Latest Tax News & Updates

Section 194G TDS on Commission on Sale of Lottery Tickets

Income Tax - The present article tries to explain the readers the provisions covered under section 194G of the Income Tax Act, 1961 relating to TDS on commission on purchase / distribution / sale and other activities of lottery tickets. Basic provisions governing section 194G Section 194G requires the person, who is paying any income by way of [&helli...

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GST on Real Estate – A Ready Reckoner on Recent Changes

Goods and Services Tax - This book discusses all the recent changes which have come into effect from 01.04.2019 in connection with the GST on Real Estate Sector in a lucid manner. This book elaborates the guidelines and conditions required to be followed by the builders and land owners with relevant illustrations....

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24th July | Income Tax Day – “कोष मूलो दण्डः (Kosh Muloo Dand)”

Income Tax - As mark of celebration of 159th Income Tax Day on 24th July,2019, CBDT in a mega event to be held in Delhi to be graced by Hon’ble FM and other distinguished personalities of Finance Minstry, CBDT and Income Tax Department would be launching taxpayer’s e-assistance campaign....

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ITR filing-mistakes of omissions made by taxpayers

Income Tax - Majority of the salaried taxpayers do file their ITR by themselves and thus are bound to commit some mistakes due to ignorance of law. In this article I will discuss some of the errors of omission committed by such taxpayers about some of the items of income, which are taxable, but are generally omitted to […]...

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In GST Taxable Supply and Exempt Supply are Mutually Exclusive

Goods and Services Tax - Taxable supplies' and 'exempt supplies' are mutually exclusive. Any supply, which is an exempt supply, is not a taxable supply and conversely any supply, which is a taxable supply, is not an exempt supply. Also an exempt supply cannot be said to be a supply of goods and services or both leviable to tax....

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Issues faced by assessees in resolution of grievances in ITBA system

Income Tax - We wish to bring to your kind notice that with the change of Internal working software of department from AST system to the ITBA system from A.Y. 2016-17 onwards, the members are facing following problems regarding functionality which need immediate attention for early disposal of grievances of the assessees...

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Due date extension without making GST Form CMP-08 available

Goods and Services Tax - GST Form CMP-08 - GST forms should be made available first and then the extension be granted and the limitation period for filing must be counted from the date of the form becoming available....

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Comprehensive steps to reduce incidence of frauds in banks

Fema / RBI - The Government has taken comprehensive steps to reduce the incidence of frauds in banks. The steps taken include, inter-alia, the following: Government has issued Framework for timely detection, reporting, investigation relating to large value bank frauds to Public Sector Banks (PSBs), for systemic and comprehensive checking of legacy s...

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Notice to ICAI to Provide certified copies of Answer-scripts under RTI

Corporate Law - Adv. Paras Jain and Adv. Kumar Shanu has served a Notice on Institute of Chartered Accountants of India (ICAI) dated 21st July, 2019 to follow the procedure laid down by law in providing certified copies of Answer-scripts under the RTI Act, 2005. Earlier in a RTI filed Mr. B VINAY REDDY has requested for following […]...

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ITR-2 & ITR-5 utilities are modified to fix bugs: CBDT

Income Tax - ITR-2 & ITR-5 utilities are modified to fix bugs identified while filling Schedule FA in ITR-2 (Java utility), Partners information is ITR-5 (Java utility) and Part A-General answer to Investment Fund query in ITR-5 (Excel utility). These bug fixes has no impact on XML schema which remains same and for those taxpayers where these sche...

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Online / Offline tendering is Supply of Goods & Services

In re Navi Mumbai Municipal Corporation (GST AAR Maharashtra) -  In re Navi Mumbai Municipal Corporation (GST AAR Maharashtra) Q. 1. Whether online tendering to be considered as Supply of Goods or Supply of Services. Ans: Online tendering will be considered as Supply of Services, Q 2. Whether offline tendering to be considered as Supply of Goods or Supply of Serv...

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Instrument Cluster is covered under HSN 8708 as parts of motor vehicle

In re Imperial Motor Stores (GST AAR Maharashtra) -  In re Imperial Motor Stores (GST AAR Maharashtra) Undisputed facts of the present case is that the applicant supply ‘clusters’ in which several instruments are clustered. Thus, there is no supply of individual instrument. We agree with the contention of the jurisdiction officer that Elec...

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Marketing services under Foreign Immigration Advisor to Consultant Manager constitutes Intermediary services

In re Mayank Jain (GST AAR Maharashtra) -  In re Mayank Jain (GST AAR Maharashtra) Question 1) Whether the Marketing services to he supplied by the Applicant under the Foreign Immigration Advisor to the Consultant Manager constitutes a supply of Support services classified under SAC 99S5 or Intermediary service classifiable under SAC 9961 /9...

