Latest Tax News & Updates

Treatment of services relating to Agricultural Sector under GST

Goods and Services Tax - I have received queries relating to services provided to Agricultural Sector, whether GST is applicable or exempted from our professional friends. So, I am trying to give clarification through this article ““Treatment of services relating to Agricultural Sector under GST” at my best of knowledge. Here we come to know about some impo...

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Advocate does not have a lien for his fees on litigation files of client

Corporate Law, Income Tax - It is common knowledge that litigants often wish to change their advocate for various reasons but sometimes the outgoing advocate does not hand over the litigation files to the client on the pretext of outstanding professional dues on the belief that advocate has a lien on the litigation files for his fees. In this context, […]...

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MDP CA – Eligibilties and Empanelments

CA, CS, CMA - Multi-disciplinary Partnership Firm of Chartered Accountants in Practice means the firm which has been approved to practice in its name by the Council of ICAI under Regulation 53B read with Regulation 190 of the Chartered Accountants Regulations, 1988 hereafter referred to as MDP. The Institute of Chartered Accountants of India has issued...

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Time period for Issue of section 148 notice wef 1.4.2021

Income Tax - Time period for issuance of notice under section 148 under new regime wef 1.4.2021. As per substituted section 149 wef 1.4.2021 As per substituted section 149, no notice shall be issued   for the relevant assessment year if: (a) 3 years have elapsed from the end of the relevant assessment year, unless the case falls under […]...

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Applicability of GST on reimbursements levied with Rent

Goods and Services Tax - It is a well settled law that renting of commercial properties is subject to GST, provided the basic exemption limit is exceeded for registration. However, the subject matter prone to litigation is the recovery of other charges made by the landlord in addition to rent, viz. reimbursement of electricity charges, water charges, gas charges ...

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FAKE News: Finance Ministry will give 1.3 lakhs every month!

Finance - PIB Fact Check has cautioned public that below WhatsApp forward claiming that Ministry of Finance is providing emergency cash where recipients will receive Rs 1,30,000 per month for 6 months is FAKE! ♦ Don’t believe this message ♦ Don’t forward such links ♦ Never disclose personal information on such websites....

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Join GST, Customs & Income Tax Courses at 40% Discount till 31st July

Goods and Services Tax - Join Self-Learning Certification Course on GST, Income Tax and Customs including Import & Export by TaxGuru Edu at 40% Discount till 31st July 2021....

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Income Tax searches at construction & real estate group in Jharkhand

Income Tax - Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate. The search began on 28.07.2021 in Ranchi and Kolkata. More than 20 premises were covered. During the search, it was found that the group was not maintaining regular books of account. In vi...

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Implementation of E Commerce rules under Consumer Protection Act

Corporate Law - Based on the previous experiences, we wish to submit that implementation of e-commerce rules must not be de­layed or diverted for some other mechanism to step in as implementation of the rules at this stage is very crucial because more than one latch small shops have been closed due to mal-practices being religiously conducted by these c...

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ICAI supports Cabinet decisions to approve 30 amendments to LLP Act 2008

CA, CS, CMA - ICAI endorses & supports Cabinet Decisions to approve the 30 amendments to LLP Act 2008 through the LLP (Amendment) Bill 2021 which will provide more traction & pace to ease of doing business policy. Cabinet approves the LLP (Amendment) Bill, 2021 for carrying out 30 amendments to the LLP Act, 2008. Cabinet approves de-criminaliza...

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Payment of interest liability in installments is allowed due to pandemic situation

Aich Brothers Vs Union of India (Gauhati High Court) -  Aich Brothers Vs Union of India (Gauhati High Court) The Hon’ble Gauhati High Court in the case of M/s. Aich Brothers v. the Union of India [WP(C)/3222/2021, dated July 13, 2021] directed the assessee to approach the Revenue Department with an application to pay the outstanding dues against the in...

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GST applicable on “Tertiary Treated Water” supplied to MAHACENCO for Industrial use

In re Nagpur Waste Water Management Pvt. Ltd. (GST AAR Maharashtra) -  In re Nagpur Waste Water Management Pvt. Ltd. (GST AAR Maharashtra) It is observed that the applicant has processed the sewage water which contains various kinds of organic and inorganic impurities like sand. Silt, clay, chemicals, organisms, etc. The sewage water Cannot be used, in any way, in its ...

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GTA Services: Carting Challan is not equivalent to consignment note

Mukesh Kumar Jaiswal Vs Commissioner (Appeals)  (CESTAT Delhi) -  Mukesh Kumar Jaiswal Vs Commissioner (Appeals)  (CESTAT Delhi) carting Challan in this case is only for internal control of forest department. Such carting Challan is not equivalent to a consignment note which is issued by the transporter. The consignment note is a negotiable instrument and the tra...

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ITAT deletes Section 68 Addition for Share Premium

Renu Proptech Pvt Ltd. Vs ACIT (ITAT Delhi) -  Renu Proptech Pvt Ltd. Vs ACIT (ITAT Delhi) Considering the plethora of documentary evidences, we find that not only the assessee has established the source of the creditor, but it has also furnished documentary evidences to show the’ source of source’. We find that the AO, while making addition...

