Latest Tax News & Updates

Taxation of shares & other securities under Income Tax Act, 1961

Income Tax - Taxing the Profit from shares are always debateable issue, however CBDT issue circular No. 06/2016 dated 29/02/2016 wherein it provides option to taxpayer that to tax profit as Business Income or Capital Gain. This circular applicable for profit from listed shares only and option once exercised assesse will not allow to change his/her sta...

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Goods & Service Tax on transfer of old/used Capital Assets

Goods and Services Tax - Capital Assets: Section 2(19) of CGST Act, Capital Goods means goods, the value of which is capitalized in the books of account of the person claiming the Input Tax Credit and which are used or intended to be used in the course of furtherance of business. Situation 1: A Registered Person sell used Fixed Assets […]...

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Whether amended section 115BBE of Income Tax Act applicable retrospectively or prospectively ?

Income Tax - Present article demonstrate the section 115BBE of Income Tax Act, 1961 which amended from time to time and the relevant case laws of the applicability of amendment prospectively. ...

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Basic of FDI or Foreign Investment under NDI Rules

Fema / RBI - Till 16th October, 2019, Foreign Investment was governed, by RBI in consultation with Central Government, by Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017, called as TISPRO. Pursuant to amendment made in FEMA through Finance Act 2015, Central Government is empowered to mak...

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Targeted Long Term Repo Operations (TLTROs)- FAQs

Fema / RBI - Will banks be required to maintain specified securities for the amount received in TLTRO in HTM book at all times?  Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO....

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Income Tax Department conducts searches in Tamil Nadu

Income Tax - The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...

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Extension of ESI Scheme to Arunachal Pradesh

Corporate Law - In its continuous endeavor to cover more workers under ESI Scheme, Govt. of India has now extended the Employees 'State Insurance (ESI) Scheme for the first time to Arunachal Pradesh, with effect from 1st November, 2020. A notification to this effect has been issued by the Central Government for notifying the district of Papum Pare,under ...

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CG borrows & transfers Rs. 6,000 crore to 16 States as GST compensation

Goods and Services Tax - The Government of India has evolved a special borrowing window to addressthe shortfall in the GST collection during the year 2020 – 2021. 21 States and 2 Union Territories opted for this special window involving back-to-back borrowing coordinated by the Ministry of Finance....

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18 more individuals declared as terrorists under Unlawful Activities (Prevention) Act, 1967

Corporate Law - Under the strong and iron-willed leadership of the Prime Minister, Shri Narendra Modi, the Central Government had amended the Unlawful Activities (Prevention) Act, 1967 in August 2019, to include the provision of designating an individual as a terrorist. Prior to this amendment, only organizations could be designated as terrorist organiza...

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Join Live Online Courses on Customs, FTP & Income Tax- Limited Seats

Custom Duty, Income Tax - Join Professional Development & Certification Courses on Customs & FTP and Income Tax by TaxGuru Edu – November, 2020 Batches. TaxGuru Edu, an educational wing of TaxGuru, announces Online Professional Development Courses on Customs & FTP and Income Tax to help you in learning them in a practical way. Course 1 – Profes...

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Alton Buildtech guilty of not passing ITC benefit to Flat Buyers: NAA

Shashank Thakar Vs Alton Buildtech India Pvt. Ltd. (NAA) -  Shashank Thakar Vs Alton Buildtech India Pvt. Ltd. (NAA) 1. A Report dated 14.06.2019 was received from the Applicant No. 6 i.e. the Director General of Anti-Profiteering (DGAP) after detailed investigation under Rule 129 (6) of the Central Goods & Services Tax (CGST) Rules, 2017. The brief fact...

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NAA drops penalty proceedings against Signature Builders

Shri Abhishek Vs Signature Builders Pvt. Ltd. (NAA) -  It is also revealed that vide Section 112 of the Finance Act, 2019 specific penalty provisions have been added for violation of the provisions of Section 171(1) of the CGST Act, 2017 which have come in to force w.e.f. 01.01.2020 vide Notification No. 01/2020 Central Tax dated 01.01.2020, by insertin...

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Section 171(3A) profiteering Penalty cannot be imposed retrospectively: NAA

Shri Abhishek Vs Signature Global Developers Pvt. Ltd. (NAA) -  Since, no penalty provisions were in existence between the period w.e.f. 01.07.2017 to 31.12.2018 when the Respondent had violated the provisions of Section 171 (1) of the CGST Act, 2017, the penalty prescribed under Section 171 (3A) cannot be imposed on the Respondent retrospectively....

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Denial of refund of IGST to Advance-Authorisation holders is valid but operates prospectively w.e.f October 23, 2017

Cosmo Films India Vs Union of India & Ors. (Gujarat High Court) -  The Hon’ble HC, Gujarat in Cosmo Films India v. Union of India & Ors. [R/SLP No. 15833/2018 dated October 20, 2020] upheld the validity of rule 96(10) of the Central Goods and Services Tax Rules, 2017 (“CGST Rules”) and rules that notification is required to be made applicable prospectivel...

