants Intermediate (IPC) Exami...

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Career Opportunities for Young CS on Contract Basis for ROC work

CA, CS, CMA - CRC EXECUTIVES (ON CONTRACTUAL BASIS)- (Candidates having minimum one year post qualification experience will be preferred). The Consolidated payout will be in the range of Rs. 33000 to Rs. 40000 per month...

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Join Self-Learning Courses on GST, Customs & Income Tax

Goods and Services Tax - Join Self-Learning Certification Course on GST, Income Tax and Customs including Import & Export by TaxGuru Edu at 40% Discount till 31st August 2021....

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Reopening For Mere Non -Ratification of Section 10B approval not justified

Indus Teqsite Private Ltd. (presently known as Data Patterns India Pvt. Vs DCIT (Madras High Court) -  Indus Teqsite Private Ltd. (presently known as Data Patterns India Pvt. Vs DCIT (Madras High Court) Merely because the ratification has not been done by a Higher Authority, will it automatically vitiate the approval, which was granted by the Competent Authority namely the Development Commissioner. T...

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No penalty if service tax been paid immediately after pointing by Auditor

Sud Chemie Pvt Ltd. Vs C.C.E. & S.T. (CESTAT Ahmedabad) -  Sud Chemie Pvt Ltd. Vs C.C.E. & S.T. (CESTAT Ahmedabad) first issue is involved relates to the payment of service tax on reverse charge basis in respect of GTA services received by appellant. The appellant has paid the service tax as soon as it was pointed by the auditor and again in cash when i...

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Mere conviction under N.I. Act cannot lead to presumption of contravention of Section 269SS provisions

Mohan Lal Vs JCIT (ITAT Jaipur) -  Mohan Lal Vs JCIT (ITAT Jaipur) Magistrate had convicted the assessee on the complaint filed U/s 138 of the N.I. Act by Shri Aditya Kumar Sharma but that does not ipso facto mean that assessee has taken or accepted any loan or deposit or any specified sum in cash from the said Aditya Kumar Sharma. [...

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GST: Scope of Section 6(2)(b) & Section 70 is different & distinct

Kuppan Gounder P. G. Natarajan Vs Directorate General of GST Intelligence (Madras High Court) -  Kuppan Gounder P. G. Natarajan Vs Directorate General of GST Intelligence (Madras High Court) Appellant submitted that the State authority has conducted the search and seizure operations and summons had been issued, order of provisional attachment had been passed and in such situation, the responden...

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No TDS on Sale of Software by treating it as Royalty

Financial Software and Systems Private Limited Vs CIT (Madras High Court) -  Financial Software and Systems Private Limited Vs CIT (Madras High Court) The question of law which is involved is with regard to whether the assessee was liable to deduct Tax at Source in respect of the Computer Software which was dealt with by them, procured from a Non-Resident and sold in the Ind...

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India and Singapore to link their Fast Payment Systems

(14/09/2021) - RBI and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022....

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Furnishing of evidence by employee for TDS deduction on Salary for FY 2021-22

(15/09/2021) - Furnishing of evidence of claims by employee for deduction of tax under section 192 for the FY 2021-22 and AY 2022-23. (For Assessees other than those who opted for New Tax Regime)...

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Aadhaar Linking, penalty proceedings completion due date extended

(17/09/2021) - Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022. The due date for completion of penalty proceedings under the Act has also been extended from 30th September, 2021 to 31st March, 2...

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Recommendations of 45th Meeting of GST Council, Lucknow

(17/09/2021) - The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendations relating to changes in GST rates on supply of goods and services and changes ...

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DGFT invites application for allocation of TRQ under India-Mauritius CECPA

(17/09/2021) - Applications are invited for allocation of Tariff Rate Quota (TRQ) under India-Mauritius CECPA for the year 2021-22. The last date for application shall be 31.10.2021....

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Q.1 What is Inverted Duty Structure in GST? Ans: The term ‘Inverted Tax Structure‘ refers to a situation where the rate of tax on inputs purchased is more than the rate of tax on outward supplies. That means Inverted Duty Structure arises when tax paid on Inward Supplies is higher than tax payable on outward supplies. For Example [...
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FAQs > Searching BoE (Bill of Entry) Details Q. 1 Can I search BoE (Bill of Entry) details on the GST Portal? Ans. The Search by BoE functionality allows you to view BoE (Bill of Entry) details on GST Portal. Navigate to Services > User Services > Search BoE option to view BoE (Bill of Entry) details. Q. 2 Can I […]...
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Central Government guarantee of Rs.30,600 crore to back Security Receipts issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets was approved by Union Cabinet yesterday....
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Know all about Account Aggregator Network- a financial data-sharing system with FAQs Last week India unveiled the Account Aggregator (AA) network, a financial data-sharing system that could revolutionize investing and credit, giving millions of consumers greater access and control over their financial records and expanding the potential p...
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#1 I have been served with a SCN for a refund application. From where can I get the SCN and reply to the same? Reply : Please visit the common portal and you can check the additional orders and notices where the SCN would be present. Alternatively Please visit the common portal and go […]...
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Income Tax Planning

How to maximise your tax saving by choosing the right insurance policy for yourself & family?

The point of getting insurance is that it is the highest form of assurance. Insurance is a binding agreement between the insurer and the insured that gives the insured access ...

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How can Companies Save Tax through Mutual Fund Investments?

How to save tax through mutual fund investment? Well, for individual investors, there are a plethora of answers; can companies save tax? Well, let’s dig into it....

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Tax Planning Vs. Tax Avoidance Vs. Tax Evasion

Tax is a mandatory fee levied by the Government on an individual or entity to collect revenue for public work and we all are aware of the importance of tax for the development...

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Income Tax Deductions

Income Tax Benefits Available On Hosing Loan

Government has provided various tax benefits to assessee on hosing loan. Income Tax Act provides tax benefits on repayment of principal component of loan as well as on repayme...

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Demystifying Section 80IBA: 100% Income Tax Deduction for Affordable Housing Projects

Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. Corporate environment...

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Income Tax deductions available to Business class person or a salaried Individual

Deductions are the relief provided by the government to taxpayers through which they can legally save their taxes through various platforms for e.g.- By investing their money,...

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Income Tax Calculator for FY 2021-22 in Excel for Salaried Individuals

Simple Income Tax Calculator for the Financial Year 2021-22 in Excel for Salaried Individuals. Tax Planning in the beginning of the Financial Year is always better instead of ...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Republished with revised Simple Version Simple Income Tax Calculator for the Financial Year 2020-21 in Excel for Salaried Individuals. Tax Planning in the beginning of the Fin...

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How to Calculate EMI for a 20 Lakh Personal Loan?

The focus while borrowing should be on the repayment of the loan. That is how a strong credit background and future financial opportunities open up. A personal loan is no doub...

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Rate Charts

Income Tax Rates for Financial Year 2019-20 and 2020-21

In this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment ...

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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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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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September 2021