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Latest Tax News & Updates

Everything you need to know about the GeM portal

Finance - Government e-Marketplace, shortly known as GeM, is a digital platform that enables buying and selling of goods and services. GeM portal is a paperless; contactless and cashless online marketplace.   The sole purpose of GeM is to enhance efficiency; transparency and speed in public procurement. In nut-shell, government departments/ agenci...

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बजट 2022 में हो स्वास्थ्य क्षेत्र के लिए प्रभावी कदम

Finance - 1 फरवरी को केन्द्र सरकार का 2022 का बजट आने वाला है और सभी क्षेत्र अपनी अपनी उम्मीदें व्यक्त कर रहे हैं और राहत का इंतजार कर रहे हैं. ले...

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Will property become Benami if you purchase in Relatives name?

Income Tax - It is very common to purchase property in the name of our close relatives like spouse, children, parents and siblings. However it is important for us to understand from the legislative perspective, are we allowed to purchase the property in name of our relatives? If we are allowed to purchase the property on behalf of […]...

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Section 80EEA Additional deduction of interest payment on housing loan

Income Tax - Section 80EEA of Income Tax Act: Additional deduction of interest payment in respect of housing loan (Co-related with Section 80EE & Section 24b of the Income Tax Act) A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20). The existing provisions of Section 80EE allow [&hel...

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GST Registration Requirement

Goods and Services Tax - Article explains Who is liable to get register in GST,What is the threshold limit for GST registration, Special category of States for GST Registration Requirement, What is aggregate turnover for GST, Who is Casual Taxable Person under GST and Who is non-resident taxable person under GST. Page ContentsWho is liable to get GST registration...

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CCI imposes penalty on maritime transport companies for cartelisation

Corporate Law - CCI imposes penalty on maritime transport companies for indulging in cartelisation The Competition Commission of India (‘CCI’) passed a final order against four maritime transport companies namely Nippon Yusen Kabushiki Kaisha (‘NYK Line’), Kawasaki Kisen Kaisha Ltd. (‘K-Line’), Mitsui O.S.K. Lines Ltd. (‘MOL’) and Nissan...

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Format for sharing Income Tax queries on helpdesk E-mail IDs

Income Tax - FORMAT FOR SHARING QUERIES ON HELPDESK E-MAIL ID Sr. No. Information Details Help Details of the Person facing problem 1 Grievance ID Mention Grievance ID, if already raised at e-fling portal 2 Name of the Person Mention name of the person who can explain the issue, if contacted by helpdesk team 3 Contact Number of […]...

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EPFO Payroll data: EPFO added 13.95 lakh net subscribers in Nov, 2021

Corporate Law - The provisional payroll data of EPFO released on 20th January 2022 highlights that EPFO has added 13.95 lakh net subscribers during the month of November 2021, showing an increase of around 2.85 lakh net additions over the previous month of October, 2021 with a growth rate of 25.65%....

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CAIT filed petition against alleged violation of Competition Act by Amazon

Corporate Law - Exposing Amazon's yet another brazen and blatant violation of Competition Act, the Confederation of All India Traders (CAIT) has today filed a strong complaint with the Competition Commission of India against Amazon committing the fraud for seeking and obtaining approval of CCI for its illegal takeover of More Retail's stores in India....

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105 Union Budget 2021-22 Provisions implemented by Government

Income Tax - Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period....

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HC disposes petition as department granted credit as per courts direction which was earlier not given

Siddharth Enterprises Vs Nodal Officer (Gujarat High Court) -  Siddharth Enterprises Vs Nodal Officer (Gujarat High Court) 1. Since the issues raised in all the captioned applications are the same, those were taken up for hearing analogously and are being disposed of by this common order. 2. The order passed by this Court dated 22nd December 2021 reads thus: ...

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HC granted interim relief from payment of GST for grant of mining lease/royalty 

Ratan Black Stone Vs Union of India (Jharkhand High Court) -  Ratan Black Stone Vs Union of India (Jharkhand High Court) Learned counsel for the Respondents submits that earlier, this Court have been pleased to grant stay of recovery of service tax for grant of mining lease / royalty from the petitioners covered under the interim order dated 02.03.2021 passed ...

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SC guidelines for payment of ex gratia of Rs 50000 to families of those who died due to Covid-19

Gaurav Kumar Bansal Vs Union of India and others (Supreme Court of India) -  Hon’ble Supreme Court has made clear that irrespective of the cause of death mentioned in the death certificate, if a family member satisfies the eligibility criteria mentioned in paragraphs 11(i) to 11(iv) as above shall also be entitled to the ex-gratia payment of Rs. 50,000/- on production of r...

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Reopening of Assessment not permissible for Change of Opinion of AO

Oracle Financial Services Software Limited Vs DCIT (Bombay High Court) -  Oracle Financial Services Software Limited Vs DCIT (Bombay High Court) Existence of the reason to believe that income chargeable to tax has escaped assessment is a jurisdictional condition for invoking the power under section 147 of the Act, 1961, both within and beyond a period of four years from t...

