Latest Tax News & Updates

GST on Medicine

Goods and Services Tax - In this modern growing world, human beings are suffering from various kinds of disease due to their lifestyle and habits. In today’s world, medicine is the first aid preferred for every disease. The usage of medicine is increase day by day. The current article helps to understand the GST provisions as applicable on medicine like [&helli...

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RCM on Security Services under GST W.E.F. 01.01.2019

Goods and Services Tax - Reverse Charge Mechanism (RCM) under GST on Security Services (Applicability from 01.01.2019) –  RCM On Security Service has been introduced in GST by Government vide Notification No. 29/2018 – Central tax dated 31.12.2018. Before Understanding RCM on Security Service let’s first understand difference between Normal Cha...

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Survey Provisions in Income Tax- Section 133A

Income Tax - Section 133A(1): Any place at which a business or profession or an activity for charitable purpose is carried on, whether such place be the principal place or not of such business or profession or charitable activity, notwithstanding any other provision of this Act, an income tax authority may enter – i. any place within the […]...

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Taxability of the Joint development agreement (JDA) under GST- Part 1

Goods and Services Tax - Taxability of transfer of the land development rights by the landowner has always been a subject matter of the dispute under the erstwhile regime of the service tax wherein department used to contend that the transfer of development right shall qualify as service leviable to service tax, unless such rights are transferred through register...

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International Payment Methods

Finance - Payment is a Critical Phase in International Trade Transactions. To succeed in today’s global marketplace and win sales against foreign competitors, exporters must offer their customers attractive sales terms supported by appropriate payment methods. Because getting paid in full and on time is the ultimate goal for each export sale, an ...

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CBDT identifies non-filers through Non-filers Monitoring System

Income Tax - CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high...

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Guidance Note on Dividend by ICSI

Company Law - GUIDANCE ON THE PROVISIONS OF SS-3 1. Ascertainment of amount available for payment/distribution as Dividend. 2. Declaration of Dividend 3. Entitlement to Dividend 4. Dividend in Abeyance 5. Payment of Dividend 6. Unpaid Dividend 7. Revocation of Dividend 8. Preservation of Dividend Cheques, Warrants and Dividend R...

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Complete Analysis on GST – Jan 2019 Edition’ by CA Raman Singla and Taxguru

Goods and Services Tax - We are happy to announce the release of our detailed book on GST titled A Complete Analysis on GST –January 2019 Edition by CA Raman Singla...

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News of mass prosecution notices for small TDS default is completely misleading: CBDT

Income Tax - Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution show cause notices...

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Tax Consultant Arrested in Rs. 582 Crores Bogus Bill GST fraud Case

Goods and Services Tax - CGST Vadodara booked a case of circulation of fraudulent invoices worth Rs 582 crores, without any supply of goods, by a Vadodara based firm, for availing and passing on of illegal GST input credit. The firm was managed by a tax consultant, who has since been arrested. OFFICE OF THE PR. COMMISSIONER CENTRAL GST & […]...

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Service Tax Audit is Primafacie Permissible even under GST Regime

M/s. Gitanjali Vacationville Private Limited & anr. Vs Union of India (Calcutta High Court) -  M/s. Gitanjali Vacationville Private Limited & anr. Vs The Union of India & anr. (Calcutta High Court) Section 174 is the repeal and saving provisions. Sub-Section 1 of Section 174 repeals the provisions of the various statutes as mentioned therein. Sub-Section (2) of Section 174 stipulates...

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Grant for Development of Coal Block/Mines under Chhattisgarh Mineral Development Fund Act towards Capital Outlays is capital receipt

Chhattisgarh Mineral Development Corporation Limited Vs ACIT (ITAT Raipur) -  Grants/Financial Assistance received by assessee, a Government Company, from the State Government for Development of Coal Block/Mines – Grants/Financial Assistance received from Mineral Development Fund (MDF) under the provisions of Chhattisgarh Mineral Development Fund Act r.w. Chhattisgarh Miner...

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Charitable trust- Set-off of loss of earlier years against current year income is application of Income

OTC Exchange of India Vs Asst. DIT (Exemption) (ITAT Mumbai) -  Excess expenditure in earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and therefore, AO was directed to allow the claim of assessee....

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Satisfaction of AO before invoking section 14A must for disallowance

Nine Dot Nine Mediaworx (P) Ltd. Vs ITO (ITAT Delhi) -  Nine Dot Nine Mediaworx (P) Ltd. Vs ITO (ITAT Delhi) Once assessee had submitted that no expenditure incurred for earning dividend income, the AO was under legal obligation to demonstrate as to how he was not satisfied with the contention of assessee and only, thereafter, he could have proceeded to ...

