Latest Tax News & Updates

Overview on GSTR-9

Goods and Services Tax - GSTR-9 It is an annual return which is to be filled by every registered person. It consists of Every transaction of particular financial year whether the transaction is related to supply made or received during the year under different tax heads like CGST, SGST & IGST. GSTR-9 is to be optional for the business whose […]...

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New GST Return Filing System Comes As Challenges for Taxpayers

Goods and Services Tax - In 27th GST Council Meeting, the Panel announced the implementation of a new GST return format which is believed to be a much simpler version of the current GST return. This new GST returns policy is scheduled to commence from April 2020 which aims at eradicating the flaws of the prevailing GST filing system making […]...

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Comparative Study of Supplies in GST

Goods and Services Tax - In my opinion, definitions of expressions ‘exempt supply’, ‘non-taxable supply’, ‘taxable supply’ and ‘Zero rated supply’, as provided in the Central Goods and Services Tax Act, 2017 (GST Act) and the Integrated Goods and Services Tax Act, 2017 (IGST Act), for certain provisions of the said ...

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Grant Audit

CA, CS, CMA - In many ways not-for-profit organizations are no different from for-profit or commercial organizations. Their objectives and activities may be different but the day to day operations would more or less involve common activities like receipt and processing cash, tracking revenue and expenses, managing personnel, and financial reporting to ...

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Tax Deducted at Source-Scope and Way Forward

Income Tax - The government uses TDS as a tool to collect tax in order to minimise tax evasion at a later date. The objective of TDS could be said, in general, to be maximization of revenue collection while minimizing the cost of collection....

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How to get Pollution License/Certificate for business in India?

Corporate Law - If you are planning on starting any business which could potentially generate pollutants such as chemical waste, detergent washing, fly ashes, smoke emissions (including cooking smoke), medical waste to name a few – also referred to as trade effluents, then you will need to make an application to the respective State Pollution Control B...

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Guideline- Joining/Association with “Networks” by ICAI Members in Practice

CA, CS, CMA - It is hereby clarified that associations with 'Network' as a medium of referral of professional work is permissible only if the Network is registered with the Institute, comprising only of Chartered Accountants/ Chartered Accountant Firms, and governed by the Institute's Network Guidelines...

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4 Major Tax Exemptions to Startups

Income Tax - 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....

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Cabinet approves IBC (Second Amendment) Bill, 2019

Corporate Law - Union Cabinet approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016, through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019.  ...

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ICAI Advisory on Procedure & formats for limited review / audit report

SEBI - Advisory on Exhibit B3 of SEBI’s Circular dated 29th March 2019 regarding Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity...

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GSTR-1 Return filing amounts to determination of tax : HC

Kabeer Reality Private Limited Vs Union of India (Madhya Pradesh HC) -  Kabeer Reality Private Limited Vs The Union of India & Others (Madhya Pradesh HC) The petitioner has certainly not paid the GST. It is noteworthy to mention that GSTR-1 is declaration of tax liability and GSTR-3B is evidence of actual payment. The petitioner has stated that GSTR-1 cannot be term...

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State Legislature cannot amend KVAT Act after CAA 2016

Baiju A. A. Vs State Tax Officer (Kerala High Court) -  Baiju A. A. Vs State Tax Officer (Kerala High Court) (i)  the assessments in respect of which the period of limitation for re-opening under Section 25 of the KVAT Act was to expire by 31.03.2017 can be re-opened up to 31.03.2018 by virtue of the amendment to the third proviso to Section 25 (1) vide...

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Approval of PCIT mandatory to convert Limited Scrutiny to a Complete Scrutiny

Ravi Prakash Khandelwal Vs DCIT (ITAT Lucknow) -  Jurisdiction of the Assessing Officer while making assessments in Limited Scrutiny cases, by initiating inquiries on new issues has to comply with mandatory requirements of the relevant CBDT Instructions dated 09.2014, 29.12.2015 and 14.07.2016, i.e. the approval of the PCIT....

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Entry Tax on Unmanufactured Tobacco in ‘Sealed Container’ is Justified: HC

Giriraj Enterprises Vs State of Karnataka (Karnataka High Court) -  HC held that The Notification impugned dated 1.10.2013 issued by the Government of Karnataka insofar it relates to the amendment made to the Notification dated 30.3.2002 for insertion of sub-item [ii] in Serial No.[5], specifying unmanufactured tobacco in 'sealed container' for levy of Entry Tax at ...

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Monitor Redressal of GSTN Network Grievances: HC instructs GSTN

Sales Tax Bar Association (Regd) & Anr. Vs Union of India & Ors. (Delhi High Court) -  Sales Tax Bar Association (Regd) & Anr. Vs Union of India & Ors. (Delhi High Court) Till the constitution of Public Grievance Committees (PGCs), we direct that the Chairman and the CEO, GSTN shall be responsible to monitor, and they shall ensure the rederessal of all grievances relating to t...

