Latest Tax News & Updates

Revisit Compliance under SEBI (LODR) Regulations, 2015 by 1st April 2020

SEBI - Law being dynamic in nature can never be static. With new amendments, new compliances needs to be ensured. Keeping these in mind the following are the checklist that needs to be abided by the Listed Entities by 1st April 2020. Reg  No. Provision Views 17 (1) (A) The Board of directors of the top 1000 […]...

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Guide to Programme Credit Hours (PCH) for Company Secretaries

CA, CS, CMA - It is mandatory for every Company Secretary to be it in practice or in employment to achieve mandatory Programme Credit Hours (PCH) as per the guidelines issued by the Institute of Company Secretaries of India (ICSI). Guidelines issued by ICSI for Compulsory Attendance of Professional Development Programmes for the Members (PCH Guideline)...

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Loan and Investment by Company | Companies Act 2013 | Section 186

Company Law - The Companies Act, 2013 has come with a change in the theory of Loan and Investment by Company. The new Act provides that inter-corporate investments not to be made through more than two layers of investment companies. T...

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Importance of Decision Making In Life

CA, CS, CMA - Success or failure in our life, be it personal, professional or social, are the results of the actions initiated by us depending upon our decisions. The quality of our life and destiny are directly connected with our decisions. Nobody's life is ever all balanced. It's a conscious decision to choose your priorities every day....

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FAQs on Fraud Reporting

Company Law - In the corporate world nowadays, increase in the rate of frauds has generated the need for the companies to analyze the requirements wrt to fraud reportings, in order to be proactive in tightening their internal systems for preventing the same. Keeping in mind the need of the hour, we have prepared a guide to fraud reporting under Compani...

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Cabinet approves reduction of GOI equity in select CPSEs below 51%

Corporate Law - Cabinet approves reduction of Government of India (GOI) equity shareholding in select CPSEs below 51% by retaining management control The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi has accorded ‘in-principle’ approval for enabling reductionof Government of India paid-up share capital be...

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News of GSTN system not functioning are incorrect: GSTN

Goods and Services Tax - Certain complaints made yesterday on the social media regarding GSTN system not functioning are incorrect. GSTN assures that the GST Return filing system was working within expected limits. Had it not been so, how more than 11.52 lakh GSTR3B (October) returns could have been filed yesterday on 19th Nov with about 1.82 lakh returns filed i...

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Cabinet approves proposal to Mitigate financial stress of Telecom Services Sector

Corporate Law - Department of Telecommunication will give an option to the Telecom Service Providers (TSPs) to defer payment of the spectrum auction instalments due for 2020-21 & 2021-22, either for one or both years.  These deferred amounts bill be spread equally in the remaining instalments to be paid by TSPs. Interest as stipulated while auctioning o...

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Cabinet approves Taxation Laws (Amendment) Bill, 2019

Income Tax - In order to attract fresh investment in manufacturing and provide boost to 'Make-in India' initiative of the Government, another provision was inserted to the IT Act, to provide that a domestic manufacturing company set up on or after 1st October, 2019 and which commences manufacturing by 31st March, 2023, may opt to pay tax at 15% plus s...

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IEPF Authority Help Line No.

Corporate Law - Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs, inaugurated the Investor Education and Protection Fund Authority (IEPFA) Help Line number — 1800-114-667 — and Call Centre here today....

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Developer not passed additional ITC benefit to buyers post-GST implementation: NAA

Shri. Abhishek Vs M/s Signature Global Developers Pvt. Ltd. (National Anti-Profiteering Authority) -  It it is revealed that the Respondent is executing his Synera project under the Affordable Housing Scheme approved by the Government of Haryana under the Prime Minister Awas Yojana and is constructing both the residential and commercial accommodation....

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Seller guilty of not passing ITC Benefit to Customers on Sanitary Napkin

Sh. Sandeep Puri Vs M/s. Johnson & Johnson (National Anti-Profiteering Authority) -  It is also evident from above narration of facts that Respondent has denied benefit of rate reduction to buyers of product Sanitary Napkin in contravention of the provisions of Section 171 (1) of the CGST Act, 2017 and has thus resorted to profiteering, which is an offence under section 171 (3A) of ...

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Builder found Guilty of Not Passing Benefit of Pre-GST ITC

Sh. Paval Antony Vs M/s Shree Mahalakshmi Enterprises (National Anti-Profiteering Authority) -  During the pre-GST period from April. 2016 to June, 2017 the Respondent was paying tax @ 6% which was increased to 18% during the post-GST period and hence there was increase in the rate of tax and therefore, the Respondent is not liable to pay the benefit of tax reduction to his customers...

