Latest Tax News & Updates

Key 15 Action Points for filing GSTR -3B for September 2018

Goods and Services Tax - We are summarising herewith key areas that needs due attention before filing of monthly return in Form GSTR-3B for the September month:...

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Activities out of the Scope of GST

Goods and Services Tax - In the current article we will discuss about activities or transactions which shall be treated neither as a supply of goods nor a supply of services. The levy of GST comes only if the goods or services comes under the purview of supply so the below activities are not to be treated as supply hence […]...

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Procedure for Right Issue of Shares with Relevant Formats

Company Law - Background- As per Section 62(1) of the Companies act, 2013 if the Company decides to issue fresh shares, these should be offered to existing shareholders in proportion to existing persons who are holders of equity shares. ‘Right Issue’ means offering shares to existing members in proportion to their existing share holding. The object...

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Reduction in share capital under Companies Act, 2013

Company Law - Procedure For Reduction Of Share Capital Under Section 66 Read With NCLT (Procedure For Reduction Of Share Capital) Rules, 2016 i. Convene a Board Meeting to approve the reduction of share capital and fixing the date of general meeting of the company. ii. Hold the general meeting and have the Special Resolution passed. iii. File […...

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Procedure for payment of stamp duty on shares

Company Law - PROCEDURE FOR SUBMISSION OF STAMP DUTY: A. First Company will Allot Shares. B. Company will issue Share Certificates within 60 days of Allotment of Shares. C. PREPARE DOCUMENTS: After issue of shares, Stamp duty shall be paid to the exchequer of government within 30 (Thirty) days from issue of Share Certificates. Following documents shall...

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Online GST Amendment Batch – Oct 2018 (Registration Open)

Goods and Services Tax - TaxGuru and GST Professionals announces its short batch covering GST Audit and Annual Return with detailed Amendments - Oct 2018. Batch start date 28th October’ 2018. ...

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Hurry Up! Join 4 day GST Course by Ministry of M.S.M.E.

Goods and Services Tax - JOIN 4 day GST CERTIFIED PRACTITIONER course of Ministry of M.S.M.E. at Mumbai, Pune, New Delhi, Chennai, Coimbatore, Goa, Ludhiana, Bangalore, Kolkata, Cochin, Jaipur, Trichy, Hyderabad in October and November 2018 starting from 20th October 2018. WHAT THE GST CERTIFICATION COURSE AIMS AT? The Course aims to facilitate the Graduating Stu...

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Structural Reforms in taxation & bankruptcy helping Indian Economy

Corporate Law - Structural Reforms in areas like taxation and bankruptcy are helping the Indian economy in building its resilience to global shocks and maintain a robust growth rate despite challenges...

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Download TCS data in Form GSTR-2A to an Excel file

Goods and Services Tax - Download TCS data in Form GSTR-2A to an Excel file Taxpayers were earlier provided with a facility to download details of Form GSTR-2A in an Excel file. Now they can download data in TCS section also to that Excel file, in a different sheet. GSTR 2A is a purchase-related tax return that is automatically generated […]...

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One More Exam for GST Practitioners enrolled after 24.09.2018

Goods and Services Tax - As PER CBIC Website For GST Practitioners enrolled after 24.09.2018, one more examination will be held in December 2018, date of which will be announced in due course. Exam syllabus will be taken “as on 01.09.2018” for the purpose of exam scheduled on 31.10.2018 Register for Online GST Certification Course (Limited Seats) GST Practiti...

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HC declines to direct CBIC to allow rectification of GST–Tran1 already filed

https://taxguru.in/wp-content/uploads/2018/10/Jay-Chemical-Industries-Limited-Vs-Union-Of-India-Gujarat-High-Court.pdf -  Jay Chemical Industries Limited Vs Union Of India (Gujarat High Court) While the entire tax structure within the country was thus being replaced by a new framework, it was necessary for the legislature to make transitional provisions. Section 140 of the CGST Act, which is a transitional provision, ...

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Interest u/s 234A despite due date extension: HC issue Notice to CBDT

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) -  Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.201...

