Latest Tax News & Updates

IND As- Applicability And Advantages

CA, CS, CMA - In 1991, the Government of India opened its gates to the world through globalization. Over the years globalization has enabled cross border transactions in form of FDI’s and ODI’s, and cross border listing. ...

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Karneeti Completes 200 Parts: Releases Book on GST & Income Tax

Income Tax - Arjuna, We had started the journey of Karneeti in June, 2013. Today it has completed its 200 parts. The series started for giving the information regarding taxation to general taxpayers and it became very successful. So today is exciting day....

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Persons Authorised to file Applications under Bankruptcy Code in NCLT

Corporate Law - The National Company Law Appellate Tribunal [NCLAT] Judgment dated Sept. 20, 2017 wherein it has been held that a Power of Attorney [POA] Holder is not authorised to file proceedings under IBC and only an 'Authorised Representative' by the Board of Directors can file the same....

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Income Tax Department ask assessee to update their information

Income Tax - Following are the details which is required to be updated: New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account....

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Foreign Tax Credit: Online submission of Form 67 and other changes

Income Tax - Section 295(2) (ha) of the Income Tax Act, 1961 provides that the CBDT (Board) may make Rules for the procedure for granting of relief or deduction, as the case may be, of any income tax paid in any country or specified territory outside India, under Section 90 or Section 90A or Section 91, against Income – tax payable under the said Ac...

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TDS Deductor Registration enabled on GST Portal

Goods and Services Tax - TDS Deductor Registration Has been enabled on GST Portal Now you can apply GST TDS Deductor Registration from today. Text of Relevant Section 51 of Central Goods and Services Tax Act, 2017 is as follows :- 51. Tax deduction at source. (1) Notwithstanding anything to the contrary contained in this Act, the Government may mandate,–– (a...

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Help in building a tax-compliant nation, Support Operation Clean Money

Income Tax - In the light of demonetisation, Income Tax Department (ITD) initiated Operation Clean Money (OCM) or Swachh Dhan Abhiyan on 31st January 2017 with the objective, to create a tax compliant society through a fair, transparent and non-intrusive tax administration....

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Vacancy For Chartered Accountants in Audit field at Mumbai

CA, CS, CMA - Mumbai Based well known Firm of Chartered Accountants needs Chartered Accountants to work in field of Audit (Statutory, Internal, Tax) with post qualification experience from 2 to 5 Years. Job Description is as follows :- – Candidate must have good Academic background – Should have good communication skills – Candidate s...

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GST rate for branded cereal, pulses and flour and Actionable Claims

Goods and Services Tax - The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:...

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Taxpayers can now edit, submit & file GSTR 3B for July 2017

Goods and Services Tax - Taxpayers who have not set off their tax liability for GSTR 3B for July 2017 and have only done ‘Submit’ of their GSTR 3B, have now been given option to edit, submit and file their Returns. (Source- Tweet from @askGSTech on 22.09.2017....

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RTI hints Fraud in note exchange at Delhi Post Office Branches: CIC Orders Inquiry

Ramswaroop Vs PIO (Central Information Commission) -  The appellant sought to know: a) how many persons exchanged old notes for new notes at Pinto Park branch and also in 3 Wing Branch of Post Office in Air Force area, during the period 08.11.2016 to 25.11.2016 after demonetization; b) total amount of new currency issued for the period 08.11.2016 to 01...

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Deferral of depreciation doesn’t Result in Income Concealment

Harish Narinder Salve Vs. ACIT (ITAT Delhi) -  Deferral of depreciation allowance does not result into any concealment of income or furnishing of any inaccurate particulars, the Income Tax Appellate Tribunal has held while setting aside the penalty imposed on eminent lawyer Harish Salve for alleged concealment of income as it said his tax paymen...

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Concealment has to be checked with reference to return filed U/. 153A

ACIT Vs. Mehar Anand & Anr. (ITAT Delhi) -  In the present case also the income returned by the assessee under section 153A of the Act has been accepted by the assessing officer and once the assessing officer accepts the revised return filed under section 153A of the Act, the original return under section 139 of the Act abates and becomes non...

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Every Majority Decision is Not ‘Cartelisation’: Delhi HC in Reliance Jio Vs. Others

Vodafone India Limited Vs The Competition Commission of India represented by its Secretary & ors. (Bombay High Court) -  Bombay High Court quashed and set aside an order of the Competition Commission of India (CCI) which directed a probe into the ‘cartelisation’ charge leveled against Vodafone India, Idea Cellular and Bharti Airtel Limited, by Reliance Jio....

