Latest Tax News & Updates

Economy and Markets Reward Structural Reforms & Fiscal Prudence

Finance - The Fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years. With structural reforms like demonetisation, the implementation of the Goods and Services Tax and the enf...

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MCA raises curtain on Significant Beneficial Ownership (SBO) Rules- Notifies final rules with several changes

Company Law - Every significant beneficial owner is required to file a declaration in Form No. BEN-1 to the company in which he holds the significant beneficial ownership:...

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A Simplified approach towards DIN application along with Resolution

Company Law - Requirement of Filing: Any Person who is willing to appoint as Director in a Company/Limited Liability Partnership must have a Director Identification Number. DIN is a pre-requisite for becoming a Director. DIN includes DPIN (Designated Partnership Identification Number) Section: Section 153 of the Companies Act, 2013 Rules: Companies (Ap...

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Setting up a Public Credit Registry in India – Latest developments from RBI

Fema / RBI - I have in my earlier article on Ease of doing business in India, published by Tax Guru on 06.11.2017 had informed that RBI had agreed to take necessary steps to set up a Public Credit Registry in India and in tune with that, RBI recently got a report on Public Credit Registry in India from a High-Level Task Force set up by RBI itself. ...

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Decoded Rule 46A- The Shreds of Evidence

Income Tax - Rule 46 A of the Income Tax Act is the rule related to production of additional evidence before the first appellate authority after an assessment being made by the Assessing officer....

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Caution – Online PAN applicants

Income Tax - The general public is hereby informed that the Income Tax Department (ITD), Government of India has appointed only two entities namely NSDL e-Governance Infrastructure Limited (NSDL e- Gov) and UTI Infrastructure Technologies Services Limited for purpose of receiving and processing of PAN applications. ...

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ICAI to Select 1000 Young Members as Speakers for Programmes

CA, CS, CMA - The Young Members Skill and Innovation Development Committee of ICAI has been taking various initiatives for the empowerment of the young members. To encourage young members to develop their public speaking skill, the committee intends to select 1000 young members as speakers....

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Updated Central Goods and Services Tax Rules, 2017 till 13.06..2018

Goods and Services Tax - This article have updated Central Goods and Services Tax Rules, 2017 which were initially released on 19th June 2017 and amended by various notifications issued from time to time.  CGST Rules are updated with notifications issued till 13th June 2018. Details of Initial and Subsequent Notifications :- S. No. Notification No. and Date Titl...

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GST: 9 steps to Change email & mobile no. of authorized signatory

Goods and Services Tax - Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the ...

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ICSI advisory on Additional Fees on Annual Filing of Company Returns

Company Law - The Institute of Company Secretaries of India had in its mail dated 8th May, 2018 communicated the notification of Companies [Registered Office and Fees) Second Amendment Rules, 2018 by the Ministry of Corporate Affairs along with providing relaxation for the Additional Fees payable in the event of delay wherein the due date of filing of ...

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AO not justified in treating share application money as unexplained without rebutting evidences filed by Assessee

Shakti Hardware Collection Pvt. Ltd Vs DCIT (ITAT Mumbai) -  Where assessee having received share capital furnished evidences, i.e. addresses, PAN No., copies of returns and bank statements of subscribers, etc., AO was not justified in treating share application money as unexplained without rebutting such evidences....

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Income U/s. 271AAA justified if Asssessee fails to specify as to how she derived undisclosed income

Pr. CIT Vs Ritu Singal (Delhi High Court) -  Assessee clearly failed to specify as to how she derived undisclosed income and under what head it fell in (rent, capital gains, professional or business income out of money lending source of the income, etc. Unless such facts were mentioned with some specificity, it could not be said that conditio...

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Exemption U/s. 54 for Reinvestment in 3 residential houses having common amenities?

A.C.I.T. Vs Smt. Reshmi P. Loyalka (ITAT Kolkata) -  Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of...

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TP: Provision for bad & doubtful debt & bad debts written off are operating expenses

Hyundai Motor India Engg. Pvt. Vs Dy. Commissioner of Income tax (ITAT Hyderabad) -  Hyundai Motor India appeal: Including bad debts and provision for bad and doubtful debts as operating expenses is necessary for the purpose of computing profit and loss of comparable companies, the margins of comparable companies ...

