Latest Tax News & Updates

GSTR 9A – Annual return for Composition dealers to be filed on or before 31st December!

Goods and Services Tax - The GSTR-9A is the annual return to be filed once in a year by taxpayers who have opted for the Composition Scheme under GST for the period July 17 to March 2018 . It includes all the information furnished in the quarterly returns filed by the composition taxpayers during that financial year....

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Right Price- Reflects The Value You Create Not The Hours You Spend

CA, CS, CMA - The thing is we simply don’t know how to get the prices right. No matter whether Big 4’s or other firms, for past few years the whole profession is facing pressure on fees. It is hard to see the professionals struggling with the price and not getting the fees they deserve....

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Procedure in Respect of Return of Time Expired Drugs or Medicine

Goods and Services Tax - Circular No. 72/46/2018-GST dated 26th October, 2018 clarified the procedure to be followed in respect of return of time expired drugs or medicines under the GST laws. The drugs or medicines are sold by the manufacturer to the wholesaler and by the wholesaler to the retailer on the basis of an invoice/bill of supply as case may be. They h...

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Labour Laws Purpose and Registration Requirement in Tabular Format

Corporate Law - Articles explains about Purpose, Requirement of Registration and No. of members for Applicability of Labour Welfare Fund Act (of respective States), Shops & Commercial Establishment Act (of respective States),The Employee’s Compensation Act, 1923, Trade Unions Act, 1926, Payment of Wages Act, 1936, Weekly Holiday Act, 1942, Indu...

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Special Audit Under Goods & Services Tax (GST)

Goods and Services Tax - Introduction to GST Audit GST is a trust-based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the prov...

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Online GST Certification Course by TaxGuru and M.S.M.E.

Goods and Services Tax - TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces their most intensive and comprehensive Online GST Certification Course. Batch will start on 02nd December 2018. GST Certification Course covers detailed analysis of entire GST law with special focus on Effective GST Audits & Reconciliation Statements, filing...

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Bank Branch Auditors’ Draft Panel of CAs/ firms for 2018-19

CA, CS, CMA - We are pleased to inform that the Draft Bank Branch Auditors Panel of Chartered Accountants/firms for the year 2017-18 has been prepared alongwith the category of the applicants. The Draft Panel contains the following:...

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Maternity Leave Incentive Scheme is not yet notified

Corporate Law - There are some media reports that this Maternity Leave Incentive Scheme has been approved/notified. However, it is clarified that Ministry of Labour & Employment is in the process of obtaining necessary budgetary grant and approvals of Competent Authorities. ...

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Empanelment -Central Bank of India -Concurrent Audit


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Impact of GST largely positive & constructive on Pharma Sector

Goods and Services Tax - Before GST, Annual Turnover of the Pharma Sector (as on 31.05.2017) was Rs 1,14,231 crores while after GST, the Annual Turnover of Pharma sector (as on 31.05.2018) touched Rs 1,31,312 crores, which is 6% higher than the Pre-GST regime....

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Frooti is beverage chargeable to Entry Tax @ 2% in Chhattisgarh

Mr. P. M. Choudhary, Senior Advocate Vs. Mr. Anand Dadariya, Deputy Govt. Advocate (Chhattisgarh High Court) -  The petitioners cannot be allowed to make separate entry when frooti is covered within the specific entry and residuary entry cannot be resorted into. In the considered opinion of this Court, both the authorities are absolutely justified in holding that frooti is a product covered by Entry 14 of Sch...

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Misconduct Proceedings cannot be initiated against Advocates, CAs, CMAs under VAT Act

Pravin Natvarlal Modh Vs State of gujarat (Gujarat High Court) -  Pravin Natvarlal Modh Vs State of Gujarat (Gujarat High Court) In the instant case the petitioner is holding a certificate as a sale tax practitioner from the year 1977. In 1983 he enrolled as a an advocate under the state bar council of Gujarat. The VAT authorities initiated misconduct proceedings ...

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HC declines demand of Common GST investigations of units by Lemon Tree Hotel Gorup

Lemon Tree Hotels Ltd. Vs. Union of India (Delhi High Court) -  Lemon Tree Hotels Ltd. Vs. Union of India (Delhi High Court) The petitioner had approached this Court claiming directions that common investigations be carried out having regard to the nature of its business functioning and having regard to the fact that M/s. Lemon Tree Hotels Ltd. maintains common ...

