Latest Tax News & Updates

Bank Audit 2021- NPA & Asset Classification

CA, CS, CMA - Non- Performing Asset An asset, including a leased asset, becomes non performing when it ceases to generate income for the bank. Hence, in a simple words a non performing asset (NPA) is a loan or an advance where; – When interest and/ or instalment of principal remain overdue for a period of more than 90 […]...

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Bank Audit 2021- Decoding Multiple Banking & Consortiums

CA, CS, CMA - In October 1996, various regulatory prescriptions regarding conduct of consortium / multiple banking / syndicate arrangements were withdrawn by Reserve Bank of India with a view to introducing flexibility in the credit delivery system and to facilitate smooth flow of credit. However, Central Vigilance Commission (CVC), Government of India...

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Perquisite Valuation under Clause (vii) & (viia) of Section 17

Income Tax - Note on Perquisite Valuation under Clause (vii) & (viia) of Section 17of Income Tax Act, 1961 Finance Act, 2020 had made amendment in Sec 17 of the Income Tax Act which deals with valuation of perquisite. It had introduced two new sub- classes, Sub Clause (vii) & (viia) Under Clause 2 of the section 17. […]...

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Income Tax Slab rates for Individuals for FY 2020-21

Income Tax - Income Tax in India is imposed and collected by the Union Government of India. In India, tax on individual taxpayers are levied on the basis of a slab system. Slab rates are different for different categories of Income Tax taxpayers. The Income Tax Act, 1961 has divided individual taxpayers into three categories based on their […]...

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Composition Scheme Under GST – Limit & Who cannot avail

Goods and Services Tax - To give relief to small taxpayers having only intra-state outward supply ,there is composition scheme under GST (even earlier under state VAT law too there was composition scheme) where registered person  will not become part of credit chain i.e. cannot take ITC on inward supplies and cannot collect tax from customer on outward supplies....

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GST Audit is not an avoidable compliance: ICAI President

Goods and Services Tax - Besides other points, ICAI president apprised that GST Audit is not an avoidable compliance. GST Audit by a Chartered Accountant ensures maker checker concept thereby detecting inconsistencies, lapses, errors and ambiguities, if any, in complying with the provisions of GST law....

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Maharashtra CM request for extension of due date of GST Returns

Goods and Services Tax - The timeline for submitting the GST returns for the month of March, April, may be extended by 3 months for small and medium taxpayers....

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FORM GSTR-2B – Advisory

Goods and Services Tax - GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, 5 (non-resident taxable person) and 6 (input service distributor). The statement will indicate availability of input tax credit to the registered person against...

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Section 139 | ICAI clarifies on Appointment of Auditor for two terms

CA, CS, CMA - Whether a Proprietary firm (having FRN) or individual CA who is practicing either in his own name or trade name can be appointed for two terms as per Section 139 of Companies Act, 2013?...

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India’s Foreign Trade: March 2021

Finance - India’s overall exports (Merchandise and Services combined) in April-March 2020-21* are estimated to be USD 493.19 Billion, exhibiting a negative growth of (-)6.66 per cent over the same period last year. Overall imports in April-March 2020-21* are estimated to be USD 505.94Billion, exhibiting a negative growth of (-)16.53 per cent over...

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Expense cannot be disallowed merely for non-production of vouchers by employees

Hero Motocorp Ltd Vs ACIT (ITAT Delhi) -  Hero Motocorp Ltd Vs ACIT (ITAT Delhi) Regarding Ground No. 16 relating to disallowance of reimbursement of foreign travelling expenses to directors/employees amounting to 7.38 crores, the Ld. AR submitted that the disallowance was made on the ground of non-submission of evidence/proof of actual exp...

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Section 271F penalty valid for not filing Return if Total Income before section 54 exemption exceeds maximum amount not chargeable to income-tax

Shankar Lal Kumawat Vs ITO (ITAT Jaipur) -  Shankar Lal Kumawat Vs ITO (ITAT Jaipur) Section 139(1)(b) provides that every person, being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount w...

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Section 271(1)(c) Penalty without Specifying The Limb Is Invalid

Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi) -  Elite Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi) As regards penalty order, firstly, the correct limb was not struck off or rather indicated by the Assessing Officer in the notice under Section 274 r.w.s. 271(1)(c) of the Act and hence the decision of the Jurisdictional High Court in case of M/s Sahara ...

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HC directs ROC to remove disqualification of Director for Active Companies & reactivate his DINs/DSCs

Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court) -  Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court) The Petitioner is a Director in five companies. Due to non-filing of annual returns and balance sheets in one of the companies, the Petitioner was disqualified as a director in 2017 with effect from 1st November, 2017 to 31st October, 202...

