Latest Tax News & Updates

Tax Higher than Income on a particular portion of income- Do you Know?

Income Tax - Do you know that on a particular portion of your income, the quantum of tax levied on income is higher than the quantum of such income?  No. Then let’s understand the concept of income-tax rates in India, marginal relief and the inconsistency in the provisions of the Income-tax Act, 1961 while providing the relief to […]...

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4 Month Time Table for Every Practising CA

CA, CS, CMA - A systematic approach to divide your GST & Income Tax work according to Time available & its Gravity. Some are good at time management and some are not. CA practice has become all about time management. Specially those who are into traditional practice of GST and income tax. April to September is chaotic.. Income tax […]...

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Applicability of GSTR-9 Annual Return

Goods and Services Tax - GSTR 9 is an annual return which needs to be filed by the registered persons once in a year. It consists of details regarding the supplies made and received during the year i.e it is consolidation of the information furnished in the monthly or quarterly returns during the year....

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How to prepare for filing of your ITR

Income Tax - The season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file your ITR or visit the office of your tax advisors, you need to do some ground preparation so that the information given in […]...

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Income Tax Scrutiny Notice – Know How to go about it?

Income Tax - Annually the Income tax department verifies the accuracy of the income tax returns filed by taxpayers by sending scrutiny notice to them. This is aimed at ensuring that the taxpayer has not understated the income or has not computed excessive loss or has not underpaid tax. Scrutiny notice received by an individual can be grouped […...

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Empanelment with Indian Bank for Concurrent & Stock Audit

CA, CS, CMA - Indian Bank Date: 18.05.2019 Empanelment of Concurrent Audit & Stock Audit √ Indian Bank conducts process for Empanelment of Concurrent Auditors once in a year. Indian Bank invites applications in the prescribed format only from the practicing firms of Chartered Accountants of India, who are willing to have their firm empanelled as ...

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Brief notes on ROC forms for Registration of Charges

Company Law - This is a brief note on the forms introduced by MCA under Chapter VI Registration of Charges and Rules thereto which includes Form CHG-1, Form CHG-2, Form CHG-3, Form CHG-4, Form CHG-5, Form CHG-6, Form CHG-7, Form CHG-8 and Form CHG-9 vide Companies (Registration of Charges) Rules, 2014 as amended by Companies (Registration of Charges) [...

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SEBI Discussion Paper on Review of Rights Issue Process

SEBI - The objective of this discussion paper is to seek comments / views from the public and market intermediaries on Review of Rights Issue Process....

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Join 4 day Course on GST by M.S.M.E. with Certification

Goods and Services Tax - JOIN GST Practitioner Advanced Certified Training course of Ministry of M.S.M.E. at Bangalore, Chennai, Cochin, Indore, Jaipur, Mumbai, Hyderabad, Coimbatore, Goa, Trichy, Agra, Bareilly, Lucknow, Ahmadabad, New Delhi and Kolkata in May, June and July 2019 starting from 25th May 2019. BROCHURE FOR GST PRACTITIONER ADVANCED CERTIFIED TRAIN...

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Indian Accounting Standards (Ind AS): Disclosure Checklist

CA, CS, CMA - This publication presents a checklist of disclosures requirements under Ind AS applicable to entities preparing its financial statements voluntarily and mandatorily beginning on or after April 1, 2016, in accordance with Ind AS. The disclosures checklist is based on the Indian Accounting Standards (Ind AS) that are effective as on April 0...

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Sec. 139(5) not applies to revised return filed as per NCLT scheme

M/s. Dalmia Power Limited Vs ACIT (Madras High Court) -  M/s. Dalmia Power Limited Vs ACIT (Madras High Court) a) The scheme of arrangement and amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescri...

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Section 115JB pre amendment by Finance Act, 2012 not applicable to banking, insurance & electricity cos

CIT Vs Union Bank of India (Bombay High Court) -  CIT  Vs Union Bank of India (Bombay High Court) To align the Income Tax Act with the Companies Act, 1956 it was decided to amend Section 115JB to provide that the companies which are not required under Section 211 of the Companies Act, to prepare profit and loss account in accordance with Schedule ...

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Machinery rent cannot be taxed as Income from House Property for TDS deduction under wrong head

Heritage Hospitality Ltd. Vs DCIt (ITAT Hyderabad) -  AO’s opinion that since TDS made u/s. 194-I, incomes are to be assessed under head ‘income from house property’ can not be accepted. Moreover, even if assessee has let out property but, when the Memorandum of Association permits the business of letting out of properties as such, the income can...

