Latest Tax News & Updates

Guidelines for Online Entries in Schedule I by Charitable Trusts

Income Tax - Now we will understand the procedure for making online entries in Schedule I on the website of Maharashtra Charity Organization website namely www.charity.maharashtra.gov.in....

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E-Waybill Provisions for Job Work under GST Regime

Goods and Services Tax - E-way bill is a document which has details like name of consignor and consignee, their GSTIN numbers (if they are registered), description and value of goods in the consignment and transport details. E-way bill has to be generated before initiating the movement of goods, and the transporter needs to carry it along with invoice during [&he...

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Udyog Aaadhar Registration Process and its Benefits

Corporate Law - Registration of MSME with Government not statutory but for availing benefits of various schemes of government, Udyog Aaadhar Number is must. Following is the procedure for registration of your MSME with government....

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ESI-Chinta Se Mukti Only Till You Receive Notice u/s 45A of ESI Act, 1948

Corporate Law - Unfortunately, the raising of exorbitant and blatant ESI demands u/s 45A of ESI Act, 1948, under the disguise of non-co-operation from the factory or establishment, has become a routine and regular feature, now a days. As per provisions of section 45A of ESI Act, the ESIC authorities are empowered to determine the ESI Contributions, payab...

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Is There Any Way-out To Escape LTCG Tax Which Is Applicable From 1st April, 2018?

Income Tax - Budget 2018 gave sudden shock to the big players in stock market. From April 1, 2018, long term capital gain arising from the sale of shares or equity mutual fund schemes held for over one year and above Rs. 1 Lakh will be taxable @ 10%. Let’s understand in a comparative manner. Scenario pre Budget […]...

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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 Chennai, Cochin, Raipur, Chandigarh, Pune, Kolkata, Ahmedabad, New Delhi, Mumbai, Agra, Bangalore, Indore, Hyderabad, Trichy, and Coimbatore in February 2018 starting from 24 February 2018. WHAT THE GST CERTIFICATION COURSE AIMS AT? The Course aims to facilitate the G...

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PNB Scam: CBI Register case against Nirav Modi & others

Finance - CBI Registers a case against Managing Director of a Mumbai based private Companies and Others Including then bank Officials for Causing an Alleged Loss of Rs. 4886.72 Crore (Approx) to PNB; Conducts Searches at 26 Locations...

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PNB clarifies on alleged Scam by Nirav Modi and Gitanjali group

Finance - On 16.01.2018, the partnership firm of Nirav Modi group approached our branch at Brady House, Mumbai and presented a set of import documents with a request to allow buyers' credit for making payment to the overseas suppliers. ...

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Steps initiated by ICAI on Punjab National Bank Matter

CA, CS, CMA - The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularity happened in Punjab National Bank (PNB) revealing that the Bank has detected a $1.77 billion (about Rs.11,400 crore) wrongdoing where a Jeweller Nirav Modi allegedly acquired fraudulent Letters of Undert...

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GST department started sending notice to GST Return Defaulters

Goods and Services Tax - Being a registered taxpayer. you are required to furnish return for the supplies made or received and to discharge resultant tax liability for the aforesaid tax period by due date. It has been noticed that you ha‘e no: tiled the said return till date....

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Govt should consider effects of IPL on Cricket & Other Sports: Bombay HC

Lalit Kumar Modi Vs Special Director (Bombay High Court) -  If the IPL has resulted in all of us being acquainted and familiar with phrases such as Betting, fixing of matches, then, the RBI and the Central Government should at least now consider whether holding such tournaments serves the interest of a budding cricketer, the sport, the game itself. ...

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Books of accounts cannot be rejected merely at the instance of assessee

ITO Vs. Babu Lal Somani (ITAT Jaipur) -  During the course of assessment proceedings, in response to each of the queries raised by the assessing officer in relation to observations of the special auditor, the assessee has repeatedly stated that his books of account should be rejected as done in past assessment years. ...

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Assessee cannot be taxed for money received as power of attorney of land owner

Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur) -  Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur) The issue in this ground is whether the sale consideration of the land belonging to Shri Sultan Meena can be taxed in the hands of the assessee, who is admittedly Power of Attorney holder of Shri Sultan Meena. There is no dispute with regard to the fact ...