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CESTAT confirms Release of Drones, intended for Government to Fight Covid-19

Commissioner of Customs Vs Kamdar Global Solutions Pvt. Ltd. (CESTAT Chennai) -  Commissioner of Customs Vs Kamdar Global Solutions Pvt. Ltd. (CESTAT Chennai) It is noted that the goods were specifically imported for meeting the requirements during the pandemic. Drones were intended to be used for monitoring the public as to whether there is violation of the restrictions for tra...

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Every Saturday declared as a public holiday for LIC of India

(15/04/2021) - Central Government hereby declares every Saturday as a public holiday for Life Insurance Corporation of India, with immediate effect....

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Guidance note on Regulations 50(3) & 51(2) of Listing Regulations

(15/04/2021) - Guidance Note of the Exchange with respect to the Regulations 50(3) and 51 (2), Schedule III, Part B, Item 15 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI (LODR) Regulations)....

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Delhi imposes weekend curfew & tougher weekday restrictions

(15/04/2021) - i. All Shopping Malls, Gymnasiums, Spas, Auditoriums, Assembly Halls, Entertainment Parks and similar places will be closed in Delhi. ii. Cinemas/Theatres/Multiplexes will be permitted to open with 30% of their seating capacity....

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CBIC Notifies Rate of Exchange of Foreign Currencies Wef 16.04.2021

(15/04/2021) - CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 16th April, 2021, vide Notification No. 43/2021-Customs (N.T.), Dated: 15th April, 2021. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notifica...

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Tariff Notification No. 42/2021-Customs (N.T.), Dated: 15.04.2021

(15/04/2021) - Tariff Notification No. 42/2021-Customs (N.T.), Dated: 15.04.2021 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 42/2021...

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FAQs

Q.1 Who is a deductor and a deductee ? Ans: In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at the prescribed rate. The payer is known as deductor and the payee, who receives the net payment is called […]...
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If one is sure that he wants to invest but is unaware of the right time to begin investing, then this article is surely for you. Most of the studies and surveys made towards this came to a conclusion that the earlier you invest, the greater are the profits recorded by you. The best time […]...
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Q. 1 The newly enacted section 194O of Income tax Act, 1961 TDS on which entities and what goods and services ? Every E-commerce operator (like Amazon, Facebook, Flipkart, Snapdeal etc.) is required to make TDS on payments due to ‘e-commerce participants’ i.e., suppliers ( who are resident in India) on sale of goods or [&helli...
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Q.1 The amended section 194N of Income tax Act, 1961 provides for TDS obligation on cash withdrawals. Which institutions are covered under scheme of this section which has to deduct TDS on certain cash withdrawals? The following persons have to deduct TDS on certain cash withdrawals made by a person holding one or more accounts […]...
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Q.1 What is equalization levy (EL)? Ans: This is a tax leviable on consideration received or receivable by a non-resident for any specified service such as online advertising, any provision for digital advertising space or any other facility or service for online advertising @ 6% from : i) A person resident in India and carrying […...
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Income Tax Planning

7 Things to do before 31st March 2021

As we are approaching end of the financial year, there are certain tasks which we need to complete by 31st March 2021. Some of such task includes Submitting the details of sal...

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Tax Saving- An art of Investing

When the end of financial year is round the corner and the deadline of March 31 is hovering over the mind of individual taxpayers so that they can invest the minimum amount re...

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Tax Planning & steps to take before 31st March 2021 – Capital gain tax perspective

My objective is to brief on existing capital gain tax structure on short term and long term transactions and to give 'To do list before March end' which helps to minimize the ...

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Income Tax Deductions

Section 80C Deduction for Financial Year 2020-21 / AY 2021-22

Section 80C Deductions to be deducted while computing total income for Financial Year (F.Y 2020-21)/  Assessment Year 2021-22 (A.Y 2021-22) The aggregate amount of deductions...

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Date of incorporation extension for start up for section 80-IAC exemption

Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the ...

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Section 80EEA: Extension of date of sanction of loan for affordable residential house property

Extension of date of sanction of loan for affordable residential house property under Union Budget 2021 The existing provision of the section 80EEA of the Act, inter alia, pro...

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Calculators

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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Auto Income Tax Calculator -All in 1 for F.Y. 2020-21 (A.Y. 2021-22)

Auto Income Tax Calculator -All in 1 Tax calculator, Salary statement, Computation sheet with Form-16 for F.Y. – 2020-21 (A.Y.-2021-22) in old & New Regime Govt. has int...

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Rate Charts

Income Tax Rates for A.Y. 2021-22 (Company, Co-Op Society & Local Authority)

Income Tax Rates for A.Y. 2021-22 or Financial Year 2020-21 (For Company, Co-Operative Society and Local Authority) (A) COMPANY- The tax rates as applicable are as under Domes...

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TDS Rate Chart for FY 2021-2022 (AY 2022-2023) including Budget 2021 Amendments

 In this article, various TDS rates applicable for FY 2021-2022 (AY 2022-2023) i.e. for the period from 01.04.2021 to 31.03.2022 have been presented in Tabular Form along wit...

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TDS / TCS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)

What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a cert...

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