Latest Tax News & Updates

Fees & Penalty for late / Non filing of TDS Return

Income Tax - Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known as TDS/TCS return) we shall first have a look at the few basic duties of a person liable to deduct/collect tax at source and due dates for filing of TDS/TCS return....

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Provisions of Short Term Capital Gain with examples

Income Tax - Gain arising on transfer of capital asset is charged to tax under the head Capital Gains. Income from capital gains is classified as Short Term Capital Gains and Long Term Capital Gains. In this part you can gain knowledge about the provisions relating to tax on Short Term Capital Gains....

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Presumptive taxation U/s. 44AD, 44ADA, 44AE with FAQs

Income Tax - 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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Income Tax & FEMA provisions applicable to Non Residents

Income Tax - In this article we will discuss various provisions of Income-tax Law and Foreign Exchange Management Act, 1999 (FEMA) which are useful to a non-resident. Contents of the article includes provisions related to determination of status of Individual, individual, HUF, company and others, Incomes which are taxable in India based on Residential...

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In the rush of GST Take Care of MVAT Audit

Goods and Services Tax - GST has been applicable from 1st July but Sales tax department has issued notification regarding VAT Audit on 8th December. Please explain in details regarding VAT Audit. ...

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Direct Tax Collections for FY 2017-18 show Growth of 14.4%

Income Tax - Direct Tax Collections for Financial Year 2017-18 show Growth of 14.4% upto November, 2017 The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4% higher than the net collections for the corresponding period of last year. The Net Direct Tax collections [&hel...

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DRI Strikes Against Black Money – Recovers about Rs. 50 Crores of Demonetized Currency

Income Tax - Sleuths of the Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, zeroed in on an office premises at Bharuch in Gujarat State and recovered about Rs. 48.91 crores of demonetised currency in Rs. 500 and Rs.1,000 denomination currency notes. Acting on the specific intelligence, the officers ...

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ICAI Clarifies on Rumors of Reservations in CA course

CA, CS, CMA - The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation in the Chartered Accountancy course....

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Builders demanding higher Tax Post GST Roll out will deemed to be profiteering

Goods and Services Tax - It is advised to all builders / construction companies that in the flats under construction, they should not ask customers to pay higher tax rate on installments to be received after imposition of GST. Despite this clarity on law position, if any builder resorts to such practice, the same can be deemed to be profiteering under section 171...

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CBI Registers a DA Case against Preventive Officer of Central Excise and Customs

Custom Duty - CBI REGISTERS A DISPROPORTIONATE ASSETS CASE AGAINST “PREVENTIVE OFFICER” OF DEPARTMENT OF CENTRAL EXCISE AND CUSTOMS Press Release New Delhi, 08.12.2017 The Central Bureau of Investigation has registered a case against Preventive Officer, Department of Central Excise and Customs, New Custom House, Fort, Mumbai U/s 13 (2) r/w 13 (1) (...

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Section 292BB cannot cure jurisdictional error; Time-barred Notice cannot be deemed as valid

Dr. N. Madhava Reddy Vs. Asst. Commissioner of Income-tax (ITAT Hyderabad) -  A reassessment order cannot be passed without compliance with the mandatory requirement of notice u/s 143(2) being issued as the requirement of issuance of such notice is a jurisdictional one and section 292BB cannot cure jurisdictional error....

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Tax not leviable on Subsidy from State Govt under ‘Capital Investment Subsidy’

ACIT Vs Pasadensa Foods Ltd (ITAT Delhi) -  The New Delhi bench of Income Tax Appellate Tribunal on yesterday ruled that the amount received as subsidy from the State Government under Capital Investment subsidy is not taxable under the Income Tax Act as it is capital in nature....

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Penalty not justified for non-deduction of TDS on Lease rent due to Reasonable Cause

Addl. CIT (TDS) Vs The Principal Officer (ITAT Delhi) -  Section 273B of the Act provides that in case of a reasonable cause, penalty otherwise exigible, inter alia, u/s 271C of the Act, cannot be imposed. ...

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AO cannot invoke Section 14A provision in absence of any direct nexus between expenditure claimed to exempt income

Leena Kasbekar Vs ACIT (ITAT Mumbai) -  We are of the view that in the absence of any direct nexus between expenditure claim to the exempt income, the assessing officer cannot invoke the provisions of section 14A row with rule 8D(2) to disallow expenditure....

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Compounding fee for permissible deviation of building plan is allowable

Keerthi Estates (P) Ltd. Vs. Dy. CIT (ITAT Hyderabad) -  Keerthi Estates (P) Ltd. Vs. DCIT (ITAT Hyderabad) The assessee has paid compounding fine to regularize the building plan. The payment of such compounding fine is penalty in the nature of an offence or which is prohibited by law. We have noticed that the decision on this count is divided among the v...

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Rate of exchange of conversion of foreign currency wef 08.12.2017

Notification No. 113/2017-Customs (N.T.) - (07/12/2017) -  In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise and Customs No. 110/2017-CUSTOMS (N.T.), dated 16th November, 2017 except as respects things done or omitted to be done before such super-s...

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IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017

Notification No. IBBI/2017-18/GN/REG/21 - (06/12/2017) -  (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette....

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MVAT: Filing of vat audit report in form E-704 by on SAP system

Trade circular no. 51T of 2017 - (08/12/2017) -  Filing of audit report in Form E-704 by the dealers registered on SAP system from 25/05/2016 for the financial year 2016-2017 on Mahavat website. :- Earlier MSTD had issued a Trade Circular No. 27T of 2009 date 1st October, 2009 on the subject of filing of VAT Audit Report in Form- 704 electronical...

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IGST: All about Bond/ LUT to be submitted by Exporters in Maharashtra

Trade Cir. No. 50 T of 2017 - (07/12/2017) -  The facility of export under LUT has been now extended to all registered persons who intend to supply goods or services for export without payment of integrated tax except those who have been prosecuted for any offence under the MGST Act or the Integrated Goods and Services Tax Act, 2017 or any of t...

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CBEC eases norms for Bank Guarantee/ cash security and Surety on Imported Goods

Circular No. 48/2017-Customs - (08/12/2017) -  Bank Guarantee/ cash security/ surety shall be taken as per the following norms for the purpose of extending the benefit under the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017....

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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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Taxpayer is not able to reset and file GSTR-3B. Error report shows YOU HAVE ALREADY OFF SETTED GSTR-3B, but CESS liability is yet to be set off....
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Company wants to sell its old Car. What is GST implication and to be applied at what price? Any changes if given to dealer of new car in exchange offer?...
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To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....
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Income Tax Planning

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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What a salary structure should include, how we can reduce our salary tax liability

How to reduce your tax liability under salary head for AY 2018-19 Major sub heads of salary income and how we can reduce our taxable income portion: What a salary structure sh...

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Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is ...

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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

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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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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