Latest Tax News & Updates

No filed Tax Audit Report Before Due Date – Need to worry?

Income Tax - Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date....

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TCS on sale of Goods- Section 206C(1H) w.e.f. from 01.10.2020

Income Tax - ​All about TCS on sale of Goods [newly inserted Section 206C(1H)] effective from 01.10.2020 Introduction to TCS (Tax collection at source) Tax Collected at Source (TCS) is the tax payable by a seller which he bills on to the from the buyer at the time of sale and is payable into the Government Treasury on receipt of money from the...

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Section 50 – NDPS Act applies in cases of Personal Search only

Corporate Law - Applicability of Section 50 of the NDPS Act in cases of Personal Search Only The Supreme Court of India has recently ruled a judgement under section 50 of the Narcotic Drugs and Psychotropic Substances Act 1985 holding the opinion that the section 50 of the abovementioned act shall be applicable only in cases of personal search and t...

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Guidance on Payment of Bonus Act, 1965 R/w Payment of Bonus Rules, 1975

Corporate Law - Guidance on Payment of Bonus Act, 1965 R/w Payment of Bonus Rules, 1975 An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity and for matters connected therewith. 1. Application of the Act: It shall apply to; […]...

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TCS on Sales of Goods

Income Tax - TCS on sale of goods will be applicable with effect from 1st October 2020. TCS applicability, rates and compliance are analysed below for your reference: Applicability Seller of goods are required to collect of TCS on the sale of goods exceeding Rs. 50 Lakhs with in India. Turnover of the seller during preceding financial year shall [&he...

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What you need to keep in mind before September 30, 2020?

Income Tax - The Central Board of Direct Taxes (CBDT) had earlier provided for the last day to file belated or revised returns for the assessment year 2019-20, and for the previous year (2018-19) which September 30, 2020. It has also been decided that the deadline to file taxes ends on September 30, 2020. On the other hand, for FY 2020, it is [&h...

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Drafts Forensic Accounting & Investigation Standards (FAIS)

CA, CS, CMA - Digital Accounting Assurance Board of The Institute of Chartered Accountants of India (ICAI) invites comments on the following exposure drafts of Forensic Accounting and Investigation Standards (FAIS):...

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Details of reasons for revenue shortfall in GST

Goods and Services Tax - (a) the details of reasons for revenue shortfall in the Goods and Services Tax (GST); (b) the details of options available to the States like Tamil Nadu to meet the revenue shortfall in GST collections and the objections from the States for the options;...

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Advisory for welfare of Migrant Workers returning to destination states

Corporate Law - Ministry of Labour of Employment issues Advisory Guidelines to States Governments for the welfare of Migrant Workers returning to destination states Post COVID 19 Start Date to End Date: Tuesday, September 8, 2020 – 12:00 to Friday, October 9, 2020 – 18:00 Advisory Guidelines to States Governments for the welfare of Migrant Wo...

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Extension of Time to submit comments on Formats for Business Responsibility & Sustainability Reporting

SEBI - SEBI had placed the formats for Business Responsibility and Sustainability Reporting, for public consultation on its website on August 18, 2020, seeking comments by September 18, 2020. In view of the impact of the CoVID-19 pandemic, it has been decided to extend the timelines for seeking public comments to October 18, 2020. The comments m...

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Section 54F Exemption on Investment in House Property in USA Prior to 01.04.2015 allowable

CIT Vs. Vinay Mishra (Karnataka High Court) -  The issue under consideration is whether the assessee is entitled to claim exemption u/s 54F of the Income Tax Act in respect of investment made in the house property in USA? ...

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Section 44AD not obligates assessee to maintain books of account

Nand Lal Popli Vs DCIT (ITAT Chandigarh) -  Nand Lal Popli Vs DCIT (ITAT Chandigarh) Assessing Officer, for making the impugned addition has started with the presumption that an amount to the extent of 92% of the gross receipts is the expenditure incurred by the assessee, which is a totally wrong premise. If the income component is estimated,...

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Section 44AD: Assessee need not explain individual entry of cash deposit in bank

Sri. Girish V.Yalakkishettar  Vs ITO (ITAT Bangalore) -  Sri. Girish V.Yalakkishettar  Vs ITO (ITAT Bangalore) Section 44AD of the Act gives an option to the assessee to offer income on presumptive basis. These are special provisions. The assessee has opted for the same and offered to tax income at the rate of 8% of his turnover. The issue is whether, th...

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Additions towards undisclosed purchases/ expense etc. goes against spirit of section 44AD

Shri Thomas Eapen Vs ITO (ITAT Cochin) -  Shri Thomas Eapen Vs ITO (ITAT Cochin) The assessee offered income u/s. 44AD, the assessee being a small trader in medicine. There is no dispute that the assessee falls under the provision of sec. 44AD since the turnover of the assessee is less than Rs. 1 crore from eligible business. The Assessing ...

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Outstanding Receivables are Part of Working Capital Hence No Separate Benchmarking Required for them

DCIT (LTU) Vs EXL (India) Pvt. Ltd. (ITAT Delhi) -  The issue under consideration is whether the addition made on imputing interest on outstanding receivable from associated enterprises as its separate international transaction and its determination of ALP is justified in law?...

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Capturing additional details for Certificate of Origin in Bill of Entry

Public Notice No. 120/2020-JNCH - (17/09/2020) -  Attention of Importers, Exporters, Customs Brokers, Shipping Lines/ Agents, Logistics Service Providers, CFSs Custodians, Trade, Customs Staff and all other stakeholders is invited to ICES Advisory No. 34/2020 dated 17.09.2020 issued by Directorate General of Systems and Data Management, CBIC....

