Latest Tax News & Updates

Why PAN of Foreign Companies having investment in India is mandatory & their ITR filing requirement?

Income Tax - In this Article, we will understand why PAN of Foreign Companies are must and why the consultant & Indian Companies having foreign investment often insist Investors to apply PAN in India. Whenever a foreign company or non-resident invests in Indian Company or LLP, maximum compliances are related to RBI, FEMA or MCA (ROC) where PAN [&h...

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Section 143(1)(a)(i) intimation not required on commencement of regular Section 143(2) assessment

Income Tax - On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the summary procedure under section 143(1)(a)(i) has been adopted, there is scope available for the revenue to make assessment u/s 143(3) of the Act. But the converse is not available. A regular assessment proceedin...

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Important GST & Income Tax Weekly Newsletter dt. 24.07.2021

Goods and Services Tax - In this Volume of GST & Corporate Tax Weekly Newsletter dated 17.07.2021, I bring to you highlights of recent updates, important judgments of last week &Compliance Calendar for the upcoming week in the field of indirect taxation and direct taxation to keep you abreast of all the latest happenings. Page Contents1. GST Updates2. Cu...

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What if GST wrongfully collected and paid to Government

Goods and Services Tax - Section 77 of CGST Act, 2017 read with Section 19 of IGST Act, 2017 governs the provisions for Tax wrongfully collected and paid to Central Government or State Government.  The same is decided in the case of Shree Nanak Ferro Alloys (P.) Ltd. v. Union of India and details thereof are as follows:- ♦ Facts […]...

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Analysis of Companies (Incorporation) Fifth Amendment Rules, 2021 & Section 16

Company Law - The Ministry of Corporate Affairs (MCA) wide 2 different notifications dated 22 July, 2021, notifies Companies (Incorporation) Fifth Amendment Rules, 2021 and Commencement of Section 4 of the Companies (Amendment) Act, 2020 So let us discuss these notifications in detail in this article. Summary/ Gist of Notifications  Insertion of Rule ...

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Income Tax CPC not maintains Statistical data of Pending Refunds

Income Tax - Pending Refunds – No Statistical Data maintained by Centralized Processing Centre (CPC), Income Tax Department The Centralized Processing Centre (CPC), Income Tax Department has informed that it does not maintain the statistical data pertaining to the ‘Refunds (pending to be released by the Assessing Officers’ as applica...

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Police has no power to seal or lock the private or public property

Corporate Law - The Delhi Police (Additional Deputy Commissioner of Police-I, District Shahdara, Delhi) has informed that the police has no power to seal or lock the private/public property. NOTE : The redacted portions as are marked in ‘Grey/White Colour’ in the PDF file attached/uploaded herewith, contain personal information. Further, the ...

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26 Issues in New Income Tax Portal

Income Tax - Maharashtra Tax Practitioners’ Association has made a representation  to Shri. Narendraji Modi, Prime Minister of India and brought to his attention issues faced by Taxpayer & Professionals on New Income Tax Portal Text of their representation is as follows:- Maharashtra Tax Practitioners’ Association S...

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Agri exports registered an increase of 17.37% in 2020-21

Finance - India’s agriculture exports during 2020-21 have registered an increase of 17.37% as compared to exports during 2019-20. The Government has also introduced a Central Sector Scheme – ‘Transport and Marketing Assistance for Specified Agriculture Products’ – for providing assistance for the international component of freight, to mit...

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Results of ICSE & ISC Year 2021 Examinations on 24th July 2021

Corporate Law - The results of the Class X (ICSE) & Class XII (ISC) Year 2021 Examinations will be declared on Saturday, 24th July 2021 at 03:00 PM. The results of the ICSE & ISC Year 2021 Examinations will be made available on the Website of the Council and through SMS. The Tabulation Registers will be made available for Schools through the CAREERS Port...

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Refund cannot be denied on account of procedural lapse

Origin Learning Solutions Pvt. Ltd. v. Commissioner of Service Tax (CESTAT Chennai) -  Appellant availed credit on the Service tax paid and applied for refund under Rule 5 of the CENVAT Credit Rules, 2004 (CENVAT Credit Rules) for the period July, 2013 to September, 2013....

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No Penalty via SCN issued by DRI as DRI have no jurisdiction to issue SCN

M/s. Sattva CFS and Logistics Private Limited Vs Commissioner of Customs (CESTAT Chennai) -  There was no jurisdiction with the DRI to issue the Show Cause Notice in question and consequently, the whole penalty proceedings become ab initio void....

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No section 40(a)(i) disallowance for commission paid to overseas agents

Carraro India Private Limited Vs DCIT (ITAT Pune) -  Carraro India Private Limited Vs DCIT (ITAT Pune)  It is seen that the assessee paid commission of Rs.58.65 lakh to overseas agents for export orders obtained by them in overseas territories. Section 195 mandates the deduction of tax at source from any sum paid by the assessee which is ‘charg...

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HC Quashes quashed assessment order for violating section 144B

Smart Vishwas Society Vs National Faceless Assessment Centre Delhi (Delhi High Court) -  Smart Vishwas Society Vs National Faceless Assessment Centre Delhi (Delhi High Court) In this case Petitioner, is correct in submitting that the provisions of Section 144B of the Act have been violated as no show cause notice-cum-draft assessment order was issued. That being the position, there is n...

