Latest Tax News & Updates

Money Changer Business in India

Finance - One of the strata of business which can give you a substantial level of profit is no other than the cash trade. In this sort of business, what you have to get associated with is cash and budgetary exchange....

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GST late fee for delay in filing form GSTR1

Goods and Services Tax - The GST Act fixed due date of filing Form GSTR-1 is on 10th of Succeeding month under sub section 1 of Section 37. Form GSTR-1 is prescribed to furnish the details of outward supplies of goods or services or both effected during a tax period....

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Every thing about GSTR-9

Goods and Services Tax - Read the below article to known every thing about GSTR-9 in simple language. All the registered taxable persons under GST as regular taxpayers filing GSTR 1, GSTR 2, GSTR 3  except Casual Taxable Person, Input service distributors, Non-resident taxable persons, Person paying TDS under section 51 of GST Act are required to file GSTR-9. O...

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Income from House Property in a Nutshell

Income Tax - SECTION 22 – CHARGING SECTION ♣ Annual Value of Property consisting of any buildings or land appurtenant there to. Tax under this head is not levied on the rent of the property but it is on the capacity of a property to earn income, Hence the words used in the charging Section is “Annual Value”. […]...

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No more Laxity in reporting of Charges- Recent Amendments

Company Law - Probable effects of the Companies (Amendment) Ordinance, 2018 related to Register of Charges, Registration of Charges Creation, Modification etc....

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Bank Branch Auditors’ Draft Panel of CAs/ firms for 2018-19

CA, CS, CMA - We are pleased to inform that the Draft Bank Branch Auditors Panel of Chartered Accountants/firms for the year 2017-18 has been prepared alongwith the category of the applicants. The Draft Panel contains the following:...

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Maternity Leave Incentive Scheme is not yet notified

Corporate Law - There are some media reports that this Maternity Leave Incentive Scheme has been approved/notified. However, it is clarified that Ministry of Labour & Employment is in the process of obtaining necessary budgetary grant and approvals of Competent Authorities. ...

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Empanelment -Central Bank of India -Concurrent Audit


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Impact of GST largely positive & constructive on Pharma Sector

Goods and Services Tax - Before GST, Annual Turnover of the Pharma Sector (as on 31.05.2017) was Rs 1,14,231 crores while after GST, the Annual Turnover of Pharma sector (as on 31.05.2018) touched Rs 1,31,312 crores, which is 6% higher than the Pre-GST regime....

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RERA is bringing positive transformative changes in the industry

Corporate Law - As we are in the 2nd year of the implementation of RERA, I am happy to note all the States/UTs have notified Rules under RERA except for 6 North Eastern States and the state of West Bengal...

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Beneficiaries not Taxable for Fund invested by Trust in Swiss Bank

Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) -  Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) In the present case the Income Tax Department sought to tax fund lying in a Swiss bank account as “Unaccounted Income” in the hands of two residents of Mumbai. The appellants maintained account in Swiss Bank stated that they had no contribution in the ...

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Service of Notice under GST & Validity of notice by affixation

Kashi Bartan Bhandar Vs State of UP (Allahabad High Court) -  Kashi Bartan Bhandar Vs State of UP  (Allahabad High Court) The notice under the CGST Act is required to be served in accordance with the provisions of Section 169 of the Act which provides that it can be served by giving or tendering it directly or by messenger to the person concerned or to a [&he...

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HC allows Payment of GST Arrears in Installments 

M/s Indus Projects Limited Vs UOI (Gujarat High Court) -  M/s Indus Projects Limited Vs UOI (Gujarat High Court) 1. Petitioner has to pay GST dues of Rs.3.85 crores (rounded off), for which, due to its financial difficulties, the petitioner has applied to the authority for installments. Such request came to be turned down by the impugned order dated 30.0...

