Latest Tax News & Updates

GST Value Added Services & Consulting Opportunities in absence of 9C

Goods and Services Tax - Introduction: In this article, we will know, how in absence of 9C, unidentified key areas in GST consulting can be opened in the form of GST Value Added Services and GST Review. As 9C is set to become history, how one can open new doors of consulting and revenue generation in GST. “If opportunity doesn’t […]...

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Establishment of Branch Office (BO) of foreign Company in India

Fema / RBI - Generally foreign Companies enter the Indian market and start a business by incorporating the subsidiary Company or establishing a project/liaison office. In addition to this, another mode of starting a business is establishment of Branch Office (BO). The Branch Office is one of the suitable business mode for foreign Companies to enter th...

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Disallowance under section 14A: Another instance where section is not invoked

Income Tax - The ever debatable ‘Disallowance under section 14A’ (read with Rule 8D (2) now has again found a different horizon wherein the disallowance is not attracted (partially). The below mentioned case depicts a situation where interest free funds obtained by the assessee, a real estate developer, far exceeds the investments made by ...

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E Way Bill & Vehicle Tracking Module By NIC

Goods and Services Tax - E-Way Bill system is successfully integrated with FasTag and RFID, and details of commercial vehicle movements through the state and national highway tolls are received  into e-Waybill system on a near real time basis. On an average 25 Lakh goods vehicle movements from more than 800 tolls are reported on a daily basis to the […]...

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Alteration of Share Capital vs. Reduction of Share Capital under Companies Act, 2013

Company Law - 1. Alteration is much wider term than Reduction, since Alteration may be increase or decrease or cancellation in share capital, but Reduction is a much restricted phenomena wherein the only consequence that needs to be achieved here is overall decrease in Share Capital. 2. As per Section 61 of Companies Act of 2013, there are […]...

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Allow Bank & other essentials’ staff to commute by Local Trains in Mumbai

Corporate Law - We regret to note content of above letter (COPY ATTACHED), not allowing staff of Banks (Nationalized/coop./Pvt) , stock brokers,  other essentials service providers , to commute by local Trains in Mumbai., in Lockdown II....

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E-Compendium of CESTAT Case Laws – Pro – Revenue

Goods and Services Tax - This is the fourth year since the introduction of GST in July, 2017. Despite a sizeable liquidation of appeals under the Sabka Vishwas (Legacy Dispute Resolution) (SVLDR) Scheme, we still find more than 40,000 appeals of Central Excise and Service Tax pending at CESTAT and inflow of such appeals at the Honble Tribunal has not much dwindle...

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Issue new FDI & e-commerce policy to save 80 million traders: CAIT

Corporate Law - Confederation of All India Traders has written a letter to Shri Piyush Goyal  and demanded for Issuance of a new Press Note on FDI Policy and release of an e-commerce policy on behalf of 80 million traders and alleged that due to failure of DPIIT India to issue a press note foreign eCommerce giants are […]...

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Check CAG Provisional empanelment status

CA, CS, CMA - The Professional Development Committee of the ICAI would like to inform that Office of the C&AG is hosting the Provisional Empanelment of the CA firms for the year 2021-2022 along with the provisional points / scores. The draft Panel will be available on the website of the C&AG at www.care.cag.gov.in from 18.05.2021 to 27.05.2021....

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Request to Allow co-op/private bank/CA office staff to travel by Local Train

CA, CS, CMA - I request you to allow co-op bank/ private bank staff and CA office staff for all types of bank audit purpose to commute by local railways....

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Gauhati HC directs for Reconnecting Electricity Supply to Industrial Unit

BDS Steel Vs Assam Power Distribution Co. Ltd (Gauhati High Court) -  BDS Steel Vs Assam Power Distribution Co. Ltd (Gauhati High Court) The learned Senior Counsel for the petitioner has submitted that in the writ petition, the petitioner has disputed that this was a case of theft of electricity and therefore, it is submitted that the petitioner is not required to app...

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Abatement of duty cannot be withheld for failure of Excise Superintendent to draw proper proceedings

Dharampal Satyapal Ltd. Vs Commissioner of Central Excise and Service Tax (Tripura High Court) -  Dharampal Satyapal Ltd. Vs Commissioner of Central Excise and Service Tax (Tripura High Court) In terms of sub-rule (5) of Rule 6 of the Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010, the machines which the manufacturer does n...

