Latest Tax News & Updates

Simple Version of IND-AS-16 & IAS 16-Property, Plant & Equipment

CA, CS, CMA - A SIMPLE VERSION OF INDAS-16 AND IAS 16 -PROPERTY,PLANT AND EQUIPMENT The relevant Accounting Standards relating to Property, Plant and Equipment are the following:- 1. AS-6, AS-10 2. INDAS-16 3. IAS-16 There is no major difference between INDAS-16 AND IAS-16.So the following details relate to both INDAS-16 and IAS-16. Property, Plant and...

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Interest on Delay Refund: 9% Payable from date of Filing of GSTR-3B

Goods and Services Tax - Recent Judgement in the case of Saraf Natural Stone Vs UOI (Gujarat High Court) on Interest on Delayed Refund from Honorable Gujrat High Court as under – Facts: M/s. Saraf Natural Stone (referred as ‘SNS’), is partnership firm engaged in exporting of marble or natural stones, has refund claim for the exports made, the department...

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All about – Goods and Services Tax New Returns

Goods and Services Tax - The GST Council in its 31st meeting recommended introduction and implementation of a new GST Return System in a phased manner from October 2019 to facilitate taxpayers. In the new GST Return System, there will be three main components to the new return – one main return (FORM GST RET-1) and two annexures (FORM GST […]...

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25 Supreme Court Judgments on Insolvency and Bankruptcy Code 2016

Corporate Law - Article summarises 25 Landmark Supreme Court Judgments On Insolvency And Bankruptcy Code 2016 SUPREME COURT JUDGMENTS ON INSOLVENCY AND BANKRUPTCY CODE 2016 Sr No Date of Judgment Name Of The Parties Citation/Dt  of Judgment Ratio   1 21-02-2017 Bank Of New York Mellon London Branch. Vs Zenith Infotech Limited AIR2017SC1735   I...

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Summary of Changes in Equity shares with differential rights

Company Law - Summary of Changes in Equity shares with differential rights after Amendment dated 16.08.2019 MCA issued a notification dated 16.08.2019, to amend the Companies (Share Capital and Debentures) Rules, 2014, which shall come into force on the date of their publication in the Official Gazette. The Aim of the government has relaxed norms for s...

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Extend Due Dates of GSTR9/9A/9C

Goods and Services Tax - Punjab Accountants Association made Humble Representation with request to Extend Due Dates stipulated for filing Annual GST Returns i.e. GSTR9/9A/9C under the CST Law. The Punjab Accountants Association Office: R.K. Assoaates,Sehdev Market, Jalandhar City Email : athepunjob@gmail.com, Mob.No. 98151-98051, 98153-23059 Honorable Union Minis...

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DGGI (HQs) arrests two in cases of fraudulent IGST refund claims

Income Tax - Two Arrests have been made by the Directorate General of GST Intelligence (HQs) in cases of fraudulent IGST refund claims here, today. As per the statement of the DGGI (HQs), the action was taken on receipt of an input from Allahabad Bank, Paschim Vihar, New Delhi that suspicious transactions were noticed in the accounts of […]...

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Conversion Cut off date for Nov 2019 Exams of CA Inter/ Final

CA, CS, CMA - Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2019 Intermediate Examinations – 7th September, 2019 This is in continuation of our announcement dated 22nd July, 2019 The last date of conversion from Earlier Scheme to Revised Scheme to appear in Intermediate November, 2019 examinations was 27th A...

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CBDT removes bugs in ITR-6 and ITR-7 utilities

Income Tax - ITR-6 & ITR-7 utilities are modified to fix bugs identified while filling Schedule FSI and TDS. These issue fixes has no impact on XML schema which remains same and for those taxpayers where these schedules are not relevant. For those taxpayers who are entering data in these schedules, it is requested that they may download […]...

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Online Workshop for GST Audit and Annual Return (Last Day to Register)

Goods and Services Tax - After much success of One day workshop conducted by us across India, we are happy to announce Online GST workshop for effective GST Audit and Annual Return. The workshop would cover clause wise clause detailed Analysis for Form GSTR 9, GSTR 9C along with GST Audit tool for GST Health Check-up. Online Workshop Coverage Legal […]...

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Section 80IA Value of electricity provided to sister concerns generated in assessee’s own captive plant

Commissioner of  Income Tax-­LTU Vs M/s Reliance  Industries Ltd. (Bombay High Court) -  CIT- LTU Vs M/s. Reliance Industries Ltd. (Bombay High Court) Assessee provided electricity generated by its captive power generating plant to its another units, then while computing deduction under section 80-IA of Income Tax Act, 1961, the value of electricity provided to another unit was to be at...

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Palm oil fruit is a fruit and entitled for GTA Exemption

M/s Nava Bharat Agro Products Ltd Vs Commissioner of Customs, Central Excise & Service Tax (CESTAT Hyderabad) -  M/s Nava Bharat Agro Products Ltd Vs Commissioner of Customs, Central Excise & Service Tax (CESTAT Hyderabad) The main issue to be adjudicated is whether palm oil fruit is a fruit entitled for the exemption of Notification No. 33/2004-ST dated 03.12.2004. Apparently, notification is silent about...

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Rule 8D not applies automatically on mere existence of mixed fund to disallowance u/s 14A

Pr. CIT Vs. Gujarat State Petronet Limited (Gujarat High Court) -  Pr. CIT Vs Gujarat State Petronet Limited (Gujarat High Court) The language of Section 14A of the Act is plain and clear. Before invoking Rule 8D, the Assessing Officer is obliged to indicate that having regard to the accounts of the assessee, he is not satisfied with the correctness of the claim of...

