Latest Tax News & Updates

GST-A Journey of One Year

Goods and Services Tax - Goods and Services Tax is about to complete its first year in our Country. It is really a matter of proud that I belong to a State which has first passed /ratified the GST Constitutional Amendment Bill on 12.08.2016 in its State Legislative Assembly. Assam was the first in the Country to pass the GST Constitutional Amendment Bill. ...

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All about Companies (Significant Beneficial Owners) Rules, 2018

Company Law - The Ministry of Corporate Affairs vide its notification dated the 13th of June, 2018 introduced the Companies (Significant Beneficial Owners) Rules, 2018. In this editorial author shall discuss the basics about ‘Beneficial Ownership’, and Significant Beneficial Ownership legal provisions about beneficial ownership, compliance requirem...

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Audit Under GST Regime

Goods and Services Tax - The most favorite word for an assessee under dictionary of GST is REFUND, and the most favorite word for Chartered Accountant(s) under the same dictionary is AUDIT (of course after REFUND...!). Till date, whichever forms and formats are prescribed for Returns, it clearly emphasizes on self assessment processes...

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Section 270A –Penalty on Under Reporting of Income

Income Tax - The penal provisions contained in section 271(1)(c) provided for levy of penalty for concealment of income or for furnishing inaccurate particulars of income. The amount of penalty to be levied extends from 100% minimum to 300% maximum of the tax sought soughed to be evaded....

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Liberalized Remittance Scheme (LRS) is not so liberal anymore!

Fema / RBI - LRS was introduced on February 4, 2004, vide A.P. (DIR Series) Circular No. 64 dated February 4, 2004 read with GoI Notification G.S.R. No. 207(E) dated March 23, 2004, as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. ...

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Prompt investigation in fresh series of cases pertaining to ‘Panama Papers’

Income Tax - The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the Multi Agency Group (MAG) already constituted for facilitating coordinated and speedy investigation. ...

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GST Certification Course on Pen-Drive by TaxGuru and GST Professionals

Goods and Services Tax - GST Certification Course on Pen-Drive by TaxGuru and GST Professionals We feel proud in introducing the first in class ‘GST Certification Course on Pen Drive’ by TaxGuru & GST Professionals. Pen Drive Course involves more than 30 Hrs of detailed study as per your convenient time. Study along with our best-selling GST e-boo...

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GST of Rs.3.86 Crores recovered from Civil Contractor

Goods and Services Tax - A corporate taxpayer engaged in civil works for Central and State Departments as well as for private entities has defaulted in payment Of GST. On the same being point out, the Contractor deposited Rs.3.86 Crores towards their liability....

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Rs. 6,087 crore IGST refund sanctioned in 2nd Special Refund Fortnight

Goods and Services Tax - By the end of 16th June, 2018, Rs.6,087 crore IGST refund has been sanctioned in the refund fortnight. The interesting facts during the second fortnight are (i) about 1,68,191 shipping bills have been processed (ii) IGST refund claims of about 9,293 exporters have been sanctioned including about 3500 new exporters, whose refunds had been ...

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CCI approves acquisition of Monsanto by Bayer AG U/s. 31(7) of Competition Act, 2002

Corporate Law - CCI approves the acquisition of Monsanto by Bayer AG under Section 31(7) of the Competition Act, 2002, subject to modifications/remedies to address the anti-competitive effects resulting from the said acquisition ...

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Brand is an intellectual property eligible for depreciation U/s. 32

Dy. CIT Vs Kuantum Papers Ltd. (ITAT Delhi) -  As per para 7, 8 and 9 of the Accounting Standard 26 (AS 26) issued by the ICAI, the definition of intangible asset and trade mark specifically includes brand names.It was held by the Hon’ble Mumbai Tribunal that brand is an intangible asset eligible for depreciation under Section 32 of the Act....

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No disallowance under rule 8D(2)(ii) r.w. sec. 14A in absence of diversion of interest bearing funds

DCIT Vs SIL Investment Ltd. & Vice-Versa (ITAT Delhi) -  In the present case As assessee had established nexus of interest expenses with its main activity of financing and there was not a single amount of interest bearing borrowings which could be related with investment which yielded tax-free dividend income, no disallowance under rule 8D(2)(ii) was call...

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Reopening for non-disclosure of S. 14A disallowance calculation method is invalid

The Nainital Bank Ltd. Vs Asstt. (ITAT Delhi) -  The Nainital Bank Ltd.  Vs Asstt. (ITAT Delhi) When the assessee furnished all the facts and figures including the earning of the tax free income and the expenditure which was accepted by the learned AO, it is not open for the AO to say that the income escaped assessment because assessee did not re...