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Cash Receipts from Sales during Demonetisation cannot be added As Income if No Defect in Stock of Assessee

ACIT Vs Hirapanna Jewellers (ITAT Visakhapatnam) -  ACIT Vs Hirapanna Jewellers (ITAT Visakhapatnam) In the instant case the assessee has established the sales with the bills and representing outgo of stocks. The sales were duly accounted for in the books of accounts and there were no abnormal profits. In spite of conducting the survey the AO did not...

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No penalty for mere mismatch in invoice number mentioned in tax invoice with e-way bill

Agarwal Industries Pvt Ltd Vs The Deputy Assistant Commissioner (ST) (IV) (Andhra Pradesh High Court) -  Agarwal Industries Pvt Ltd Vs The Deputy Assistant Commissioner (ST) (IV) (Andhra Pradesh High Court) No penalty for mere mismatch in invoice number mentioned in tax invoice with e-way bill Detention of goods under section 129(1) of the CGST Act – mismatch in invoice number mentioned in tax invoic...

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Order refusing to entertain appeal cannot be treated as order on merits

Guduru Chandra Sekhar Vs Union of India (Andhra Pradesh High Court) -  Guduru Chandra Sekhar Vs Union of India (Andhra Pradesh High Court) In the instant case, though the petitioner herein initially filed appeal on 17.08.2020, before the Commissioner Of Customs and Central Tax (Appeals), it is clear from Form-CAI that the appellant undertook to pay the mandatory pre-de...

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CDSCO Advisory On Use of Oxygen Concentrators in home setting

(16/05/2021) - Oxygen concentrator is an electrically powered medical device designed to concentrate oxygen from ambient air. These devices deliver oxygen at the bedside, typically through an attached nasal cannula (or prongs), to a patient requiring oxygen therapy. The intended use or clinical purpose of oxygen c...

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Weekly Newsletter From Chairman, CBIC Dated 17/05/2021

(17/05/2021) - As a part of taxpayer facilitation, we have automated most of our refund/ drawback processes and amounts due to the taxpayers, especially of IGST that get automatically processed and credited without human intervention....

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Proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021

(17/05/2021) - SEBI seeks public comments on the Consultation Paper on the proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021...

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CBDT notifies ‘Indo-Infra Inc.’ as pension fund | Section 10(23EE)

(17/05/2021) - CBDT notifies pension fund, namely, ‘Indo-Infra Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961  in respect of the eligible investment made by it in India on or after 17th May 2021 but on or before the 31st day of March, ...

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Cass Selection norms/ Instruction for Scrutiny for A.Y 2019-20

(17/05/2021) - Computer Assisted Scrutiny Selection (CASS) 2020 Cycle for ITRs of A.Y. 2019-20 for the current year has been finalized. The Board has approved the parameters for selection of cases and cases are visible to the Assessing Officers....

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FAQs

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...
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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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​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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Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....
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Central Government has brought into effect the Notification  of  MSME Return to be filed as per Ministry of Corporate Affairs Notification dated 22nd January 2019  issued in exercise of powers of the Central Government under section 405 of the Companies Act, 2013 referred above requiring filing of Returns by ‘Specified Companies’. ...
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Income Tax Planning

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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Selling a house – Know the tax implications

If you want to sell your house property there are certain income tax implications that will help you to save your tax and help to build a better decision about selling your ho...

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Choose Your Tax Saving Options Wisely

Common tax-saving mistakes: ♦ Not exhausting all the tax-saving avenues: -There are various investment schemes notified under section 80C along with certain expenses, do cov...

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Income Tax Deductions

Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical...

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Section 80D deduction – Mediclaim ( Medical Insurance Premium )

Section 80D – Deduction in respect of Medical Insurance Premium (Mediclaim) Tax deductions can be availed on individual health insurance or family floater plans. Premiums pa...

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Calculators

TDS Calculator Excel Utility for FY 2021-22

This is an Excel based TDS Calculator for the FY 2021-22 and onwards. We can use this Excel Utility for Calculating TDS Amount, for Remitting TDS Amount to Govt and for e-fili...

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Income Tax Calculator – Financial Year 2021-22

On March 31, 2021, the Ministry of Finance released a notification on slashing the interest rates of all the Small Saving Schemes, and the same notification rolled back by the...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax...

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Rate Charts

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wher...

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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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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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