Latest Tax News & Updates

Inc-22A- Active Company Tagging Identities and Verification (Active)

Company Law - Every company incorporated on or before the 31st December 2017 shall file the particulars of the company and its registered office in e-Form ACTIVE (INC-22A)....

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E-form Active (INC-22A)

Company Law - E-form ACTIVE (INC-22A) is notified by MCA vide notification dated 21st February, 2019  (Companies (Incorporation) Amendment Rules, 2019) Notification Date : 21st February, 2019 (21-02-2019) With Effect From : 25th February, 2019 (25-02-2019)    A new e-form is going to be deployed by Ministry of Corporate Affairs (MCA) – FORM NO. I...

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E-FORM ACTIVE (INC-22A), Companies Incorporation Amendment Rules, 2019

Company Law - Active Company Tagging Identities and Verification is a new concept which is introduced by the Ministry of Corporate Affairs on 21-02-2019 by notifying Companies (Incorporation) Amendment Rules, 2019. It also introduces new E-FORM ACTIVE (INC-22A)....

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Company KYC: Companies (Incorporation) Amendment Rules, 2019

Company Law - Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019....

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RULE 25A- Active Company Tagging Identities and Verification

Company Law - (1) Provisions: Rule 25A of Companies (Incorporation) Amendment Rules, 2019 (2) Form: FORM INC-22A – ACTIVE (Active Company Tagging Identities and Verification) (3) Due Date Of Filing: ON OR BEFORE 25.04.2019 (4) Applicability: Following Companies Are Required To File E-Form Active: Every company incorporated on or before the 3...

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Amendments to Indian Stamp Act, 1899 for Rationalization of Stamp Duty

Corporate Law - Amendments to the Indian Stamp Act, 1899 for Rationalization of Stamp Duty & Design of Zero Evasion Collection Mechanism in Respect of Securities market instruments...

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Govt. recommends 8.65% interest on EPF for 2018-19

Corporate Law - Central Board of Trustees, EPF recommends crediting of 8.65% rate of interest on Accumulations in the EPF Member’s Account for the year 2018-19 ...

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Updates of 33rd GST Council Meeting Held on 20.02.2019

Goods and Services Tax - 1. Extension of Due Date for filling GSTR-3B for January 2019 For all states except Jammu & Kashmir -22nd February 2019 For Jammu and Kashmir – 28th Feb 2019 2. Recommendation of GST rate On under-construction properties-5% GST from 12% GST On affordable housing category-3% or lower rate of GST from 8% GST However, in […]...

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Result analysis of Dec 2018 exam of Institute of Cost Accountants of India

CA, CS, CMA - PRESS RELEASE Result declared for DECEMBER – 2018 term of examination Kolkata: The Institute conducts Foundation / Intermediate / Final Examination twice in a year i.e. in June and December. The results of December 2018 term of Examination of The Institute of Cost Accountants of India have been declared on 21/02/2019. Result Analysi...

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President promulgates four Ordinances on 21.02.2019

Corporate Law - President of India on the 21st February, 2019 has promulgated the following four Ordinances, namely:––1. The Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019 (Ord. 4 of 2019). 2. The Indian Medical Council (Amendment) Second Ordinance, 2019 (Ord. 5 of 2019). 3. The Companies (Amendment) Second Ordinance, 2019 (Or...

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Supply of service to Companies cannot be regarded as Service to Govt: AAAR

In re IL&FS Education and Technology Services Limited (GST AAAR Odisha) -  In re IL & FS Education and Technology Services Limited (GST AAAR Odisha) We notice that the Authority for Advance Ruling. Odisha, in their findings (para 5 3 of the Order)has clearly observed that OKCL was promoted by the Higher Technical education department Govt of Odisha and was incorporated...

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No ITC of GST on maintenance of township, guesthouse, hospital: AAAR

In re M/s. National Aluminium Company Limited (GST AAAR Odisha) -  AAAR held taht applicant is not entitled to take input credit of services utilized for maintenance of Guest House, Transit House and Trainee Hostel?...

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Travel expenses for seminar conducted abroad for medical practitioners with financial aid of Pharmaceuticals Company allowable

Bankers Cardiology Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) -  Travelling expenses incurred on seminar conducted in abroad by assessee-company with the financial aid of the pharmaceuticals company was justified as the same did not give any scope to treat the same for the purpose other than the business of assessee-company so far it related to the medical practi...