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NCLAT has power to grant case withdrawal under Rule 11 of NCLT Rules

Anuj Tejpal Vs Rakesh Yadav (NCLAT Delhi) -  In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival...

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Timelines related to processing of scheme related applications filed by AMCs

(23/07/2021) - The application filed by AMCs for the following matters may be deemed to be taken on record in case no modifications are suggested or no queries are raised by SEBI within 21 working days:...

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Holding of AGM by top 100 listed entities by market capitalization

(23/07/2021) - After consideration, it has been decided to extend the timeline for conduct of AGM by top-100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21....

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Nomination for Eligible Trading and Demat Accounts

(23/07/2021) - Investors opening new trading and or demat account(s) on or after October 01, 2021, shall have the choice of providing nomination or opting out nomination, as follows;...

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RBI relaxes restriction on personal loans granted to any director of other banks

(23/07/2021) - On a review, it has been decided that For personal loans granted to any director of other banks, the threshold of Rupees twenty-five lakh, as mentioned in para, stands revised to Rupees five crore....

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IRDAI Standards & Benchmarks for Hospitals in provider Network- Reg.

(23/07/2021) - Standards and Benchmarks for the Hospitals in the provider Network- taking into consideration the prevailing COVID-19 pandemic, the timelines for complying with the standards and benchmarks stands extended for a further period of one year for all the existing network providers as on the date....

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Seeking comments of the members on Draft Guidelines for the Formation of Multi-Disciplinary Partnership (MDP) firms by the members of the Institute of Cost Accountants of India as per provisions of the Cost and Works Accountants Act and Regulations and Draft Frequently Asked Questions on Formation of Multi-Disciplinary Partnership (MDP) F...
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Loan and Investment by Company (FAQs)  –Updated Up-to 19/07/2021 FAQs on Section 186 of Companies Act, 2013 Q.1 What is maximum limit thorough which a company can make investment through layers of companies? [Sec 186(1)] Ans.  Company is not allowed to make investment through not more than two layers of investment companies; Howev...
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 Section 194Q- Deduction of TDS on Purchase of Goods The government has introduced Section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. The intent of the government to bring this provision is to establish the trail of high value of transaction of sale and purchase of goods. There are various other provision which [&hell...
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a) Applicability and Rate [Section 206C(1)/(1C)/(1F)] Section 206 C(1) of Income Tax Act, 1961 Sr. No. Nature of goods Rate of TCS (upto 13.05.2020) Rate of TCS (w.e.f 14.05.2020 to 31.03.2021) i. Alcoholic Liquor for human consumption 1% 1% *(no change) ii. Tendu Leaves 5% 3.75% iii. Timber obtained under a forest lease 2.5% 1.875% [&hel...
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Non- Applicability of the Section 206AB 1. If specified person is non-resident who does not have permanent establishment in India. 2. The section has overriding effect on all provisions of Chapter XVIIB of the Income Tax Act, 1961 except the below mentioned sections S. No. Section Particulars 1 192 TDS on Salary 2 192A TDS […]...
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Income Tax Planning

Save your Income Tax Liability with simple Tax planning

Everybody wants to reduce Income Tax liability but most of them do not know how to reduce Income Tax liability legally. Some know partially. As a result of which, they pay mor...

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Tax Planning for Individuals under Income Tax

Tax Planning may be described as legal way of reducing of tax liability in a year by investing in different schemes as prescribed by income tax Act. It may also include enteri...

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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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Income Tax Deductions

Deduction u/s 80JJAA (Income Tax) – Additional employee cost

The deduction available under Section 80JJAA of the Income Tax Act, 1961 (‘Act’) incentivize the organizations for generating employment and allows an additional 30% deduc...

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Section 80IB deduction eligible on Sum Received as ‘On-Money’ on Flat Bookings

Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune) The doctrine of approbate and reprobate does not allow the Department to blow hot and cold in the same breath, thereby acce...

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Purchase of Electric Vehicle – Tax benefits (Section 80EEB)

Purchase of Electric Vehicle – Tax benefits (Section 80EEB) and many more advantages!! Planning to buy a car in the future? How about an Electric car or E-scooter, they are ...

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Free Depreciation Calculator – Schedule II of Companies Act 2013

An Auditor’s Tool on Depreciation Calculation-   Version 3.0 – Compliant to Schedule II of Companies Act 2013  :  Financial Year 2015-16 to FY 2021-22 enabled  –...

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TDS Calculator Excel Utility for FY 2021-22

This is an Excel based TDS Calculator for the FY 2021-22 and onwards. We can use this Excel Utility for Calculating TDS Amount, for Remitting TDS Amount to Govt and for e-fili...

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Income Tax Calculator – Financial Year 2021-22

On March 31, 2021, the Ministry of Finance released a notification on slashing the interest rates of all the Small Saving Schemes, and the same notification rolled back by the...

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Rate Charts

Income Tax Rates for Financial Year 2019-20 and 2020-21

In this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment ...

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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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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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July 2021