Latest Tax News & Updates

All you need to do know before choosing Private Limited Company as a form of your business

Company Law - A lot of aspiring entrepreneurs end up starting their business as a Private Limited Company without knowing the whereabouts. Before choosing PLC as a form of business, one must know its features, benefits, limitations & compliances, which are briefly described below...

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Guide for Registration of Real Estate Projects with Chhattisgarh RERA

Corporate Law - Article explains 1. Registration of Real Estate Projects with Real Estate Regulatory Authority (RERA) 2. Definition of Real Estate Project under RERA 3. Application for registration of real estate projects (In Form- A in triplicate) 4. Registration Fee for registration of Project under RERA 5. Grant of Registration under RERA (In Form-C)...

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Safe Harbor Rules – Transfer Pricing

Income Tax - The revised SHRs apply for AY 2017-18 and two immediately following AYs i.e. upto AY 2019-20. The earlier SHRs were applicable from AY 2013-14 and four immediately following AYs i.e. upto AY 2017-18. For AY 2017-18, the taxpayer can choose from old or new rules whichever are more beneficial....

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Marketing Intangibles- Transfer Pricing Challanges

Income Tax - Marketing activities undertaken by one enterprise not owning the trademark or brand name lead to the creation of marketing intangibles for the legal owner of such trademark or brand name. Indian enterprises having the right to use the brand name owned by their associated enterprises incurs the advertisement, marketing and promotional ex...

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Business Codes For ITR Forms For A.Y 2018-19

Income Tax - CBDT has changed nature of business codes for income tax return forms from A.Y. 18-19. Before filing of Income tax return ensure correct business sector along with correct business code has been selected....

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Net Direct Tax collections crossed Rs.10.03 lakh crore in 2017-18

Income Tax - Net direct tax collections for 2017-18 amounted to Rs. 10.03 lakh crore, which is 18% higher than the collections for 2016-17. The robust growth in direct tax revenue in the year of demonetization and the year after that is indicative of a positive impact of various tax policies, including demonetization, on the level of tax compliance in...

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2 Arrested in Delhi for GST evasion of Rs. 28 Crore

Goods and Services Tax - Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regime that came into force on 1st July, 201...

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e-Way Bill Roll out for intra-State goods movement wef 25.05.2018

Goods and Services Tax - Ewaybill system for intra-State movement of goods to be implemented from 25.05.2018 in the state of Maharashtra and Manipur and in following UTs Andaman & Nicobar Islands,Chandigarh,Dadra & Nagar Haveli,Daman & Diu and Lakshadweep. PRESS RELEASE 24th May, 2018 Subject: Roll out of e-Way Bill system for intra-State movement of ...

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Facility to change return frequency available on GST Portal

Goods and Services Tax - Facility to change return frequency for normal taxpayer is now available on GST Portal Taxpayers whose turnover is above Rs. 1.5 Cr and who have wrongly selected option as quarterly filing, now has been provided with facility to change the option to monthly, provided the taxpayer has not filed any return, as per the wrongly […]...

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Facility to pay reduced penalty is now available on GST Portal

Goods and Services Tax - In case Demand ID is created under Section 74 of the CGST Act, 2017, the GST Portal now allows reduced payment towards penalty, as per law. A message is shown to the user, about the reduction in amount of penalty mentioned in the order, if he makes the payment within 30 days from the date of communication of the order andhe is making ful...

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GST Council not recommended levy of GST on high speed diesel: HC

Shree Raipur Cement Plant (A unit of Shree Cement Limited) Vs. State of Chhattisgarh, Finance Department, Tax Division, (Chhattisgarh High Court) -  GST Council has not recommended levy of GST on high speed diesel and same is not notified by the Central Government under Section 9(2) of the Central Goods and Services Tax Act, 2017....

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18% GST payable on Canteen services by outside vendors in offices & factories: AAR

In re M/s. Rashmi Hospitality Services Private Limited (Authority For Advance Ruling) -  Gujarat Bench of AAR passed its order in an application filed by Rashmi Hospitality Services and and ruled that Canteen services provided by outside vendors in offices and factories will attract 18 per cent GST....

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Search & Seizure: No Incriminating Evidence Found, No Addition Can Be Made

DCIT Vs. Dharampal Satyapal Ltd (ITAT Delhi) -  Main arguments of the assessee that the addition and adjustment made to the total income are to be based only on incriminating material found during the course of search fails, then only the other issues in the appeal of the revenue as well as of the assessee will survive....

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RTI Information seeker cannot resort to penalty proceeding U/s. 20 RTI Act, 2005

Rajkumar Mishra Vs Chhattisgarh State Information Commission (Chhattisgarh High Court) -  It is held that The information seeker is only entitled for damages and cost, if any, as there is no provision in the Act of 2005 for payment of penalty or part thereof recovered from Erring Information Officer to the information seeker and therefore information seeker cannot as a matter of right cl...

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Two flats in different locations cannot be considered as single residential house for section 54 / 54F

The Asst.Commissioner of Income-tax Vs Sri.N.S.Viswanathan (ITAT Cochin) -  The learned Commissioner of Income Tax(Appeals) erred in allowing the assessees appeal relying on the decision of the Honble High Court of Karnataka in the case of Smt. K.G. Ruminiamma (2011 )331 ITR 211 when the facts of the case are distinguishable from the assessee's case. In the case of Smt. K.G...

