Latest Tax News & Updates

Sectors benefited by recommendations of 25th GST Council Meeting

Goods and Services Tax - Change in rate of tax,Policy announcements , amendments in registration, sector wise benefits consequent to changes extracted...

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Procedure for Export via Land Customs Stations to Nepal, Bangladesh & Bhutan

Custom Duty - Customs Procedure for Export of Cargo in Containers and Closed bodied Trucks from ICDs/CFSs through Land Customs Stations (LCSs) for Export to Nepal, Bangladesh, Bhutan Adoption of ECTS Seal. ...

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25th GST Council Meeting – Key Decisions

Goods and Services Tax - The GST rate on 29 items have been reduced and 53 Services have been exempted from GST, in addition to some other major changes in services sector. GST Council decides to divide Rs 35,000 Crs. IGST collections between Centre & States, provisionally....

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Shifting of Registered Office from One State to Another

Company Law - We talk about shifting of Registered Office(RO) of the Company from One State to the Another which have more compliance than shifting the Registered Office within the State....

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GST Puzzle in Health Care Sector finally solved!

Goods and Services Tax - The 25th GST council held on 18th January 2018 has finally resolved one of the jigsaw puzzles that have been mystifying the health care sector since 1st July 2017. ...

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GSTN to launch Self Help Portal wef 22 Jan 2018

Goods and Services Tax - To enable you to express your issues and problems related to GST System and its services, GSTN is launching a Self Help Portal (https://selfservice. as a single platform where tax payer call log tickets for any issues or concerns and for quick resolution. This will be live from 22 Jan 2018....

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Allow carry forward of AMT credit in the hands of successor entity

Income Tax - Section 115JD provides for tax credit in respect of alternate minimum tax. The provisions of section 115JC are applicable to persons other than a company i.e. individual, HUF, Partnership firm including LLPs, AOPs etc....

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Exempt TDS on certain payments for personal purposes: ICAI

Income Tax - There is no specific exemptions from tax deduction at source in case of payments of personal nature, in respect of the cases covered in Section 194A (interest), Sec. 194H (brokerage), and Section 194-I (Rent)....

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Section 194C-: TDS on auto rickshaws and/or buses used for transportation of goods

Income Tax - Section 194C(6) provides exemption to small good carriage contractor/transporter (owning not more than 10 goods carriage at any time during the previous year) on furnishing of PAN along with the declaration to that effect to deductor from TDS....

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Exempt TDS on Commission to partner from TDS deduction U/s. 194H: ICAI

Income Tax - In case of partnership firms, Section 40(b)(i) provides that remuneration shall mean any payment of salary, bonus, commission or remuneration by whatever name called. Considering a partner and partnership firm as one entity, the provisions of tax deduction at source...

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Penalty cannot be imposed for mere delay in producing E-Way Bill: Allahabad High Court

M/S Raj Iron & Building Materials Vs. Union Of India (Allahabad High Court) -  It does appear that the E-Way Bill had been downloaded and produced though with some delay but before conclusion of the penalty proceedings....

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HC allows disqualified director in a Strike off Company to avail CODS 2018

Raman Nanda Vs. Union Of India And Ors. (Delhi High Court) -  Admittedly,Company is not carrying out any businesss and its bank account has not been operated for over three years, petitioner ought to be provided benefit of CODS - 2018. ...

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When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle

Oracle Systems Corporation vs. Deputy Director Of Income Tax, International Taxation (Delhi High Court) -  When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle...

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Amendment in sec 43B is curative in nature and applies retrospectively

M/s. Simbhauli Sugar Mills Ltd. Vs. Addl. CIT (Allahabad High court) -  Hon'ble Allahabad High court has in the case of M/S Simbhauli Sugar Mills Ltd in ITA No 607 of 2011 has held that amendment is sec 43B is curative in nature and would apply retrospectively....

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Omission of clause from statue- Deemed to be from inception or not?

Texport Overseas Private Limited Vs. Dy. CIT (ITAT Bangalore) -  Pursuant to the amendment made by Finance Act 2017, omission of clause (i) of Section 92BA of the IT Act, 1961 be deemed to be removed from statute since the beginning until and unless there is some saving clause or provision that pending proceedings shall be continued and be disposed off under old ...