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Gurugram Builder found guilty of not passing ITC Benefit to Flat Buyers

Ms. Santosh Kumar & Others Vs M/s Aster Infrahome Pvt. Ltd, (National Anti-Profiteering Authority) -  NAA carefully considered the Report of the DGAP, submissions made by the Respondent and based on the record it is revealed that the above Applicants had purchased flats from the Respondent in his Green Court project situated in Sector 90, Gurugram, Haryana which was got approved by him under the Aff...

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GST on machines given to customers under RRC/PRC models

In re M/s Randox Laboratories India Private Limited (GST AAR Karnataka) -  Whether the applicant is liable to pay GST on the machines given to the customers under RRC/PRC models? The applicant is liable to pay GST on the machines / equipments given to the customers under the PRC Model but is not liable to pay GST on the machines / equipments given to the Customers under th...

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Lok Sabha Passes The Chit Funds (Amendment) Bill, 2019

Bill No. 192C of 2019 - (20/11/2019) -  The Chit Funds (Amendment) Bill, 2019 was introduced in Loksabha on 05.08.2019 and was passed by Lok Sabha on 20.11.2019. Below is the text of Chit Funds (Amendment) Bill, 2019 as introduced in Loksabha on 05.08.2019 which explains why the same been introduced. As the end of this post we have provid...

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Listed entities to disclose defaults on payment of Loan: SEBI

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/140 - (21/11/2019) -  Specific disclosures are required under the SEBI LODR Regulations in certain matters such as delay / default in payment of interest / principal on debt securities such as Non-Convertible Debt (NCDs), Non-Convertible Redeemable Preference Shares (NCRPS) etc. It has been observed that similar disclosu...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 22.11.2019

Notification No. 85/2019-Customs (N.T.) - (21/11/2019) -  Exchange Rates Notification No. 85/2019-Custom (NT) dated 21.11.2019-Notifying Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 22nd November, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 85/2...

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Important salient features of new GST returns wef 01.04.2020

Trade Circular (GST) No. 53T of 2019 - (21/11/2019) -  From 1st April 2020, taxpayers will be required to file the new GST return & they need to be familiar with new return functionality. Active participation of the taxpayers and GST practitioners in this trial return drive will enable to give their proper feedbacks/suggestions to improve the GST new re...

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IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors

Press Release No. IBBI/PR/2019/30 - (20/11/2019) -  There are occasions when a corporate debtor (CD) takes a loan guaranteed by another corporate person (corporate guarantor to the CD) or an individual (personal guarantor to the CD). The lender may pursue a remedy against the guarantor or the CD, being principal borrower, when there is a default in r...

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In the corporate world nowadays, increase in the rate of frauds has generated the need for the companies to analyze the requirements wrt to fraud reportings, in order to be proactive in tightening their internal systems for preventing the same. Keeping in mind the need of the hour, we have prepared a guide to fraud reporting under Compani...
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E-Way Bill system will have a new feature of blocking/unblocking of the taxpayers from next month, as per the rule. That is, if the GST taxpayer has not filed Return 3B for the last two successive months in GST Common portal, then that GSTIN will be blocked for generation of e-way bill either as consignor or consignee....
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Q.1 Who is an NRI? Ans. An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin. NRI also includes the Person of Indian Origin (PIO). PIO is a person, who at any […]...
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Q.1 Who is a non-resident Indian (NRI)? Ans: An Indian residing abroad is generally known as Non-Resident Indian (NRI). NRI is defined under the Foreign Exchange Management Act, 1999 (FEMA) and the Income Tax Act, 1961 and for the purpose of the respective laws. NRI as per FEMA- Non-Resident Indian (NRI) means a person resident […]...
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Ministry of Micro Small and Medium Enterprises (Government of India) MSME SAMADHAAN- Delayed Payment Monitoring System FAQ of the MSME SAMADHAAN-Delayed Payment Monitoring System Q. 1 What is MSME Samadhaan Portal ? Ans : MSME Samadhaan is a Portal created by Office of DC(MSME), Ministry of Micro, Small and Medium Enterprises (MSME) whe...
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Income Tax Planning

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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Existing & Emerging Framework of Tax Planning & International Taxation

EXISTING AND EMERGING FRAMEWORK OF TAX PLANNING AND INTERNATIONAL TAXATION (LATEST AND SIMPLIFIED) Tax Planning assumes significance in a growing economy like India. We need c...

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Income Tax Deductions

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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Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or...

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Deduction under section 80U of Income Tax Act

The individual resident taxpayer, being a person with a disability, is eligible to avail deduction under section 80U of the Income Tax Act and the provisions attached with the...

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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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Income Tax calculator for FY 2019-20 for Salaried Employees

Most Indians see tax evasion as a mark of smartness. If the government allows you a tax break, you are free to take it. If there is a legal way you can save some of your hard-...

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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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