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Section 40(a)(ia) not applicable to charitable or religious trust before 01.04.2019

Pediatric Infectious Diseases Academy Vs I.T.O. (ITAT Kolkata) -  Where the income of the assessee was exempt under section 11 and the assessee was not carried on the business, section 40(a)(ia) had no application. Moreover, the insertion of Explanation 3 to Section 11 by the Finance Act, 2018 making inter alia the provisions of Section 40(a)(ia) applicable in cas...

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LLP Designated partners to Intimate Changes in DIN / DPIN Details

G.S.R. 557(E). - (12/06/2018) -  Limited Liability Partnership (Amendment) Rules, 2018- Every individual who has been allotted a DPIN or DIN under these rules, shall in the event of any change in his particulars, make an application in Form DIR-6 under Companies (Appointment and Qualifications of Directors) Rules, 2014 to intimate ...

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GST: Assam issues Guideline for ‘Mobile Squads’

Order No. CT/GST-12/2017/51 - (12/06/2018) -  For verification of e-way bill in course of movement of goods by a conveyance and to carry out inspection, search and seizure at the place of business of a taxable person and a transporter for the purpose of preventing evasion of tax, it is felt necessary to have 'Mobile Squads'....

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Cost Inflation Index for Financial Year 2018-19- CBDT notifies

Notification No.26/2018/F.No.370142/3/2018-TPL - (13/06/2018) -  CBDT notifies Cost Inflation index for Financial Year 2018-19 at 280, vide Notification No. 26/2018-Income Tax dated 13th June, 2018. ...

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GST FAQs on Services to SEZ and by fabric processors (job workers)

F. No. CBEC/20/16/03/2017-GST - (14/06/2018) -  FAQs on hotel and accommodation services etc. to SEZ / SEZ Developers and refund of unutilized input tax credit to independent fabric processors (job workers)...

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Exempt GST on reinsurance services to exempt Govt Sponsored Insurance Schemes

F. No.10/Representation/Govt.Scheme/GSTC/2018/Pt. - (04/06/2018) -  The Secretary General, General Insurance Council, Mumbai vide his letter dated 04.05.2018 has requested to exempt GST on reinsurance services provided for exempted Government Sponsored Insurance Schemes which are listed as below:...

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FAQs on hotel and accommodation services etc. to SEZ / SEZ Developers and refund of unutilized input tax credit to independent fabric processors (job workers)...
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Q1. What is Advance Ruling under GST? Ans. ‘Advance Ruling’ is a decision provided by the Authority for Advance Ruling (AAR) or the Appellate Authority for Advance Ruling (AAAR) to an applicant on specified matters or questions, in relation to the supply of goods or services or both being undertaken or proposed to be undertaken [&hell...
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GST authority introduced Composition Scheme under GST to give relief to the small taxpayers. It is a very simple scheme and you need to file only one return per quarter (GSTR 4). But there are some limitations under this scheme and all taxpayers are not eligible to register under this scheme. One of the criteria […]...
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To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...
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In this article author explains Impact of Expiry of Condonation of Delay Scheme, 2018 in relation to Active Companies or Struck off Companies Both. Condonation of delay scheme 2018 [CODS-2018] was effective w.e.f. 01st January, 2018 to 01st May, 2018. ...
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Income Tax Planning

Time for family “succession” planning – Better late than never

It is rightly said that failing to plan is planning to fail. This adage resonates further in case of family succession planning. If an individual fails to plan for his/ her su...

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Benefits available to senior citizens under income tax

The Indian income tax laws provide certain tax benefits to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income ta...

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Advance Tax Provisions, Payment 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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Income Tax Deductions

Section wise Income Tax Deductions for A.Y. 2019-20/ FY 2018-19

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2018-19 / F.Y. 2017-18 and subsequent Years. Deductions i...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical...

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GST Credit Calculator Utility

To arrive to the balances as per books of accounts, we have prepared GST Credit Calculator Utility wherein you need to key in the outward supply, ITC and other figures as per ...

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Service Tax Interest Calculator with examples

Interest calculator for delay in payment of service tax is attached which can calculate interest in one shot for different period. Interest is levied on the assessee when he d...

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Advance Income Tax Calculator for Assessment Year 2019-20

Download the automated Income Tax Calculator for the Financial Year 2018-19 & Ass Year 2019-20 as per the new central budget 2018-19, with all amendment by the CBDT....

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Rate Charts

Income Tax Rates for Financial Year 2018-19

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2018-19 . The Income tax rates discussed in this pa...

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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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Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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