Latest Tax News & Updates

Tips to Avoid Emotional Investing

Finance - Investing is all about informed decisions that are based on your market's knowledge and insights from analytics. Market sentiments are influential in deciding the course of the market, but you should steer clear of emotions while investing in equities or even in SIP investments....

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GST Refund procedure and limitations

Goods and Services Tax - GST refund can be claimed under various grounds by the exporters/taxpayers on ground of excess amount if they have paid more than the GST liability. Refund can be claimed on below mentioned grounds: Refund of unutilized input tax credit (ITC) on account of exports without payment of tax; Refund of tax paid on export of […]...

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Patna HC quashes GST demand as no opportunity of hearing was afforded to petitioner

Goods and Services Tax - Respondent passed an order without affording adequate opportunity of hearing to the petitioner and recovered the demand amount after attachment of bank account of the petitioner....

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Rule: 9A Extension of Reservation of Name in Certain Cases

Company Law - Ministry of Corporate Affairs has introduced the Rule 9A ‘Extension of Reservation of Name in certain cases‘ on 24th December, 2020 vide Companies (Incorporation) Third Amendment Rules, 2020. This Rule provides the extension in the time limit for reservation of name approved by Central Registration Centre (CRC). Before discuss...

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Advance GST Rulings of Kerala State from July 2017 to July 2021

Goods and Services Tax - Author compiled Advance Rulings of KERALA State from July 2017 to July 2021. Author compiled such rulings as per upload by Kerala State GST authority in their State GST Site. Kerala State Advance Rulings Authority have uploaded rulings year wise as below: 2017: NIL, 2018: 22 Rulings, 2019: 36 Rulings, 2020: 17 Rulings and 2021: […]...

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Role of Regulators and The Future of Audit

Corporate Law - NFRA is a creation of Sec 132 of the Companies Act, 2013. Though the section was enacted with the rest of the Act in 2013, it was finally notified only in 2018, after the PNB scam came to light. NFRA’s functions are laid down by sub section (2) of Sec 132 as covering:...

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Last Date for filing MEIS / SEIS Application

DGFT - Many of us are awaiting for DGFT online portal to start with online application filing of MEIS, SEIS and RoSL / RoSCTL for the exports made till December 2020. In the meantime, the Commerce Ministry has issued Notification No. 26/2015-2020 dated 16 September 2021 to notify Last date for submitting applications for scrip based FTP scheme...

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CA Intermediate Examination July 2021 Result on 19th September 2021

CA, CS, CMA - Result of Chartered Accountants Intermediate Examination (Old Course & New Course) held in May 2018 are likely to be declared on Sunday, 29th July 2018 ...

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Representation on Non acceptance of 115BAC cases on IT Portal

Income Tax - Rejection of ITRs specifically claiming option u/s 115BAC by filing of Form 10-IE Possibility of major bug in new IT Portal specific to cases u/s 115BAC – Regarding...

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Allow Input Tax Credit due to Recipients by way of belated filing of GSTR 1

Goods and Services Tax - It is prayed that suitable amendments may be made in the GST Act and Rules, so that the Input Tax Credit due to the Recipients by way of belated filing the GSTR 1, as per the Amnesty Scheme, is made available to them and thus those tax-payers who opted the Amnesty Scheme, are saved from the unaffordable and unbearable financial loss, and ...

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No Section 54B deduction denial merely for registration of new agricultural land in name of co-parcener

Babubhai Arjanbhai Kanani (HUF) Vs DCIT (ITAT Surat) -  HUF is owner of the said agricultural land though it is registered in the name of the Coparcener, as the HUF is enjoying all the fruits of the said agricultural land. Thus, the HUF is entitled to claim exemption/deduction under section 54B of the Act....

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Bombay High Court allowed Manual Filing of TRANS-1 FORM

Gayatri Agro Agencies Vs Union of India and Ors. (Bombay High Court) -  Para 13 We permit the petitioner to tender the revised form GST TRAN-1, online as well as by tendering a copy manually to respondent No.4 within two (2) weeks' time. We are permitting the petitioner to submit the revised form manually....

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Supplies by Cost Centres of BEML cannot be termed as composite supply

In re BEML Limited (GST AAAR Karnataka) -  In re BEML Limited (GST AAAR Karnataka) In the instant case, there is no doubt that there are multiple supplies of both goods and services being undertaken as part of this contract. While the supply from Cost Centre C is a supply of goods i.e the Standard Gauge Intermediate Cars, the supply by Cost ...

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Right to avail Transitional Credit not affected due to amendment prescribing ITC time limit

Micromax Informatics Ltd Vs Union of India (Delhi High Court) -  Held, the amendment of Section 140 of the CGST Act does not affect the right of Petitioner to claim transitional credit and it would be unnecessary to deal with the Constitutional challenge to it. Further, noted the Petitioner is at the liberty to apply for Transitional Credit subject to the further...

