Latest Tax News & Updates

Time Period Under ‘IBC’ Mandatory or Recommendatory

Corporate Law - In this editorial author discuss the provisions under of I&B Code, 2016 in respect of different – 2 time limits mentioned under the Act i.e. Section 12. (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the applica...

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CA IPCC Results Nov 2017 on 1st February 2018 at

CA, CS, CMA - CA IPCC November 2017 exams completed on 16th Nov 2017. Approximately one lakh fifty thousand students attended the exams. Students who have written these exams are eagerly waiting for their CA IPCC exam result Nov 2017. Today we are discussing when will ICAI declare the results and how to check your CA IPCC result....

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Issue of Compulsorily Convertible Debentures through Private Placement

Company Law - 1. Company proposes to offer compulsorily convertible debentures to its existing members i.e. Proposed Allottees on a preferential allotment basis. 2. Issue of debentures are governed by Section 71 of the Act, read with Rule 18 of The Companies (Share Capital and Debentures) Rules, 2014 ...

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Smartowner – Changing the Real Estate Landscape in India

Finance - There’s no secret that India is in the middle of an astonishing long-term growth phase. A key feature of this development is the steep increase in the middle class. The middle-income group in India is projected to climb up to 200 million by the year 2020, and then further escalate to 475 million by the […]...

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Section-Wise Weight age of Marks of Paper 7 of CA Final (New Course) Direct Tax Laws and International Taxation

CA, CS, CMA - Basis of Charge, Residential Status, Income which do not form part of total income, heads of income, income of other person included in assessee's total income, aggregation of income, set-off and carry forward of losses, deductions from gross total income, rebates and reliefs....

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West Bengal FM says GST rollout a hasty one, while J&K & Bihar FMs term GST a landmark move

Goods and Services Tax - The implementation of Goods and Services Tax (GST), dubbed as the single-most important reform measure in the annals of Indias taxation regime, witnessed three State Finance Ministers express their views ranging from unprecedented in its adverse consequences, especially for the SMEs...

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Remove clause in FRDA Bill that has created panic among bank depositors: ASSOCHAM to Govt

Fema / RBI - Government's assurance that depositors' interest in case of a bank going down under would be fully protected should be clearly and unambiguously spelt out in the Financial Resolution and Deposit Insurance (FRDA) Bill and a clause that seeks to treat depositors as other creditors and shareholders for bail- in, must be removed, the ASSOCH...

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Certification Course on GST by Ministry of MSME- Limited Seats

Goods and Services Tax - JOIN 4 day GST Certification Course of Ministry of M.S.M.E. at Kolkata, Pune, Mumbai, Bangalore, Indore, Coimbatore, Noida, Cochin and Jaipur in December 2017 and January 2018 starting from 16th December 2017....

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IBBI issues Guidelines for Technical Standards for Core Services

Corporate Law - In exercise of the powers conferred by sections 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India (IBBI) notified the IBBI (Information Utilities) Regulations, 2017 which seek to provide a framework for registration and regulation of information utilities....

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Govt Panel invites suggestions about provisions of IBC 2016

Corporate Law - Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations notified there under...

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Whether POA Holder Can File Application Under IBC, 2016

Shriram EPC Limited Vs. Rio Glass Solar SA (National Company Law Appellate Tribunal, New Delhi) -  The 'I&B Code' is a complete Code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. Therefore, we hold that a 'Power of Attorney Hold...

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HC on Validity of Service of notice by post, in person and then by affixture

Success Tours & Travels (P) Ltd. & Anr. Vs. ITO & Ors. (Calcutta High Court) -  Service by post, which had been returned with the endorsement addressee not found, followed by an attempt at personal service and subsequent affixture would constitute substantial compliance of sec­tion 282 ...

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Section 14A cannot be applied to losses due to diminution in value of investments due to merger/amalgamation

ACIT Vs Af-taab Investment Company Limited (ITAT Mumbai) -  These are bunch of seven appeals filed by the assessee as well as the Revenue for assessment year 2006-07, 2007-08, 2009-10, 2010-11 and 2011-12 . First we shall take up cross appeals field by the assessee as well as the Revenue in ITA 4284/Mum/2014 and 1807/Mum/2011 for assessment year ( AY ) 2006-...

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12 principles governing section 44BB culled out from various judgments

Swiwar Offshore Pte. Ltd. Vs. Addl. DIT (ITAT Mumbai) -  The Income Tax Appellate Tribunal recently ruled that the service tax collection shall be deducted from gross Receipts while computing the profit for the purpose of Section 44BB of the Income Tax Act, 1961. ...