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NCLT Not a ‘Court’ or a ‘Tribunal’ Cannot Decide Legality of a Foreign Decree

Usha Holdings LL.C. & Anr. Vs Francorp Advisors Pvt. Ltd. (NCLAT Delhi) -  National Company Law Appellate Tribunal concluded that the National Company Law Tribunal (NCLT) is not a ‘Court’ or a ‘Tribunal’ and hence cannot decide legality of a foreign degree. NCLAT held that deciding the legality or illegality of a foreign degree is outside the jurisdiction of NCLT....

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Section 269SS not applies to loan transaction between husband and wife

Nabil Javed Vs ITO (ITAT Delhi) -  Provisions of section 269SS was not applicable to the loan transaction between husband and wife because there was no relationship of the depositor or a creditor and no interest of parties were involved....

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Interest Subvention Scheme for MSMEs

The Scheme aims at encouraging both manufacturing and service enterprises to increase productivity and provides incentives to MSMEs for onboarding on GST platform which helps in formalization of economy, while reducing the cost of credit. The Scheme will be in operation for a period of two financial...

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MCA notifies late Fees of Rs. 10000 for newly notified e-form ACTIVE

G.S.R. .. (E) - (21/02/2019) -  MCA has notified vide ‘Companies (Registration Offices and Fees) Amendment Rules, 2019’ fees for filing of new notified e -form ACTIVE. Fees will be Rs. Nil for filing till 25.04.2019 and Rs. 10000/- for Filing after 25.04.2019. Government of India MINISTRY OF CORPORATE AFFAIRS Notificat...

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Companies (Incorporation) Amendment Rules, 2019

G.S.R.(E) - (21/02/2019) -  Central Government notifies Companies (Incorporation) Amendment Rules, 2019   mandated vide new rule that Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Ve...

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Banning of Unregulated Deposit Schemes Ordinance, 2019

No. 7 or 2019 - (21/02/2019) -  (1) This Ordinance may be called the Banning of Unregulated Deposit Schemes Ordinance, 2019. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall come into force at once....

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IBBI debars insolvency professional for 10 years for Professional Misconduct

Order No. No. IBBI/DC/15/2019 - (21/02/2019) -  On verification of the record, it appears that this Petition has been filed by the professional namely, Mr. Sanjay Kumar Ruia. It appears that the professional who accepted to work as Interim Resolution professional is none other than the wife of the Chartered Accountant who filed this Company Petit...

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Whether the Electricity Charges are taxable under GST? As per the notification No. 12/2017 (Central Rates) Dt: 28th June, 2017 as per the entry no.25 – 'Transmission or distribution of electricity by an electricity transmission or distribution utility' are taxable under GST @ 'NIL'....
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In this article author answer queries related to filing of MSME-1 Form which was notified by Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 A. If a Company falls in criteria of MSME, However not registered under MSME Act. Whether Company need to mention details of such MSM...
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What are Micro, Small and Medium (MSME) Enterprises? In accordance with Micro, Small and Medium Enterprises Development Act, 2006, the manufacture and service enterprise is defined in terms of investment in plant & machinery and services respectively as micro, small and medium enterprise as explained below:...
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The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been amended to include the following Regulation: 24A: Secretarial Audit Every  listed  entity  and  its  material  unlisted  subsidiaries  incorporated  in  India  shall  undertake  secretarial  audit  and  shall  annex  with  its  ann...
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The Ministry of Corporate Affairs vide its notification dated 22.01.2019 bought a very important change w.r.t. mandatory furnishing of information regarding outstanding receipt of loan by every Company other than Government Company. This move by the Government has been taken up in consultation with the Reserve Bank of India so that there ...
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Income Tax Planning

Application of Income V/s Diversion of Income

One of the 1st concepts that you would have studied in Income Tax- Application of Income V/s Diversion of Income. Very simple yet confusing!!!! In this blog we will discuss an...

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Your spouse can be a vehicle for tax savings

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

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Some Income tax provisions to know, to avoid service of I-T notice at your door

CPC for electronic tax returns in Bangalore and CPC (Vaishali in Ghaziabad) for tax deducted at source (TDS) are working as the right hands of Government for detecting cases o...

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Income Tax Deductions

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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Summary of Slab & Deductions under Income Tax AY 2019-20

This chart of Deductions & Slab rates will help you to plan your Income & Investments for Financial Year 2018-2019 / Assessment Year 2019-2020 and help you to minimize...

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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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Automatic GST Late Fees Calculator for Form GSTR 3B

Simple Automatic GST Late Fees Calculator in Excel Format for easy calculation of Late Fees Payable for late filing of Form GSTR 3B which calculates  late fees under both CGS...

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Download House Rent Allowance (HRA) Calculator

This Calculator calculates House Rent Allowance which is exempt from tax U/s. 10(13) of The Income Tax Act, 1961. The calculator is in excel format and it calculates the allow...

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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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