Latest Tax News & Updates

Analysis of Corporate Social Responsibility (CSR) Rules

Company Law - Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interest of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities, and other stakeholders as well as the environment. Nowadays’ companies adopt CSR for various benefits like: 1...

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Relief to Poor as Charitable Purpose

Income Tax - Section 2(15) of the Income Tax Act, 1961, explain about ‘Charitable Purpose’ Which purposes are to be considered as Charitable Purpose? It includes the following; -Relief of the poor, -Education, ( Yoga ), -Medical Relief, -Preservation of environment ( including watersheds, forest and wildlife), -Preservation of monuments or...

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Trade Mark granted to a person can be given to another one dealing in a different class of goods/services: Kerala HC

Corporate Law - A Trade Mark granted to a person can be given to another one dealing in a different class of goods/services – High Court of Kerala The Hon’ble High Court of Kerala in Kunhi Muhammed Etayattil Vs. the Assistant Registrar of Companies & Anr (WP [C] No. 3057 of 2021 dated: 07.04.2021) held that it is […]...

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Interplay between ‘CSR’ and ‘Sustainable Development’

Company Law - Thus, CSR is one of the primary means of achieving the goal of sustainable development for all nations today. The Brundtland report highlighted three key components of sustainable development, environment and economy and society. A number of important sustainable development proposals have also been highlighted and SD and CSR initiatives ...

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Procedure for Surrender of Director Identification Number (DIN)

Company Law - Pursuant to section 153 of the Companies Act, 2013 and rule 11 of the Companies (Appointment and Qualification of Directors) Rules, 2014 Article explains Why to Surrender DIN, Occasions in Which Surrender of DIN is Required (Reasons of Surrender), Which DIN is to be retained & Surrender, Procedure of Surrender of DIN and Attachments w...

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Regulatory framework of promoter, promoter group & group companies under SEBI (ICDR), Regulations

SEBI - Securities and Exchange Board of India Consultation Paper on ‘Review of the regulatory framework of promoter, promoter group and group companies as per Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018’ I. Objective 1) The objective of this consultation paper is to seek com...

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IMA demands health ministry to Wake up from its slumber

Corporate Law - IMA is astonished to see the extreme lethargy and inappropriate actions from the Ministry of health in combating the agonizing crisis born out of the devastating second wave of the COVID-19 Pandemic. The collective consciousness, proactive cognizance, and requests made by IMA and other professional learned colleagues are put into the dust...

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Consultation Paper- Segregation & Monitoring of Collateral at Client level

SEBI - Segregation of client collateral refers to the procedures that enable identification and protection of client collateral from- (i) misappropriation/ misuse by Trading Member (TM)/ Clearing Member (CM) and (ii) default of TM/CM and/or other In the past, there have been instances of misuse of client collateral by TM/CM....

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Delhi Court distributes Seized Oxygen Concentrators to Police & Judges

Corporate Law - In the present FIR, the police have seized the 12 Oxygen Concentrators. No useful purpose would be solved to retain the Oxygen Concentrators in the police Malkhana and the same should be circulated back for the use of needy patients....

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GST: Need for A Serious Midterm Correction- Letter to FM by Badal

Goods and Services Tax - I have been particularly persuaded to write this letter because there has been no meeting of the GST Council for the last six months even though Council's own Rules drafted in terms of Article 279A of the Constitution provide for holding at least one meeting every quarter....

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Delhi HC on Import of Oxygen Concentrators by Individuals & Payment of IGST

Gurcharan Singh Vs Ministry of Finance (Delhi High Court) -  Gurcharan Singh Vs Ministry of Finance (Delhi High Court) 1. It is pleaded to extend the exemption, to even individuals, to enable them to obtain imported oxygen concentrators by way of a gift, albeit, without having to pay IGST. 2. That tax is an exaction by the State is well known. That its levy a...

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No Section 194IA TDS on payment not related to transfer of immovable property

Prestige Estates Projects Ltd. Vs ACIT (ITAT Bangalore) -  Prestige Estates Projects Ltd. Vs ACIT (ITAT Bangalore) In our opinion, even if it is advance payment, it is not linked to the transfer of immovable property as enumerated in Section 194-IA of the Act, since the condition laid down in Section 2(47)(v) of the Act was not complied with within the mean...

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HC set aside order passed with pre-set mind in violation of justice

Antony Alphonse Kevin Alphonse Vs ITO (Madras High Court) -  Antony Alphonse Kevin Alphonse Vs ITO (Madras High Court) 1. The impugned order has been passed before the time prescribed for filing the reply. 2. The impugned order has been passed with pre-set mind and without considering the reply received from the petitioner. 3. There is a manifest violation o...

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No Section 68/69C addition for mere non appearance of same director

Ancon Chemplast P. Ltd. Vs ITO (ITAT Delhi) -  Merely because the some Directors did not appear in the case of assessee would not be a ground to have an adverse inference against the assessee, therefore, there was no justification to sustain the addition of Rs.45 lakhs under section 68 and addition of Rs.90,000/- under section 69C....

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TDS not applicable on payment of lease financial amounts to lease financial companies

CIT Vs Texas Instruments India Pvt. Ltd. (Karnataka High Court) -  Neither Section 194-C nor 194-I of the Act would be applicable to the lease financing of motor vehicles; thus there could have been no disallowance on the ground that there was no tax deduction at source made by the Assessee....

