Latest Tax News & Updates

Process of Acceptance of TDS Credit by Deductee under GST

Goods and Services Tax - Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017, Section 21 of the UTGST Act, 2017 provide for Tax Deduction at Source( TDS) . GST Council in its 28th Meeting held on 21-07-2018 recommended the introduction of TDS From 01.10.2018....

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Committee of Experts on regulating audit firms & net- works report: A discussion

Company Law - Committee of Experts on regulating audit firms and net- works set up by Ministry of Corporate Affairs in response to the issues raised by the Honorable Supreme Court in the judgement of S.Sukumar Vs. Institute of Chartered Accountants of India(February 23, 2018) submitted its report on October 25, 2018. It deals with steps to be taken to ...

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Complete Analysis of Annual Return and GST Audit

Goods and Services Tax - Government has announced for annual return to be filed under Goods & Service tax Act. However a Lot of difficulties are being faced by taxpayers and professionals while filing GST returns due to technical glitches and ambiguous law. After filing monthly returns, a regular person has to even file an Annual Return which is quite detaile...

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Registration of Your Trademark

Corporate Law -  WHY BRAND NAME REGISTRATION NECESSARY? With the economic growth the demand for trademark registration is also growing. It is very important for all corporate owners be it businessman or individual entrepreneur, to protect your company as it is directly linked to your company’s success.  The basic motto is to protect your business ag...

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TDS Provisions under Income Tax Act, 1961

Income Tax -  WHAT IS TDS AND PURPOSE OF ITS INTRODUCTION TDS is abbreviated for tax deducted at source which was introduced to collect taxes at source from where the income is generated. The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income at the time it is […]...

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Online GST Certification Course by TaxGuru and Govt. of India (M.S.M.E.)

Goods and Services Tax - After successfully completing 5 batches for Online GST Certification Couse with more than 5000 successful participants, TaxGuru and GST Professionals announces its 6th and most comprehensive GST batch. Online Course involves 2 classes a week for 3 hrs on weekends for one and half months (30 hrs detailed course). Batch start date 15th Apri...

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6 Changes in e-way bill generation with effect from 16.11.2018

Goods and Services Tax - CBIC has Proposed 6 improvements in e-way bill generation with effect from 16.11.2018 which includes Checking of duplicate generation of e-way bills based on same invoice number, CKD/SKD/Lots for movement of Export/Import consignment, Shipping address in case of export supply type, Dispatching address in case of import supply type,  ‘B...

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Hurry Up! Join 4 day GST Course by M.S.M.E.

Goods and Services Tax - JOIN 4 day GST Practitioner Advanced Certified Training course of M.S.M.E. at New Delhi, Mumbai, Chennai, Coimbatore, Cochin, Hyderabad, Trichy, Bangalore, Kolkata, Goa, Noida, Pune and Agra in November and December 2018 starting from 15th November 2018. BROCHURE FOR GST PRACTITIONER ADVANCED CERTIFIED TRAINING ORGANISEED BY MSME – ...

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Result of GST Practitioners Examination held on 31.10.2018

Goods and Services Tax - Result of GST Practitioners Examination held on 31.10.2018 National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has conducted examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of second proviso to sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017. The e...

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CBI Arrests Assistant GST Commissioner In Alleged Bribery Case

Goods and Services Tax - CBI has arrested an Assistant Commissioner, Goods & Service Tax, Government of Delhi and a private person in an alleged bribery case of Rs.Six Lakh....

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GST on services provided under ICT @ School Project

In re Telecommunication Consultants India Ltd (GST AAR Odisha) -  In re Telecommunication Consultants India Ltd (GST AAR Odisha) Whether the services provided by the Applicant to the Government and government aided higher secondary schools under the ICT Project, are covered under the scope of Entry No. 72 of Notification No. 12/2017-Central Tax (Rate) dated 28.06....

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GST on custom milling of paddy with transportation of rice & usage of gunny bags

In re Taranjeet Singh Tuteja & Brothers (GST AAR Chhattisgarh) -  In re Taranjeet Singh Tuteja & Brothers (GST AAR Chhattisgarh) Tax liability in the business of job work activity of custom milling of paddy involving milling activity, transportation of rice and usage charges of gunny bags. Applicant has been allotted the principal job work of Custom Milling of...

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GST payable on amortised cost of tools which are re-supplied back for free

In re Nash Industries (I) Pvt Ltd. (GST AAR Karnataka) -  The amortised cost of tools which are re-supplied back to the applicant free of cost shall be added to the value of the components while calculating the value of the components supplied as per the Section 15 of the CGST / SGST / IGST Act 2017....

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GST on long duration post graduate diploma/ degree granting programmes by IIM, Bengaluru

In re M/s Indian Institute of Management (GST AAR Karnataka) -  Whether the long duration post graduate diploma/ degree granting programmes offered by the Indian Institute of Management, Bengaluru other than specifically mentioned in Sl.No.67 of Notification No. 12/2017 - Central Tax (Rate) dated 28th June 2017 as amended by Notification No. 2/2018 dated 25th Ja...