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Service Tax under RCM on Senior Advocates Applicable from April 2016: Delhi HC

Delhi High Court Bar Association & ANR Vs Union of India & Ors (Delhi High Court) -  service tax from 1st April 2016 itself ought to have been collected on reverse charge basis. If any client who has paid the fees of the Senior Advocate, has failed to make payment of the corresponding service tax on reverse charge basis, it would be open to the Department to proceed against such cli...

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Bengaluru GST Zone develops GST jurisdiction Finder App: CBEC Chairman

DO.No.28/CH(EC)/2017 - (23/09/2017) -  The Bengaluru GST Zone has revamped its website to focus on GST. It has developed a GST jurisdiction Finder App which can be used by the tax payer to easily identify his/her jurisdictional Central Tax Office....

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All Industry Rates of Duty Drawback Schedule WEF 01.10.2017

Notification No. 89/2017-Customs (N.T.) - (21/09/2017) -  (1) The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) at the four-digit level only. The descriptions of goods given at the six digit or eight digit or modified...

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Distribution of GST Provisional Id and Access Token of Phase 13 dealers

Trade Circular No. 42T of 2017 - (22/09/2017) -  Provisional Ids and Access Token of Phase 13 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department's portal www.mahavin using their login credentials. The list of all such dealers is published under GST Tab on Mahavat portal. This phase 13 mainly considers ...

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Mumbai: CBI Arrests a DCIT in alleged bribery of Rs. 3 Crore

The Central Bureau of Investigation has today arrested a Deputy Commissioner of Income Tax, Mumbai and his two accomplices (private persons) in an alleged bribery of Rs. Three crore. A case was registered against the Deputy Commissioner of Income Tax, Mumbai on the allegations of demanding an illega...

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Notification regarding restriction of refund on corduroy fabrics

Notification No. 29/2017- Central Tax (Rate) - (22/09/2017) -  Seeks to amend notification no. 5/2017- central tax (rate) dated 28.06.2017 to give effect to GST council decisions regarding restriction of refund on corduroy fabrics...

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Once the applicant is registered under GST, the need for amendments in registration may arise due to several factors such as a change in address, change in contact number, change in business details and so on. In order to amend any information post registration, the taxpayer needs to file an Application for Amendment of Registration....
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Rules on E-way bill has been notified, and there has been loads of queries from the businessmen, professionals and hence top 18 FAQ have been elected and they have been asnwered in this, which might help our business world have clarity on the same....
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Indirect Taxes Committee of ICAI has come out with revised publication titled FAQ’s and MCQ’s on GST. This novel initiative of the Committee provides a comprehensive coverage of GST in easy to understand question answer format and written in lucid language which would facilitate the reader to easily comprehend the emerging law....
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Are liquor shops and permit rooms required to file GST returns? Ans: Yes, if registration has been taken, then returns are to be furnished mandatorily even when there is no turnover. Alcoholic liquor for human consumption is dealt by state excise & VAT/CST laws and concerned returns are anyway required under these laws....
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The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord....
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Income Tax Planning

What every investor needs to know about Capital Gains Account Scheme?

Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within...

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Succession planning – Life moves with Trust

Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innate...

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A new way to do tax planning and why hardly anyone “gets it”

It really hurts to see a large pie of the salary cut towards tax. So the obvious question in everyones mind is How do I reduce my tax?. Every year we are forced to invest in s...

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Income Tax Deductions

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simp...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in forc...

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Updated GST 3B Payment and Offset Liability with carry forward ITC- Calculator

This excel sheet has been updated with functionality for carry forward of ITC . Many People are getting confused over treatment of RCM in the Excel Sheet. RCM in Simple terms ...

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Income Tax Rates & Calculator for 21 years (F.Y. 2006-07 to 2017-18)

The below Income Tax calculator contains the rate of tax for last 21 financial year (i.e Financial year 1997-98 to 2017-18) and income tax calculator for last 11 years (i.e Fi...

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Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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Rate Charts

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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Income Tax Slabs for AY 2018-19 / FY 2017-18

Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year...

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Rate of GST on Services updated till 03.07.2017

The e-book contains Rate of Tax on Services as applicable after considering all Notifications, Circulars etc issued by CBEC from time to time till 3rd July 2017 and includes S...

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