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T. R. Ramnani appointed as member of Advance Ruling Authority, Maharashtra

No. GST.1020/C.R.84/Taxation-1 - (14/09/2020) -  Shri. T. R. Ramnani has been appointed as member of Advance Ruling Authority in place of Shri. A. A. Chahure. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 14th September 2020. NOTIFICATION MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017. No. GST.1020/...

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All India roll-out of Faceless Assessment

Public Notice No. 117/2020-JNCH - (12/09/2020) -  Faceless Assessment, duly supported by Paperless and Contactless Customs clearance processes, is a critical reform. The pilot programme of Faceless Assessment was launched in Chennai on 14.08.2019 for electrical machineries falling under Chapter 85 of the Customs Tariff Act, 1975....

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Turant Customs – All India roll-out of Faceless Assessment

Standing Order No. 31/2020-JNCH - (14/09/2020) -  Identification of Customs site performing Faceless Assessment within each Zone of a National Assessment Centre (NAC) :- Board has decided to constitute total eleven (11) National Assessment Centres (NACs) for performing Faceless Assessment....

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Uninterrupted supply of Medical Oxygen in country- Reg.

D.O. No. 40-3/2020-DM-I(A) - (18/09/2020) -  As you are aware, availability of adequate and uninterrupted supply of Medical Oxygen is an important pre-requisite for managing moderate 86 severe cases of COVID-19. With increasing number of active cases of COVID-19, the consumption of oxygen is also expected to increase....

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GSTN released FAQ & User Manual on ‘Matching Offline Tool’ for matching GSTR 2B with purchase register GSTN has released FAQ and user manual on Matching Offline Tool which facilitates matching of auto drafted details in Form GSTR-2B with purchase register. The document contains detailed set of FAQs on the usage of offline tool suc...
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Frequently Asked Questions (FAQs) on the SEBI Settlement Scheme, 2020 One-time opportunity for settlement to the entities that have executed reversal trades in the stock options segment of BSE during the period from April 1, 2014 to September 30, 2015 against whom any proceedings are pending. Scheme issued by the Securities Exchange Board...
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The Securities Exchange Board of India has introduced a Settlement Scheme, 2020 vide Public Notice dated July 27, 2020, in terms of Regulation 26 of the SEBI (Settlement Proceedings) Regulations 2018. The purpose of the Scheme is to provide a one-time opportunity for settlement to the entities that have executed reversal trades in the sto...
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Background The GST Council, in its 37th meeting on 20th September 2019, has recommended introduction of electronic invoice (‘e-invoice’) in GST in a phased manner. (While the initial date for roll out was 1st April, 2020, the Government had notified 1st October, 2020, as revised date for implementation of e-invoicing.) GST e-invoice ...
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Inquiry before DGGSTI in respect of allegation of fraudulent ITC on fake invoices under GST Act Q.1. Nodal officer is State Government SGST officer and DGGSTI is CGST officer who has a power to issue summons under the Act? Ans:- As far as inquiry investigation is concern DGGSTI has a power to investigate the case […]...
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Income Tax Planning

Guide on How to Save Income Tax?

Guide on How to Save Income Tax is RELEVANT FROM FINANCIAL YEAR 2019-20 & ONWARDS, Incorporates changes made in Income Tax laws in Union Budget presented on July 5, 2019 &...

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Income Tax on distribution of surplus by companies / effective Income Tax planning

Considering the recent amendments in Income Tax Act, distribution to shareholder / promoter has become challenging, specifically post introduction of section 2(22)(e). The mos...

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Planning to sell your House? Know the taxes & how to save taxes?

Many people specially who do not file their income tax returns are not aware that they have to pay tax in respect of profits made on sale of a residential house.  In certain ...

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Income Tax Deductions

Section 80P Deduction eligible on Bonus in the nature of dividend by KMF to Co-op Society

The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producer...

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Section 80EE – Analysis of The Forgotten One

The boon for the first time home buyers, the section 80EE has been reintroduced from FY 2016-17. According to which, the interest paid on loan for buying house property shall ...

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Conditions for claiming Income Tax deductions under chapter VIA

Important General conditions for claiming deductions under chapter VIA of The Income Tax Act, 1961 Chapter VIA of the Income Tax Act, 1961 contain the sections under which ass...

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Free Perpetual Depreciation Calculator with FAR with Fixed Asset Schedule

Perpetual  Depreciation Calculator with Fixed Asset Register.  – Automated Fixed Schedule Preparation  – Depreciation for entire useful life of assets  –...

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GST Interest & Late Fee Auto Calculator for Extended Due Dates due to Covid 19

GST Interest and Late Fee Auto Calculator for Extended Due Dates due to Covid 19 in Excel Format Due to Covid 19 pandemic in India, The Indian Government has extended the Due ...

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Free Depreciation Calculator Version 2.3- Schedule II of Companies Act 2013

Auditors Tool on Depreciation as per Companies Act 2013- Version 2.3 updated upto FY 2019-20 (Released on 08.06.2020) WHAT IS NEW- in this updated Version 2.3 1. Consolidated ...

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Rate Charts

Updated reduced TDS/TCS Rate Chart for F/Y 2020-21

Due to Covid-19, CBDT has reduced the TDS/TCS rate by 25% through press release dated 13/05/2020. However, No official notification is being released by CBDT till now for redu...

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TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05....

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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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September 2020