Latest Tax News & Updates

PHISHING – Awareness would be a key to save any financial loss

CA, CS, CMA - Phishing comes from the word FISHING which essentially means to trap someone into a fake identity by using either fake website, links or via spearing etc. This is one of the major areas which need awareness and at the same time it is really crucial for all FORENSIC ACCOUNTANTS to understand the concept who go for any kind of financial inv...

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Letters of Credit (LC): Basic Concepts

Finance - A letter of credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. ...

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Big Relief to 100% EOU on account of Waiver of Bank Guarantee for Imports

Custom Duty - It has been noticed that the customs department was insisting to furnish the Bank Guarantee from 100% EOU units by virtue of circular no. 48/2017 Customs dated 8th Dec 2017. However, Foreign Trade Policy 2015-20 provides reverse view as below. “Unit will not be required to furnish bank guarantee at the time of import or […]...

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GST Rate applicability on Rakhi

Goods and Services Tax - In earlier regime of Indirect Taxes, Rakhis were called Raksha Sutra or Kalava (like sacred Hindu threads Moli) and its HSN code or local VAT Code was given accordingly. After GST, shopkeepers were clueless about the code that should be on rachis....

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Register / Track PAN Card Related Complain / Status

Income Tax - Register and Track your PAN Card Related Complain online and Track Status - Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied through NSDL or UTIISL and they can also check the status of their grievance online. Nature of Complain may be any of the fo...

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Educational Material on Ind AS 115, Revenue from Contracts with Customers

CA, CS, CMA - The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The core principle of Ind AS 115 is that an entity recognises revenue to dep...

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Exposure Draft of ASLB 23, Revenue from Non-Exchange Transactions (Taxes and Transfers)

CA, CS, CMA - Keeping in view the significance and volume of non-exchange transactions in Government sector, the Exposure Draft of ASLB 23 is being issued which provide guidance on recognition & measurement principles and disclosure requirements in respect of revenue arising from non-exchange transactions in Local Bodies....

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Vacancy for CAs having experience in Indirect Tax at Bangalore

CA, CS, CMA - A leading Consultancy firm from Mumbai have Vacancy for Chartered Accountants (For the Post of Managers) with 1 to 5 Year experience in Indirect Tax i.e. Service Tax, Excise and VAT and should also be Conversant with upcoming GST laws....

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Empanelment of Concurrent Auditors with Oriental Bank of Commerce

CA, CS, CMA - Application for Empanelment of Concurrent Auditors with Oriental Bank of Commerce for Corporate Account based in Ludhiana Public Notice Oriental Bank of Commerce Circle Office, Ludhiana 3rd d Floor, 2439/1-2, Dhanraj Complex, Near PAU Gate No. 1 Ferozepur Road, Ludhiana-141001 Appointment of Concurrent Auditor for Corporate Account based ...

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ICAI Election 2018: Draft List of Voters / Proposed Polling Booths

CA, CS, CMA - The members whose professional addresses are falling within the cities/towns shown in the List of proposed Polling Booths would be eligible to vote by poll at the polling centre shown in the List. ...

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Use of words Choice / Value / Superior on packing amounts to branding: AAAR

In re M/s. Aditya Birla Retail Ltd. (GST AAAR Maharashtra) -  In re M/s. Aditya Birla Retail Ltd. (GST AAAR Maharashtra) Appellate authority held that the use or words ‘VALUE’,‘CHOICE’ or ‘SUPERIOR’ on the proposed packing, without altering the surrounding environment to take advantage of brand ‘MORE’, would be construed as ‘brand name’ for...

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Input Tax Credit not available on purchase of ‘Cash carry vans’

In re M/s. CMS Info Systems Ltd. (GST AAAR Maharashtra) -  In re M/s. CMS Info Systems Ltd. (GST AAAR Maharashtra) The Appellate Authority held that, as the law now stands, Input Tax Credit is not available to CMS Info Systems Limited on purchase of motor vehicles i.e. cash carry vans, which are purchased and used for cash management business and supplied p...

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GST Payable on Services to foreign universities relating to enrollment of students from India: AAAR

In re Global Reach Education Services Pvt Ltd (GST AAAR West Bengal) -  This Appeal has been by filed M/s Global Reach Education Services Private Limited, holding GSTIN 19AAGCG0859E1ZK (hereinafter referred to as the Appellant), on 16.04.2018 against the Ruling dated 21.03.2018 pronounced by the West Bengal Authority for Advance Ruling....

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Supply of UPS with battery is a composite supply: AAAR

In re Switching Avo Electro Power Limited (GST AAAR West Bengal) -  In re Switching Avo Electro Power Limited (GST AAAR West Bengal) Whether UPS with battery is a composite supply? There is no denying of the fact that an in-built battery of static converter (UPS) is part and parcel of the uninterrupted power supply system and is covered under Tariff Head 8504 and in...

