Latest Tax News & Updates

Import of Goods under GST- Brief Analysis

Goods and Services Tax - Article explains Definition of Import of Goods, Import of Goods- Scope of Supply under GST, Levy of GST on Import of Goods, Input tax Credit of GST paid on Import of Goods, Inter-state or Intra State supply, Place of Supply of import of Goods and Import of goods for personal use. Definition of Import of […]...

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Capital Gain Tax on Dissolution/Reconstitution of Partnership Firms in the Hands of Partners & Firms

Income Tax - Taxability in the event dissolution/reconstitution of Partnership Firms have always been point of contentions before various Judicial Forums and the provisions of Income Tax has been amended from time to time to address the ambiguity in taxing the same. Our article is limited to Taxation in following situations 1. Dissolution of Firms 2. ...

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Audit Committee- Section 177 | Companies Act, 2013 & Rules

Company Law - Article explains about Audit Committee under Section 177, Rule 6 and 7 of Companies (Meetings of Board and its Powers) Rules, 2014, Composition of Audit Committee, Functions of Audit Committee, Powers of Audit Committee, Vigil Mechanism and Penalty for Violation of Audit Committee Provisions. Introduction: Audit Committee is of the major ...

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Taxation of Gifts under Section 28(iv) qua Shah Rukh Khan’s case

Income Tax - Preface `Gifts` received are specifically dealt with by the provisions embedded in section 56(2)(vii)/(x) inserted with effect from 01st October, 2009 &  01st April, 2017 falling under Part F of Chapter IV of the Income Tax Act, 1961. In the course of professional pursuits, any benefit or perquisite whether convertible in monetary ...

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All about filing of Form GST ITC-02A with FAQs

Goods and Services Tax - FAQs on Filing of Form GST ITC-02A Q.1 What is Form GST ITC-02A? A person having multiple places of business in a State or Union territory may be granted separate registration for each place of business. If a registered person, who has obtained separate registration for multiple places of business in a State/UT and intends […]...

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BCAS Representation on Goods and Services Tax Act

Goods and Services Tax - As our country is passing through an unexpected difficult period where almost all kind of commercial activities have become stand still. The entire country is in the lock down condition, and, either partial or full lock down may continue for some time...

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Join Online GST & Income Tax Course at 40% Discount

Goods and Services Tax - Join Online Self-Learning GST and Income Tax Course at up to 40% discount till 31st May 2020 Sharpen your skills while in Quarantine. As our country fights the Covid-19 and we are all in a lockdown for 21 days, TaxGuru Edu aims at making your quarantine – a quality time. Through the self-learning courses, we hope to […]...

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Covid-19 Lockdown- ICAI’s Initiatives For Members, Students & Firms

CA, CS, CMA - ICAI is expected to forgo more than 100 crore of receipt from Members and students in the form of highly subsidized certificate courses, availability of free CPE Hours, virtual courses/classes, scholarships etc. to stand together in the hour of crisis....

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Registration of IRP/RPs enabled on GST Portal

Goods and Services Tax - Facility for registration of IRP/RPs made available on the GST Portal 1. Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs), appointed to undertake corporate insolvency resolution proceedings for Corporate Debtors, in terms of Notification. No 11/2020-CT, dated 21st March, 2020 can apply for new registration on GST P...

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Check CAG Provisional empanelment status

CA, CS, CMA - Empanelment with the O/o C&AG of India for the year 2020-2021 The status of provisional Empanelment along with the provisional score points with respect to the Chartered Accountant firms/LLPs firms who have applied for empanelment with O/o C&AG of India for the year 2020-21 will be available from May 28th, 2020 to June 04th, 2020 ...

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No Section 69 addition merely for cash deposit in Saving Bank Account

Sarita Tyagi Vs ITO (ITAT Delhi) -  The issue under consideration is whether the addition made by the A.O. for cash deposited into saving bank account by the assessee is justified in law?...

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Section 12AA registration cannot be rejected merely on suspicion

Lady Floreance Education Society Vs CIT (Exemptions) (ITAT Delhi) -  The issue under consideration is that whether the CIT(Exemptions) is correct in rejecting the application seeking grant of registration u/s 12AA of the Act?...

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GST: Prohibition Order passed by DC without authorization is invalid

Mahendra Kumar Indermal Vs Deputy Assistant Commissioner (ST) (Andhra Pradesh High Court) -  Mahendra Kumar Indermal Vs Deputy Assistant Commissioner (Andhra Pradesh High Court) As per the provisions of Section 67(1) of the Act, power of inspection is specified to an officer not below the rank of joint commissioner. The said officer for the purpose of search as specified in Section 67(1) (a...