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EPFO declares interest Rate on EPF for the year 2017-18

No.Invest.I/CBT Agenda/ROI/2017-18/4153 - (25/05/2018) -  The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under Para 60(1) of Employees’ Provident Funds Scheme, 1952 to credit interest @ 8.55% for the year 2017-18 to the account of each member of the EPF Scheme as per the provisions under...

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s.56 CA cannot do Valuation of unquoted equity shares under DCF method

Income Tax Rule 11UA deals with Valuation of jewellery, archaeological collections and shares and securities for the purpose of Section 56. As per Clause (b) of Sub-Rule 2 of Rule 11UA earlier merchant banker and Chartered Accountant were allowed to do valuation of unquoted equity shares under Dis...

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IGST on goods supplied while being deposited in a customs bonded warehouse

Circular No. 3/1/2018-IGST - (25/05/2018) -  Integrated tax shall be levied and collected at the time of final clearance of the warehoused goods for home consumption i.e., at the time of filing the ex-bond bill of entry and the value addition accruing at each stage of supply shall form part of the value on which the integrated tax would be pay...

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CBIC Introduces monetary limit at Commissioner (appeals) Level

F No 390/Misc/116/2017-JC - (25/05/2018) -  Central Board of Indirect Taxes and Customs fixes a monetary limit of Rs 2,50,000/- below which appeal shall not be filed with the Commissioner (A). This limit would apply for legacy matters only and would also be applicable to cases currently pending at the level of Commissioner (Appeals) ....

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Monitor pending IGST refund claims & ensure timely disbursals: CBIC Chairman

DO.No.21/CH(EC)/2018 - (25/05/2018) -  IGST / ITC Refunds remain a concern and a priority. At the cost of repetition, I once again request all Chief Commissioners to monitor the pending refund claims and ensure timely disbursals. Necessary assistance must be offered to exporters to resolve any issues being faced in sanction of their clai...

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GSTR 1 is a monthly Statement of Outward Supplies all normal registered taxpayers to be filed in a given tax period in which they shall furnish details of all a. Outward supplies to registered persons b. Outward supplies to unregistered persons (consumers) c. Details of Credit/Debit Notes issued against invoices d. Zero rated, exempted, a...
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Article Answers 1. Who needs to register under GST as a TCS? 2. How can register as TDS or TCS? 3. Are there any preconditions I must fulfill before registering with GST as a TDS or TCS? 4. Do I get registered automatically after submitting the registration application along with the prescribed documents?...
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Section 29 read with Rule 20 to 22 deals with cancellation of registration. As per section 29(1) of CGST Act, registration can be cancelled either by the officer suo moto or on filing an application for cancellation. In this article, we are only discussing about the procedures when an application for cancellation is made by the registered...
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GSTR-5A is a Return to be furnished by Online Information and Database Access or Retrieval (OIDAR) services provider to un-registered person or customers, on the GST Portal for the services provided from a place outside India to a person in India, other than a registered person....
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To clarify the implementation issues, the Auditing and Assurance Standards Board of ICAI, hereby issues the following FAQs on SA 570(Revised) based on the queries received from the members:...
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Income Tax Planning

5 Income Tax Changes affecting Tax planning from 01.04.2018

Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in th...

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7 must-do’s before 31st March-A quick checklist

We all are aware that end of the financial year 17-18 is approaching. 31st March, 2018 is an important date to remember for individuals and taxpayers in India as it is the dea...

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Claim Tax Benefit on HRA as well as Tax Deduction on Home Loan

For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liabili...

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Income Tax Deductions

Save more with Health Insurance

Health insurance is viewed as a significant investment and therefore tax deductions are offered u/s 80D of the Income Tax Act, 1961. Under this section, deductions are provide...

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Deduction and Allowances Available under Income Tax Act 1961 for expenses

Section wise brief about the deduction and allowances available under Income Tax Act 1961 against expenses incurred by Assesses...

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Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be...

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Advance Income Tax Calculator for Assessment Year 2019-20

Download the automated Income Tax Calculator for the Financial Year 2018-19 & Ass Year 2019-20 as per the new central budget 2018-19, with all amendment by the CBDT....

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Excel format to calculate Deferred Tax, MAT and Computation of Tax for 5 A.Y.

Friends most of us face the challenge of calculating tax as per Income tax and AS 22. Here an effort is made to comprise all tax computation viz., Provision for Tax, MAT, Defe...

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Automatic GST Late Fees Calculator for Form GSTR 3B

Simple Automatic GST Late Fees Calculator in Excel Format for easy calculation of Late Fees Payable for late filing of Form GSTR 3B which calculates  late fees under both CGS...

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Rate Charts

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out b...

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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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Income Tax Rates for AY 2019-20 / FY 2018-19

This Article Contains Income Tax Rate / Income Tax Chart/ Income Tax Slab as applicable for Financial Year (FY) 2018-19 or Assessment Year 2018-19 (AY) to Individual (resident...

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