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HC Grants Bail to CA in alleged Case of Issue of Bogus Certificates

Ravi Kumar Vs State of Telangana (Telangana High Court) -  Ravi Kumar Vs State of Telangana (Telangana High Court) Admittedly, petitioner was arrested on 27.11.2021 and custody of petitioner was also sought for five days and the only allegation against the petitioner is that being a Chartered Accountant, without verifying the Bills of Entry and economic rat...

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Extortion of money in the names of Customs Officers

(20/01/2022) - Beware of fraudsters extorting money in the name of Indian Customs! Indian Customs never calls or send SMS for paying Customs Duty in a personal bank account. All communication from Indian Customs contain a DIN which can be verified on CBIC website. Public Notice has been issued as below- OFFICE OF ...

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e-filing of Non-Preferential CoO – Various enhancements

(24/01/2022) - In this reference, it is informed that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been extended till 31st March 2022. The existing systems for submitting and processing non-preferential CoO applications in manu...

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SEBI (Alternative Investment Funds) (Amendment) Regulations, 2022

(24/01/2022) - SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 24th January, 2022 SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) (AMENDMENT) REGULATIONS, 2022 No. SEBI/LAD-NRO/GN/2022/68.—In exercise of the powers conferred by sub-section (1) of Section 30 read with sub-sec...

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SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2022

(24/01/2022) - These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2022....

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CBIC rescinds Notification levying ADD on PVC Flex Films

(24/01/2022) - Seeks to rescind Notification No. 42/2016 – Customs (ADD) dated 8th August, 2016 to remove levy of ADD on PVC Flex Films vide Notification No. 3/2022-Customs (ADD), Dated: 24.01.2022. MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 24th January, 2022 Notification No. 3/2022-Customs ...

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FAQs

Consequently to the company be incorporated successfully, groups of other compliances are also required to be fulfilled by the company. Through this article, we try to cover details of those compliances and provisions that mandate them. The Companies Act 2013 is a stringent act and leaves no room for any mistakes. “Ignorantia Juris non-...
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Article contains FAQs on Tax Audit Report (Form 3CA-CB/ Form 3CB-CD), Form 10 B, Form 29B, Form 10DA, Form 56F, Form 10E, Form 10-IE, Form 67, Form 10BA, Form 35, Form 10-IC, Form 10-IB & Form 10-ID. Page ContentsTax Audit Report (Form 3CA-CB/ Form 3CB-CD)Form 10 BForm 29BForm 10DAForm 56FForm 10EForm 10-IEForm 67Form 10BAForm 35Form ...
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The FCRA is applicable to all associations, groups, trusts and Non-governmental organizations which intend to receive foreign donations. The foreign contribution regulation act (FCRA) has come in 2010. In order to receive a foreign contribution, one has to get registered under the FCRA. The FCRA was enacted with the primary purpose of reg...
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Director identification number (DIN) refers to a unique identification number allotted to an individual who is willing to be a director or is an existing director of a company. DIN is obtained by filing an application in eForm DIR-3. However, now with an update in MCA’s registry, it becomes mandatory for all directors having DIN [&helli...
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AGREEMENT OR CONTRACT? The phrases ‘agreement’ and ‘contract’ are sometimes used interchangeably. However, not all agreements are contracts, and not all contracts are agreements. Take master services agreements, for example, which, despite their name, are frequently enforceable contracts. Confused? Don’t be c...
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Income Tax Planning

Zero Income Tax on Rs 10 lakhs Individual Income- See How

It is common knowledge that the Income Tax on income of Rs.10 lacs in Individual status entails payment of Income Tax of Rs. 1,17,000/-. But, if you plan well, you need not pa...

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How to Save Tax Without Investment

HOW TO SAVE MONEY WITHOUT INVESTMENT The income tax department have provided various deductions and exemptions to the taxpayers  that can be subtracted from the taxable incom...

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What is Tax Planning & Why it is Important for Individuals or Businesses

A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any financial year. While paying taxes is certain and ine...

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Income Tax Deductions

Section 80EEA Additional deduction of interest payment on housing loan

Section 80EEA of Income Tax Act: Additional deduction of interest payment in respect of housing loan (Co-related with Section 80EE & Section 24b of the Income Tax Act) A n...

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FM Madam- Please Enhance limit of Section 80C of Income Tax Act

Whenever a Budget is introduced in the Parliament, the middle income group primarily eye Section 80C of the Income Tax Act as it is the most popular and favourite section affe...

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NPS a good savings instrument with steady returns & Income Tax Benefits

National Pension System (NPS) is still not very popular amongst individual assessees for the simple reason that people are not familiar with the advantages of NPS. It is one o...

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Calculators

Income Tax Calculator for FY 2021-22 in Excel for Salaried Individuals

Simple Income Tax Calculator for the Financial Year 2021-22 in Excel for Salaried Individuals. Tax Planning in the beginning of the Financial Year is always better instead of ...

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Income Tax Calculation Excel Software

Income Tax Calculation F.Y. 2021 -22 in Excel आयकर गणना प्रपत्र वित्तीय वर्ष 2021 – 22 Fully Automatic Excel Program ...

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Short-term Financial Forecast Tool

The Short-Term Financial Forecast Tool is a fully-automated Excel-based automated tool for short-term financial forecasting.  It can be readily deployed by any business witho...

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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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