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Block joining mortar is classifiable under heading 3824 of CTA, 1975: AAAR

In re Sika India Private Limited (GST AAAR West Bengal) -  `SIKA Block Joining Mortar' is non-refractory and that it is not used for preparation of surfaces. Considering the nature, use and commercial identity of the item in question and, notwithstanding the Appellant's earlier voluntary declaration about the classification of the item, we are not inclined ...

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Constitution of Standing Committee under rule 97(4) of CGST Rules, 2017

Order no. 3/2018-Central Tax - (16/08/2018) -  Subject: Constitution of Standing Committee under sub-rule (4) of rule 97 of Central Goods and Services Tax Rules, 2017 -reg. In excise of the powers conferred by sub-rule (4) of rule 97 of Central Goods and Services Tax Rules, 2017 read with Section 168 of Central Goods and Services Tax Act, 2017 t...

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Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

NO. 26 OF 2018 - (17/08/2018) -  Ministry of Law and Justice notifies Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 vide notification No. 26 of 2018 dated 17th August, 2018....

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No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

Circular No. 6/2018 - (17/08/2018) -  Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....

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CBDT proposes online issue of certificate for no / lower deduction of tax

Notification No. F.No.370142/10/2018-TPL - (17/08/2018) -  Section 197 of the Income-tax Act, 1961 („the Act‟) contains provisions enabling the Assessing Officer („AO‟) to give the assessee a certificate for deduction of income-tax at any lower rates or no deduction of income-tax, if he is satisfied, upon an application made by the assessee in this ...

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Sec. 10(46) exemption: CBDT notifies ‘Madhya Pradesh Real Estate Regulatory Authority’

Notification No. S.O. 3960(E) - (10/08/2018) -  S.O. 3960(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Madhya Pradesh Real Estate Regulatory Authority, a body constituted by Government of Madhya Pradesh, ...

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NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account. NPS is designed on Defined contribution basis wherein the subscriber contributes to his own account. The benefit subscribers ultimately receive depends on the amount o...
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Definition: Import of Services Section 2(11) of IGST Act 2017 defines Import of Services as follows: Import of services means the supply of any service where- (i) The supplier of service is located outside India. (ii) The recipient of service is located in India;and (iii) The place of supply of service is in India; To […]...
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Jewellery in UAE is known for its purity, variety and competitive pricing compared to various other markets. These factors have been the key drivers of demand for gold jewellery in UAE. With the advent of VAT in UAE there has been a lower side shift in market, consumers in general are yet to understand the nuances of the law and adapt to ...
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 Q 1. What is the technical requirement for filing an Import And Export Code (IEC)? Ans: (i) A valid PAN (ii) Valid Mobile Number and Email (iii) Scanned copy of the documents to be Q 2. How to apply for new IEC application? Ans: On the DGFT website under Quick links select Apply for New […]...
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Q.1 Significant Beneficial Owner! What actually we mean by this term? Ans. Significant Beneficial Owner is an Individual or a Natural person who does not appear on the records of the Company as a holder of any genuine Interest but in reality, exercises significant influence over the Company acting alone or along with other persons. [&hell...
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Income Tax Planning

Some Income tax provisions to know, to avoid service of I-T notice at your door

CPC for electronic tax returns in Bangalore and CPC (Vaishali in Ghaziabad) for tax deducted at source (TDS) are working as the right hands of Government for detecting cases o...

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Tax Planning / Tax Saving Tips for Financial Year 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax P...

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What are the tax benefits available to an HUF?

Being a separate tax entity an HUF enjoys certain tax benefits along side the individual also claming it which I am going to explain this article....

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Income Tax Deductions

Income Tax Deductions under section 80C to 80U

Deductions are the exemptions on the amount taxable as per Income Tax Act. They are the Investments made by the persons for them, their Family & their parents. Article exp...

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House Rent Allowance – Income Tax provisions

In this article I have discussed provisions regarding exemption from House Rent Allowance - As per Section 10 (13A) and rule 2A exemption in respect of house rent allowance ...

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House Rent Allowance (HRA) Vs. Rent Free Accommodations

In case the House Rent Allowance (H.R.A.) is provided then there will be a tax savings (Please refer Valuation sheet for details). The above mentioned savings is mainly becaus...

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Automatic GST Late Fees Calculator for Form GSTR 3B

Simple Automatic GST Late Fees Calculator in Excel Format for easy calculation of Late Fees Payable for late filing of Form GSTR 3B which calculates  late fees under both CGS...

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Download House Rent Allowance (HRA) Calculator

This Calculator calculates House Rent Allowance which is exempt from tax U/s. 10(13) of The Income Tax Act, 1961. The calculator is in excel format and it calculates the allow...

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Income Tax Computation Sheet for F.Y 2017-18 (A.Y 2018-19)

In order to file your income tax return you first need to collect all the information required to file it. The next important step is to compute your total taxable income. Aft...

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Rate Charts

TDS – Rate Chart, Provisions, Penalty, Return Due Date

Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961. ...

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TDS & Tax Provisions for F.Y.2018-19

TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at ...

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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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