Latest Tax News & Updates

E-Invoicing Under GST- GST Council Gives In Principal Approval

Goods and Services Tax - Hello friends, greetings for the day 35th GST Council Meeting was held on 21 June 2019 at New Delhi, after a long gap of more than three months. This was the first council meeting chaired by the re-elected government and India’s second woman Union Finance Minister, Mrs. Nirmala Sitharaman. This GST Council meeting was held […]...

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Selecting Your Income Tax Return for AY 2019-20 / FY 2018-19

Income Tax - In simple terms the Income Tax Return is the document wherein the assesse submits its earned income to Government and makes payment for the services and facilities availed by him called as tax which is supposed to be used by the Government for the welfare of the country only. Technically speaking the form approved by Income […]...

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Form 16C : TDS certificate for rent of property

Income Tax - With a view to widen the scope of TDS applicability on payment of rent, in spite of already existing section 194-I, vide Finance Act, 2017, new section 194-IB had been inserted. Newly inserted section 194-IB of the Income Tax Act, 1961 was made effective from 1st June, 2017. The deductor, who is liable to deduct TDS […]...

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Mistakes not to be done in ITR forms- avoid getting notice from tax authorities

Income Tax - Technically speaking the form approved by Income Tax Authorities as per the requirements of the Income Tax Act 1961 is commonly called as the Income Tax Return comprising of various heads of income under which the assessment is done. broadly speaking the Income Tax Return is divided in to following five heads of income- 1. Income [&helli...

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DPT-3 (One Time Return & Annual Return)- FAQs

Company Law - The Ministry of Corporate Affair vide its notification dated January 22, 2019 had directed to all the Company, except government company, to file: – a one-time return in e-Form DPT-3, by furnishing the details of all outstanding receipt of money or loan taken from April 01, 2014 to March 31, 2019, which is not considered […]...

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CBIC extends due date of FORM GSTR-9, GSTR-9A & GSTR 9C

Goods and Services Tax - On account of difficulties being faced by taxpayers in furnishingthe annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C, the due date for furnishing these returns/reconciliation statements to be extended till 31.08.2019...

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35th GST Council Meeting- GST rate related change

Goods and Services Tax - On issues relating to GST concessions on electric vehicle, charger and hiring of electric vehicle, the Council recommended that the issue be examined in detail by the Fitment Committee and brought before the Council in the next meeting....

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NAA tenure extended for 2 Years; Phased electronic invoicing system introduction; Decision on GSTAT

Goods and Services Tax - The tenure of National Anti-Profiteering Authority has been extended by 2 years. The Council also decided to introduce electronic invoicing system in a phase-wise manner for B2B transactions. E- invoicing is a rapidly expanding technology which would help taxpayers in backward integration and automation of tax relevant processes....

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Extend due date of GSTR 9, GSTR 9A, GSTR 9C to 31.10.2019: ICAI

Goods and Services Tax - ICAI has made a Request for extension of Last Date for filing of Annual returns in Form GSTR 9 and GSTR 9A alongwith GST Audit Certificate in GSTR 9C from June 30, 2019 to October 31, 2019 to Smt. Nirmala Sitharaman, Hon’ble Union Minister for Finance and Corporate Affairs & Chairperson, GST Council ICAI/IDTC/2019-20/REP/6...

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Taxpayer to provide scrip/Unit wise details of Shares/MF sold in ITR

Income Tax - 20/06/2019- In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should […]...

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Separate GST registration not required for godowns in different states

In re Gandhar Oil Refinery (India) Limited (GST AAR Maharashtra) -  In re Gandhar Oil Refinery (India) Limited (GST AAR Maharashtra) Question 1:- Whether the applicant requires registration in each State separately? Answer :- In the present case as mentioned above the place of supply is the location of the importer who is situated in the State of Maharashtra and hen...

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GST invoice can be raised from registered state for imports received at Port on other state

In re Aarel Import Export Private Limited (GST AAR Maharashtra) -  Whether the procedure to raise the invoice from Mumbai Office for imports received at Paradip Port, Odisha where we do not have any separate GST Registration and Charge IGST from Mumbai to our Customers is correct? or do we have to take separate Registration in the State of Odisha for the below ment...

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Section 263 Revision invalid when assessment order merged with CIT(A)’s order

CIT (E) Vs Slum Rehabilitation Authority (Bombay High Court) -  Revision under section 263 was invalid in case order of assessment merged with the order of Appellate CIT in its entirety as CIT did not have jurisdiction to revise such order of assessment in view of clause (c) of Expln. 1 to sub-section (1) of section 263....

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TDS U/s. 194J deductible on investigation charges paid by Bank on assessee’s behalf

Addl. CIT Vs Hiravati Marine Products Pvt. Ltd. (ITAT Rajkot) -  Merely the payment of investigation charges to the chartered accountant firm was made by the bank on behalf of the assessee did not mean that the transaction was covered under the provisions of section 194A read with section 2(28A). As such the assessee was liable to deduct the TDS under section 194...

