Latest Tax News & Updates

GSTR-3B Return notified to nullify Gujarat HC Judgment – SC fails to analyze this crucial aspect

Goods and Services Tax - GSTR-3B─Return notified  subsequent to Judgment of Gujarat HC to nullify Judgment─No analysis of this crucial aspect by the Apex Court The Hon’ble Supreme court in the case of Union of India v. AAP And Company (2021) 36 J.K.Jain’s GST & VR 519, overruled the judgment dated 24.6.2019 of Hon’ble Gujarat HC : AAP and Co. [...

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Education Policies For Tribals – Problems & Possible Remedies

Corporate Law - Constitutional Provision Article 21A has been introduced vide the Constitution (Eighty-Sixth Amendment) Act, 2002 which makes the right to education a fundamental right. This Article requires the State to provide free and compulsory education to all the children at the age of six to fourteen years, in such manner as State, may by law dete...

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Change In Financial Year – A Quick Recap!

Company Law - Meaning Of Financial Year The Companies Act, 2013 defines Financial Year under Section 2(41) as: “Financial Year”, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the […]...

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BYJU’S – An Unlit Nutshell of Indian Tutelage

Finance - On an average an Indian parent run through approx. rupees 1.50 lakh on a child’s education in india. The Indian ed tech industry is worth 2.8 billion. Byju’s is world’s 13th most valuable startup and world’s largest ed tech decacorn with its valuation standing around $21 billion. In preceding seven years it has acquired more [&hel...

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How to incorporate a Private Company in India?

CA, CS, CMA, Company Law, Corporate Law - Private Limited Company registration is the most popular form of a ‘legal structure’ for all businesses in India. This type of company offers limited liability for its shareholders with certain restrictions placed on the ownership. An LLP has partners, who own and manage the business. Whereas in private limited company registr...

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CS Recognised under SEBI (ICDR) (Amendment) Regulations, 2022

CA, CS, CMA - The Institute of Company Secretaries of India 17th January, 2022 Dear Professional Colleague, Subject: New Recognition to Company Secretary under the SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022 The Institute in furtherance of its continuous endeavours to provide new opportunities to its members has be...

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Join our Courses on GST, Customs, Excel & Income Tax at 40% Discount till 26.01.2022

Goods and Services Tax - Join Self-Learning Certification Course on GST, GST Compliances, Excel For professionals, Income Tax and Customs including Import & Export by TaxGuru Edu at 40% till 26th January 2022...

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81 Union Budget 2021-22 Provisions implemented by Government

Income Tax - Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period....

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ICAI Campus Placement Programme for Newly Qualified CAs

CA, CS, CMA - Registration for December, 2021 (November 2021 cycle) pass out candidates begins on 15th February’22 and will end on 21st February’. Candidates who passed out prior to December, 2021 (November 2021 cycle) but could not apply in regular campus due to certain reasons, specified below, are now eligible for February-March’22 campus and ...

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Draft Valuation Standard 304 – Valuation of Assets in Extractive Industries

CA, CS, CMA - Following is the Exposure Draft of the ICAI Valuation Standard (ICAI VS) 304 Valuation of Assets in the Extractive Industries issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments....

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AAAR Tamilnadu explains GST on Various services provided by Municipal Corporation

In re Tiruppur City Municipal Corporation (GST AAAR Tamilnadu) -  In re Tiruppur City Municipal Corporation (GST AAAR Tamilnadu) i. In respect of Q.No. 1, Sl. No. 5-B (Rent for locker provided in bus stand by the appellant) it is held to be an activity undertaken by the Municipality as a function entrusted under 243 W of the Constitution and the service of rent or...

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Rodent Feed classifiable under HSN 23099010 & not falls under exemption notification

In re Hylasco Bio-technology Private Limited (GST AAR Telangana) -  In re Hylasco Bio-technology Private Limited (GST AAR Telangana) 1. Whether the product Rodent Feed can be classified under the HSN 2309 90 10 or not? Yes. But not covered under the exemption notification. 2. If No, HSN applicable for the specified product? Please refer above. 3. As HSN 2309 is exem...

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ITC of GST restricted U/s. 17(5)(d) cannot be utilised

In re INOX Air Products Pvt Ltd. (GST AAAR Tamilnadu) -  In re INOX Air Products Pvt. Ltd. (GST AAAR Tamilnadu) The final issue to be seen is that whether the entire manufacturing plant is to be construed as a ‘Plant and machinery’. As discussed in para supra, the Act do not define the terms ‘Plant’, ‘Machinery’, though...

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No GST on Rent for locker provided in bus stand by Municipal Corporation

In re Erode City Municipal Corporation (GST AAAR Tamilnadu) -  (Rent for locker provided in bus stand by the appellant) it is held to be an activity undertaken by the Municipality as a function entrusted under 243W of the Constitution and the service of rent or fee collection for such a facility is neither a Supply of Goods nor a supply of Service as per Notifi...

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Balance credit not lapses in terms of Rule 11(3) of Cenvat Credit Rules, 2004 despite availment of benefit of Notification No 30/2004-CE

Synfab Sales And Industries Ltd. Vs C.C.E & S.T.-Silvasa (CESTAT Ahmedabad) -  Synfab Sales And Industries Ltd. Vs C.C.E & S.T. (CESTAT Ahmedabad) From the plain reading of the above rule 11(3) (i) (ii) it is clear that in terms of Clause (ii) of Rule 11(3) the balance credit shall lapse only if the assessee availed an exemption which is absolutely and exempted which is ot...

