Latest Tax News & Updates

TDS (Tax Deduction at Source) u/s 51 of CGST Act 2017 for Govt Enterprises

Goods and Services Tax - Section 51 CGST (Central Goods and Services Tax) Act 2017, provides that, A department or establishment of Central Govt or State Govt, or local authority or Govt Agencies or other specified persons are required to deduct TDS @ 2% (IGST 2%, or CGST 1% + SGST 1%) ...

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Due dates & purpose of IEPF E-Forms w.r.t. dividend & shares

Company Law - Clarities on due dates and purpose of various E-Forms under IEPF provisions w.r.t. dividend & shares as per Section 124 & 125 Companies Act, 2013 read with IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 as amended...

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GSTR-9C form for taxpayer above Rs 2 crore turnover

Goods and Services Tax - The Government has notified the GSTR-9C form for annual GST audit under which every taxpayer above Rs 2 crore turnover in a financial year would need to fill up a reconciliation statement and also obtain a certification of audit. The Government through the notification No. 49/ 2018 - Central tax has notified the format for GSTR-9C....

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Here’s what to do in a volatile stock market

Finance - If you have a strong and specific “why”, you will have a clear “how”. If you have a stronger financial goal which is not vague but well defined, you will be clear on how to respond to the market volatility....

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Private Company Registration, Benefits and Compliances

Company Law - Today, Private Companies are widely preferred by startups and young generation entrepreneurs over other forms of business. In these article, we list out features, benefits, registration process and post-registration compliance requirement to run private companies smoothly....

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Gang Issuing Bogus Bills and Bogus E-Way Bills Busted

Goods and Services Tax - In the last one month, the officers have identified gang of bogus dealers who are involved in bill trading. This arrest is the third in a series of actions in Karnataka. As per the preliminary information available, the tax involved in bill trading transactions is around Rs.253 Crore. In-depth investigation is in progress to initiate, app...

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CCI approves combination of Linde Aktiengesellschaft & Praxair, Inc.

Corporate Law - CCI approves the combination of Linde Aktiengesellschaft and Praxair, Inc. under Section 31(7) of the Competition Act, 2002, subject to modifications/remedies to address the Anti-competitive effects resulting from the said combination. On 11th January 2018, the Competition Commission of India  (Commission)  received a notice  ...

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Extend due date of AGM and Annual E-forms for Kerala Companies: ICSI

Company Law - As you are kindly aware, under the provisions of Companies Act 2013, every company is required to hold an Annual General Meeting in each year within a period of six months from the date of closing of financial year, which in majority cases, falls in September, 2018....

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Extend due date to submit Tax Audit Reports & ITR: ICAI requests 3rd time

Income Tax - ICAI has for the third time in less than a month made a request for Extension for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018 and 10th September, 2018. Read ICAI 1st Representation on […]...

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Extend Tax Audit Due date for Assessees of Kodagu & Malanadu Region: KSCA

Income Tax - The Karnataka State Chartered Accountants Association (R) (in short ‘KSCAA’) is an association of Chartered Accountants, registered under the Karnataka Societies Registration Act, in the year 1957. KSCAA is primarily formed for the welfare of Chartered Accountants and represents before various regulatory authorities to resolve the pro...

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HC permits release of Goods Detained for not containing Vehicles Details in E-Way Bill on furnishing BG & Bond

K. Karunakaran Vs Asst. State Tax Officer (Kerala High Court) The petitioner, engaged in works contract, purchased material from Ghaziabad, as seen from Ext.P1 invoice. Ext.P2 e-way bill, however, did not contain the details of the vehicle used for the transport. The vehicle and the goods detained, ...

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NAA penalises Builder for not passing GST Input credit Benefit to customers

Shri Sukhbir Rohilla & 108 Ors Vs Director General Anti-Profiteering (National Anti-Profiteering Authority) Authority under Rule 133 (3) (a) of the CGST Rules, 2017 orders that the Respondent shall reduce the price to be realized from the buyers of the flats in commensurate with the benefit of I...

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Trust cannot be denied exemption for mere receipt of income by way of training and consultancy fee

Xavier Institute of Management Vs ITO (ITAT Cuttack) -  Xavier Institute of Management Vs ITO (ITAT Cuttack) The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that the income received by a charitable institution imparting education shall not be charged for receiving training and consultancy fee from corporates as the same cannot be t...