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Rounding Off Railway Fares Prima Facie Abuse of Dominance: CCI

Mr. Meet Shah Vs Union of India, Ministry of Railway (Competition Commissioner of India) -  Mr. Meet Shah Vs Union of India, Ministry of Railway (Competition Commissioner of India) Railway and IRCTC (Opposite Parties) have not been able to convince the Commission as to why the policy of rounding off of actual base fares to the next higher multiple of Rs.5 is applicable to the sale of onlin...

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Govt amends Fourth Schedule of Arbitration and Conciliation Act, 1996

Notification No. S.O. 5674(E) - (12/11/2018) -  In the Fourth Schedule to the Arbitration and Conciliation Act, 1996, under the heading ‘Sum in dispute’, against the entry ‘Above Rs.10,00,00,000 and up to Rs.20,00,00,000’, the model fee is inadvertently mentioned as ‘Rs.12,37,500 plus 0.75 per cent. of the claim amount over and above Rs...

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Guidelines for Enhanced Disclosures by Credit Rating Agencies (CRAs)

Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/2018/140 - (13/11/2018) -  SEBI, vide Circular dated November 01, 2016, had prescribed the standard format for press release regarding rating action by CRAs. While CRAs are required to monitor and analyse the relevant factors that affect the creditworthiness of an issuer and discuss the same in the rating notes considered by ...

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Uploading of Licenses/Permits/Certificates/Other Authorizations (LPCOs) by PGAs

Circular No. 44/2018-Customs - (13/11/2018) -  It is proposed to introduce a facility to upload digitally signed Licenses / Permits / Certificates / Other Authorizations (LPCOs) by Participating Government Agencies (PGAs) on eSANCHIT at all ICES locations across India from 16.11.2018. ...

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CG establishes Appellate Tribunal at Delhi under Benami Property Law

Notification No. 81/2018-Income Tax / S.O. 5677(E) - (12/11/2018) -  Central Government (CG) hereby establishes an Appellate Tribunal at New Delhi to hear appeals against the orders of the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988. Notification No. 81/2018 Dated: 12th November, 2018. MINISTRY OF FINANCE (Department of Reve...

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CG specifies Adjudicating Authority of Jammu and Kashmir under Benami Property Law

Notification No. 80/2018-Income Tax / S.O. 5676(E) - (12/11/2018) -  Central Government (CG) hereby specifies that the New Delhi Bench of the Adjudicating Authority appointed under section 7 of the Prohibition of Benami Property Transactions Act, 1988 shall exercise jurisdiction under the said Act over the whole of India except the State of Jammu and Kashmir. Notific...

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Article explains What a taxpayer should do if he don’t have ‘Transporter Id’ but want to enter and generate ‘Part-A slip’, When to extend the validity of E Way Bill, What should be done if PIN code is shown as invalid, What to do if the total invoice value does not match with the sum […]...
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A. FAQs on Filing reply in Form GST ASMT-11 to the notice issued against scrutiny of Returns Q.1 When a Tax Official will conduct Scrutiny of Returns? Ans: In case, any discrepancy is found in return furnished by registered person on the basis of risk parameters or suo-moto, then Tax Official can issue a notice […]...
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A. FAQs on Provisional Assessment and Release of Security under GST Q. 1. What is Provisional Assessment? Ans: If taxpayer is unable to determine either the value or tax rate for the goods/ services dealt in, then he/ she can file an application for provisional assessment to the Tax Official. Q. 2. From where can […]...
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With everything going Digital or Online, even signature has got its Digital Version, commonly known as Digital Signature Certificate or DSC. With Ministry of Corporate Affairs (MCA), Income Tax Authorities and Goods and Service Tax (GST) are already accepting online documents, applicant/taxpayer are now mandatorily required to sign docume...
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A. FAQs on Searching Tax Rate associated with HSN / Service Classification Code 1. Can I search for the tax rates associated with goods or services by mentioning the HSN/ Service Classification Code? The Search HSN/Service Classification Code Tax Rates allows the user to search the HSN or Service Classification Code tax rates based on th...
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Income Tax Planning

Your spouse can be a vehicle for tax savings

Your spouse not only helps you in meeting your social and personal but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enha...

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Some Income tax provisions to know, to avoid service of I-T notice at your door

CPC for electronic tax returns in Bangalore and CPC (Vaishali in Ghaziabad) for tax deducted at source (TDS) are working as the right hands of Government for detecting cases o...

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Tax Planning / Tax Saving Tips for Financial Year 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax P...

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Income Tax Deductions

Tax Deducted at Source (TDS): FAQs

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G an...

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Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to som...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a m...

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Automatic GST Late Fees Calculator for Form GSTR 3B

Simple Automatic GST Late Fees Calculator in Excel Format for easy calculation of Late Fees Payable for late filing of Form GSTR 3B which calculates  late fees under both CGS...

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Download House Rent Allowance (HRA) Calculator

This Calculator calculates House Rent Allowance which is exempt from tax U/s. 10(13) of The Income Tax Act, 1961. The calculator is in excel format and it calculates the allow...

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Income Tax Computation Sheet for F.Y 2017-18 (A.Y 2018-19)

In order to file your income tax return you first need to collect all the information required to file it. The next important step is to compute your total taxable income. Aft...

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Rate Charts

TDS – Rate Chart, Provisions, Penalty, Return Due Date

Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961. ...

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TDS & Tax Provisions for F.Y.2018-19

TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at ...

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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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