Latest Tax News & Updates

TDS Rate Applicable for FY 2021-22 or AY 2022-23

Income Tax - RATES OF TDS APPLICABLE FOR FINANCIAL YEAR (FY) 2021-22 OR ASSESSMENT YEAR (AY) 2022-23 as compiled by The Institute of Cost Accountants of India. Rate includes Amendment announced by Union Budget 2021. TDS Rate are applicable from 01.04.2021 Section Nature of Payment Threshold Limit for deduction tax Rate of TDS applicable for the period...

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Time period to file an appeal starts only when order is uploaded on GST portal

Goods and Services Tax - The Hon’ble Gujarat High Court in Gujarat State Petronet Ltd. v. Union of India [R/Special Civil Application No. 15607 of 2019, decided on March 5, 2020] quashed and set aside the order passed by the Appellate Authority rejecting the appeal on the ground of limitation. Held that, there was no failure in filling the appeal […]...

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Rate Chart of TCS For FY 2021‑22 Or For AY 2022-23

Income Tax - Article compiles Rate Chart Of TCS For Financial Year 2021‑22 Or For Assessment Year 2022-23. Compilation include amendment in TCS Rates wef 01.04.2021 as proposed by Union Budget 2021.  Article Explains TCS Deposit Challan Code, Goods & Services liable to TCS and Rate of TCS Applicable. TCS Rate Chart is compiled by The Institute ...

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CBDT Extends Vivad se Vishwas Dates Yet Again. So Your Appeals may have to Wait Longer!!

Income Tax - CBDT Extends Vivad se Vishwas Dates Yet Again. So Your Appeals may have to Wait Longer!! Well Yes Friends, it’s about 5 months since the PAN India rolling out of the Faceless Appeal Scheme, 2020 implemented w.e.f. 25.9.2020, but till date not even one single Faceless Appeal Order has churned out of the new regime […]...

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QRMP Scheme – Some Useful Information

Goods and Services Tax - What is QRMP Scheme in GSTR ?? Quarterly return Monthly Payment Scheme proposed by government for the registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year. Further in case the aggregate turnover exceeds five crore […]...

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CGST Ghaziabad unearths GST Evasion of approx Rs 37 Cr.

Goods and Services Tax - CGST Ghaziabad unearthed GST evasion of approx Rs 37 Cr. linked with availment of fake ITC through chain of non-existent firms. Subsequent to this, the proprietor of the firm was arrested. Further investigations are underway. PRESS NOTE ONE PERSON ARRESTED IN CASE, OF FRAUDULENT AVAILMENT OF ITC OF RS. 37.14 CRORES ON THE BASIS OF [&helli...

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Result of CS Examinations December, 2020- Toppers & Analysis

CA, CS, CMA - In Executive Programme (Old Syllabus) examination 15.21 percent of candidates passed in Module – I and 21.28 percent in Module – II, while in Executive Programme (New Syllabus) examination 8.27 percent of candidates passed in Module – I and 15.49 percent in Module – II....

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Introduction of Concept of “Accredited Investors” in Indian securities market

SEBI - The objective of Consultation Paper on Introduction of concept of Accredited Investors in Indian securities market is to seek comments from the public and various stakeholders of the securities market, on the proposal to introduce the concept of Accredited Investors in the Indian securities market....

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CBI Arrests an Assistant Commissioner and a Superintendent, both of Customs

Custom Duty - The Central Bureau of Investigation has arrested an Assistant Commissioner and a Superintendent, both of Customs Department, Mumbai in an alleged bribery case....

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UK Court allows Extradition of Nirav Modi

Finance - The Westminster Magistrates’ Court, London(UK) has today accepted the contention of Govt of India to extradite Mr.Nirav Modi. The U.K.Court delivered the verdict wherein it held that the evidence against Mr.Nirav Modi is prima facie sufficient to order his extradition to India to face the charges....

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SC directed UOI to file affidavit regarding technical glitches faced in filing GST TRAN-01

Union of India & Ors. Vs National Engineering Co. (Supreme Court of India) -  Union of India & Ors. Vs National Engineering Co. (Supreme Court of India) The Hon’ble Supreme Court of India in Union of India & Ors. v. M/s National Engineering Co. [Special Leave Petition (Civil) Diary No(s). 2701/2021, dated February 15, 2021] directed Union of India (the Petitioner) t...

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Bombay HC dismisses plea for GSTR9/9C due date extension (Read order)

Goods and Services Tax Practitioners’ Association Vs. Union of India (Bombay High Court) -  Goods and Services Tax Practitioners’ Association Vs. Union of India (Bombay High Court) On due consideration, we are not inclined to accede to the prayer made by the petitioners that too at this eleventh hour. It is not that the time-limit has not been extended. The initial due date of 31.12.2020...

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GST registration Cancellation vide deficient SCN unsustainable

Turret Industrial Security Pvt. Ltd Vs Union of India (Jharkhand High Court) -  Petitioner could not furnish his reply as no date or time was indicated therein. As such, the cancellation of registration resulting from such an incomplete/deficient show-cause notice (SCN) also cannot be sustained being violative of principles of natural justice....

