Latest Tax News & Updates

New GST Returns W.E.F. April 1, 2019

Goods and Services Tax - NEW GST RETURNS The new GST returns would be implemented on a pilot basis from April 1, 2019 and will be made mandatory from July 1, 2019 according to the decision by the GST Council. Since the new returns would be run on a pilot basis, the existing return formats (i.e. GSTR-3B) will be continued […]...

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Decisions of 34th GST Council Meeting

Goods and Services Tax - In the 34th GST Council Meeting held on 19.03.2019, the Council has come up with the operational details for implementation of the recommendations made by it in the previous meeting. However, as on date, no official notifications have been released by the CBIC. Ongoing Projects (not completed by 31.03.2019): The promoters shall be given a...

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Full Fledged Money Changer (FFMC) Licence

Fema / RBI - Guidelines for issuance of FFMC Licence:- A. Eligibility: The guidelines for issue of new FFMC licence and renewal of FFMC licence,are given below: (a) The applicant has to be a company registered under the Companies Act,2013 or under any previous Companies Act. (b) The minimum Net Owned Funds (NOF) required for consideration as FFMC are ...

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108 Economist Vs 131 CA- Tracking The Trial

CA, CS, CMA - On 14th March 2019, The 108 economists and social scientists issued an open letter alleging that Indian statistics were “under a cloud for being influenced and indeed even controlled by political considerations.” In clear words they mention “[Any] statistics that cast an iota of doubt on the achievement of the government see...

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Issuance of Preference Shares

Company Law - As per Section 43 of the Companies Act, 2013 Preference Share Capital, with reference to any company limited by shares, means that part of the issued share capital of the company which carries or would carry a preferential right with respect to: (a) payment of dividend, either as a fixed amount or an amount calculated […]...

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Income Tax Department sets up control room for NER for LS Election

Income Tax - The Income Tax Department (Investigation), NER has prepared itself to deal with any reported movement of unaccounted money ahead of the Lok Sabha elections. Pursuant to the notifications for holding Lok Sabha Elections 2019 by the Election Commission of India(ECI). ...

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Online GST Certification Course by TaxGuru & GST Professionals (Registration Closing Soon)

Goods and Services Tax - Join Online GST Certification Course by TaxGuru & GST Professionals – March’19 Batch- Starting from 24th March 2019. After Completing nine successful batches on GST We are happy to announce Advanced Online GST Certification Course – March 2019 Batch to help Learn GST in Easy and Practical way to help you be an Expert in [&hellip...

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Consultation Paper Issuance of shares with Differential Voting Rights [DVRs]

SEBI - Securities and Exchange Board of India 1. BACKGROUND 1.1. There is increasing debate about the need to enable issuance and listing of shares with differential voting rights, commonly known as DVRs in India; and dual class shares or DCS in the international context. Such shares have rights disproportionate to their economic ownership. In p...

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Available Functionality for Tax Payers in GST Portal as on 15.03.2019

Goods and Services Tax - Available functionality includes the following- 1. Return- Form GSTR 4-  Error coming to composition taxpayers, while uploading credit/ debit note related to Infra State supply while filing Form GSTR 4 online, has been corrected. 2. Return-Form GSTR 1 -Taxpayers can now import B2CL section & CDNRA/CDNURA invoices into offline tool (w...

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GST rate on real estate sector- Decisions in 34th GST Council meeting

Goods and Services Tax - Decisions taken by the GST Council in the 34th meeting held on 19th March, 2019 regarding GST rate on real estate sector GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower […]...

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Non Payment of Salary for service under Interim Court Order amounts to Begar: SC

Ram Chet Verma & Anr. Vs State of Uttar Pradesh & Ors. (Supreme Court) -  Ram Chet Verma & Anr. Vs State of Uttar Pradesh & Ors. (Supreme Court) Since the appellants have served as per the interim order, obviously they have to be paid the salary for the period they have rendered their services. Non-payment of salary to them for the period they have serv...

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Allowance of claim by A.O. on the basis of computation of income cannot be said without application of mind

Lakme Lever Private Limited Vs CIT (ITAT Mumbai) -  Lakme Lever Private Limited Vs CIT (ITAT Mumbai) As regards the depreciation on non compute fee is concerned, we find that the claim was duly made by the assessee in the computation of income. Hence, it cannot be said that the A.O. has not applied his mind on this issue. In this regard, we place [&h...

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ITAT condones Delay in appeal filing Due to Wrong Advice of Consultant

Ms. Ashte Logistics Pvt. Ltd Vs Pr. CIT (ITAT Mumbai) -  Ms. Ashte Logistics Pvt. Ltd Vs Pr. CIT (ITAT Mumbai) ITAT held that Upon careful consideration, we find that the delay in filing the appeal is solely attributable to the wrong advice of the consultant. In our considered opinion, the assessee should not suffer on account of the wrong advice of the c...

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Disallowance u/s. 40(a)(ia) are outside the jurisdiction of section 154

Sri Sachin Sharma Vs ACIT (ITAT Ranchi) -  Sri Sachin Sharma Vs ACIT (ITAT Ranchi) A perusal of provisions of section 194C of the Act shows that a person is liable to deduct TDS when a contract for work is of an amount more than Rs.30,000/- or where payment for work is made to a person more than Rs.75,000/- during the financial year. [&helli...