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In re TCPL Packaging Limited (GST AAR Maharashtra)

In re TCPL Packaging Limited (GST AAR Maharashtra) -  In re TCPL Packaging Limited (GST AAR Maharashtra) Question :- Whether the packaging materials viz. cut to size blanks manufactured by TCPL with corrugation and having requisite creases at designated places, supplied to the Customers in flat form with folding, can be categorized under Tariff Item Co...

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Restriction on E-way Bill Issuance relaxed till 21st August 2019

Notification No. 25/2019 – Central Tax - (21/06/2019) -  CBIC has postponed the date of applicability of Rule 138E to 21st day of August, 2019 from existing 21st day of June, 2019. Rule 138E provided that if a registered dealer is failed to file GST Return for consecutive two tax periods, there would be Restriction on furnishing of information in PART A ...

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Response to representations against Allocation of Quota for Pulses/Peas

Trade Notice No. 19/2019-2020-DGFT - (21/06/2019) -  DGFT vide Minutes of the meeting dated 12.06.2019 has allocated quota for pulses and peas. However, many applicants whose applications were rejected have represented against the same. The total number of representation received is more than 200....

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Rollout of foreign exchange trading platform for retail participants– FX-Retail

RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 - (20/06/2019) -  Reserve Bank of India Rollout of the foreign exchange trading platform for retail participants – FX-Retail RBI/2018-19/217 FMRD.FMD.16/02.03.225/2018-19 June 20, 2019 All Eligible Market Participants Dear Sir/Madam, Rollout of the foreign exchange trading platform for retail participants – FX-Re...

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Discontinuation of requirement of Paper to Follow (P2F) for State Govt Cheques

RBI/2018-19/216 DGBA.GBD.No. 3136/42.01.035/2018-2019 - (20/06/2019) -  With a view to enhancing efficiency in cheque clearing, Reserve Bank has introduced Cheque Truncation System (CTS) for clearance of cheques, facilitating the presentation and payment of cheques without their physical movement. P2F has been discontinued for CG cheques with effect from February 2016....

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Changes in Rates of Agency Commission to Banks on Govt Transactions

RBI/2018-19/219 DGBA.GBD.No. 3144/31.02.007/2018-19 - (20/06/2019) -  Since then, there has not only been an expansion in volume and value of government receipts and payments, and coverage of bank branches handling government transactions, but also significant movements towards adoption of technology and migration to electronic means of payments....

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1. Whether loan from LLP shall be considered as Non- Deposit? As per definition of deposit loan from LLP doesn’t covered in exempted list therefore same shall be considered as Deposit for the Companies. 2. Whether Private Limited Company can accept loan from LLP. As loan from LLP shall be considered as deposit. Private Limited […...
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Form DPT-3- One Time Return- 13 FAQs – Updated on 22.06.2019 based on MCA Webinar on 17th June 2019 Q 1. What are the objectives of e-Form DPT-3? Ans. The objectives of the form are: One time return for disclosures in respect of receipts not considered as deposits as per the Act and the rules […]...
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FREQUENTLY ASKED QUESTIONS ON COMPANIES ACT, 2013 There are many confusions on provisions of Companies Act, 2013, so I am prepared some common frequently asked questions based on the interpretation of provisions of the Companies Act, 2013, the rules made there under as also the clarifications, notifications and orders issued by the Minist...
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In these article we will read the detailed analysis of FAQ’s related to the offline utility of GSTR-9. The following FAQ’s are About GSTR-9 Offline Utility, How to Download GSTR-9 Offline Utility, How to Download the Generated JSON File of GSTR-9, Worksheet Tabs in GSTR-9 Offline Utility, Entering and Validating Details in Offline, Up...
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Q. 1 Where are the guidelines pertaining to overseas direct investments available and how to get clarifications pertaining to the guidelines on overseas investment? Ans: The guidelines have been notified by the Reserve Bank of India vide Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time, which can be acces...
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Income Tax Planning

Advance Tax Provisions, Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...

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Tax Planning for Salaried Employees for FY 2019-20

As the financial year 2019-20 begins, I hope every salaried employee must be worried on tax savings, where, how much to invest etc., It’s a time to plan your tax savings...

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How to file taxes as a Freelancer in India

One of the best ways to save tax is to know the right thing to do & proceed accordingly. There could be a number of ways to save tax as a freelancer. Here are the most imp...

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Income Tax Deductions

New Pension Scheme- Deduction under Section 80CCD

NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Sec...

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Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...

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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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Excel format for comparison of GST input tax credit claimed and due

Every registered dealers has to compare input tax credit claimed in  GSTR 3B with their GSTR 2A report. I am attaching an excel format which will make the comparison mush mor...

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New Form-16 Generator with Auto tax Calculator & Salary Statement

Download Latest Form-16 (New Format) Generator with Auto tax Calculator and Salary Statement  The CBDT has notified a new format for form-16 vide Income Tax notification No. ...

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Rate Charts

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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Income Tax Rates for AY 2020-21 / FY 2019-20

Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab ra...

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