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Mere use of any forged or counterfeit currency/bank notes is not an offence

Sanskriti Jayantilal Salia Vs. State of Maharashtra (Bombay High Court) -  Sanskriti Jayantilal Salia Vs. State of Maharashtra (Bombay High Court) When mens rea is conspicuously absent, mere use of any forged or counterfeit currency notes or bank notes cannot attract the provisions of Section 489(B). The essential ingredient of the said offence being that the person, who r...

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Information of unauthorized construction cannot be denied under RTI

Public information officer Vs V. Chaudhary (Delhi High Court) -  Public information officer Vs V. Chaudhary (Delhi High Court) In terms of the RTI Act, all information as available with the public authority is required to be provided to the citizen unless it is exempt from disclosure under Section 8 of the RTI Act or otherwise pertains to the organizations that a...

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Validity period of EPCG Authorisations extended to 24 months

Public Notice No. 47/2015-20   - (16/11/2018) -  Import validity period of the EPCG Authorisations which have been issued prior to the date of issuance of this Public Notice and whose validity has not expired on the date of issuance of this Public Notice shall also be extended to 24 months from the date of the issuance of the Authorisation. ...

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Weekly newsletter from Chairman, CBIC dated 16/11/2018

D.O.No.21/CH(IC)/2018 - (16/11/2018) -  CBIC has put up a GST & Customs Pavilion in IITF, which has six Helpdesks relating to GST, GSTN and Customs to guide and assist taxpayers. General information has been displayed through interesting info-graphics in the Pavilion....

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Extension of anti-dumping on O-Acid import from China

Notification No. 55/2018-Customs (ADD) - (15/11/2018) -  Seeks to extension of existing anti-dumping on O-Acid originating in or exported from China PR and imposed vide notification No. 6/2018-Customs (ADD) dated 12th March, 2018 to imports originating and exported from China PR of O-Ester....

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Government amends Stock and Sale Policy for dual use SCOMET items

Public Notice No. 46/2015-2020-DGFT - (15/11/2018) -  The existing Stock and Sale policy has been amended to allow re-transfer / re-export of SCOMET items within the country of the stockist and to the end users in other specified countries approved by IMWG, on post reporting basis....

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Radiation Portal Monitors and Container Scanner at designated ports by 31.03.2019

Public Notices No. 45/(2015-2020) - (15/11/2018) -  The period for installation and operationalisation of Radiation Portal Monitors and Container Scanner in the designated ports is extended up to 31.03.2019....

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Article explains What a taxpayer should do if he don’t have ‘Transporter Id’ but want to enter and generate ‘Part-A slip’, When to extend the validity of E Way Bill, What should be done if PIN code is shown as invalid, What to do if the total invoice value does not match with the sum […]...
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A. FAQs on Filing reply in Form GST ASMT-11 to the notice issued against scrutiny of Returns Q.1 When a Tax Official will conduct Scrutiny of Returns? Ans: In case, any discrepancy is found in return furnished by registered person on the basis of risk parameters or suo-moto, then Tax Official can issue a notice […]...
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A. FAQs on Provisional Assessment and Release of Security under GST Q. 1. What is Provisional Assessment? Ans: If taxpayer is unable to determine either the value or tax rate for the goods/ services dealt in, then he/ she can file an application for provisional assessment to the Tax Official. Q. 2. From where can […]...
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With everything going Digital or Online, even signature has got its Digital Version, commonly known as Digital Signature Certificate or DSC. With Ministry of Corporate Affairs (MCA), Income Tax Authorities and Goods and Service Tax (GST) are already accepting online documents, applicant/taxpayer are now mandatorily required to sign docume...
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A. FAQs on Searching Tax Rate associated with HSN / Service Classification Code 1. Can I search for the tax rates associated with goods or services by mentioning the HSN/ Service Classification Code? The Search HSN/Service Classification Code Tax Rates allows the user to search the HSN or Service Classification Code tax rates based on th...
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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

Tax Deducted at Source (TDS): FAQs

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G an...

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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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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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