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GST regime is not tax friendly, observes Bombay High Court

Abicor and Binzel Technoweld Pvt. Ltd Vs UOI (Bombay High Court) -  A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing. ...

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Exemption u/s. 54 is available even in respect of two house property / flats

Mr. George Britto Jesudas Vs. ITO (ITAT Mumbai) -  Assessee has invested more than the sale proceeds of the industrial gala for purchase of two flats. Respectfully following the decision of Karnataka High Court,we do not find any merit for decline of assessee’s claim of deduction u/s.54 for investment in two flats out of sale proceeds of long term...

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Adhere to time frame for filing of SLPs and Appeals in SC: CBEC Chairman

DO. No. 07/CH(EC)/2018 - (16/02/2018) -  CBEC has already put in place a mechanism to prevent delay in filing of SLPs and Appeals in the Hon'ble Supreme Court and a letter dated 1st June 2017 to this effect has already been circulated indicating revised time-frames. This is also available in the CBEC website. May I request you all to stric...

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Field formations can obtain SDR/CDR details directly from telecom companies: CBEC

Instruction No. 03/2018-Customs - (16/02/2018) -  This is reportedly being done as telecom service providers are not providing these details to the field formations since they are not a designated Law Enforcement Agency' like DRI under the provisions of Section 5(2) of Indian Telegraph Act, 1885....

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Seaports located at Dhamra & Dighi Port included under Para 4.37 of HBPs 2015-20

Public Notice No. 61/2015-2020 - (16/02/2018) -  Seaports located at Dhamra Port and Dighi Port are included in paragraph 4.37(a) of Handbook of Procedures (2015-20) for availing export promotion benefits under Chapter 4 of Foreign Trade....

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Process MEIS claim transparently with simplified procedure to cut down delay

Public Notice No. 62/2015-2020-DGFT - (16/02/2018) -  Directives are issued to all Regional Authorities for processing the application for MEIS claim with the objective of improving ease of doing business, simplifying the procedures, increasing transparency and to cutting down delays....

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CBEC accepts 63 Orders of SC, HC & CESTAT for no further appeal

Circular No. 1063/2/2018-CX - (16/02/2018) -  Attention is invited to sixty three orders of different High Courts summarized in this Circular which have been accepted by the Department. In fourteen of these orders, Hon’ble High Courts have decided various questions of law. In the rest forty nine cases the Hon’ble High Courts have delivered ...

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FAQs

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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Refund on Account of Supplies made to SEZ Unit/ SEZ Developer (Without Payment of Tax) 1. What are the preconditions for filing a refund application on account of supplies made to SEZ unit / SEZ developer (without payment of tax)? The following conditions must be met for being eligible to file the form RFD-01A to […]...
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1. What is Inverted Tax Structure in the GST regime? The term ‘Inverted Tax Structure’ refers to a situation where the rate of tax on input received (i.e. Input tax credit received) is more than the rate of tax (i.e. the tax paid) on output supplies. As a result, the higher tax paid on input […]...
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Q1. What is an E Way Bill? Ans. E-way bill (FORM GST EWB-01) is an electronic document (available to supplier/ recipient / transporter) generated on the common portal evidencing movement of goods of consignment value more than Rs. 50000/-. It has two Components-Part A comprising of details of GSTIN of supplier & recipient place of [&h...
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Income Tax Planning

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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Tax Saving Through Mutual Fund

It is always better to plan your taxes in advance so that you can achieve the twin goal of maximizing wealth through investment and tax saving at once. Many a time, in an effo...

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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

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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Interest Payable U/s. 234A, 234B & 234C Calculator for FY 2017-18 (AY 2018-19

Excel Calculator for Interest Payable Under Section 234A, 234B and 234 C Calculator for FY 2017-18 (AY 2018-19)...

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Arrears Relief Calculator U/s 89(1) with Form 10E from F.Y.2000-01 to F.Y.2017-18

Download Automated Arrears Relief Calculator U/s 89(1) with Form 10E from F.Y.2000-01 to F.Y.2017-18 in excel format...

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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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