Latest Tax News & Updates

GST ITC of other State’s – Can it be claimed ??

Goods and Services Tax - 1. A businessmen would come across scenarios wherein they would have received supplies from the State’s where they are not registered and the place of supply would also happen to be the said State and not the State where he is registered. As an example, a businessmen registered in Gujarat would book a hotel in […]...

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IND AS application on companies

CA, CS, CMA - IND AS applicable to following type of  companies Companies in process of Listing  – NET WORTH 250 and 500 Cr – applicable from 01/04/2017 Unlisted Companies – NET WORTH => 500 Cr- – applicable from 01/04/2016 Listed Companies NET WORTH => 500 Cr – applicable from 01/04/2016 NET WORTH 250 and 500  Cr – app...

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Changes in TDS provision via Finance Bill 2019

Income Tax - Budget 2019: Changes in TDS provision- Related to 1. Section 194M : TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF, Section 194N: TDS on Cash Withdrawal exceeding Rs 1 crore from banks or cooperative bank or post office, Section 194DA: TDS on sum received under life insurance policy and Section [&hell...

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: Mystery or Resolution?

Excise Duty - A. Preface 1. Our Finance Minister, Shrimati Nirmala Sitharaman, in her budget speech mentioned that more than Rs. 3.75 lakh croreis blocked in pending litigations from the Pre-GST Regime i.e., in Service Tax And Excise. In view of such huge funds being blocked, she proposed a “Legacy Dispute Resolution Scheme” (The Scheme) that would...

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

Income Tax - 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 presented by Finance Minister in Parliament on 5th July 2019. Condition for availing Section 80EEA deduction Loan Sanctioned between 1.4.2019 to 31.3.2020 from financial ...

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ICSI CS Foundation exam result 2019 to be declared on July 25

CA, CS, CMA - The Result of CS Foundation Programme examination held on 8th and 9th June, 2019 would be declared on Thursday, the 25th July, 2019 at 11:00 A.M. The result along with individual candidate’s subject-wise break-up of marks will be available on the Institute’s website: www.icsi.edu Formal e-Result cum-Marks Statement of Foundation Progr...

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Join Online GST Certification Course by TaxGuru (Last Few Days to Register)

Goods and Services Tax - We are happy to announce the 11th Batch of our Advanced Online GST Certification Course which will start from 21st July 2019. Learn GST in a Practical way and become an Expert in this field. Batch covers detailed analysis of entire GST law with special focus on Effective GST Audits & Reconciliation Statements, filing of […]...

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Ind AS-8, Accounting Policies, Changes in Accounting Estimates & Errors

CA, CS, CMA - ICAI Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors In this era of globalised economies, the Institute of Chartered Accountants of India (ICAI) has been at the forefront of ensuring high quality accounting standards in India. Financial reporting has got new di...

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Desist addressing as ‘My Lord’ & ‘Your Lordship’: Rajasthan HC

Income Tax - To honour the mandate of equality enshrined in the Construction of India, the full Court in its meeting dated 14.07.2019 has unanimously resolved to request the counsels and those who appear before the Court to desist from addressing the Hon'ble Judges as 'My Lord' and 'Your Lordship' ....

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Some Replies received from GSTN for CMP-08 and GSTR-4

Goods and Services Tax - Problem reported: Concern regarding CMP-08 is not reflecting on return dashboard. Resolution: This is in reference to our telephonic conversation, we informed you that the functionality for filing CMP- 08 is currently unavailable on GST portal, we request you to wait for further notification and keep yourself updated with www.gst.gov.in. ...

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Subsidy received under TUF Scheme is Capital Receipt

M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata) -  M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata) We note that the issue under consideration whether the subsidy received under TUF scheme is a capital receipt or revenue receipt. The ld. CIT(A) treated it as part of fixed assets and held that said subsidy should be reduced from the cost of fixed asset...

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No denial of Cenvat Credit for mere procedural lapse: CESTAT

M/s D.A. Stuart India Pvt Ltd Vs C.C.G.S.T (CESTAT Mumbai) -  M/s D.A. Stuart India Pvt Ltd Vs C.C.G.S.T (CESTAT Mumbai) In the absence of a statutory provision which prescribes that registration is mandatory, the claim of the Appellant cannot be rejected and both the authorities below have committed an error in rejecting the same. In a very recent decision o...

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Cancer Treatment is reasonable cause for delay in Appeal Filing: ITAT

Shri Pradipta Kumar Das Vs The Assistant Commissioner of Income Tax (ITAT Chennai) -  Assessee was diagnosed with Cancer in December, 2017 and the ld. CIT(A) passed the order on 20.03.2018, which is subsequent to the diagnosis of the illness, needless to mention that treatment of cancer is very painful and it is not possible to focus on other issues when he was under the treatment an...

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Landmark Judgment: Benami Amendment Act, 2016 not applicable from retrospective effect: HC

Niharika Jain W/o Shri Andesh Jain Vs Union of India (Rajasthan High Court) -  Court has no hesitation to hold that the Benami Amendment Act, 2016, amending the Principal Benami Act, 1988, enacted w.e.f. 1st November, 2016, i.e. the date determined by the Central Government in its wisdom for its enforcement; cannot have retrospective effect....

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MA is maintainable only if appeal is pending and not admitted

Shri Ratanlal C. Bafna Vs JCIT (ITAT Pune) -  Shri Ratanlal C. Bafna Vs JCIT (ITAT Pune) When appeal has been filed before the Hon’ble High Court, the appeal is admitted and substantial question of law has been framed in the said appeal, then the Tribunal cannot recall the order. In the present case since the appeal against the order of the T...

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Committee to examine Data Structure & Modalities of upload of data for E-Assessment

F.No. ADG(S)-5/Misc./2019-205789-5790 - (17/07/2019) -  A Committee to examine the feasibility of laying out the modalities, formats and data structures for uploading online, analysing and archiving of information sought during e-assessment in a forensically sound secure and importable data-structure to facilitate e-assessmcnt and to mitigate difficultie...

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CBDT denies Large Scale Changes in ITR Forms wef 11th July 2019

NA - (16/07/2019) -  CBDT  said that there are no changes in the notified ITR forms; only the utility has been updated to facilitate the taxpayers. Therefore, the assertion that numerous changes have been made in ITR-2 and ITR-3 on July 11, 2019, does not give a correct picture. Government of India Ministry of Finance ...

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SEBI amends formats for Compliance Report on Corporate Governance

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/78 - (16/07/2019) -  SEBI amends  formats for Compliance Report on Corporate Governance as per Annexure I, II and III to this circular are being prescribed:- Annex – I – on quarterly basis; Annex – II – at the end of a financial year (for the whole of financial year); Annex – III – w...

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LPCOs not allowed to be uploaded on eSANCHIT w.e.f 01/08/2019

Circular No 19/2019-Customs - (16/07/2019) -  Since the facility to upload the LPCOs is now being fully made available to these 16 new PGAs, therefore, the beneficiaries i.e. importer/exporters/customs brokers would not be allowed to upload the previously issued LPCOs on eSANCHIT w.e.f 01/08/2019. Further, to facilitate the members of the trade...

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Govt appoints Sri Sudipta Bhattacharya, Director, as Statistics Officer

Notification No: 10 - (16/07/2019) -  Ministry of Commerce and Industry, Government of India now appoints Sri Sudipta Bhattacharya, Director, as Statistics Officer, under Collection of Statistics Act, 2008....

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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

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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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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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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