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Penalty should not be imposed for Inadvertent and Bonafide Error

Rasai Properties Pvt. Ltd. Vs DCIT (ITAT Mumbai) -  Rasai Properties Pvt. Ltd. Vs DCIT (ITAT Mumbai) Admittedly, there has been an omission on the part of the assessee to disclose the LTCG on sale of the shops in its return of income for the year under consideration. However, at the same time, we cannot remain oblivious of the bonafides of the assess...

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Growing of hybrid seeds is Agricultural Activity

DCIT Vs Genuine Seeds Pvt. Ltd (ITAT Pune) -  DCIT Vs Genuine Seeds Pvt. Ltd (ITAT Pune) The CIT(A) while deciding the issue in the present case had in turn, relied on the decision of Pune Bench of Tribunal in ACIT Vs. Ajeet Seeds Ltd. (supra), which has been confirmed by the Hon’ble High Court. Consequently, we hold that growing of hybrid se...

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Clarification on amendment in Section 44AE of Income Tax Act, 1961

F.No. 225/233/2019/ITA-II - (14/08/2019) -  Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961 (Act) in the context of amendment made in sub-section (2) of section 44AE of the Act vide Finance Act, 2018 w.e.f. 01.04.2019....

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IBBI issues Forms IP 1 & CIRP 1 to CIRP 6 to be filed by IP, IRP & RP

Circular No. IBBI/CIRP/023/2019 - (14/08/2019) -  Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder....

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CBIC notifies Rate of Exchange of Foreign Currencies wef 15.08.2019

Notification No. 60/2019 - Customs (N.T.) - (14/08/2019) -  Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 15th August, 2019 notified vide Notification No. 560/2019–Customs (N.T.) dated 114th August, 2019....

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Tariff Notification No. 61/2019-Customs (N.T.) Dated 14.08.2019

Notification No. 61/2019-Customs (N.T.) [S.O. 2946(E)] - (14/08/2019) -  Custom Tariff Notification No. 61/2019-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 61/2019-CUS...

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MCA notifies Sections of Companies (Amendment) Act, 2019

S.O. 2947(E) - (14/08/2019) -  MCA notifies certain Sections of the Companies (Amendment) Act, 2019 The Companies (Amendment) Act, 2019 contains: 1. All provisions introduced by The Companies (Amendment) Ordinance, 2018. (Dated 02.11.2018) 2. All provisions introduced by The Companies (Amendment) Ordinance, 2019. (Dated: 12.01.20...

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FAQs

The Insolvency and Bankruptcy Code, 2016 was enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally....
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Director, Board of Studies of ICAI FAQs for Assessment during Practical Training General Q.1 What is the purpose behind conducting practical training assessment? Ans. The practical training tests will help students to self-assess themselves and know as to what they have learnt during their training. Q.2 What is the duration of the 1st lev...
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COMPOSITION LEVY Q1. Can we opt for Composition in the middle of the Year? A1. No. but last date is 30.09.2019. However as per Rule 3(3), the dealer should inform prior to commencement of the year, the bare rule represent is as follows:- Rule 3(3) Any registered person who opts to pay tax under section […]...
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Precautions while preparing Income Tax Return (ITR) – Taxpayer has to first fill ‘Part A General’ (Personal Information) correctly. Rest of the utility will function based on information provided in Part A General. For example, the field 80 TTB will be enabled only for Senior citizens based on the Date of birth and Residential s...
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FAQ ON KERALA FLOOD CESS Q.1 Why Kerala Flood Cess is imposed? Ans: Kerala Flood Cess is levied to raise the fund required for re-construction of State after the devastating flood occurred in the State during August 2018. Q.2 Which is the date of commencement of Kerala Flood Cess? Ans: Kerala Flood Cess is applicable […]...
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Income Tax Planning

Certain instances of tax planning in case of sale of house property

The last 4-5 years have not been the best period for the real estate industry in India. Many real estate companies have become bankrupt and many still continue to be under gre...

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Income Tax Tips for Government Employees (Assessment Year 2020-21)

Tax Planning Measures for Government Employees for the Assessment Year 2020-2021 (Financial Year 2019-2020). 1. If your Gross Total Income is less than 5 lakhs, no special tax...

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General Exemptions & Deductions for Salaried employees

General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction an...

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Income Tax Deductions

Section 80IBA- 100% Tax deduction on Affordable House construction Income

CBDT has inserted section 80IBA by Finance Act, 2016.The provisions of this sections are designed in such way that, it will help to achieve a goal of Housing for All by 31 Mar...

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Section 80EEA Deduction for additional Interest on loan for Affordable House

Section 80EEA Deduction for additional Interest of Rs.1.50 Lakh on Loan on Affordable House Property (not on Commercial). New section 80EEA is inserted by Budget 2019-20 prese...

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Supreme Court Requests Govt to amend Section 80DD

Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases where handicapped persons may need the payment o...

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Calculators

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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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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Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Rate Charts

Income Tax Rate Chart for Financial Year 2019-2020

Income Tax Rate Chart for Financial Year 2019-2020 i.e. Assessment Year 2020-21 for individuals and companies, covering the proposed Finance Bill 2019 amendments, are tabulate...

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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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TDS Rate Chart for AY 2020-21 / FY 2019-20

The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS ...

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