Latest Tax News & Updates

Provisions of GST Effective From 1st April 2019

Goods and Services Tax - Article discusses changes in 1. GST Provisions related to Threshold Limit for Registration in case of goods , Services and ZBOth Goods & Services 2. Changes in GST Composition Scheme 3. Supply with or without consideration – treated as supply under GST, Changes in TCS Provisions and 4. Proposed New GST Return Formats. Provisions Bef...

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Notification dated 5th March 2019 by CBDT on Angel Tax, Icing on cake

Income Tax - As per current Income Tax provisions, if a closely-held company i.e. a company in which public is not substantially interested, issues shares at a price which is more than its fair market value (FMV), then the excess amount i.e. excess of issue price over fair market value will be taxed as income from other sources in the hands of the com...

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Last Minute Tax Saving Options

Income Tax - As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful […]...

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GST Provisions Related to Information Technology Sector

Goods and Services Tax - Following write-up summarises the GST provisions as applicable to IT/ITES sector. 1. Goods or Services: Though GST is applicable to both goods or services, it is necessary to determine as to whether the impugned supply is ‘supply of goods’ or ‘supply of services’ and all machinery provisions of GST law differentiat...

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Conversion of Unlimited Liability Company into a Limited Liability Company by Shares or Guarantee

Company Law - Conversion of Unlimited Liability Company into a Limited Liability Company by Shares or Guarantee Under Companies Act, 2013 1) Without prejudice to any other provision in the Companies Act for effecting the conversion of an unlimited liability company with or without share capital into limited liability Company by shares or guarantee, suc...

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Join 4 day Course on GST by M.S.M.E. with Certification

Goods and Services Tax - JOIN 4 day GST Practitioner Advanced Certified Training course of Ministry of M.S.M.E. at Agra, Trichy, Chennai, Cochin, Hyderabad, New Delhi, Mumbai, Kolkata, Bangalore, Jaipur, Goa, Coimbatore, Pune and Ahmadabad in March and April 2019 starting from 16th March 2019. BROCHURE FOR GST PRACTITIONER ADVANCED CERTIFIED TRAINING ORGANISEED B...

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Income Tax Dept conduct searches 5 locations in J & K

Income Tax - Income Tax Dept conducted searches at 5 locations in Jammu & Kashmir region on 14/3/19. The actions are part of Deptt’s continued drive against use of black money by disruptive elements in the State; also send message of deterrence 2 those intending 2 vitiate democratic process of free & fair election. Prominent LOC trader who [...

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Format for Bill of Supply for goods & Service as per notification no. 2/2019 CGST Rate

Goods and Services Tax - Format for Bill of Supply for goods & Service as per notification no. 2/2019 CGST Rate Notification no. 02/2019 CGST Rate has been issued for Composition Scheme for Service provider. Format for bill of supply is attached herewith. Bill of Supply For Service and Goods (Taxable person paying tax in terms of notification No. 2/2019-C...

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Online GST Certification Course by TaxGuru & GST Professionals (Registration Closing Soon)

Goods and Services Tax - Join Online GST Certification Course by TaxGuru & GST Professionals – March’19 Batch- Starting from 24th March 2019. After Completing nine successful batches on GST We are happy to announce Advanced Online GST Certification Course – March 2019 Batch to help Learn GST in Easy and Practical way to help you be an Expert in [&hellip...

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Proposed Signing of Bilateral Agreement for Exchange of CBCR between India and USA

Income Tax - Dear Reader, The Ministry of Finance, has issued a Press release dated 15 March, 2019 stating that a bilateral agreement has been finalized between India and the United States of America (USA) for the exchange of Country-by-Country Reports (CbCR). The proposed agreement would apply retrospectively for the exchange of CbCR from the financi...

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GST on Goods & services supplied by Rajiv Gandhi Centre for aquaculture

In re Ms. Rajiv Gandhi Centre for aquaculture (GST AAR Tamilnadu) -  In re Ms. Rajiv Gandhi Centre for aquaculture (GST AAR Tamilnadu) 1. The Applicant, RGCA is liable to be registered under Section 22 of CGST and TNGST Act. 2. RGCA shall obtain registration in every such State or Union territory in which he is so liable. 3. The rate of tax for various supplies of [&...

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ESOPs Holding period to be from date of grant not from date of vesting

Shri. N. R. Ravikrishnan Vs Assistant Commissioner of Income Tax (ITAT Bangalore) -  Shri. N. R. Ravikrishnan Vs ACIT (ITAT Bangalore) HOLDING PERIOD TO BE CALCULATED FROM THE DATE OF GRANT IN CASE OF TRANSFER OF UNEXERCISED STOCK OPTION. FACTS – Assessee’s return was selected for scrutiny, wherein, AO treated LTCG arising on transfer of ESOP option amounting to INR 20,41,672 as...

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No addition for duly explained Past Savings Kept in Locker

Shri Dinesh Goswami Vs DCIT (ITAT Indore) -  Shri Dinesh Goswami Vs DCIT (ITAT Indore) When Source of Income Fully Explained Past Savings Kept in Locker is Justifiable in Law FACTS – Search was carried out on 30.11.2012 on the premises of assessee. Notice u/s 153A was issued to assessee to file return for AY 2007-08 to AY 2012-13. During the...

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Erroneous TDS claim not authorise AO to bring professional receipts to tax

Dhruv Sachdeva Vs ACIT (ITAT Delhi) -  Where assessee had erroneously taken credit for prepaid taxes on account of gross professional receipts as per Form 26AS ; then having regard to Rule 37BA, Revenue would be justified in denying credit for such amount of prepaid taxes which were not assessable during the year on the basis of regular ...