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CBDT issues corrigendum to notification related to Cash payment to hospital

(10/05/2021) - CBDT issues Corrigendum to Notification No. 56/2021-Income Tax Dated: 7th May, 2021 and  stated that word ‘payee ‘to be read as payer. Notification No. 59/2021-Income Tax Dated: 10th May, 2021  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New ...

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Notification No. 58/2021-Income Tax, Dated: 10.05.2021

(10/05/2021) - CBDT amends Notification No. 35/2021-Income Tax dated the 22nd April, 2021 and stated that the word ‘Canada Pension Plan Investment Board Private Holdings (4) Inc.’ should be read as ‘CPP Investment Board Private Holdings (4) Inc.’  Notification No. 58/2021-Income Tax Dated:...

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Notification No. 57/2021-Income Tax, Dated: 10.05.2021

(10/05/2021) - CBDT amends Notification No. 54/2021-Income Tax dated the 5th May, 2021 and stated that the word ‘Stretford Investment Pte. Ltd.’ should be read as ‘Stretford End Investment Pte. Ltd.’  Notification No. 57/2021-Income Tax Dated: 10th May, 2021. MINISTRY OF FINANCE (Departmen...

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Delhi- Updated Oxygen Refillers List & Locations for Oxygen cylinders for individuals based on doctor’s prescription

(29/04/2021) - Delhi- Updated Oxygen Refillers List & Locations for Oxygen cylinders for individuals based on doctor’s prescription Updated list of Oxygen Refillers for Delhi which contains Name of the Oxygen  Refiller, Phone Number and Address of Oxygen Refillers as released by Delhi Government on 29th...

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Nodal Officers certification to NGO Gautam Gambhir Foundation

(09/05/2021) - M/s Gautam Gambhir Foundation, shall import covid relief supply free of cost for free distribution in India as per details in the Annexure (attached), at Delhi Air Cargo Customs Station. Exemption from IGST is recommended for such imports by M/s Gautam Gambhir Foundation under the said adhoc exempti...

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FAQs

Frequently Asked Question on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 This FAQ has been issued by the Accounting Standards Board of the Institute of Chartered Accountants of India. Question : On January 22, 2...
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Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notification No. 56/2021-Income Tax Dated: 7th May, 2021 for a period of 2 months. Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST (as inserted by the […]...
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Article contains FAQ’s on Relaxations of time of filling of MCA forms for Companies and LLP except Charge Forms and FAQ’s on Relaxations of time of filling of CHARGE form (Creation & Modification of Charge) A. FAQ’s on Relaxations of time of filling of MCA forms for Companies and LLP except Charge Forms which Due […]...
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FREQUENTLY ASKED QUESTIONS Ad hoc Exemption Order No. 4/2021-Customs dated 3 May, 2021 (said Order) exempting IGST on imports of specified COVID-19 relief material subject to conditions – regarding Last Updated: 7th May, 2021 Q.1 Whether exemption from IGST under the said Order is available in case the importer buys the goods from abroa...
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FAQs on Removal of Names of Companies From the Register of Companies 1. When can ROC suomoto remove the name of Company? When: – ♠ A company which has failed to commence its business within one year of its incorporation; ♠ a company which has not obtained status of dormant is not carrying on any […]...
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Income Tax Planning

Income Tax Savings Tips to help in Tax Planning

Tax planning is a part of financial planning Though it is difficult to avoid taxes, you can strategies to reduce the tax outgo efficiently Two Important Steps 1) To choose bet...

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Tax Planning while setting up of a business with reference to Nature of business

Tax Planning while setting up of a business with reference to Nature of business related with A.Y 2021-2022 and A.Y 2022-2023 – An analysis of Six important Deductions a...

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Tax planning while setting up of a business with reference to location (2021-2022 A.Y and A.Y 2022-2023)

I hereby want to summarize details regarding Tax Planning while setting up of a business with reference to location related with A.Y 2021-2022 and A.Y 2022-2023.You will get t...

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Income Tax Deductions

Section 80C – Investment cum Deduction

Chapter VI-A contains deductions from Gross Total Income. It is to be noted that if there is no Gross total Income than no deduction will be permissible. That means maximum de...

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How to save tax efficiently for salaried Individuals

Who doesn’t want to save tax? So, in this article we are discussing about how a salaried Individual can save tax through tax planning. Salaried Individuals have comparativel...

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Tax Incentive to Business / Service sector/ Industry on salary of new employees

Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufac...

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Calculators

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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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax...

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Rate Charts

Tax Deducted at Source (TDS) rates for FY 2021-22 (AY 2022-21)

TDS rates for FY 2021-22 (AY 2022-21) considering amendments made by Finance Act, 2021 are as follows: Tax Deducted at Source (TDS) Rates applicable from 1st April, 2021 Tax D...

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Updated Profession Tax Rates in Maharashtra

Maharashtra Government has presented its Additional Budget on 05th June 2014 through its Deputy Chief Minister And Finance Minister Shri Ajit Pawar in his Budget FM has increa...

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Income Tax Rates for A.Y. 2021-22 (Company, Co-Op Society & Local Authority)

Income Tax Rates for A.Y. 2021-22 or Financial Year 2020-21 (For Company, Co-Operative Society and Local Authority) (A) COMPANY- The tax rates as applicable are as under Domes...

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