Latest Tax News & Updates

Nil Rated, Zero Rated, Non-taxable and Exempt Supplies under GST

Goods and Services Tax - With the Introduction of Goods and service Tax (GST), the traders are left confused with some of the provisions of the Act. Taking into consideration one such tangled provision, as to what is the difference between Nil rated and zero rated supplies, as well as non-taxable and exempt supplies....

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SEBI qualifies QIP for achieving MPS

SEBI - SEBI, in its board meeting held on December 28, 2017[1] decided to introduce Qualified Institutions Placement (QIP) and Sale of shares up to 2% held by promoters/promoter group in open market, subject to certain conditions, to enable listed companies to comply with the MPS requirement....

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Steps for filing Letter of Undertaking online on GST Portal

Goods and Services Tax - Step: - 1: Login on GST Portal. Enter the Username, password and Captcha code, Click on ‘Login’ Step:-2 Click on Go to User Services and Select the Tab Furnishing Letter of Undertaking...

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Trantional treatment of Blocked Credits and Disputed Credits under GST

Goods and Services Tax - Ministry of Finance, Government of India on 23rd February 2018 issued a circular no. 33/07/2018-GST providing Directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases...

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Input Tax Credit Utilisation Mechanism on GST Portal has gone beyond Statutory provisions of CGST Act 2017

Goods and Services Tax - The Central Government vide circular number 33/07/2018-GST dated 23 Feb 2018 has provided the following directions: – (i) Non-utilisation of Disputed Credit carried forward: – The circular provides that amount of Cenvat Credit carried forward in GST regime, which is held to be disallowed vide order in original or order in appe...

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MVAT Audit Acknowledgement submission date extended to 26.02.2018

Goods and Services Tax - Due to public holidays on 24th and 25th February 2018, last date for submission of physical copy of acknowledgment of Form e-704 is extended by one day i.e. up to 26.02.2018. Source- https://mahagst.gov.in/en/due-public-holidays-24th-and-25th-february-2018-last-date-submission-physical-copy-acknowledgment...

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Latest Changes In GSTR-1 & GSTR-5 and other changes

Goods and Services Tax - A. Added features in Form GSTR 1 and Form GSTR 5. 1. In GSTR-1 & GSTR5 on addition of records (Invoices/Debit Notes/Credit Notes, an option has been provided to taxpayer to select a lower tax rate for motor vehicle leasing businesses, as per Notification No 37/2017-Central Tax (Rate), dated 13-10-2017. i.e.65% of applicable GST TAX [&...

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PNB Scam: Stop Blame Game- Let RBI & Finance Ministry Own Responsibility

Fema / RBI - Much is talked and written about scams in the Banking sector after the Nirav Modi Scam in PNB. Why RBI, Finance Ministry, CVC and others wake up only when a major scam surfaces? Why we are not analyzing the failure of the system? What is the role of the Govt and its policies which cause system failures and scams?...

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ICAI issued Show Cause Notices to Auditors of PNB & Gitanjali Gems

Fema / RBI - The Disciplinary Directorate of ICAI has issued Show Cause Notices to all Central Statutory Auditors of PNB. Similarly, Central Statutory Auditors who have done quarterly review of PNB have also been issued Show Cause Notice. Auditor of Gitanjali Gems Ltd., has also been issued the Show Cause Notice in the matter....

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PNB clarifies on Nirav Modi Statement on making Fraud Public

Fema / RBI - PNB closed all option to recover dues by going public: Nirav Modi.- We have followed lawful avenues available to us as per law of land to recover our dues....

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Share Application Money: Addition U/s. 68 not justified if AO not enquired on details submitted by Assessee

CIT Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court) -  CIT (Central) Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court) The preceding enumeration of the circumstances of the case show that the assessee had furnished all relevant data before the AO and the CIT(A), which, however, were not inquired into by the AO. Instead he obdurately adhered ...

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Terminal Excise Duty payment is not Valid reason to deny Refund

Same Deutz-FahrIndia (P) Ltd. Vs Union of India (Madras High Court) -  Same Deutz-Fahr India (P) Ltd. Vs Union of India (Madras High Court) AThe petitioner filed these writ petitions for the following reliefs: i. . W.P. No. 32596 of 2017 has been filed challenging the Policy Circular issued by the second respondent which denies the Terminal Excise Duty (TED) refund con...

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Order passed U/s. 110 A of Customs Act, 1962 is an appealable order

The Commissioner of Customs Vs S.S. Offshore Pvt. Ltd. (Bombay High Court) -  Commissioner of Customs Vs S.S. Offshore Pvt. Ltd. (Bombay High Court)  A right of an appeal has to be bestowed by a statute and no person can claim it as of a right, de hors the statute. However having found that there is a right of appeal conferred from the orders of the Commissioner of […...

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CBDT Circular Restricting Amenities to Doctors is not retrospective

M/s D.D. Pharmaceutical Pvt. Ltd. Vs. The ACIT (ITAT Jaipur) -  The Jaipur bench of ITAT comprising Vijay Pal Rao (judicial member) and Vikram Singh Yadav (accountant member) recently held that the circular issued by the Central Board of Direct Taxes (CBDT) restricting amenities to doctors is ...

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Form Committee to look into Violation of Law by Multi-National Accounting Firms: SC

S. Sukumar Vs. The Secretary, Institute Of Chartered Accountants Of India & Ors. -  Whether the Multi-National Accounting Firms (MAFs) are operating in India in violation of law in force in a clandestine manner, and no effective steps are being taken to enforce the said law. If so, what orders are required to be passed to enforce the said law....