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Beneficiaries not Taxable for Fund invested by Trust in Swiss Bank

Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) -  Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) In the present case the Income Tax Department sought to tax fund lying in a Swiss bank account as “Unaccounted Income” in the hands of two residents of Mumbai. The appellants maintained account in Swiss Bank stated that they had no contribution in the ...

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Service of Notice under GST & Validity of notice by affixation

Kashi Bartan Bhandar Vs State of UP (Allahabad High Court) -  Kashi Bartan Bhandar Vs State of UP  (Allahabad High Court) The notice under the CGST Act is required to be served in accordance with the provisions of Section 169 of the Act which provides that it can be served by giving or tendering it directly or by messenger to the person concerned or to a [&he...

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Father’s name non-mandatory in PAN application form: CBDT

Notification No. 82/2018/ G.S.R. 1128(E) - (19/11/2018) -  Whether mother is a single parent and you wish to apply for PAN by furnishing the name of your mother only? Yes No (please tick as applicable) If yes, please fill in mother’s name in the appropriate space provide below. Father’s Name (Mandatory except where mother is a single par...

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Validity period of EPCG Authorisations extended to 24 months

Public Notice No. 47/2015-20   - (16/11/2018) -  Import validity period of the EPCG Authorisations which have been issued prior to the date of issuance of this Public Notice and whose validity has not expired on the date of issuance of this Public Notice shall also be extended to 24 months from the date of the issuance of the Authorisation. ...

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Weekly newsletter from Chairman, CBIC dated 16/11/2018

D.O.No.21/CH(IC)/2018 - (16/11/2018) -  CBIC has put up a GST & Customs Pavilion in IITF, which has six Helpdesks relating to GST, GSTN and Customs to guide and assist taxpayers. General information has been displayed through interesting info-graphics in the Pavilion....

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Extension of anti-dumping on O-Acid import from China

Notification No. 55/2018-Customs (ADD) - (15/11/2018) -  Seeks to extension of existing anti-dumping on O-Acid originating in or exported from China PR and imposed vide notification No. 6/2018-Customs (ADD) dated 12th March, 2018 to imports originating and exported from China PR of O-Ester....

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Government amends Stock and Sale Policy for dual use SCOMET items

Public Notice No. 46/2015-2020-DGFT - (15/11/2018) -  The existing Stock and Sale policy has been amended to allow re-transfer / re-export of SCOMET items within the country of the stockist and to the end users in other specified countries approved by IMWG, on post reporting basis....

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Article explains What a taxpayer should do if he don’t have ‘Transporter Id’ but want to enter and generate ‘Part-A slip’, When to extend the validity of E Way Bill, What should be done if PIN code is shown as invalid, What to do if the total invoice value does not match with the sum […]...
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A. FAQs on Filing reply in Form GST ASMT-11 to the notice issued against scrutiny of Returns Q.1 When a Tax Official will conduct Scrutiny of Returns? Ans: In case, any discrepancy is found in return furnished by registered person on the basis of risk parameters or suo-moto, then Tax Official can issue a notice […]...
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A. FAQs on Provisional Assessment and Release of Security under GST Q. 1. What is Provisional Assessment? Ans: If taxpayer is unable to determine either the value or tax rate for the goods/ services dealt in, then he/ she can file an application for provisional assessment to the Tax Official. Q. 2. From where can […]...
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With everything going Digital or Online, even signature has got its Digital Version, commonly known as Digital Signature Certificate or DSC. With Ministry of Corporate Affairs (MCA), Income Tax Authorities and Goods and Service Tax (GST) are already accepting online documents, applicant/taxpayer are now mandatorily required to sign docume...
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A. FAQs on Searching Tax Rate associated with HSN / Service Classification Code 1. Can I search for the tax rates associated with goods or services by mentioning the HSN/ Service Classification Code? The Search HSN/Service Classification Code Tax Rates allows the user to search the HSN or Service Classification Code tax rates based on th...
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Income Tax Planning

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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Tax Planning / Tax Saving Tips for Financial Year 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax P...

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Income Tax Deductions

Tax Deducted at Source (TDS): FAQs

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G an...

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Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to som...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a m...

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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

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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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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