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Company Registered under Companies Act of Sikkim is to be assessed as AoP under Income Tax

Himal Enterprise Pvt. Ltd. Vs Income Tax Officer (ITAT Kolkata) -  Himal Enterprise Pvt. Ltd. Vs Income Tax Officer (ITAT Kolkata) The undisputed facts of the case is that the assessee company is registered as a Private Limited Company under the Registration of Companies Act Sikkim 1961. The definition of ‘Company’ under the Income Tax Act, 1961 is given u/s 2...

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No option to Restaurants to pay GST @ 18% with input tax credit

In re Coffee Day Global Limited (GST AAR Karnataka) -  In re Coffee Day Global Limited (GST AAR Karnataka) The Applicant is in the business of running restaurants under the name and style of Café Coffee Day where non-alcoholic beverages and food items are served. Notification No.46/2017 dated 14.11.2017 provides that restaurants can pay GST @5% (CGST-2...

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Directions for forwarding pending survey /verification report- Reg.

F.No. 225/282/2018/ITA.II - (19/09/2018) -  Vide Instruction No. 4/2018 dated 20.08.2018 issued in file of even no., CBDT has laid down Guidelines for selection of scrutiny cases during the financial-year 2018-19....

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Amendment to SEBI (Credit Rating Agencies) Regulations, 1999

Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/201 8/130 - (19/09/2018) -  Amendment to SEBI (Credit Rating Agencies) Regulations, 1999 and modification to SEBI Circular dated May 30, 2018. A. Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2018...

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CBDT Notifies ‘Rajasthan State Dental Council’ for exemption U/s. 10(46)

Notification No. S.O. 4860(E) - (14/09/2018) -  Central Government hereby notifies for the purposes of the said clause, ‘Rajasthan State Dental Council’, Jaipur, a body constituted by the Government of Rajasthan, in respect of the following specified income arising to that body, namely:—...

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Measures to ensure compliance to GST by taxpayers/contractors/suppliers

The Concerned Authorities shall obtain a copy of Application Reference Number(ARN) generated on GST common Portal by the Taxpayer after filing his latest return which was due as per GST Law...

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E- Assessment: 167 Income Tax offices have Bandwidth Constraint

As per the list provided by Directorate Of Income Tax (Systems) 167 Income Tax buildings across the couyntry have limited bandwidth and rest of the buildings are ready for Income Tax e-assessment proceedings....

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Q.1  What are the opportunities available for Company Secretaries under Goods and Services Tax regime? Ans. Under Goods and Services Tax, a Company Secretary has the following opportunities: To act as a GST Practitioner Pursuant to Section 48 of CGST Act, 2017 read with Rule 83 of Central Goods and Services Tax Rules, 2017 (CGST [&hellip...
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1. What is an ‘Anti-profiteering’ activity? The suppliers of goods and services should pass on the benefit of any reduction in the rate of GST on such supplies or the benefit of input tax credit to the recipient by way of commensurate reduction in prices. The wilful action of not passing of such above said […]...
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ICAI has come out with revised publication titled FAQ's and MCQ's on GST. It provides a comprehensive coverage of GST in easy to understand question answer format written in lucid language....
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A. FAQs > Filing Application for Rectification or Taking Action in the  Subsequent Proceedings u/s 161 Conducted by Tax Officer 1. How can Rectification of Orders be done? Rectification of order issued can be done on the basis of suo moto or upon receipt of application from taxpayer. 2. What is the time limit within […]...
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FAQs > Filing Application for Withdrawal of Summary Assessment Order and Tracking the Status of the Subsequent Proceedings u/s 64 1. What is Summary Assessment u/s 64? Summary Assessment u/s 64 is framed by an Adjudicating or Assessing Authority (A/A) to assess the tax due from the person in charge of the goods if an […]...
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Income Tax Planning

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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Tax Planning / Tax Saving Tips for Financial Year 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax P...

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Income Tax Deductions

Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to som...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a m...

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Tax Deduction U/s. 80G for Donations towards Social Causes

Have you donated money for charity, social or philanthropic purposes, or, have made contributions towards a National Relief Fund? If yes, then you could use these donations to...

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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

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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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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