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No section 147 notice based on material already presented during section 143(3) assessment

Audhut Timblo Vs ACIT (Bombay to Goa High Court) -  The issue under consideration is whether A.O. is correct in issuing Notice under section 147 for re-opening of assessment irrespective of the fact that the material on which he relied is already present in front of him at the time of assessment u/s 143(3)?...

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POA holder is authorised to sign appeal form of Foreign Company

South Staffordshire PLC, Vs DCIT (International Taxation) (ITAT Delhi) -  The form of appeal shall be verified by the person who is authorised to verify the return of income under section 140 of the act as applicable to the assessee. According to the provisions of section 140(c) of the act, the first proviso says that where company is not a resident in India, the return m...

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Undertaking in lieu of bond allowed for Custom Clearance till 30.06.2020

Circular No. 26/2020-Customs - (29/05/2020) -  Board has decided to further extend the facility of accepting undertaking in lieu of bond for the period till 15.06.2020. Consequently, the date for submission of proper bond in lieu of which the undertaking is being temporarily accepted is extended till 30.06.2020. This relaxation will be reviewed ...

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Anti-Dumping duty on acrylic fibres extended till 30.11.2020

Notification No. 10/2020-Customs (ADD) [G.S.R. 330(E).] - (29/05/2020) -  Notification No. 10/2020-Customs (ADD)- Seeks to amend notification No. 27/2015-Customs (ADD) dated 1st June, 2015 to extend the levy of Anti-Dumping duty on acrylic fibres originating in or exported from Thailand for a further period of 6 months i.e. up to and inclusive of the 30th day of November,...

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Tariff Notification No. 48/2020-Customs Duty, Dated: 29.05.2020

Notification No. 48/2020-Customs Duty [S.O. 2315 (E).] - (29/05/2020) -  Tariff Notification No. 48/2020-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 48/2020-CUST...

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Recovery of Penal Interest on delayed remittance of Government Receipts into Government Account

RBI/2019-20/248 DGBA.GBD.No.1909/42.01.011/2019-20 - (29/05/2020) -  Agency banks were advised that petty claims of penal interest involving an amount of ₹ 500/- (on per transaction basis) or below would be ignored and excluded from the purview of penal interest on delayed reporting of State Government transactions,...

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FM launches Instant PAN facility through Aadhaar based e-KYC

(Release ID: 1627434) - (28/05/2020) -  FM formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. The allotment process is paperless and an electronic PA...

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FAQs on Filing of Form GST ITC-02A Q.1 What is Form GST ITC-02A? A person having multiple places of business in a State or Union territory may be granted separate registration for each place of business. If a registered person, who has obtained separate registration for multiple places of business in a State/UT and intends […]...
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The government has provided Rs. 300000/- crores as collateral free automatic loan, due to Covid 19 Situation to get the economy back on track. Hence, government has given the opportunity to businesses by providing them emergency funds with 100% credit guarantee by government. The government has given the clarifications regarding the afore...
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Dear Friends, as we all are aware, due to COVID-19 impact our economy is running very slow and as per economist this year our GDP growth rate will be very low. During this lockdown period various queries are received from GST registered MSME Units related to GST registration cancellation on voluntary basis, due to business […]...
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Q.1 What are Statutory Registers?  Ans: Statutory Books are the official records kept by the company relating to all legal and statutory matters. The registers that contain the specific record of the company’s shareholders, directors, deposits, loan & guaranty, etc. Q. 2 What are the examples of Statutory Registers? Ans: 1. Re...
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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. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...
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Income Tax Planning

What Taxes shall you pay for Financial Year 2019-20 – Complete guide for income tax computation

What Taxes shall you pay for Financial Year 2019-2020 – A complete tax guide for income tax computation In India, every year, the Finance Minister announces an annual Un...

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You can save income tax through your spouse also

Your spouse not only helps you in meeting your social and personal obligations but also helps you in saving income tax as well. There are certain tax benefits by way of which ...

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Tax on Blogging income under Income Tax & GST with FAQs

In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Blogge...

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Income Tax Deductions

All about form 15CA & Form 15CB

What stand customer can take if Bank demand Form 15CA but service is not taxable? In such cases, the possible recourse is to submit a declaration in form of a note to Bank sta...

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Section 80G Deduction For Donation made

The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law book since financial year 1967-68 and it seems i...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax...

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Excel Based Reminder for Tracking Insurance Policies, Subscriptions, Travel Documents, AMC, Investments Etc

Excel Based Reminder for Tracking Insurance Policies, Subscriptions, Travel Documents, AMC, Investments Etc This Is An Excel Based Reminder For Keeping Track Of Your 1) Travel...

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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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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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Income Tax Rates for Financial Year 2020-21 / AY 2021-22

Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab ra...

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May 2020