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Equal opportunity to secure justice could not be denied to any citizen

Mohammad Ahmad Khan Vs State Of U.P. & Another (Allahabad high court) -  Mohammad Ahmad Khan Vs State of U.P. & Another (Allahabad high court) Heard Sri Sushil Kumar Singh, learned counsel for applicant, Sri A.Z.Khan, learned counsel for opposite party no.2 and Sri Yatindra Kumar Agnihotri, learned Additional Government Advocate for State. The instant application has...

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Rating of Deposits of HFCs – Approved Credit Rating Agencies and Minimum Investment Grade Credit Rating

(29/07/2021) - Reserve Bank of India RBI/2021-22/74 DOR.FIN.REC.No.34/03.10.136/2021-22 Dated: July 29, 2021 All deposit taking Housing Finance Companies (HFCs) Madam/ Dear Sir, Rating of Deposits of HFCs – Approved Credit Rating Agencies and Minimum Investment Grade Credit Rating A reference is invited to Para ...

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New Income Tax Rule 130 & 131 related to Forms, Return Orders, reports

(29/07/2021) - CBDT has vide Notification No. 83/2021-Income Tax | Dated: 29th July, 2021 inserted rule 130 and Omitted various Income Tax  rules and Forms. It further inserted Rule 131 which related to Electronic furnishing of Income tax Forms, Returns, Statements, Reports, orders MINISTRY OF FINANCE (Department...

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How to add bank account in GST registration details

(29/07/2021) - A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017. Such taxpayers are required to update their Bank Account Details within...

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Monetary Penalties to be imposed by an Insolvency Professional Agency

(28/07/2021) - The Disciplinary Committee of an Insolvency Professional Agency (IPA) may impose monetary penalty on its professional members under Clause 24(2)(d) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016....

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Additional charge arrangement in the grade of PCIT/PDIT

(28/07/2021) - Office Order No. 186 of 2021 The following additional charge arrangements in the grade of PCIT/PDIT are ordered with immediate effect as mentioned against their names and until further orders:...

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Important FAQs to Understand Register of Members, Debenture Holders or Any Other Security Holders {Section 88 of Companies Act, 2013 read with The Companies (Management and Administration) Rules, 2014} 1. Where is the Register of Members maintained under Companies Act, 2013?  Ans. Every Company shall maintain register of members from th...
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Seeking comments of the members on Draft Guidelines for the Formation of Multi-Disciplinary Partnership (MDP) firms by the members of the Institute of Cost Accountants of India as per provisions of the Cost and Works Accountants Act and Regulations and Draft Frequently Asked Questions on Formation of Multi-Disciplinary Partnership (MDP) F...
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Loan and Investment by Company (FAQs)  –Updated Up-to 19/07/2021 FAQs on Section 186 of Companies Act, 2013 Q.1 What is maximum limit thorough which a company can make investment through layers of companies? [Sec 186(1)] Ans.  Company is not allowed to make investment through not more than two layers of investment companies; Howev...
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 Section 194Q- Deduction of TDS on Purchase of Goods The government has introduced Section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. The intent of the government to bring this provision is to establish the trail of high value of transaction of sale and purchase of goods. There are various other provision which [&hell...
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a) Applicability and Rate [Section 206C(1)/(1C)/(1F)] Section 206 C(1) of Income Tax Act, 1961 Sr. No. Nature of goods Rate of TCS (upto 13.05.2020) Rate of TCS (w.e.f 14.05.2020 to 31.03.2021) i. Alcoholic Liquor for human consumption 1% 1% *(no change) ii. Tendu Leaves 5% 3.75% iii. Timber obtained under a forest lease 2.5% 1.875% [&hel...
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Income Tax Planning

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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Save your Income Tax Liability with simple Tax planning

Everybody wants to reduce Income Tax liability but most of them do not know how to reduce Income Tax liability legally. Some know partially. As a result of which, they pay mor...

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Tax Planning for Individuals under Income Tax

Tax Planning may be described as legal way of reducing of tax liability in a year by investing in different schemes as prescribed by income tax Act. It may also include enteri...

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Income Tax Deductions

Deduction u/s 80JJAA (Income Tax) – Additional employee cost

The deduction available under Section 80JJAA of the Income Tax Act, 1961 (‘Act’) incentivize the organizations for generating employment and allows an additional 30% deduc...

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Section 80IB deduction eligible on Sum Received as ‘On-Money’ on Flat Bookings

Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune) The doctrine of approbate and reprobate does not allow the Department to blow hot and cold in the same breath, thereby acce...

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Purchase of Electric Vehicle – Tax benefits (Section 80EEB)

Purchase of Electric Vehicle – Tax benefits (Section 80EEB) and many more advantages!! Planning to buy a car in the future? How about an Electric car or E-scooter, they are ...

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Free Depreciation Calculator – Schedule II of Companies Act 2013

An Auditor’s Tool on Depreciation Calculation-   Version 3.0 – Compliant to Schedule II of Companies Act 2013  :  Financial Year 2015-16 to FY 2021-22 enabled  –...

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TDS Calculator Excel Utility for FY 2021-22

This is an Excel based TDS Calculator for the FY 2021-22 and onwards. We can use this Excel Utility for Calculating TDS Amount, for Remitting TDS Amount to Govt and for e-fili...

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Income Tax Calculator – Financial Year 2021-22

On March 31, 2021, the Ministry of Finance released a notification on slashing the interest rates of all the Small Saving Schemes, and the same notification rolled back by the...

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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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July 2021