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Date of initiation of search assessment has to be reckoned from date of receiving books of account

DCIT Vs Paresh K. Shah (ITAT Mumbai) -  DCIT Vs Paresh K. Shah (ITAT Mumbai) Conclusion: Since the date of initiation of search u/s 132 for the purpose of an assessment u/s 153C had to be construed as the date of receiving the books of account by the AO having jurisdiction over such other person, from the A.O. of the searched person, the ...

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CBT notifies Equalisation levy (Amendment) Rules, 2020 & Forms

Notification No. 87/2020 [S.O. 3865(E)] - (28/10/2020) -  Payment of Equalisation levy. ─ The assessee or e-commerce operator, as the case may be, who are required to deduct and pay equalisation levy, shall pay the amount of such levy, by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank acc...

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Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020

Notification No. FEMA. 399/RB-2020. - (23/10/2020) -  i) These regulations may be called the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020. ii) They shall come into force from the date of their publication in the Gazette of India....

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MCA extends terms of Judicial Members & officiating Chairperson of NCLAT

Notification No. S.O. 3855(E), S.O. 3856(E) - (28/10/2020) -  Term of office of Justice (Retd.) Shri Bansi Lal Bhat and Justice (Retd.) Shri A.I.S. Cheema as Judicial Member, National Company Law Appellate Tribunal is extended up to 31.12.2020....

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CBDT designates Court U/s. 280A of Income-tax Act, 1961

Notification No. 86/2020-Income Tax [S.O. 3854(E).] - (28/10/2020) -  Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh for the purposes of the sa...

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Faceless Assessment – New provisions in ICES

Standing Order No. 39/2020 and Public Notice No. 139/2020-JNCH - (26/10/2020) -  At times, the appraising officer may have to refer to a previous Bill of Entry of the importer to compare and verify valuation or other related declarations in a Bill of Entry. In many cases, RMS instructions also give reference of some previous Bills of Entry for the officer to check....

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Will banks be required to maintain specified securities for the amount received in TLTRO in HTM book at all times?  Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO....
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CBIC) have launched a revamped and streamlined program to attract investments into India and strengthen Make in India. This program is based upon Section 65 of the Customs Act, 1962, which enables conduct of manufacture and other operations in a Customs bonded warehouse....
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A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client....
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Can I apply for GST registration while applying for incorporation of company on MCA Portal? Yes, you can apply for GST registration while applying for incorporation of company on MCA Portal. Registration process under GST is now integrated with SPICe-AGILE Form....
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Applying for Temporary User ID Q.1 Who can apply for Temporary User ID on the GST Portal? Ans: Any applicant, who is not registered or not liable to be registered under GST Act, can apply for Temporary User ID on the GST Portal. This User ID is only for facilitating certain exclusive functionalities available to […]...
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Income Tax Planning

Tax Planning, Tax Evasion, Tax Avoidance & Tax Management

All about different terms under Income Tax Act, 1961 Tax Planning, Tax Evasion, Tax Avoidance & Tax Management Very Simple analysis of different terms under Income Tax Act...

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Income Tax Saving Guide

Most of us are not aware about the tax saving scheme people are not aware what all options are available where investment can be done. This article will let you know the optio...

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Gold Price Chart – Gold Price History for 95 Years

Invest In Gold Is Still A Good Investment? We are observing since month of August, 2020 that price of Gold has increase tremendous. During August 2020 it reach to Rs. 52,000. ...

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Income Tax Deductions

Section 80E: Tax benefit for Interest on Loan taken for Higher Education

Section 80E- Deduction for Interest on Loan taken for Higher Education If you have taken a loan for higher studies (even though pursuing in abroad) and are repaying the same, ...

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List of Allowances/Perquisites/Deductions available to salaried persons

If you are a salaried person, you have a right to claim the benefits of an exemptions available on your few parts of the salary components given either in the form of ‘A...

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Income Tax Saving Investments For Salaried Individuals

Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowe...

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Free Perpetual Depreciation Calculator with FAR with Fixed Asset Schedule

Perpetual  Depreciation Calculator with Fixed Asset Register.  – Automated Fixed Schedule Preparation  – Depreciation for entire useful life of assets  –...

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GST Interest & Late Fee Auto Calculator for Extended Due Dates due to Covid 19

GST Interest and Late Fee Auto Calculator for Extended Due Dates due to Covid 19 in Excel Format Due to Covid 19 pandemic in India, The Indian Government has extended the Due ...

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Free Depreciation Calculator Version 2.3- Schedule II of Companies Act 2013

Auditors Tool on Depreciation as per Companies Act 2013- Version 2.3 updated upto FY 2019-20 (Released on 08.06.2020) WHAT IS NEW- in this updated Version 2.3 1. Consolidated ...

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Rate Charts

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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TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05....

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Income Tax Rates for Financial Year 2019-20 and 2020-21

In this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment ...

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October 2020