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Re-import of steel for packaging will not be covered under SIMS

(19/01/2022) - A. Whether re-import of goods for packaging purposes falling under HS codes of Chapters 72,73 and 86 of ITC (HS), 2017 is also covered under scope of SIMS? Whether SIMS Registration is required if the steel/steel item is exported from DTA to SEZ and then imported from SEZ to DTA when [I] the item is...

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SEBI Chairman launches ‘Saa₹thi’ – SEBI’s Mobile App on Investor Education

(19/01/2022) - Shri Ajay Tyagi, Chairman, SEBI launched 'Saa₹thi' – SEBI’s Mobile App on Investor Education at a function held in Mumbai today. The SEBI Mobile App aims to create awareness among the investors about the basic concepts of Securities Market, KYC Process, trading and settlement, mutual funds, re...

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RBI directs inclusion of ‘Sikkim State Co-operative Bank Ltd.’ as Scheduled Banks

(21/10/2021) - Reserve Bank of India hereby directs the inclusion of 'Sikkim State Co-operative Bank Ltd.' in the Second Schedule to the Reserve Bank of India Act, 1934 as Scheduled Bank....

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Securities Transaction Tax (1st Amendment), Rules, 2022

(18/01/2022) - Person responsible for collection and payment of securities transaction tax in case of Insurance Company.- In the case of an insurance company, the person responsible for collection and payment of securities transaction tax in accordance with sub-sections (2), (3) and (4) of section 100 of the Act, ...

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CBIC exempts BCD & IGST on goods imported for AFC Women’s Asian Cup India

(18/01/2022) - CBIC exempts BCD and IGST on goods imported for the purpose of AFC Women’s Asian Cup India, 2022 vide Notification No. 1/2022-Customs dated : 18th January, 2022 MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 18th January, 2022 Notification No. 1/2022-Customs G.S.R. 26(E).—In e...

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The FCRA is applicable to all associations, groups, trusts and Non-governmental organizations which intend to receive foreign donations. The foreign contribution regulation act (FCRA) has come in 2010. In order to receive a foreign contribution, one has to get registered under the FCRA. The FCRA was enacted with the primary purpose of reg...
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Director identification number (DIN) refers to a unique identification number allotted to an individual who is willing to be a director or is an existing director of a company. DIN is obtained by filing an application in eForm DIR-3. However, now with an update in MCA’s registry, it becomes mandatory for all directors having DIN [&helli...
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AGREEMENT OR CONTRACT? The phrases ‘agreement’ and ‘contract’ are sometimes used interchangeably. However, not all agreements are contracts, and not all contracts are agreements. Take master services agreements, for example, which, despite their name, are frequently enforceable contracts. Confused? Don’t be c...
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As per newly inserted regulation 17(1C) the listed entity shall ensure that approval of shareholders for appointment of a person on the Board of Directors is taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier....
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What is the definition of a patent? A patent is a statutory right provided by the government to the patentee for a set length of time in return for full disclosure of his invention and the prohibition of others from creating, using, selling, or importing the patented product or method for those purposes without his […]...
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Income Tax Planning

Zero Income Tax on Rs 10 lakhs Individual Income- See How

It is common knowledge that the Income Tax on income of Rs.10 lacs in Individual status entails payment of Income Tax of Rs. 1,17,000/-. But, if you plan well, you need not pa...

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How to Save Tax Without Investment

HOW TO SAVE MONEY WITHOUT INVESTMENT The income tax department have provided various deductions and exemptions to the taxpayers  that can be subtracted from the taxable incom...

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What is Tax Planning & Why it is Important for Individuals or Businesses

A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any financial year. While paying taxes is certain and ine...

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Income Tax Deductions

FM Madam- Please Enhance limit of Section 80C of Income Tax Act

Whenever a Budget is introduced in the Parliament, the middle income group primarily eye Section 80C of the Income Tax Act as it is the most popular and favourite section affe...

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NPS a good savings instrument with steady returns & Income Tax Benefits

National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one o...

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Section 80DDB- Time to increase limit of expenditure incurred on treatment

Time to Revisit Section  80DDB of Income Tax Act – Need to increase limit of expenditure  incurred on treatment of all Diseases The Finance Minister would present Budg...

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Income Tax Calculator for FY 2021-22 in Excel for Salaried Individuals

Simple Income Tax Calculator for the Financial Year 2021-22 in Excel for Salaried Individuals. Tax Planning in the beginning of the Financial Year is always better instead of ...

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Income Tax Calculation Excel Software

Income Tax Calculation F.Y. 2021 -22 in Excel आयकर गणना प्रपत्र वित्तीय वर्ष 2021 – 22 Fully Automatic Excel Program ...

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Short-term Financial Forecast Tool

The Short-Term Financial Forecast Tool is a fully-automated Excel-based automated tool for short-term financial forecasting.  It can be readily deployed by any business witho...

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Rate Charts

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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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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Rates of Depreciation as Per Income Tax Act, 1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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January 2022