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Tribunal Members to be Appointed after Character and Antecedents check by IB

No.9/19/2016-EO (SM.11) - (08/01/2018) -  Appointments Committee of the Cabinet (ACC) has approved the following procedure to be followed for verification of character and antecedents for appointment to posts of the Chairman, Chairperson, President, Vice-Chairman, Vice- Chairperson, Vice President, Presiding Officer, Accountant Member, Admi...

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Customs Rate of exchange of foreign currency wef 19.01.2018

Notification No. 06/2018-Customs (N.T.) - (18/01/2018) -  Notification No.06/2018-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto...

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Amendment in policy condition No. 3 of Chapter 72 of ITC (HS), 2017 — Schedule —I (Import Policy)

Notification No. 44/2015-2020 - (18/01/2018) -  Import of seconds/defectives of steel items as mentioned at Sl. No. 1 to 7 of Policy Condition No.2 of Chapter 72 of ITC (HS), 2017, Schedule-I (Import Policy), shall be allowed also through Nhava Sheva (JNPT) and at ICD-Tughlakabad, New Delhi, besides the existing Customs sea port at Mumbai, Chenn...

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Temporary Import of Professional Equipment and Sports Goods under A.T.A. Carnet

Notification No. 4/2018-Customs - (18/01/2018) -  The said goods are imported under a Carnet guaranteed by the Federation of Indian Chamber of Commerce and Industry in India (hereinafter referred to as FICCI), as per provisions of the Customs Convention on the A.T.A. carnet for Temporary Admission of Goods (A.T.A. Convention) done at Brussels on 8t...

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CBEC decentralises processing of AEO applications

Circular No. 3/2018-Customs - (17/01/2018) -  In order to maximize the reach of AEO programme, it has been decided by the competent authority to decentralise the processing of AEO applications so as to meet the objective of trade facilitation and ease of doing business....

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UIDAI has all my data including biometrics, bank account, PAN, etc. Will they be used to track my activities? Why am I being asked to verify and link my mobile numbers with Aadhaar?...
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Q.1 Under which circumstances can a registered Taxpayer file for cancellation of GST registration? Ans: A registered Taxpayer can file for cancellation of GST registration on the occurrence of any of the following events:...
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To declare and file claim of ITC prior to registration/ on withdrawal from composition scheme/ on exempt supply of goods/ services becoming taxable on the GST Portal, perform the following steps...
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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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Before the roll out of GST, it was notified that once the GST comes into the picture, in case of supply (be its goods or services), the payment has to be made within a period of 180 days from the date of invoice. Let us understand further with an example: Mr. A (registered person) purchased […]...
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Income Tax Planning

Tax Saving Through Mutual Fund

It is always better to plan your taxes in advance so that you can achieve the twin goal of maximizing wealth through investment and tax saving at once. Many a time, in an effo...

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How to plan your tax-saving investments for the year

As citizens of India, we are also consumers of the country’s public infrastructure and facilities. When we want these facilities and infrastructure to improve, it is also ou...

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How NRIs can avoid Double Taxation?

To avoid paying tax on same income twice, one can use the provisions of the Double Taxation Avoidance Agreement (DTAA), a tax treaty India has signed with many countries....

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Income Tax Deductions

9 Tax Saving options other than deductions u/s 80C for A.Y 2018-19

People invest in various products considering the pros and cons of each and every investment. Most of the taxpayers are aware of deductions u/s 80C. The maximum limit of deduc...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Payment of premium on life insurance policy and health insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. In this part you can...

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Section wise Income Tax Deductions for A.Y. 2018-19 / FY 2017-18

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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GSTR 3B Calculation Sheet

Use this excel sheet for calculate GST Payment or Carry forward Balance....

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Gstr 3B Excel utility 4.0 Auto-calculate offset liability & Tax payable

This file have been added in the 3b excel offline utility which also will help in calculating how to off liability and calculate Payment in specific heads and help keep mainta...

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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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Rate Charts

Income Tax Rates for Financial Year 2017-18

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2017-18 . The Income tax rates discussed in this pa...

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Updated GST on Goods Rate Rate Chart Updated till 15.11.2017

Updated scheduled CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The ra...

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GST Rate Changes as recommended in 23rd Meeting of GST Council

As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings [about 18.5% of total tariff headings at 4-di...

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