Latest Tax News & Updates

Commitment Ka DIA and Inspiration Ki BATI

CA, CS, CMA - Wake up examinee wake up, Every second is precious, energize yourself & raise up. Do not permit any type of stress to enter your mind, Just see your goal, like Arjuna’s Bird’ Eye, keeping all other things aside....

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Tips for Taxpayers while Installing new version of Offline Tool on GST Portal

Goods and Services Tax - Uninstall any previous version of the tool installed on your system. Extract the downloaded from portal and install by selecting GST offline Tool icon. For detailed instruction, for installation please refer Read Me file in the extracted folder. ...

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Are Safe Harbor margins attractive?

Income Tax - Under Transfer Pricing regulation, Safe Harbor rules means binding rules laid down under law which mandates income tax authorities to accept the transfer price declared by the assesse, if opted for. Further section 92CB provides methods for determination of arm’s length price....

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An easy understanding of Insolvency & Bankruptcy code 2016

Corporate Law - The Insolvency and Bankruptcy Code, 2016 (the Code) passed by the Lok Sabha on 5th May 2016 seeks to provide a framework for time-bound settlement of insolvency by formulating a survival mechanism or by ensuring speedy liquidation through a formal insolvency resolution process (IRP)...

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GSTR-1 > Creation and Submission of Outward Supplies Return

Goods and Services Tax - To create, submit and file details for the inward supplies in the GSTR-1, perform the following steps: 1. Login and Navigate to GSTR-1 page...

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Available Functionality for Tax Payers in GST Portal as on 18.10.2017

Goods and Services Tax - Available functionality includes recently introduced facility for Creation and submission of Form GSTR 2 using Offline Utility (without xls download from tool) and faility for Creation and submission of Return GSTR 3B using Offline Utility. Available Functionality for Tax Payers in GST Portal as on 18.10.2017 # Module / Area FORM FORM Com...

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Draft Notification of amendment of Income Tax Rule 17A and Form 10A

Income Tax - Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A the Income-tax Act, 1961 (the Act) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted registration under sections 12A or 12AA of the Act ...

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EPFO members can link their UAN with Aadhaar online

Corporate Law - EPFO is pleased to introduce a new facility for its esteemed members having Universal Account Number (UAN) and other relevant details to link their respective UAN with Aadhaar online. This, in turn, would facilitate the members, a better and speedy EPFO services....

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CIPAM-DIPP Launches Logo and Tagline Contest for Geographical Indications of India

Corporate Law - The Cell for IPR Promotions & Management (CIPAM) under the aegis of the Department of Industrial Policy Promotion (DIPP), Ministry of Commerce and Industry, has launched a logo and tagline/slogan contest for Geographical Indications (GIs) of India on website....

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CBI arrests Ahmedabad businessman in demonetised currency note case

Income Tax - The case relates to depositing of demonetized currency notes in UCO Bank, St. Xavier’s High School Road Branch, Ahmedabad, it was registered on 07.04.2017 on the allegations that the said accused, Propriator of Ahmedabad based private company...

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Depreciation has to be taken into account for computing profits eligible for deduction U/s. 80-IA

Plastiblends India Limited Vs Addl. Commissioner of Income Tax (Supreme Court of India) -  The assessees/appellants want 100% deduction, without taking into consideration depreciation which they want to utilise in the subsequent years. This would be anathema to the scheme under Section 80-IA of the Act which is linked to profits and if the contention of the assessees is accepted, it woul...

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Deletion of Penalty in case of Bonafide belief supported by Factual Circumstances & Decision

DCIT Vs American Express India Pvt. Ltd. (ITAT Delhi) -  Deletion Of Penalty In Case Of Bonafide Belief Of An Assessee: Especially When The Action Of Assessee Is Supported By Factual Circumstances And A Decision- Section 271 (1)( c) of the Income Tax Act, 1961 deals with the penalty in respect of failure to furnish returns, comply with notices, concealmen...

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Designation of Senior Advocates by SC & all HCs– Recent SC guidelines

Indira Jaising Vs. Supreme Court Of India Through Secretary General And Ors. (Supreme Court) -  We are referring to Writ Petition 454 of 2015 of Indira Jaising. Vs others which resulted in the famous judgement of Supreme Court on the system of designation of senior advocates in Supreme Court and in other High Courts. One can easily read the judgement as under:...

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ITAT explains law on Levy of penalty U/s. 221(1)

Claris Life Sciences Limited Vs. Deputy Commissioner of Income Tax (OSD) (ITAT Ahemdabad) -  An assessee is liable to penalty under section 221(1) of the Act in a case in which the though the assessee has not paid the self assessment tax under section 140A, while filing the return of income, but revises the income, by filing revised return of income, and pays the tax on the revised return o...