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Section 54F exemption allowable on Sale of Under-Construction Property as same is not residential property

CIT Vs Kalpana Hansraj (Bombay High Court) -  CIT Vs Kalpana Hansraj (Bombay High Court) Perusal of sub-section (1) of Section 54 of the Act would show that the exemption would be available to an assesse being an individual or Hindu Undivided Family where the capital gain arises from the transfer of a long-term capital asset, not being a resi...

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Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019

G.S.R. 222(E) - (14/03/2019) -  1. (1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019.(2) These rules shall come into force from the date of their publication in the Official Gazette....

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CBDT notifies HUDCO U/s. 194A(3)(iii)(f)

Notification No. 26/2019 - (20/03/2019) -  Central Government hereby notifies the Housing and Urban Development Corporation Ltd. (HUDCO), New Delhi for the purpose of Section 194A(3)(iii)(f) of Income Tax Act, 1961....

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Visakhapatnam Special Economic Zone Authority notified by CBDT U/s. 10(46)

Notification No. 25/2019 - (19/03/2019) -  CBDT notifies ‘Visakhapatnam Special Economic Zone Authority’ under clause (46) of section 10 of the Income-tax Act, 1961 vide Notification No. 25/2019 Dated 19th March, 2019....

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Andhra Pradesh Electricity Regulatory Commission notified by CBDT U/s. 10(46)

Notification No. 24/2019 - (19/03/2019) -  CBDT notifies ‘Andhra Pradesh Electricity Regulatory Commission’ under clause (46) of section 10 of the Income-tax Act, 1961 vide Notification No. 24/2019 Dated 19th March, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 24/2019 New Delhi, the 1...

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CBDT amends Income Tax Notification No. 17/2012/S.O. 1647(E)

Notification No. 23/2019 - (19/03/2019) -  CBDT amends Income Tax Notification No. 17/2012/s.o. 1647, dated 11-5-2012 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 23/2019 New Delhi, the 19th March, 2019 S.O. 1396(E).-Whereas the Central Government in exercise of the powers conferred by clause (...

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FAQs

Article contains FAQs and Manual on GST TDS and TCS Credit Received. It explains  TDS and TCS Credit Received comprises of which tables, Who needs to file TDS and TCS Credit Received, Is it mandatory to file TDS and TCS Credit Received for every tax period, From where can I as a taxpayer file TDS […]...
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Q.1 What is a ‘Restricted Item?Ans. All goods, import of which is permitted only with an Authorisation / Permission / License or in accordance with the procedure prescribed in a notification / public notice are ‘Restricted’ goods....
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Q.1 What is the turnover limit for Quarterly filing of GST return? Answer: Quarterly filing of GST return is available only if aggregate turnover during the preceding financial year up to Rs. 5.00 Cr. For newly registered taxpayers, turnover will be considered as zero and hence they will have the option to file monthly, Sahaj, Sugam [&he...
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Article explains What is Form GSTR-9A, Who needs to file Form GSTR-9A, Who doesn’t need to file Form GSTR-9A, Is it mandatory to file Form GSTR-9A,  pre-conditions for filing Form GSTR-9A, filing of nil Form GSTR-9A,  How to file Form GSTR-9A, date of filing of Form GSTR-9A, when do I need to file Form GSTR-9A, […]...
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Article contains FAQs on Form GSTR-9 (GST annual return), How to file Form GSTR-9 (GST annual return), What is Form GSTR-9,  Who need to file Annual Return in Form GSTR-9, What is the difference between Form GSTR-9 Filing of nil Form GSTR-9, Offline Tool for filing Form GSTR-9, when to file Form GSTR-9, Late fee […]...
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Income Tax Planning

Invest To Decrease Your Tax Burden Before 31st March 2019

As the Financial Year 2018-19 is about to end. With the end of the accounting year/ financial year 31st March is the last date for various compliances, actions and decisions t...

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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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Income Tax कानून के किस सेक्शन में कितना बचा सकते हैं टैक्स

आपकी सैलरी स्लिप में ऐसे कई खर्च या निवेश होते हैं, जो Income Tax बचाने में...

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Income Tax Deductions

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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Investment Options beyond Section 80C

As the deadline for investments related to tax savings nears, individuals should look at various options to save tax under the Income-tax Act, 1961. Section 80C offers a tax d...

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Summary of Slab & Deductions under Income Tax AY 2020-21

IN THE PREVIOUS ARTICLE , I HAVE LISTED OUT ALL MAJOR DEDUCTIONS FOR AY 2019-20. After Budget 2019 speech , Here is summary of Income Slabs & deductions under Income Tax w...

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Calculators

TDS on Salary Calculator in Excel Format

Download TDS on Salary Calculator for AY 2019-20 and AY 2020-21. For any queries, feel free to write to akash@agca.in. Hope this is helpful....

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Income Tax Rates & Calculator for 23 years (FY 2006-07 to 2019-20)

We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Inco...

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Auto tax calculator for tax calculation after Budget Proposal 2019

The Interim Budget 2019 has been introduced and left a question for the Indian tax Payers.  That how much this budget will impact on their tax liability? People have a miscon...

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Rate Charts

Small Savings Schemes Interest Rate for 01.01.2019 to 31.03.2019

Rates of interest on various small savings schemes for the fourth quarter of financial year 2018-19 starting 1stJanuary, 2019, and ending on 31st March, 2019, on the basis of ...

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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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