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No Section 271(1)(c) Penalty when No Concealment In ITR

Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai) -  Balee Plastics Pvt. Ltd. Vs ITO (ITAT Mumbai) We find that on perusal of page 10 read with page 13 of the factual paper book filed by the assessee comprising of the profit and loss account for the year ended 31/03/2009 and the schedule for the other income thereon, the sum of Rs.3 Crores has [&helli...

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Addition justified for unexplained deposit into bank account

Karan Sharma Vs ITO (ITAT Bangalore) -  Karan Sharma Vs ITO (ITAT Bangalore) The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposi...

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Anti-dumping investigation concerning imports of Melamine

(Case No. AD (OI) 01/2021) - (26/02/2021) -  (Case No. AD (OI) 01/2021) Initiation of anti-dumping investigation concerning imports of Melamine originating in or exported from the European Union, Japan, Qatar and the United Arab Emirates...

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Anti-dumping duty on imports of Tyre Curing Presses

Case No. AD (SSR)– 19/2020 - (26/02/2021) -  Case No. AD (SSR)– 19/2020 Sunset Review of anti-dumping duty imposed on imports of Tyre Curing Presses for Tyres originating in or exported from China PR....

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CBDT date for filing declarations under VSV Act to 31.03.2021

Notification No. 09/2021/S.O. 964(E) - (26/02/2021) -  CBDT further extends the date for filing of declarations under the Vivad Se Vishwas (VSV) Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021. MINISTRY OF FINANCE (Department...

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MHA extends Guidelines on Surveillance etc upto 31.03.2021

Order No. 40-3/2020-DM-I(A) - (26/02/2021) -  MHA extends Guidelines for Surveillance, Containment and Caution States/ Union Territories to strictly enforce SOPs on various activities and to exercise caution and strict surveillance upto 31.03.2021....

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Tariff Notification No. 25/2021-Customs (N.T.), Dated: 26.02.2021

Notification No. 25/2021-Customs (N.T.) - (26/02/2021) -  Tariff Notification No. 25/2021-Customs (N.T.), Dated: 26.02.2021 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver – reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) No...

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1. MEANING OF BONUS SHARES: Bonus Shares refers to a further issue of shares made by a company having share capital to its existing shareholders without receipt of any consideration from the shareholders for issuance of such shares. It is an offer of free additional shares to the existing shareholders in proportion to their existing [&hel...
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बजट प्राव्धानो पर सीधी और पते की बात। Straight and honest talk on Budget amendments. 1. TDS at Double Rate in case of Non-Filers of ITRs (Section 206AB): The Finance Bill 2021 has proposed to insert a new section 206AB in the Income Tax Act, w.e.f. 1.7.2021 which mandates that th...
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Frequently Asked Questions on Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Way back from 1996 in Indian history, the need for having a strong framework of good corporate governance has been kept on increasing due to the various irregularities occurring worldwide including in In...
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1. What is QRMP scheme? What are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made […]...
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As per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts. As different groups/departments in the banks are responsible to ensure compliance to different statutory requirements, what would be the exact expectations from the com...
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Income Tax Planning

Ways to Save Income Tax In 2020-21

Paying taxes on one’s income is a legal and moral responsibility for every citizen. At the same time, some taxes might seem too steep and you may feel the need to reduce the...

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ETMONEY– Helping You Reduce your income tax and get financially fitter at the same time

Wealth isn’t created in a day, it takes time and all of it begins with saving money. Hence, it’s very crucial to pursue every effort for saving your hard-earned money and ...

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All about HUF and Its Taxability

Hindu undivided family has always been a contradictory topic. There have been many judgments passed and challenged. HUF is not defined under The Income Tax Act. But its taxabi...

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Income Tax Deductions

Date of incorporation extension for start up for section 80-IAC exemption

Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the ...

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Section 80EEA: Extension of date of sanction of loan for affordable residential house property

Extension of date of sanction of loan for affordable residential house property under Union Budget 2021 The existing provision of the section 80EEA of the Act, inter alia, pro...

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Incentives for affordable rental housing under section 80IBA

It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and gains derived from the business of developin...

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How to make use of a home loan EMI calculator

A home loan is one of the most popular ways for young homeowners to own homes. With the soaring costs of houses across the country, a home loan is the best way for people to b...

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Income Tax Calculator from FY 1997-98 to 2021-22

This Income Tax calculator is a very useful tool to calculate tax by using excel only. It contains the rate of Income tax for last 25 financial year (i.e Financial year 1997-9...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax...

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Rate Charts

TDS Rate Chart for FY 2021-2022 (AY 2022-2023) including Budget 2021 Amendments

 In this article, various TDS rates applicable for FY 2021-2022 (AY 2022-2023) i.e. for the period from 01.04.2021 to 31.03.2022 have been presented in Tabular Form along wit...

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TDS / TCS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)

What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a cert...

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Updated reduced TDS/TCS Rate Chart for F/Y 2020-21

Due to Covid-19, CBDT has reduced the TDS/TCS rate by 25% through press release dated 13/05/2020. However, No official notification is being released by CBDT till now for redu...

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February 2021