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No Penalty for claim which was allowed at one Stage and disallowed later on

DCIT Vs American Express India Pvt. Ltd. (ITAT Delhi) -  If a claim made by the assessee has been allowed at one stage and later on has been disallowed, ostensibly, the assessee can said to have some bona fide belief for making such a claim. ...

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UTGST rate reduced on Food preparations in containers for weaker sections

Notification No. 39/2017-Union Territory Tax (Rate) - (18/10/2017) -  Notification No. 39/2017-Union Territory Tax (Rate)- Seeks to reduce GST rate on Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government. GOVERNMENT...

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IGST reduced on Food preparations in containers for weaker sections

Notification No. 40/2017-Integrated Tax (Rate) - (18/10/2017) -  Notification No. 40/2017-Integrated Tax (Rate)- Seeks to reduce GST rate on Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government. ...

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GST Rate on Food for free distribution to economically weaker sections

Notification No. 39/2017-Central Tax (Rate) - (18/10/2017) -  Seeks to reduce GST rate on Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government....

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Interest subvention scheme for Women SHGs – Year 2017-18

RBI/2017-18/80 FIDD.GSSD.CO.BC.No.17/09.01.03/2017-18 - (18/10/2017) -  RBI/2017-18/80 FIDD.GSSD.CO.BC.No.17/09.01.03/2017-18 October 18, 2017 The Chairman / Managing Director Public and Private Sector Banks (As per list in Annexure II) Dear Sir / Madam, Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) – Aajeevika – Interest S...

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GST: Clarification on movement of goods on approval basis

Circular No. 10/10/2017-GST - (18/10/2017) -  Clarification on issues wherein the goods are moved within the State or from the State of registration to another State for supply on approval basis- Various communications have been received particularly from the suppliers of jewellery etc. who are registered in one State but may have to visit othe...

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Articles Covers question related to two registration certificates against one ARN, Impact of Change in Partnership on GST Registration, How to reset Password on GST Website, PAN validation error and Compensation Cess exemption on ambulances....
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FAQs explains when an e-commerce operator can start deducting TCS, When nation-wide e-way bill system going to be introduced, how and when to file FORM GSTR-2, Credit of Krishi Kalyan Cess, Education Cess and Secondary and Higher Education cess in GST....
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GSTR- 2A is an auto generated return of inward supplies. When your suppliers who are registered under GST file their GSTR- 1 of outward supplies (and various other returns like GSTR- 5,6 etc), those details relevant to you will be auto populated in your GSTR-2A return....
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1. What is Form GSTR-2? GSTR-2 is the details of inward supplies of goods or services to be furnished by registered taxpayer on a monthly basis. The GSTR-2 would be prepared by registered taxpayer by acting upon on auto-populated details from GSTR-1,5,6, 7,8 filed by the corresponding supplier/ Non-Resident taxable persons/ ISD/ Tax Deduc...
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After submitting the GSTR-3B return, I was trying to make payment of the tax and was trying to offset my liability from the Electronic Cash Ledger; however I faced error. On what basis can I utilize the balance in Electronic Cash ledger? The utilization of Cash from Electronic Cash Ledger is done on the basis […]...
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Income Tax Planning

What every investor needs to know about Capital Gains Account Scheme?

Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within...

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Succession planning – Life moves with Trust

Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innate...

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A new way to do tax planning and why hardly anyone “gets it”

It really hurts to see a large pie of the salary cut towards tax. So the obvious question in everyones mind is How do I reduce my tax?. Every year we are forced to invest in s...

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Income Tax Deductions

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simp...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in forc...

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Updated GST 3B Payment and Offset Liability with carry forward ITC- Calculator

This excel sheet has been updated with functionality for carry forward of ITC . Many People are getting confused over treatment of RCM in the Excel Sheet. RCM in Simple terms ...

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Income Tax Rates & Calculator for 21 years (F.Y. 2006-07 to 2017-18)

The below Income Tax calculator contains the rate of tax for last 21 financial year (i.e Financial year 1997-98 to 2017-18) and income tax calculator for last 11 years (i.e Fi...

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Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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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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Income Tax Slabs for AY 2018-19 / FY 2017-18

Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year...

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Rate of GST on Services updated till 03.07.2017

The e-book contains Rate of Tax on Services as applicable after considering all Notifications, Circulars etc issued by CBEC from time to time till 3rd July 2017 and includes S...

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