Latest Tax News & Updates

Input Tax Credit under GST- Conditions, Time limit, Depreciation

Goods and Services Tax - Article explains Conditions necessary for obtaining ITC under GST, Allowability of Depreciation on the GST tax component of capital goods and Time limit for taking ITC under GST. Input Tax Credit (ITC) is one of the core concepts of  the Goods and Services Tax. “Input Tax” in relation to a taxable person under the GST […]...

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A Snapshot to Code on Wages, 2019

Corporate Law - With a view to simplify the labour law structure in India, the parliament enacted the Code on Wages, 2019 (Code) on August 08, 2019. The Code is one of the 4 labour codes that were proposed by the government in order to consolidate around 40 above labour law legislations in India. The other codes are […]...

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Quarterly financial results – impact of reduced Income tax rates

Income Tax - a) How to compute the tax charge – current tax and deferred tax charge for the current quarter ending 30 Sep 2019 – Q2 (under the revised rate structure)? b) Will the tax charge for the preceding quarter ended 30 June 2019 (calculated under the then applicable income tax rate – base rate of 30%) need to be restated/revised for th...

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Income Tax E Assessment along with Artificial Intelligence

Income Tax - The new scheme, called the ‘E-assessment Scheme, 2019 (Scheme), was notified by CBDT on 12 September, 2019. It will be an online system, which will use artificial intelligence, automated tools to randomly and automatically allocate cases for assessment within the Income Tax Department. It aims to bring in more transparency....

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ITC: Mandatory reconciliation to GSTR-2A?

Goods and Services Tax - Notification No. 49/2019-Central Tax has been issued by CBIC last week carrying our various amendments in the CGST Rules. One of the important amendments in the Rules which was pronounced in the GST Council press release is to permit the credit to the recipient only if the corresponding supplies have been reported in the GSTR-1 by his sup...

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Income Tax Department conducts searches on business group in Goa

Income Tax - The Income Tax Department carried out search operation on 10/10/2019 covering six premises of two groups involved in the sale-purchase of hotel resort at Goa. One of the groups covered currently owns a large property at Goa on which a 5 star resort project is being built. The group is engaged primarily in Hotels & Hospitality, real est...

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Income Tax Department conducts searches on coaching institutes

Income Tax - Income Tax Department, conducted a search action on 11th October, 2019 in the case of a business group based in Namakkal, Tamil Nadu. The group is mainly into running of educational institutions, and coaching institutes for competitive exams like NEET, etc....

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Join 1 day workshop on GST Audit & Annual Return

Goods and Services Tax - We are happy to announce One Day GST workshop for effective GST Audits and Annual Returns. The workshop would cover clause wise clause detailed Analysis for Form GSTR 9, GSTR 9C along with GST Audit tool for GST Health Check-up. We are having workshops at  Mumbai on 27th July 2019 and on 2nd August 2019 at New Delhi....

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CBIC issues 9 GST Circulars on 11th October 2019

Goods and Services Tax - CBIC issues 9 GST Circulars on 11th October 2019 i.e. Circular No. 113/32/2019-GST to Circular No. 121/40/2019-GST. Vide these Circulars CBIC has clarified various issues related to GST which includes Clarification regarding GST rates & classification of Goods , Scope of support services to exploration, mining or drilling of petroleum...

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Empanelment of CA/ICWA for Audit of GST/Service Tax/Excise Assessees

CA, CS, CMA - he CGST, Audit - I Commissionerate, New Delhi, proposes to prepare a panel of Chartered Accountants and Cost Accountants so as to nominate them to conduct special audit of accounts of Central Excise, Service Tax and GST as envisaged under the said Section....

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HC explains doctrine of exhaustion of remedies

M/s. HCL Infosystems Limited Vs State of Rajasthan (Rajasthan High Court) -  M/s. HCL Infosystems Limited Vs State of Rajasthan (Rajasthan High Court) The doctrine of exhaustion of remedies prevents a litigant from seeking a remedy in a new court or jurisdiction until all claims or remedies have been exhausted (pursued as fully as possible) in the original one.  In this cas...

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Income from commercial exploitation of properties is business income

DCIT Vs M/s ATC Realtors Pvt. Ltd. (ITAT Guwahati) -  Where assessee's main objects were acquiring, constructing, operating and maintaining of multiplexes, business centres, etc., income derived from such activities was to be treated as business income and not income from house property....

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Arbitration Act: Additional evidence cannot be permitted in Section 34 proceedings: SC

M/s. Canara Nidhi Limited Vs M. Shashikala And Others (Supreme Court) -  M/s. Canara Nidhi Limited Vs M. Shashikala And Others (Supreme Court) Conclusion: Since proceedings under Section 34 were summary proceedings and was not in the nature of a regular suit and in the arbitration proceedings, the parties had sufficient opportunity to adduce oral and documentary evidence...