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Cancellation of Assess Trust justified for accepting donation and giving back the same in cash

Batanagar Education & Research Trust Vs CIT (Exemptions) (ITAT Kolkata) -  These are appeals by the assessee against two orders both dated 25-2-2016 of C.I.T. (Exemptions), Kolkata (i) passed under section 12AA(3) of the Income Tax Act, 1961 withdrawing/cancelling the registration with effect from 1-4-2012...

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Assessment of Defective Income Tax Return Selected For Scrutiny Under CASS- Procedure

F.No. System/ITBA/CASSlDefective returns/17 -18/ - (12/12/2017) -  During CASS Cycle 2016, some of the returns of income which earlier were treated as defective as per provision of section 139(9) of Income Tax Act, 1961 (‘Act’) either for the reason that the taxes as per the return were not paid or for any other reason specified therein were also selected for s...

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Extension of due date of deposit of TDS/ TCS for October month to 08.11.2017

F. No. 275/38/2017-IT(B) - (13/12/2017) -  CBDT hereby extends the due date of deposit of tax deducted at source/ tax collected at source during the month of October. 2017 from 7th November, 2017 to 8th November, 2017....

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Submission of original cancelled cheque with offline EPF claim forms

No. Manual/9(3)2016/Settlement of Claims/21003 - (13/12/2017) -  It has been decided that irrespective of the amount, the EPF claimant should submit cancelled cheque in original (containing claimant's name, bank account number & IFS Code of the bank branch printed on it) with all type of claims. ...

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Notification extending Due Date for Linking Aadhaar- PAN with Bank A/cs

G.S.R. 1506(E) / Notification No. 9/2017 - (12/12/2017) -  In case the client already having an account based relationship with reporting entities prior to the date of publication of this notification in the official Gazette fails to submit the Aadhaar number and Permanent Account Number by such date as may be notified by the Central Government, the said ac...

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Documents for Change of Date of Birth of EPF Members

No. Pension-I/Instructions/Guidelines/2017/20825 - (12/12/2017) -  It was decided to follow the following process for change of date of birth of members of Employees' Pension Scheme 1995-(i) In case the correction required in date of birth is upto plus or minus one year, Aadhaar will be accepted as a valid document for date of birth....

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We have filed online refund and ARN received and what is the next course? Ans: Please submit the print out of RFD-01A with ARN before the jurisdictional authority for processing of refunds. Refer to Circular No. 17/17/2017-GST dated 15th November 2017....
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What are the objects and reasons for which the Real Estate (Regulation and Development) Act 2016 has been framed? Ans: The Real Estate Act is intended to achieve the following objectives:...
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Question No. 1: How to claim refund of IGST paid in course of supply to SEZ unit under zero rated supply? Answer: Please refer to the circular no 17/2017. Question No. 2: GST for the education counseling agencies contracted by the overseas universities- will it be covered under export or not?? Commission earned in foreign […]...
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To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE....
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Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...
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Income Tax Planning

Guide to Submit Investment proof to your Employer

The Financial Year end is round the corner, and shortly, all employees are required to submit the investment proofs for the year 2017-18. Since the Income tax department made ...

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Advance Tax Provisions, Payment 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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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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Income Tax Deductions

Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Payment of premium on life insurance policy and health insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. In this part you can...

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Section wise Income Tax Deductions for A.Y. 2018-19 / FY 2017-18

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2018-19 / F.Y. 2017-18 and subsequent Years. Deductions i...

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Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or...

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GSTR 3B Calculation Sheet

Use this excel sheet for calculate GST Payment or Carry forward Balance....

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Gstr 3B Excel utility 4.0 Auto-calculate offset liability & Tax payable

This file have been added in the 3b excel offline utility which also will help in calculating how to off liability and calculate Payment in specific heads and help keep mainta...

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Updated GST 3B Payment and Offset Liability with carry forward ITC- Calculator

This excel sheet has been updated with functionality for carry forward of ITC . Many People are getting confused over treatment of RCM in the Excel Sheet. RCM in Simple terms ...

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Rate Charts

Income Tax Rates for Financial Year 2017-18

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2017-18 . The Income tax rates discussed in this pa...

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Updated GST on Goods Rate Rate Chart Updated till 15.11.2017

Updated scheduled CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The ra...

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GST Rate Changes as recommended in 23rd Meeting of GST Council

As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings [about 18.5% of total tariff headings at 4-di...

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