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Workmen dues cannot be a part of liquidation estate assets: NCLT

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) -  Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) Under Section 36(4) (a) (III), the expression ‘liquidation estate’ has been defined and it is clarified that all sums due to any workman or employee from the provident fund, pension fund an...

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Section 179 Freezing bank accounts of director without issuing notice is invalid

K. Chandrasekaran Vs TRO (Madras High Court) -  K. Chandrasekaran Vs TRO (Madras High Court) The present impugned order is put to challenge mainly on three grounds. The first ground raised is that the petitioner was not put on notice before passing the impugned order. When such contention is specifically raised by the petitioner, it is the duty o...

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CBDT condones delay in filing of audit report by trust/institution

Circular No. 10/2019 - (22/05/2019) -  Condonation of delay in filing of Form no. 10B (audit report by trust/institution) for Assessment Years 2016-17 and 2017-18 by CBDT vide Circular No. 10/2019 dated 22nd May, 2019 subject to fulfillment of conditions prescribed by CBDT. Circular No. 10/2019 F.No.197/55/2018-ITA-1 Government of India ...

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Tax on road or bridge access service during 08.11.2016 to 01.12.2016

Circular No. 212/2/2019-Service Tax - (21/05/2019) -  The service that is provided by toll operators is that of access to a road or bridge. toll charges being merely a consideration for that service. On MoRTH/ NHAI's instructions, for the period 8-11-2016 to 1-12-2016 this service of access to a road/bridge was continued to be provided without collecti...

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An entity requires only one RCMC from its relevant EPC : DGFT

Trade Notice No. 17/2019-20 - (22/05/2019) -  (i) An entity requires only one RCMC from its relevant EPC as per Appendix-2T. It can keep on adding any number of businesses afterwards and RCMCs from other EPCs will be optional only. (ii) If an entity, having RCMC for goods from a particular EPC/FIEO, exports services subsequently, there is no...

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GST on construction of Affordable Houses in Mumbai Metropolitan Region

Trade Circular No. 37T of 2019 - (17/05/2019) -  List of metropolitan cities provided in the said clause includes Mumbai (whole of MMR i.e. Mumbai Metropolitan Region) with its respective geographical limits prescribed by an order issued by the Central or State Government in this regard....

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Framework for accreditation of investors for Innovators Growth Platform

SEBI/HO/CFD/DIL2/CIR/P/2019/67 - (22/05/2019) -  Accredited Investors (AIs) for the limited purpose of Innovators Growth Platform, are investors whose holding in the Issuer Company, is eligible for the computation of at least 25% of the pre-issue capital in accordance with Regulation 283.(1) of the SEBI (Issue of Capital & Disclosure Requirements)...

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Multi Choice Questions (MCQ’s) on GST for CA/CMA/CS Q1. M/s Utkal Auto, Bhubaneswar registered under GST in Odisha is authorised dealer of Hero motors. It has a policy to gift a Hero motorcycle to its employee at the end of the financial year in terms of the employment contract. During the month of March 2019, […]...
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Clarification and FAQ’s on Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019  related to the provisions of the Ordinance more particularly relating to determination of requisite amount, un-disputed tax to be paid under the Ordinance, issue based withdrawal of the appeals etc. Office of the Comm...
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At present, the most talked about topic after Indian general elections and avengers-end game, is GST annual return and GST audit, i.e. Form GSTR-9 and Form GSTR 9C and Mr. Jain has approached Mr. GST to get the overview of the same. Following are the excerpts of their conversation: 1. What is GST annual return? […]...
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1. What is the applicability of ACTIVE? Every Company incorporated on or before the 31st December, 2017 shall file the particulars of the Company and its registered office, in ACTIVE on or before 25.04.2019. However, following companies are exempted for filing eForm ACTIVE: (a) Companies which have been struck off (b) Companies under proc...
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A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs) containing 41 questions was issued on 7th May, 2019. Part II of the FAQ is presented below....
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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

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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Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit ...

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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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Loan Amortisation Table, Find Rate of Interest & EMI Calculator in Excel

Loan Amortisation Table, EMI Calculator, Find Rate of Interest etc. in Excel The EMI (Equated Monthly Installment) of any loan is ascertained by the major factors viz. Loan Am...

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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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