Latest Tax News & Updates

Actions & Precautions to be taken before closing of your books of accounts as on 31st March 2023

Goods and Services Tax - Finalization of books of accounts means to ensure that your books of accounts are truly & fairly updated and finalized. There is no possibility of changes in accounts. But before doing this, you have to be ensured that your books of accounts are truly prepared, in such a way that all compliances have been compiled […]...

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Basic understanding of terms Compromise, Arrangement & Amalgamation

Company Law - With the ever changing world dynamics and evolution of trade and ample of growth opportunities in the world markets, to achieve economies of scale and growth synergies, companies are looking at collaborating with other companies having similar or same business or forming new companies at different locations to be recognised worldwide and ...

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Amendment in Prevention of Money-laundering Act, 2002 dated 7th March 2023

Corporate Law - Politically Exposed Persons” (PEPs) are individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials;...

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Important Things from Income Tax Aspect to Consider this March ending!

Income Tax - Financial year 2022-23 is about to end, & new financial year is about to start. How should a taxpayer prepare himself for this year’s march ending?...

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What to do if rectification request is not considered by Assessing Officer?

Income Tax - If any mistake is apparent from the record, the Income-tax authority can rectify such mistake. An order of rectification is required to be passed within a period of 4 years from the end of the financial year in which the order which is sought to be rectified was passed....

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Advisory for the taxpayer wishing to register as “One Person Company” in GST

Goods and Services Tax - 21/03/2023 As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has been noticed that the option of […]...

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Restaurants entitled to charge GST on service charge voluntarily paid by customer

Goods and Services Tax - Whether restaurants entitled to charge GST on service charge voluntarily paid by customer and if so, details thereof and provision and slab under which GST is charged...

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72.42 Lakh is highest number of ITR filing in a day on 31st July 2022

Income Tax - 72,42,156 is the highest number of ITR filing in a day on 31st July 2022. 42.92% of total returns were processed within a span of 24 hours of furnishing of ITR. 19 banks onboarded on online tax payment system TIN 2.0. The Government has taken a number of measures in recent years to maintain continuity […]...

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No Restriction for GST Registration For Professional on Residential Address

Goods and Services Tax - CGST Act does not restrict GST registration of Management consultants, Architects and other professionals operating from residential premises...

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Delhi South CGST unearths fake invoicing racket

Goods and Services Tax - The Central Goods and Service Tax (CGST) Delhi South Commissionerate busts racket of firms fraudulently claiming Input Tax Credit (ITC) of ₹17 crore....

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Follow SOP in faceless assessment environment: Calcutta HC

Indu Goenka Vs Assessment Unit, Income Tax Department & Ors. (Calcutta High Court) -  Standard Operating Procedure (SOP) under the Faceless Assessment framed under Section 144B of the Act had been issued by the National Faceless Assessment Centre, Delhi and communicated to all the Principal Chief Commissioners, Income Tax under the cover of a letter dated 3rd August, 2022....

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Resubmit C’ &‘F’ Declaration Forms for validating assessment order under TNVAT Act: HC

Balaji Machine Works Pvt Ltd Vs Assistant Commissioner (CT) (Madras High Court) -  Assessee had submitted the C and F Declaration Forms with the respondent after passing of the impugned assessment orders, assessee was directed to file a fresh application under Section 84 of the TNVAT Act, 2006, seeking for rectification of the impugned assessment orders, enclosing the C and F Decl...

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HC confirms addition for unexplained amount deposited in bank account

Rakeshbeniyal Vs ITO (Madras High Court) -  Rakeshbeniyal Vs ITO (Madras High Court) By consent of both the parties, this writ petition has been taken up for final disposal at the admission stage itself. 2. This writ petition has been filed challenging the impugned order dated 19.04.2022, passed by the first respondent under Section 148-A(d) ...

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HC quashes order considering violation of Natural Justice principal & huge demand

Murugeshan Rathinavel Subramaniam Vs Assessment Unit (Madras High Court) -  As seen from the impugned Assessment Order, the show cause notice was issued by the respondents on 13.12.2022 and the impugned Assessment Order has been passed on 22.12.2022, within a short period even though a request was made by the petitioner by his communication dated 16.12.2022 seeking for ten ...

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HC directs CBDT to hear representation to condone delay in payment under IDS 2016

Kuzhanthai Velu Ragothaman Vs Chairman, CBDT (Madras High Court) -  The petitioner has applied under the Income Declaration Scheme, 2016. Admittedly, he has not paid the entire dues as per the scheme, but he has paid a major portion of it, i.e., 94%....

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Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Bill, 2023

(20/03/2023) - Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Bill, 2023 proposes to provide for settlement of arrears under various Acts administered by the Goods and Services Tax Department so as to give effect to the proposals contained in the Budget Speech for the financial year 2023-2...