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Promotion of Officers to the grade of PCIT

Office Order No. 253 of 2019 - (12/12/2019) -  Office Order No. 253 of 2019 – Promotion of Officers to the grade of Principal Commissioner of Income Tax (PCIT) – reg F.No. A-32011/3/2018-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi -110 001 Dated: 12.12.201...

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Amendments to Indian Stamp Act, 1899 applicable from 09.01.2020

Notification No. S.O. 4419(E). - (10/12/2019) -  Central Government appoints 9 day of January, 2020, as the date on which the provisions of Part I of Chapter IV related to Amendments to Indian Stamp Act, 1899 which were notified by Finance Act, 2019 (7 of 2019). MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 10th December,...

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Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2019

Notification No. FEMA 23(R)/(2)/2019-RB. - (03/12/2019) -  i. These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2019. ii. They shall come into force from the date of their publication in the official Gazette....

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SEBI may not take action on anonymous or unverifiable complaints

Press Release No.: 29/2019-SEBI - (11/12/2019) -  SEBI gives utmost importance to all complaints either received anonymous or otherwise and takes necessary action after verifying the contents. However, SEBI may not be able to handle complaints which are anonymous and not specific or substantiated or verifiable....

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Offer Document filing for issues of size upto Rs. 750 crores- Reg

Circular No. CFD/DIL1/CIR/P/2019/0000000154 - (11/12/2019) -  It has been decided that the draft offer documents in respect of issues of size upto Rs. 750 crores shall be filed with the concerned regional office of the Board under the jurisdiction of which the registered office of the issuer company falls....

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FAQs

Q.1 What is Electronic Toll Collection (ETC) / FASTag? Ans: NHAI has rolled out program for Electronic Toll Collection on Toll Plazas on National Highways to be called FASTag. FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid account linked to it. It is affi...
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Blocking of e-waybill generation facility means disabling taxpayer from generating E Way Bill, in case of non-filing of 2 or more consecutive GSTR 3B Return on GST Portal, by such taxpayer (refer Rule 138E of CGST/SGST Rules, 2017). The GSTINs of such blocked taxpayers cannot be used to generate the e-way bills either as Consignor or Cons...
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FAQs on Viewing Orders of Unblocking of E-Way Bill Generation Facility Unblocking of E-Way Bill Generation Facility Q.1 Why my GSTIN is blocked for E-Way Bill generation facility? Ans. Your GSTIN will be blocked for E-Way Bill generation facility, in case, you have failed to file Form GSTR-3B return for last two or more consecutive [&hell...
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Advisory for taxpayers for uploading multiple invoices/ credit/ debit notes as supporting documents with refund application (RFD-01) Tips for Scanning Documents and Reducing File Size for uploading supporting documents with the refund application Taxpayers are expected to upload the supporting documents while filing their refund applicati...
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Offline tool can be used for taking actions in auto-populated details in the Form GST ANX-2 by the taxpayers. Taxpayer can also download Form GST ANX-2 JSON file from GST portal to view/ take action on the documents as part of downloaded JSON in the offline tool....
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Income Tax Planning

How to plan your tax-saving investments for the year

As citizens of India, we are also consumers of the country’s public infrastructure and facilities. When we want these facilities and infrastructure to improve, it is also ou...

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Tax Planning Tips For Private/Public Limited Companies

Organising your business in the form of Private Limited Company has got its own advantages such as Limited Liability of the owners, Perpetual existence, Better Image and credi...

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Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that...

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Income Tax Deductions

No Netting of profit/loss of eligible units to calculate section 80-IC deduction

No netting of profits and losses of the eligible units was to be done for the purpose of calculating the deduction under section 80-IC and each unit for the said purpose had t...

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Section 80IC deduction allowable despite 01 day delay in return filing

Where the delay of 1 day in on-line filing of return occurred not due to any negligence of the assessee, rather, the reason for the same was beyond the control of the assessee...

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Section 80JJAA Deduction in respect of employment of new employees

Section 80JJAA – Deduction in respect of employment of new employees is allowed under Chapter VI-A of the IT Act. In case of an assessee opting to provision to sec 115BAA or...

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Calculators

GSTR 3B Computation with Optimum IGST Utilization | MS Excel Software

The file contains GSTR 3B Computation in MS Excel with following functionality: 1. Optimum utilization of Input tax credit is automatically calculated. (Section 49A read with ...

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Excel Utility to check Interest u/s. 234A, 234B and 234C

Please find attached herewith an Excel Utility to check the Interest u/s. 234A, 234B and 234C of Income Tax Act, 1961.  It's a utility in which you need to enter very few de...

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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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Rate Charts

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 2020-21 / FY 2019-20

Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab ra...

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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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