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Revisionary jurisdiction cannot be exercised against Void order

Pioneer Distilleries Limited Vs Pr. CIT (ITAT Pune) -  Pioneer Distilleries Limited Vs Pr. CIT (ITAT Pune) In the present set of facts where the Commissioner himself has given a finding that the re-assessment proceedings have not been correctly carried out against the assessee and the Assessing Officer has failed to fulfill his obligation, then under su...

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Mere upload of order on SEBI website not amounts to service of order: SAT

Dr. Prannoy Roy & Ors. Vs SEBI (SAT, Mumbai) -  Dr. Prannoy Roy & Ors. Vs SEBI (SAT) it is essential for SEBI to supply a copy of the impugned order to the aggrieved party, namely, the appellants. An adjudication proceeding had been initiated by SEBI by issuance of the show cause notice. The appellants thus have the first right to be supplied...

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CBDT extends ITR due date to 31st August 2019

F.No. 225/157/2019/ITA.II - (23/07/2019) -  CBDT extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of the said categories of taxpayers....

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Download Finance (No. 2) Bill, 2019 as passed by Lok Sabha

Bill No. 55-C of 2019 - (18/07/2019) -  Lob Sabha has passed Union Budget 2019 i.e. The Finance (No. 2) Bill, 2019  on 18th July 2019 with Various amendment in some of the sections and also inserted few new provisions. Full text of the same is as follows:- AS PASSED BY LOK SABHA ON 18.7.2019 Bill No. 55-C of 2019 THE FINANCE (NO. [&helli...

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GST on contribution charged by a Residential Welfare Association

Circular No. 109/28/2019-GST - (22/07/2019) -  A number of issues have been raised regarding the GST payable on the amount charged by a Residential Welfare Association for providing services and goods for the common use of its members in a housing society or a residential complex. The same have been examined and are being clarified below. Circul...

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Amendment of Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015

PR No.: 17/2019 - (22/07/2019) -  Consequent to amendment to the PIT Regulations after approval of the report submitted by Committee on Fair Market Conduct, various clarifications have been sought by Market Participants on the amendments. Hence, the Guidance Note has been revised on July 5, 2019 to provide clarity on (i) Requirement...

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MCA notifies Court at Pune U/s. 435(1)

S.O. 2564(E) - (17/07/2019) -  Notification of Special Court (Court of District Judge-1 and Additional Sessions Judge) at Pune (Maharashtra) under sub-section (1) of Section 435 of the Companies Act, 2013 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 17th July, 2019 S.O. 2564(E).—In exercise of the powers conferred...

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FAQs

Q. 1 When can a subscriber withdraw from National Pension Scheme (NPS)? Is it possible to exit from NPS before attaining the age of 60 or superannuation? Ans. Withdrawal from NPS can be: 1. On attaining the age of 60 or superannuation; 2. Before attaining the age of superannuation or 60 (Pre-mature exit), provided the subscriber [&hellip...
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Article explains who need to file NFRA-1 Form, Do small private and public companies also have to file the NFRA-1 Form, Where to find NFRA-1 form, How to download NFRA-1 form, Applicability of NFRA For to Listed and unlisted companies, Does a company which has applied for strike-off is required to file NFRA-1 form, Who’ll […]...
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User Manual for ‘First Time Login ID creation in SSP Portal for Existing Member for ICAI’ This User Manual is intended for already registered members who want to create a login ID on the new Self Service Portal or are not able to login. Step 1: Please go the website ICAI.org. Once there, please click […]...
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The Reserve bank of India has announced the new reporting structure for FDI related transactions in which they have combined different reporting into a single combined form i.e. the Single Master Form (‘SMF’) which subsumed all the existing reporting in different forms such as ARF, FCGPR, FCTRS etc. Also, by implementation of ...
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Filing of One time Form NFRA-1: Every Company or Body Corporate falling under the applicability rules shall file e-Form NFRA-1 concerning the particulars of the auditor within 30 days of deployment of Form NFRA-1 i.e. by 31st July, 2019....
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Income Tax Planning

General Exemptions & Deductions for Salaried employees

General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction an...

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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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Tax Planning for Salaried Employees for FY 2019-20

As the financial year 2019-20 begins, I hope every salaried employee must be worried on tax savings, where, how much to invest etc., It’s a time to plan your tax savings...

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Income Tax Deductions

Section 80EEA Deduction for additional Interest on loan for Affordable House

Section 80EEA Deduction for additional Interest of Rs.1.50 Lakh on Loan on Affordable House Property (not on Commercial). New section 80EEA is inserted by Budget 2019-20 prese...

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Supreme Court Requests Govt to amend Section 80DD

Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases where handicapped persons may need the payment o...

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General Exemptions & Deductions for Salaried employees

General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction an...

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Calculators

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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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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Excel format for comparison of GST input tax credit claimed and due

Every registered dealers has to compare input tax credit claimed in  GSTR 3B with their GSTR 2A report. I am attaching an excel format which will make the comparison mush mor...

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Rate Charts

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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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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TDS Rate Chart for AY 2020-21 / FY 2019-20

The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS ...

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