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No GST on license Fee for sale of liquor for human consumption

Divya Singla Vs Union of India (Punjab and Haryana HC) -  Divya Singla Vs Union of India (Punjab and Haryana High Court) The petitioners approached this Court seeking quashing of notice dated 15.05.2017 whereby the respondent asked the petitioner to furnish certain information with reference to levy of service tax on the fee paid for award of license fo...

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Lottery can be charged to GST under CGST Act, 2017: Calcutta HC

Teesta Distributors & Ors. Vs Union of India & Ors. (Calcutta High Court) -  Teesta Distributors & Ors. Vs Union of India & Ors. (Calcutta High Court) The following issues have arisen for consideration:- i) Is lottery a ‘goods’ or an ‘actionable claim’? It has held that, a lottery is in essential a chance for a prize, the sale of a lottery ticket can only be ...

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ITC on costs Mechanical & Electrical Works cost under Extension Project

In re Nipro India Corporation Private Limited (AAR Maharashtra) -  In re Nipro India Corporation Private Limited (GST AAR Maharashtra) Present application for advance ruling is being filed to determine the eligibility of ITC in relation to costs proposed to be incurred for ‘Mechanical Works’ and ‘Electrical Works’ under the Extension Project...

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Reg. Anti-dumping duty on the import of Phthalic Anhydride

Notification No. 52/2018-Customs (ADD), - (15/10/2018) -  Seeks to not to continue levy of anti-dumping duty on the import of Phthalic Anhydride, originating in or exported from Korea RP, Taiwan and Israel which was levied by rescind Notification No. 58/2012-Customs (ADD) dated 24th December, 2012. NOTIFICATION No. 52/2018-Customs (ADD) Dated: 15th October...

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Maharashtra Goods and Services Tax (Amendment) Ordinance, 2018

Maharashtra Ordinance No. XXII of 2018 - (13/10/2018) -  The Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) has been enacted with a view to make a provision for levy and collection of tax on intra-State supply of goods or services or both....

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Notification No. 86/2018-Custom (N.T.), Dated: 15.10.2018

Notification No. 86/2018-Custom (N.T.) - (15/10/2018) -  Notification No. 86/2018-CUSTOMS (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the...

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MCA Amends disclosure requirement in Balance Sheet & P&L Statement

notification dated 11/10/2018 - (13/10/2018) -  MCA amends Instructions For Preparation of Balance Sheet and Statement Of Profit And Loss of A Company / NBFCs Ministry of Corporate Affairs notifies Ind AS Schedule III applicable to NBFCs. Schedule III will apply to NBFCs covered under Ind AS applicability. MCA has also amended the existing Divisi...

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Prohibition of Benami Property Transactions (Removal of Difficulties) Order, 2018

Order No. S.O.5194 - (09/10/2018) -  Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person ...

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FAQs

In this article we have covered Meaning of Permanent Account Number (PAN), Its Utility,Procedure to Obtain PAN, Transaction in Which PAN is Mandatory,How to correct any mistake in PAN card or intimate any change in data pertaining to PAN...
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​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....
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Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become ...
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To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....
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Clubbing of income means Income of other person included in assessees total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income....
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Income Tax Planning

Your spouse can be a vehicle for tax savings

Your spouse not only helps you in meeting your social and personal but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enha...

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Some Income tax provisions to know, to avoid service of I-T notice at your door

CPC for electronic tax returns in Bangalore and CPC (Vaishali in Ghaziabad) for tax deducted at source (TDS) are working as the right hands of Government for detecting cases o...

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Tax Planning / Tax Saving Tips for Financial Year 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax P...

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Income Tax Deductions

Tax Deducted at Source (TDS): FAQs

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G an...

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Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to som...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a m...

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Calculators

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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Download House Rent Allowance (HRA) Calculator

This Calculator calculates House Rent Allowance which is exempt from tax U/s. 10(13) of The Income Tax Act, 1961. The calculator is in excel format and it calculates the allow...

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Income Tax Computation Sheet for F.Y 2017-18 (A.Y 2018-19)

In order to file your income tax return you first need to collect all the information required to file it. The next important step is to compute your total taxable income. Aft...

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Rate Charts

TDS – Rate Chart, Provisions, Penalty, Return Due Date

Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961. ...

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TDS & Tax Provisions for F.Y.2018-19

TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at ...

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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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