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Bombay HC allows Parellel GST Proceedings in Two States 

Shafi Khan Khokhar Vs State of Maharashtra & Ors. (Bombay High Court) -  Shafi Khan Khokhar Vs State of Maharashtra & Ors. (Bombay High Court) 1. This petition under Article 226 of the Constitution of India seeks to challenge an enquiry initiated by respondent No. 2 – The Superintendent of CGST & Central Excise (AE) Mumbai. This by issuing summons to him da...

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Exercising of powers & performing of functions by officers in JCITs grade

F. No. 187/01/2019-ITA-1 - (18/01/2019) -  Order u/s 120 (1) of the Income Tax Act, 1961 – Exercising of powers and performing of functions by the officers in the grade of JCITs – reg. F. No. 187/01/2019-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA-I Division North Block, N...

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Corrigendum to Income Tax Circular No.1/2019 dated 1st January, 2019

Notification No. F.No. 275/192/2018-IT (B) - (18/01/2019) -  The undersigned is directed to refer to Circular No.1/2019 dated 1st January, 2019 bearing file of even number on the above mentioned subject and to state that in Annexure-I from Examples from 1 to 8 referred to in pages from 47 to 55, For Assessment Year 2018-19 may be read as For Assessment Year 2...

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Customs Rate of Exchange of Foreign Currency wef 18.01.2019

Notification No. 05/2019-Customs (N.T.) - (17/01/2019) -  Customs Rate of Exchange of Foreign Currency Conversion wef 18.01.2019 notified vide Notification No. 05/2019 – Customs (N.T.) dated 17th January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 05/2019-Cust...

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IBBI constitutes a ‘Working Group on Group Insolvency’

File No: IBBI/CIRP/GI/2018-19/001 - (17/01/2019) -  Insolvency and Bankruptcy Board of India hereby constitutes a ‘Working Group on Group Insolvency’. The Working Group shall submit a report recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group, within two months from...

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IBBI de-recognises 13 Insolvency Professional Entities

Order No. F. No. IBBI/IPE/01/2019 - (17/01/2019) -  Thirteen IPEs are hereby directed to forthwith: (a) surrender their original certificates of recognition to the IBBI; and (b) inform the concerned Registrar of Companies about their de-recognition....

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A. FAQs on Viewing Prosecution Notice Issued by GST Tax Officials Q 1. What are Prosecution Proceedings? Ans Prosecution Proceedings are instituted against the taxpayers who are involved in cases of tax evasion beyond the specified limit and for which penal actions are applicable on specific events subject to certain conditions with varie...
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Form GSTR-4 is to be filed by a taxpayers who are registered under the composition scheme. The composition taxpayer needs to provide the details of the outward supplies and inward supplies (other than attracting reverse charge and attracting reverse charge) and those received from the unregistered dealers including the details of service...
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Article compiles FAQs on GST Registration, Composition Scheme, Casual Taxpayer / Non Resident Taxpayer, Reverse Charge, Input Tax Credit, ITC on Job Work, GST Payment, E-way Bill, GST on Agriculture, GST Refund, GST Audit and Other GST Issues. Introduction Q.1 Which Taxes are not replaced in GST? Ans: GST has substituted most of the indir...
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In PART – 1 of Audit Report, Form Date and To Date are not entered as complete financial year, i.e. from data should be 01.04.2017 and To date should be 31.03.2018. Dealers who are migrated to GST wef 01.07.2017, has to download the latest template ( after clearing cache, cookies and history) and can enter the applicable VAT period ( vi...
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Frequently Asked Questions related to Banking Sector Related on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 Whether Banks are required to capture the details of ATMs in registration certificate as a ‘place of business’? Ans:- No. Banks are not required to provide the details of ATMs while applying fo...
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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

Affordable Housing in India and Section 80-IAB

The Union Budget 2017-18 announced number of measures to boost affordable housing which includes Section 80-IAB which allowed 100% deduction on profits generated by developer ...

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Tax benefits available for home loans

Under Section 80 C, an individual and an HUF can claim a deduction up to Rs 1.50 lakh for principal repayment of home loan taken for a residential house along with other eligi...

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Tax Deductions – A Quick Summary

Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused...

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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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Income Tax Computation Sheet for F.Y 2017-18 (A.Y 2018-19)

In order to file your income tax return you first need to collect all the information required to file it. The next important step is to compute your total taxable income. Aft...

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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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