Latest Tax News & Updates

Tax Compliance & Planning For Salaried Individuals

Income Tax - The Article aims at creating awareness amongst salaried employees about various tax compliance and possible tax planning over the year. We are in the month of June wherein the last financial year (FY) 2011-12 has gotten over and due date to file Return of Income stares in the face and also it is time to submit your Investment declaration ...

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Deduction of Interest on Home Loan From House Property income

Income Tax - Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of  house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]...

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Interest on Home Loan on Self Occupied House –Tax benefits

Income Tax - If capital is borrowed for reconstruction, repairs or renewals of a house property), then the maximum amount of deduction on account of interest is Rs. 30,000 (and not Rs. 2,00,000)....

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GST on Sale of used Motor Vehicle by a Registered Person other than dealer

Goods and Services Tax - Under GST regime, question is arising whether sale of goods lying in the fixed assets of a registered person will be chargeable to GST or not. We have analyzed the question from the view point of taxability of Sale of Used Car by a Registered Person who is not into the business of sale and purchase of used cars, same is as under:...

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Last Moment Tax Saving Investment options Under Section 80C

Income Tax - There are a number of tax saving instruments that are covered by section 80C. The most popular ones include Bank Fixed Deposits, National Savings Certificates (NSC), Equity Linked Savings Scheme (ELSS), National Pension Scheme (NPS), Repayment of Housing Loan (principal amount), Public Provident Fund (PPF), Voluntary Provident Fund (VPF) ...

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Join GST Certification Course by Ministry of MSME- Limited Seats

Goods and Services Tax - JOIN 4 day GST CERTIFIED PRACTITIONER course of Ministry of M.S.M.E. at Trichy, Chennai, Coimbatore, Mumbai, Kolkata, Indore, New Delhi, Bangalore, Hyderabad, Jaipur, Cochin in July 2018 and August 2018 starting from 21st July 2018. WHAT THE GST CERTIFICATION COURSE AIMS AT? The Course aims to facilitate the Graduating students, Accountan...

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GST Certification Course on Pen-Drive by TaxGuru and GST Professionals

Goods and Services Tax - GST Certification Course on Pen-Drive by TaxGuru and GST Professionals We feel proud in introducing the first in class ‘GST Certification Course on Pen Drive’ by TaxGuru & GST Professionals. Pen Drive Course involves more than 30 Hrs of detailed study as per your convenient time. Study along with our best-selling GST e-boo...

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CA Final, CPT, Foundation May/June, 18 Exam Result on 20.07.2018

CA, CS, CMA - The result of the Chartered Accountants Final Examination held in May, 2015 and Common Proficiency Test (CPT) held in June, 2015 are likely to be declared on Thursday, the 16th July, 2015 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the c...

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CMAs should ensure delivery of Quality Product & Services at a competitive price: President

CA, CS, CMA - President of India inaugurates platinum jubilee celebrations of Institute of Cost Accountants of India; says Cost Accountants should ensure that products and services are delivered at a competitive price but without compromising on quality The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the I...

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Empanelment for GST audit of Oriental Bank of Commerce

CA, CS, CMA - Appointment of Auditor for conducting GST audit of the Oriental Bank of Commerce . 1) Last date for submission – 01.08.2018 Eligibility Criteria The Bidder needs to comply with all the eligibility criteria mentioned below to be evaluated in Eligibility bid evaluation phase. Non-compliance to any of these criteria would result in outrigh...

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No addition for jewellery found within CBDT circular prescribed limit

Shri Ashok Jain Vs ACIT (ITAT Mumbai) -  Shri Ashok Jain Vs ACIT (ITAT Mumbai) In the present case the assessee has not filed any wealth tax returns. The Hon’ble Rajasthan High Court in the case of Satya Narain Patni (supra) noted that the jewellery found during the search was within the limits prescribed by the CBDT circular and in ...

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Penalty U/s. 271(1)(c) invalid if Not specifically mentioned in assessment order as to which limb penalty was imposed

ABR Auto (P) Ltd. Vs ACIT (ITAT Delhi) -  As neither the assessment order nor the show cause notice stated the specific charge of alleged concealment and/or furnishing of inaccurate particulars of income vis-a-vis addition made by AO, entire penalty proceedings under Section 271(1)(c) were vitiated....

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AO cannot determine fair rent on the basis of extraneous consideration

Vidya Education Vs The Income Tax Officer (ITAT Delhi) -  Vidya Education Vs ITO (ITAT Delhi) The operative words in Section 23(1)(a) are the sum, for which, the property might reasonably be expected to let from year to year. These words provide a specific direction to the Revenue for determining the fair rent. The A.O. having regard to the aforesaid provi...