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Path of filing of disclosures related to Corporate Action on NEAPS Portal

(21/03/2023) - It is observed that certain listed entities are uploading the disclosure of corporate action (e.g., Record Date or Book Closure dates for Dividend, Annual General Meeting, etc.) in announcements under subjects like Outcome of the Board /Shareholder Meeting, etc....

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Advisory for the taxpayer wishing to register as “One Person Company” in GST

(21/03/2023) - 21/03/2023 As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has be...

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Govt increases SAED on Diesel to Rs. 1 per litre wef 21.03.2023

(20/03/2023) - Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty (SAED) on Diesel from Rs. 0.50 per litre to Rs. 1 per litre w.e.f. 21st day of March, 2023 Vide Notification No. 14/2023-Central Excise Dated: 20th March, 2023. MINISTRY OF ...

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Govt reduces SAED on production of Petroleum Crude wef 21.03.2023

(20/03/2023) - Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty (SAED) on production of Petroleum Crude from Rs. 4,400 per tonne to Rs. 3,500 per tonne w.e.f. 21st day of March, 2023 Vide Notification No. 13/2023-Central Excise Dated: 20th March, 20...

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FAQs

1) Who can associate DSC on MCA V3 Portal? Ans: Only Business Users can register their DSC on MCA V3 Portal. Registered Users are not allowed to associate their DSC on MCA V3 Portal. Users who have existing User IDs as Registered Users: Please login to the portal Upgrade yourself to Business User Associate DSC […]...
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A trademark is a word, logo or tagline that identifies your business’s products and services. It helps to build your business’s identity. It further prevents any third party from trading upon your established goodwill. In other words a mark which represent your trade is called Trademark ....
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Section 139AA of the Income Tax Act provides that every individual who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner....
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ITR filing comes with a due date, if we do not file the ITR within the due date, we can file a belated ITR by paying a late fee. Further, there is also a last date to file the ITR for a particular year. For instance, Individual ITR filing for FY 2021-22 had a due […]...
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(A) Meaning of Enforcement Directorate (ED) of Govt. of India 1. Introduction on Enforcement Directorate (ED) Government of India ED is Financial Investigation Agency (FIA) of Govt. of India (i) ED is Financial Investigation Agency (FIA) of govt. of India to monitor the strict compliances for constitution of India + lawful authorities lik...
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Income Tax Planning

Important Things from Income Tax Aspect to Consider this March ending!

Financial year 2022-23 is about to end, & new financial year is about to start. How should a taxpayer prepare himself for this year’s march ending?...

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Must-Know Tax Planning Strategies for Indian Business Owners

As a business owner in India, it is essential to have an effective tax planning strategy to minimize your tax liability and optimize your financial resources. By following the...

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Tip: Tax planning in case of start-ups

Mr A supposed to invest Rs 5 crores in start-up. He is holding 100% shareholding in his company(1% in the name of nominee to comply with the provision of Companies Act,2013)....

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Income Tax Deductions

Benefit of deduction u/s 80IB(10) available on profit on transfer of flat to partners

ITAT Chennai held that profit on transfer of flats to partners is computable in the hands of firm, however, benefit of deduction u/s 80IB(10) of the Income Tax Act duly availa...

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Denial of exemption u/s 80P of Income Tax Act just because of belated filing of return not justifiable

ITAT Rajkot held that denying the exemption under Section 80P of the Income Tax Act merely on the ground of belated filing of return by the assessee is not justifiable....

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Income Tax Deduction in respect of Contribution to Political Parties

Deduction in respect of Contribution to Political Parties under Section 80GGB & 80GGC of the Income Tax Act, 1961 Section 80GGB: Deduction in respect of Contributions give...

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Calculators

Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E

Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2023-24 and A.Y. 2024-25 Salary arrears are understood as unpaid wages of the previous period accrued...

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Income Tax Calculator with Ready Reckoner for A.Y. 2024-25 / F.Y. 2023-24

Income Tax Calculator For A.Y. 2024-25 With Income Tax Ready Reckoner For F.Y. 2023-24 (A.Y. 2024-2025) A quick review (Limited Information) of the applicable provisions under...

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Calculation of Depreciation As per Companies Act, 2013

The Depreciation Formula and the useful life is being provided in Schedule II of Companies Act, 2013 to calculate the rate of depreciation as per Companies act. MEANING OF DEP...

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Rate Charts

TDS Rate Chart for FY 2023-2024 (AY 2024-2025)

TDS Rate Chart for Financial Year (FY) 2023-2024 / Assessment Year (AY) 2024-2025 including Budget 2023 Amendments Tax Deduction at Source (TDS) is one of the important compli...

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New Income Tax Slabs FY 2023-24 (AY 2024-25) / FY 2022-23 (AY 2023-24)

New Income Tax Slabs FY 2023-24 (AY 2024-25) / FY 2022-23 (AY 2023-24) – New Tax Rates for FY 2022-23/ FY 2021-22 Finance Budget 23-24 New Income Tax Regime The most of the ...

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Income Tax Rates for FY 2023-24 (AY 2024-25)

This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Re...

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