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CBEC Direction on Non-transition/utilization of Blocked/Disputed Cenvat Credit

Circular No. 33/07/2018-GST - (23/02/2018) -  In terms of clause (i) of sub-section (1) of section 140 of the Act, a registered person shall not take in his electronic credit ledger, amount of CENVAT credit as is carried forward in the return relating to the period ending with the day immediately preceding the appointed day which is not eligib...

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IBBI: Designated website for publishing Forms under Regulations

Circular No. No. IP(CIRP)/006/2018 - (23/02/2018) -  The Insolvency and Bankruptcy Board of India (Board) has specified Forms for publishing Public Announcements and Brief Particulars of Invitations of Resolution Plans on the website, if any, designated by the Board for the purpose under the Insolvency and Bankruptcy Code, 2016 (Code)...

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SEBI specifies new methods to achieve minimum public shareholding

SEBI/HO/CFD/CMD/CIR/P/43/2018 - (22/02/2018) -  With a view to further facilitate listed entities to comply with the minimum public shareholding requirements, the following additional methods are allowed :- a) Open market sale: Sale of shares held by the promoters/promoter group up to 2% of the total paid-up equity share capital of the listed en...

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21 FAQs on IGST refunds on goods exported out of India

F. No. 450/ 119120 17-Cus IV - (15/02/2018) -  Board has been continuously receiving representations from exporters and trade association in relation to pending IGST refund . In order to bring clarity amongst the exporters/trade associations. it has been decided to release Frequently Asked Questions (FAQ) on IGST refund which may be Circulated t...

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Amendments in ANFs 4F & 4G of Handbook of Procedures 2015-20

Public Notice No. 63/2015-2020-DGFT - (22/02/2018) -  Amendments have been made in Ayat Niryat Forms (ANF) 4F & 4G of Handbook of Procedures 2015-2020 in light of implementation of GST and non-issuance of EP copies of Shipping Bills by Customs Authorities....

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FAQs

Article deals with 5 FAQs on Blocking of Input Tax Credit (ITC) from utilization by jurisdictional tax officer and also unblocking of the same....
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Board has been continuously receiving representations from exporters and trade association in relation to pending IGST refund . In order to bring clarity amongst the exporters/trade associations. it has been decided to release Frequently Asked Questions (FAQ) on IGST refund which may be Circulated to create awareness amongst the EXIM comm...
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All grievances related to Payments are handled by the GST Portal. Based on the CPIN and Bank name entered by Taxpayer in the Grievance Form, an on demand call will be sent to the concerned bank. Based on the response from the bank, the Electronic Cash Ledger will be updated with appropriate comments and the grievance will be closed....
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Q.1 What are the features of RUN (Reserve Unique Name) web service Ans: It is a simple and easy to use web service for reserving a name for a new company or for change of name for any existing company. Q.2 What is the first step for availing the service Ans: This is a post-login service […]...
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Refund on Account of Export of Goods (With Payment of Tax) 1. Am I eligible to receive the refund of IGST paid on export of goods if I have filed GSTR-3B? Yes, you are eligible for Refund of Integrated Tax on account of Export of goods (with payment of tax) if you meet the following […]...
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Income Tax Planning

How to save income tax (For Salaried Individuals)

This article mainly deals with the understanding of some common ways to save income tax of a salaried individual...

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Taxes in India on Cryptocurrency

The financial market remains abuzz with all sorts of new stories and some of them are about highly impactful items. The most recent of such news stories is that of cryptocurre...

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8 Investment Myths To Be Avoided

Today I am going to debunk a few investment myths. You will know ‘why individual investors are failing miserably and how you can avoid being one of them’....

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Income Tax Deductions

Truth Behind – ‘File Tax Return or Lose Relief’

It appears that without analyzing the proposed amendments in Budger 2018, most of the people have jumped to the conclusion that entire Chapter VI A deduction are covered, thu...

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Section 80-JJAA Incentive for employment generation: Conditions relaxed

At present, under section 80-JJAA of the Act, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who...

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Section 80IAC tax deduction for Start Ups- Relaxed Conditions

Section 80-IAC of the Act, inter alia, provides that deduction under this section shall be available to an eligible start-up for three consecutive assessment years out of seve...

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Calculators

Simple Income Tax calculator for Financial Year 2017-18

Income Tax calculator Cum Tax Computation for Financial Year 2017-18 – Simple Version Income Tax Computation and Tax Calculator for Financial Year 2017-18 – Simple...

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Cash Conversion Cycle Calculator in Excel

Enter Stock, Creditors and Debtors Details, You Will Get Days Inventory Outstanding (DIO), Days Sales Outstanding (DSO), Days Payable Out Standing, Cash Conversion Cycle (CCC)...

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Download GSTR 3B Late Fee Calculator in Excel

Download simple GSTR 3B Late Fee Calculator in Excel. Calculator calculates Late fees payable for both Nil and other than Nil Returns. Reader has to input the month of Return,...

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Rate Charts

Income Tax Rates for financial year 2018-19 / AY 2019-20

Rates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19  for Individual below the Age of Sixty Years, Hindu u...

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Income Tax Rates for Financial Year 2017-18

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2017-18 . The Income tax rates discussed in this pa...

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Updated GST on Goods Rate Rate Chart Updated till 15.11.2017

Updated scheduled CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The ra...

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