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Madras HC on Invocation of Section 111(m) of Customs Act

M/s. Priyanka Enterprises Vs The Joint Commissioner of Customs (Madras High Court) -  High Court held that Section 111(m) of Customs Act can only be invoked if goods do not correspond in respect of value or any other particular with the Entry made under the Act...

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Unless a cause of action arises to petitioner, questions raised cannot be determined

M/s Global Agency Vs General Manger & Ors (Karnataka High Court) -  M/s Global Agency Vs General Manger & Ors (Karnataka High Court)  Unless a cause of action arises to the petitioner-assessee by an impugned action notice or order by the Respondents-Department, the academic questions raised by the petitioner-assessee cannot be determined under Article 226 of th...

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Use PAN to check compliance for a single foreign portfolio investor: SEBI

CIRCULAR No. IMD/FPIC/CIR/P/2018/114 - (13/07/2018) -  a) Use Permanent Account Number (PAN) issued by Income Tax Department of India for checking compliance for a single foreign portfolio investor; and b) Obtain validation from Depositories for the foreign portfolio investors who have invested in the particular primary market issuance to ensure there i...

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CBIC rescinds notification No. 36/2012- Customs (ADD) dated 16.07.2012

Notification No. 37/2018-Customs (ADD) - (13/07/2018) -  CBIC rescinds notification No. 36/2012- Customs (ADD) dated the 16th, July 2012 by which it imposed definitive anti-dumping duty on the imports of ‘Grinding media Balls’ (excluding Forged Grinding Media Balls), originating in, or exported from Thailand and China PR, as it has now issued ...

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Anti-dumping duty on imports of Grinding Media Balls

Notification No. 36/2018-Customs (ADD) - (13/07/2018) -  Notification No. 36/2018-Customs (ADD) Seeks to impose anti-dumping duty on the imports of Grinding Media Balls (excluding Forged Grinding Media Balls) originating in or exported from China PR and Thailand....

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Appointment of Authorised Representative for Classes of Creditors under IBC

Circular No. IBBI/CIRP/015/2018  - (13/07/2018) -  Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of th...

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MEIS benefit for ‘Bengal-Gram’ extended for exports upto 20.09.2018

Public Notice 22-2015-2020 - (13/07/2018) -  The MEIS benefit for 'Bengal-Gram' under ITC (HS) code 07132020 available upto 20.06.2018 has been extended for exports upto 20.09.2018....

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Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA. ...
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1. What is GSTR 2A? GSTR 2A is a system generated ‘draft’ Statement of Inward Supplies for a Receiver Taxpayer. It is auto-populated from the GSTR 1/5 and GSTR 6 (ISD), GST 7 (TDS), GSTR 8 (TCS) of all the Supplier/Counter party Taxpayers from whom goods and/or services have been procured or supplied to in […]...
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FAQs > Track GST Refund Status Q.1 Can I track the status of my Refund Application? Ans: Yes, you can track the status by using the Services > Refunds > Track Application Status service from the GST Portal. Q.2 Can I track the status of refund for IGST and Cess paid on account of Export […]...
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When should I cancel SRN? You can cancel your SRN if following two conditions are met: 1. In case payment of the uploaded eform was unsuccessful for technical reason and no option is available for making such payment again, then cancel your G and E series SRN. 2. If your account is not debited. How […]...
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ROC’s has issued several notices in form STK-5 in the month of May and June, 2018 u/s 248(4) of Companies Act, 2013. Notices has been sent to those Companies, which according to ROC have not been carrying on any business or operation for a period of two immediately preceding financial years....
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Income Tax Planning

Salary Package For Employees – Tax-Planning Measures

As is well-known, income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more susceptible to inflat...

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Tax planning – Its need and ways to do at different stages of life

Our main aim in tax planning is to pay minimum taxes by abiding with the legal statute and maximizing return on our investments by investing on the correct instruments at the ...

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Child worried about Education, Parents worried about its taxation

Krishna, as it is the time of schools and colleges reopening, admission of students are going on everywhere. All parents want that their children should be educated from the ...

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Income Tax Deductions

Double Benefit on Taxes on Housing Loan

The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest payment of Housing Loan. Article explains tax...

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HRA Vs. Rent Free Accommodations (RFA)

House Rent Allowance (H.R.A.) results in tax savings because accounting under Income tax act is direct exemption based. However, accounting of Rent Free accommodation is valua...

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Tips to save Income tax for Salaried Person

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting dow...

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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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GSTR 3B Computation – MS Excel Software

The file contains GSTR 3B Computation in MS Excel with following functionality: Rate wise computation on just one click. GST liability and Credit set off as per GST Rules RCM ...

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GST Credit Calculator Utility

To arrive to the balances as per books of accounts, we have prepared GST Credit Calculator Utility wherein you need to key in the outward supply, ITC and other figures as per ...

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Rate Charts

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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Income Tax Rates for Financial Year 2018-19

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2018-19 . The Income tax rates discussed in this pa...

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