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ITAT upheld addition for accommodation entry receipts as LTCG

Suman Poddar Vs ITO (ITAT Delhi) -  Suman Poddar Vs ITO (ITAT Delhi) The evidences put forth by the Revenue regarding the entry operation fairly leads to a conclusion that the assessee is one of the beneficiaries of the accommodation entry receipts in the form of long-term capital gains. The assessee has failed to prove that the share...

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ITAT Can Direct CIT To Register A Trust Under Section 12AA

CIT Vs M/s. Reham Foundation Kandhari Lane Lal Bagh Lucknow (High Court Allahabad, Lucknow Bench) -  The income tax Appellate Tribunal while hearing an Appeal under Section 254(1) in a matter where registration under Section 12(AA) has been denied by Commissioner income tax can itself pass an order directing commissioner to grant registration in case the income tax Appellate Tribunal disagrees with...

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Claim of refund amount on account of double-payment of Customs Duty -Reg

Public Notice No. 92/2019-JNCH - (11/10/2019) -  Verification from the PAO/e-PAO office regarding double/multiple payments for the same Bill of Entry of the amount to be refunded as also being reported by the banks in the scroll for transfer to RBI;...

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Review of online refund functionality in the CBIC-GST Application -reg

F.No.IV (34)/1/2019-Systems - (11/10/2019) -  The advisory explains various processes and functionality for backend handling of refund claims by CBIC officers in the Refund module in the system. It is suggested that the proper officer in your zone may be sensitized to go through the advisory and appropriately handle the refund applications bein...

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CBDT designates Special Court in the State of Karnataka

Notification No. 79/2019-Income Tax [S.O. 3676(E)] - (11/10/2019) -  U/s 280A(1) of IT Act 1961, Central Government, in consultation with the Chief Justice of the Karnataka High Court designates Special Court in the State of Karnataka vide Notification No. 79/2019-Income Tax dated 11th October, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIREC...

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Income Tax Department conducts searches in Karnataka

NA - (11/10/2019) -  The Income Tax Department conducted search on 9th October 2019 on a prominent business group in Karnataka which runs multiple educational institutions. During the course of the search, the modus operandi of conversion of seats which were originally to be allotted by merit through counselling by MCC ...

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Amendment in import policy of Indian National Flag

Notification No.  24/2015-2020-DGFT - (11/10/2019) -  Import of Indian National Flag not adhering to the specifications prescribed under Part – I, Section 1.2 of Flag Code of India, 2002 is Prohibited....

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Manual > View notices/orders and File Reply to the Issued Notices How can I view notices/ orders and file reply to the issued notices by the GST Refund Processing Officer? To view notices/ orders and file reply to the issued notices by the Refund Processing Officer, perform following steps: A. Searching for your filed refund applicati...
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Article contains FAQs on Tracking GST Refund Status, Manual on Track Refund Status Post-Login, Manual on Track GST Refund Status  Pre-Login and Manual to Track Refund Status for IGST paid on account of Export of Goods. It also explains different status types of refund application for IGST and Cess paid on account of Export of […]...
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Foreign Contribution Individuals, Associations and Non-Profit Companies intending to receive the funding in India from foreign source are needed to comply with and are subject to the regulations made by government in this regard. Earlier Foreign Contribution (Regulation) Act 1976 (FCRA, 1976) was in force to regulate and facilitate the ac...
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Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become ...
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To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....
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Income Tax Planning

Existing & Emerging Framework of Tax Planning & International Taxation

EXISTING AND EMERGING FRAMEWORK OF TAX PLANNING AND INTERNATIONAL TAXATION (LATEST AND SIMPLIFIED) Tax Planning assumes significance in a growing economy like India. We need c...

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Advance Tax Provisions, Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...

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How your Life Insurance can provide Tax Benefits to you

Often, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family ...

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Income Tax Deductions

Deduction under section 80U of Income Tax Act

The individual resident taxpayer, being a person with a disability, is eligible to avail deduction under section 80U of the Income Tax Act and the provisions attached with the...

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Deduction under section 80TTB of Income Tax Act

Deduction under section 80TTB was introduced for the first time in Budget 2018. Section 80TTB provides a deduction to senior citizens towards interest earned on deposits. The ...

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Deduction under section 80TTA of Income Tax Act

Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction un...

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Income Tax / TDS on Salary Calculator for Multiple Employees for FY 2019-20

Bulk Data Income Tax Calculator for Multiple Employees for Financial Year 2019-20 / Assessment Year 2020-21 and Bulk TDS Calculation (Salary) in Excel I have already uploaded ...

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Income Tax calculator for FY 2019-20 for Salaried Employees

Most Indians see tax evasion as a mark of smartness. If the government allows you a tax break, you are free to take it. If there is a legal way you can save some of your hard-...

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Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Rate Charts

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out b...

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Income Tax Rates for Financial Year 2019-20

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 . The Income tax rates discussed in this par...

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Income Tax Rate Chart for Financial Year 2019-2020

Income Tax Rate Chart for Financial Year 2019-2020 i.e. Assessment Year 2020-21 for individuals and companies, covering the proposed Finance Bill 2019 amendments, are tabulate...

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