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Agreement Vs. Stamp Duty Value : ITAT discusses Scope of exception to section 56(2)(vii)(b)(ii)

Joseph Mudaliar Vs DCIT (ITAT Mumbai) -  Joseph Mudaliar Vs DCIT (ITAT Mumbai) Addition u/s 56(2)(vii)(b) on difference in value in respect of the subject properties where declared sale consideration shown by the assessee is lesser than the stamp duty value (market value) determined by the stamp duty authority Addition u/s 56(2)(vii)(b). T...

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Recommendations of 45th Meeting of GST Council, Lucknow

(17/09/2021) - The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendations relating to changes in GST rates on supply of goods and services and changes ...

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Compliance of provisions of Finance Act concerning TDS and Surcharge

(19/01/2004) - The Department of Post is doing an agency work on behalf of the Ministry of Finance, Department of Economic Affairs. Several queries have been received from various Circles regarding deduction of TDS and Surcharge....

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Profile of CRA & benefits/features offered by them

(16/09/2021) - As per Section 21(1) of PFRDA Act 2013, PFRDA had appointed multiple Central Record Keeping Agencies (CRAs) in the public interest and in order to provide the choice to its stake holders for catering to their specific requirements. CRAs which are appointed by PFRDA are mentioned below in the alphabe...

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Capturing mandatory additional parameters for CTHs 23040020 & 23040030

(14/09/2021) - For effective monitoring of imports of GM soya de-oiled cake by the Government of India and the directions received from Board in this regard, certain additional mandatory declarations are being sought from the importer in order to distinguish the GM soya de-oiled cake from other non-GM commodities ...

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CBDT notifies pension fund, namely ‘276522 Ontario Limited’ | Section 10(23FE)

(16/09/2021) - CBDT notifies pension fund, namely, ‘276522 Ontario Limited’ 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 116th September, 2021 but on or before the 31st...

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Central Government guarantee of Rs.30,600 crore to back Security Receipts issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets was approved by Union Cabinet yesterday....
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Know all about Account Aggregator Network- a financial data-sharing system with FAQs Last week India unveiled the Account Aggregator (AA) network, a financial data-sharing system that could revolutionize investing and credit, giving millions of consumers greater access and control over their financial records and expanding the potential p...
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#1 I have been served with a SCN for a refund application. From where can I get the SCN and reply to the same? Reply : Please visit the common portal and you can check the additional orders and notices where the SCN would be present. Alternatively Please visit the common portal and go […]...
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Important Q & A under Real Estate (Regulation & Development) Act 2016 – RERA Act – Registration of Project under RERA 1. What are various aspects covered under RERA? a. The RERA Act 2016 covers various aspects of the Real Estate business i. Separate Authority to Regulate the Real Estate Industry ii. Activities regu...
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Form IEPF-2 is required to be filed by the company/Corresponding New Bank which shall contain investor wise details of unclaimed and unpaid amounts in respect of dividends, debentures, deposits, etc....
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Income Tax Planning

How to maximise your tax saving by choosing the right insurance policy for yourself & family?

The point of getting insurance is that it is the highest form of assurance. Insurance is a binding agreement between the insurer and the insured that gives the insured access ...

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How can Companies Save Tax through Mutual Fund Investments?

How to save tax through mutual fund investment? Well, for individual investors, there are a plethora of answers; can companies save tax? Well, let’s dig into it....

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Tax Planning Vs. Tax Avoidance Vs. Tax Evasion

Tax is a mandatory fee levied by the Government on an individual or entity to collect revenue for public work and we all are aware of the importance of tax for the development...

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Income Tax Deductions

Income Tax Benefits Available On Hosing Loan

Government has provided various tax benefits to assessee on hosing loan. Income Tax Act provides tax benefits on repayment of principal component of loan as well as on repayme...

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Demystifying Section 80IBA: 100% Income Tax Deduction for Affordable Housing Projects

Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. Corporate environment...

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Income Tax deductions available to Business class person or a salaried Individual

Deductions are the relief provided by the government to taxpayers through which they can legally save their taxes through various platforms for e.g.- By investing their money,...

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Income Tax Calculator for FY 2021-22 in Excel for Salaried Individuals

Simple Income Tax Calculator for the Financial Year 2021-22 in Excel for Salaried Individuals. Tax Planning in the beginning of the Financial Year is always better instead of ...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Republished with revised Simple Version Simple Income Tax Calculator for the Financial Year 2020-21 in Excel for Salaried Individuals. Tax Planning in the beginning of the Fin...

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How to Calculate EMI for a 20 Lakh Personal Loan?

The focus while borrowing should be on the repayment of the loan. That is how a strong credit background and future financial opportunities open up. A personal loan is no doub...

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Rate Charts

Income Tax Rates for Financial Year 2019-20 and 2020-21

In this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment ...

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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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September 2021