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Section 40(a)(ia) can’t be invoked in absence of amount claimed as expenditure

CIT Vs M/s Dedicated Healthcare Services (TPA) India Pvt. (Bombay High Court) -  Section 40(a)(ia) can be applied only when amount sought to be disallowed has been claimed as an expenditure/deduction. In absence of the amount having been claimed as expenditure while determining the income, dis allowance would not be attracted....

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TDS under section 31 of MVAT Act after 1st July, 2017

Trade Circular No. 10T of 2019 - (16/03/2019) -  Certain queries have been received by this office seeking clarification with regards to applicability of TDS under MVAT Act after 1st July, 2017. The amended provisions are explained as follows:a) An employer should have deducted tax (TDS), in respect of a works contract, executed upto 30th June 201...

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Reserve Bank of India (Prevention of Market Abuse) Directions, 2019

RBI/2018-19/141 FMRD.FMSD.11/11.01.012/2018-19 - (15/03/2019) -  These Directions shall be called the Reserve Bank of India (Prevention of Market Abuse) Directions, 2019.(2) They shall come into force on March 15, 2019.(3) These Directions shall apply to transactions of all participants in markets for financial instruments but shall exclude transactions executed ...

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How to obtain online import license for ‘Restricted’ items

Trade Notice No: 49/2015-2020-DGFT - (15/03/2019) -  Online facility for obtaining import license for ‘Restricted’ items from 18th March, 2019 (Para 2.50 of Handbook of Procedures, 2015-2020)-regd File No. 01/53/8/AM19/O-5/IC Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade...

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New Online facility for obtaining import license for ‘Restricted’ items

Public Notice No. 79/2015-20 - (15/03/2019) -  Director General of Foreign Trade (DGFT) hereby notifies the revised pro-forma (ANF-2M) for submission of online application for obtaining import license for 'Restricted' items from 18th March, 2019 onwards....

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Notification under Maharashtra Right to Public Services Act, 2015

Notification No. MRPS/AMD/928/ADM-11 - (15/03/2019) -  COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated the 15th March 2019 NOTIFICATION THE MAHARASHTRA RIGHT TO PUBLIC SERVICES ACT, 2015. No. MRPS/AMD/928/ADM-11.—In exercise of the powers conferred by sub-section (1) of section 3 of the Maharashtra Right to Publ...

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FAQs

Q.1 What is a ‘Restricted Item?Ans. All goods, import of which is permitted only with an Authorisation / Permission / License or in accordance with the procedure prescribed in a notification / public notice are ‘Restricted’ goods....
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Q.1 What is the turnover limit for Quarterly filing of GST return? Answer: Quarterly filing of GST return is available only if aggregate turnover during the preceding financial year up to Rs. 5.00 Cr. For newly registered taxpayers, turnover will be considered as zero and hence they will have the option to file monthly, Sahaj, Sugam [&he...
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Article explains What is Form GSTR-9A, Who needs to file Form GSTR-9A, Who doesn’t need to file Form GSTR-9A, Is it mandatory to file Form GSTR-9A,  pre-conditions for filing Form GSTR-9A, filing of nil Form GSTR-9A,  How to file Form GSTR-9A, date of filing of Form GSTR-9A, when do I need to file Form GSTR-9A, […]...
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Article contains FAQs on Form GSTR-9 (GST annual return), How to file Form GSTR-9 (GST annual return), What is Form GSTR-9,  Who need to file Annual Return in Form GSTR-9, What is the difference between Form GSTR-9 Filing of nil Form GSTR-9, Offline Tool for filing Form GSTR-9, when to file Form GSTR-9, Late fee […]...
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1. GENERAL FAQ’S Q.1. What are the key activities of the Building Permission Department? Ans: The key activities of the department are: a) To give permission to new building construction b) To extend sanction for erection of new building c) To extend sanction to for extension/ remodeling/renovation of existing building d) Delivery of ce...
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Income Tax Planning

Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit ...

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Income Tax कानून के किस सेक्शन में कितना बचा सकते हैं टैक्स

आपकी सैलरी स्लिप में ऐसे कई खर्च या निवेश होते हैं, जो Income Tax बचाने में...

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क्या आपको खुद Income Tax प्लानिंग करनी चाहिए?

आपके जोखिम उठाने की क्षमता को आपसे बेहतर कोई नहीं समझ सकता. खुद Income Tax ...

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Income Tax Deductions

Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit ...

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Investment Options beyond Section 80C

As the deadline for investments related to tax savings nears, individuals should look at various options to save tax under the Income-tax Act, 1961. Section 80C offers a tax d...

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Summary of Slab & Deductions under Income Tax AY 2020-21

IN THE PREVIOUS ARTICLE , I HAVE LISTED OUT ALL MAJOR DEDUCTIONS FOR AY 2019-20. After Budget 2019 speech , Here is summary of Income Slabs & deductions under Income Tax w...

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Calculators

TDS on Salary Calculator in Excel Format

Download TDS on Salary Calculator for AY 2019-20 and AY 2020-21. For any queries, feel free to write to akash@agca.in. Hope this is helpful....

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Income Tax Rates & Calculator for 23 years (FY 2006-07 to 2019-20)

We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Inco...

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Auto tax calculator for tax calculation after Budget Proposal 2019

The Interim Budget 2019 has been introduced and left a question for the Indian tax Payers.  That how much this budget will impact on their tax liability? People have a miscon...

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Rate Charts

Small Savings Schemes Interest Rate for 01.01.2019 to 31.03.2019

Rates of interest on various small savings schemes for the fourth quarter of financial year 2018-19 starting 1stJanuary, 2019, and ending on 31st March, 2019, on the basis of ...

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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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