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Penalty U/s. 272A (2)(k) cannot be imposed for a mere technical venial breach

The New India Assurance Co. Ltd. Vs JCIT (ITAT Kolkata) -  Explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B of the Act and hence the assessee would be entitled for immunity from levy of penalty u/s 272A(2)(k) of the Act. ...

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S. 69C Bogus Purchases: Right of cross-examination is not absolute

Soman Sun Citi Vs JT. CIT (ITAT Mumbai) -  This appeal, filed by the assesseee, being ITA No. 2960/Mum/2016, is directed against the appellate order dated 16.02.2016 passed by learned Commissioner of Income Tax (Appeals)-3, Thane (hereinafter called the CIT(A)), for assessment year 2011-12, appellate proceedings had arisen before learned CIT...

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CBDT instruction on Gross Delay in Tackling Vigilance Complaints Against Tax Officials

D.O. F.No. DGIT(V)/HQ/CVC/ASR-18 - (13/06/2018) -  The disciplinary authorities in Group ‘B’ and Group ‘C’ cases may be advised to take immediate action in pending disciplinary proceedings. The field officers may be directed to make available records, documents and reports requested by Vigilance Directorate without any delay. It may be ensur...

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Only those goods can be detained in respect of which there is a violation of GST Law

Circular No. 49/23/2018-GST - (21/06/2018) -  Further, it is clarified that only such goods and/or conveyances should be detained/confiscated in respect of which there is a violation of the provisions of the GST Acts or the rules made thereunder....

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Customs Rate of Exchange of Foreign Currency Conversion wef 22.06.2018

Notification No. 55/2018-Customs (N.T.) - (21/06/2018) -  Customs Rate of Exchange of Foreign Currency Conversion wef 22.06.2018 notified vide Notification No. 55/2018-Customs (N.T.) dated the 21st June, 2018....

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CBIC prescribes effective rate of duty on specified goods vide Notification No. 49/2018-Customs

Notification No. 49/2018-Customs - (20/06/2018) -  G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do...

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CBIC increases tariff rate on goods in chapters 7, 8, 28, 38, 72 & 73 in First Schedule to Customs tariff Act, 1975

Notification No. 48/2018–Customs - (20/06/2018) -  Seeks to increase the tariff rate on goods in chapters 7, 8, 28, 38, 72 and 73 in the First Schedule to the Customs tariff Act, 1975 vide Notification No. 48/2018–Customs dated 20th June, 2018....

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FAQs on hotel and accommodation services etc. to SEZ / SEZ Developers and refund of unutilized input tax credit to independent fabric processors (job workers)...
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Q1. What is Advance Ruling under GST? Ans. ‘Advance Ruling’ is a decision provided by the Authority for Advance Ruling (AAR) or the Appellate Authority for Advance Ruling (AAAR) to an applicant on specified matters or questions, in relation to the supply of goods or services or both being undertaken or proposed to be undertaken [&hell...
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GST authority introduced Composition Scheme under GST to give relief to the small taxpayers. It is a very simple scheme and you need to file only one return per quarter (GSTR 4). But there are some limitations under this scheme and all taxpayers are not eligible to register under this scheme. One of the criteria […]...
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To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...
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In this article author explains Impact of Expiry of Condonation of Delay Scheme, 2018 in relation to Active Companies or Struck off Companies Both. Condonation of delay scheme 2018 [CODS-2018] was effective w.e.f. 01st January, 2018 to 01st May, 2018. ...
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Income Tax Planning

Time for family “succession” planning – Better late than never

It is rightly said that failing to plan is planning to fail. This adage resonates further in case of family succession planning. If an individual fails to plan for his/ her su...

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Benefits available to senior citizens under income tax

The Indian income tax laws provide certain tax benefits to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income ta...

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Advance Tax Provisions, Payment 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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Income Tax Deductions

Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or...

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Section wise Income Tax Deductions for A.Y. 2019-20/ FY 2018-19

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2018-19 / F.Y. 2017-18 and subsequent Years. Deductions i...

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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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GST Credit Calculator Utility

To arrive to the balances as per books of accounts, we have prepared GST Credit Calculator Utility wherein you need to key in the outward supply, ITC and other figures as per ...

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Service Tax Interest Calculator with examples

Interest calculator for delay in payment of service tax is attached which can calculate interest in one shot for different period. Interest is levied on the assessee when he d...

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Advance Income Tax Calculator for Assessment Year 2019-20

Download the automated Income Tax Calculator for the Financial Year 2018-19 & Ass Year 2019-20 as per the new central budget 2018-19, with all amendment by the CBDT....

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Rate Charts

Income Tax Rates for Financial Year 2018-19

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2018-19 . The Income tax rates discussed in this pa...

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Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out b...

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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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