Latest Tax News & Updates

Buyer not at fault for Non-payment of GST by Seller

Goods and Services Tax - It was ruled that if the petitioner had made the payment before the supplier’s GST registration got cancelled and if the decisions by the SC and HC in the cases supported by the petitioner concur, then the petitioner should rightfully be given the benefit of ITC....

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TDS under Section 194R – Brief Analysis

Income Tax - From 1st July, 2022, Section 194R will be applicable which states deduction of tax on benefit or perquisite in respect of business or profession i.e. TDS on benefit or perquisites given. It is a general practice in many industries to gift cars, luxurious trips, laptops, mobile etc. as a gift for achieving targets or as […]...

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Why do central banks raise interest rates?

Fema / RBI - When the Central bank (in India it’s RBI, in the USA it’s Federal Reserve System) raises interest rates, It’s a piece of big news. It can send ripples across the whole economy. It is the primary tool used by the central bank to manage inflation in the economy. In this article, we will try to understand why […]...

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Top 100 Excel Shortcuts to Work Smartly & to Save Time

Finance - Microsoft Excel is extensively used across the globe to store and analyze. Despite various new data analytics tools in the market, Excel remains the go-to product for working with data. It has numerous in-built features, which makes it easier for you to organize your data. In this article, we’ll be discussing the various Excel shortcuts...

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Know you rights and obligations during investigation under GST Law

Goods and Services Tax - The officer not below the rank of Joint Commissioner can delegate the inspection power to any other officer (of any rank) in writing in FORM INS-01 as prescribed under Rule 139 of the CGST Rules, 2017....

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Implementation of central rules on labour codes w.e.f. 1-7-22

Corporate Law - As per the information gathered by me from news/media/notifications etc on new 4 Labour uniform codes few provisions are being implemented w.e.f. 1-7-22 by Central Govt and rest shall be notified by States as per their “State – Reforms of Labour Code” and dates for implementation shall be as per their state’s gazet...

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Geopolitical Spillovers and the Indian Economy

Fema / RBI - Reserve Bank of India Geopolitical Spillovers and the Indian Economy (Keynote Address delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India – June 24, 2022 – Standalone session on ‘Geopolitical Spillovers and the Indian Economy’ organised by the PhD Chamber of Commerce and Industry, New Delhi) Shri P...

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15 companies selected under 2nd Round of PLI Scheme for White Goods

Corporate Law - 15 companies selected under 2nd Round of PLI Scheme for White Goods (ACs and LED Lights) with committed investment of Rs 1,368 crore 6 AC Companies to invest Rs 908 crore; 9 LED Companies to invest Rs 460 crore Production worth Rs 25,583 crore expected over next 5 years, creating additional direct employment of about […]...

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Discussion paper on changes in CIRP to reduce delays & improve resolution value

Corporate Law - IBBI Discussion paper on changes in the corporate insolvency resolution process (CIRP) to reduce delays and improve the resolution value...

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IRS officer Nitin Gupta appointed as New CBDT Chairman

Goods and Services Tax - The Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), Member, Central Board of Direct Taxes (CBDT) as Chairman, Central Board of Direct Taxes (CBDT) from the date of charge of the post....

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Section 80-IC deduction eligible on exchange rate fluctuation

Classic Binding Industries Vs DCIT (ITAT Chandigarh) -  Classic Binding Industries Vs DCIT (ITAT Chandigarh) Assessee has challenged the disallowance of claim of deduction under section 80-IC on account of exchange rate fluctuation. In this regard it was submitted by the ld. A/R that the difference in the foreign exchange rate is a part and parcel of inc...

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Entertainment subsidy is a capital receipt & not revenue receipt

Karandikar Enterprises Vs ACIT (ITAT Pune) -  Karandikar Enterprises Vs ACIT (ITAT Pune) Brief facts of the case are that the Appellant assessee is in the business of film exhibition at Mangala Multiplex Pune, it runs the multiplex. The assessee has treated the Entertainment tax subsidy as capital receipt. The Assessing Officer in the assessmen...

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ITAT deletes addition for interest accrued on non-performing assets

ACIT Vs. Davangere District Central Co-operative Bank Ltd (ITAT Bangalore) -  ACIT Vs Davangere District Central Co-operative Bank Ltd (ITAT Bangalore) We find that in both these years, the only issue involved is regarding the addition made by the AO on account of interest accrued on non-performing assets (NPA) which was deleted by CIT(A). This addition was deleted by learned...

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Penalty imposable for Bogus Claim of Short Term Capital Loss

Texmat Agencies Pvt. Ltd. Vs ITO (ITAT Ahmedabad) -  Texmat Agencies Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The assessee had made bogus claim of short-term capital loss in the return of income. When, after due investigation, the same was detected by the Ld. Assessing Officer during the course of assessment proceedings, the assessee filed revised computati...

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In absence of fresh tangible material Reassessment proceedings liable to be quashed

Indian Overseas Bank Vs JCIT (ITAT Chennai) -  Indian Overseas Bank Vs JCIT (ITAT Chennai) It is evident from the computation of income that the assessee had disclosed full details of its claim in respect of interest accrued but not due in the computation of income furnished along with the return of income. The whole basis of reopening was the a...

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Refund of security deposit to Broker Dealers on surrender of membership

(28/06/2022) - On approval of application for surrender of Broker Dealer’s registration by IFSCA, the Stock Exchange shall release Security Deposit of the Broker Dealer (engaged in trading on behalf of clients) after twelve months from the date of approval of surrender application by IFSCA....

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DGGI Meerut recovers 31 Crore GST from entities not registered under GST

(27/06/2022) - Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110 001 Tel. : +91-11-23092849, Fax : +91-11-23092890 E-mail : [email protected] DO No. 30/CH(IC)/2022 27th June, 2022 Last week, the 139th/ 140th Sessions of the Wo...

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RBI encourages cardholders to tokenise their cards

(24/06/2022) - Currently, many entities, including merchants, involved in an online card transaction chain store card data like card number, expiry date, etc. [Card-on-File (CoF)] citing cardholder convenience and comfort for undertaking transactions in future....

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CBDT notifies Seventy Second Investment Company LLC U/s. 10(23FE)

(27/06/2022) - Notification of Seventy Second Investment Company LLC as a sovereign wealth fund under section 10(23FE) of the Income tax Act, 1961 vide Notification No. 69/2022-Income Tax, Dated: 27.06.2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 27th June, 2022 N...

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Adjustment in derivative contracts for dividend announcements

(28/06/2022) - Based on the recommendations of SMAC, it has been decided that the adjustment in derivative contracts shall be carried out in cases where dividends declared are at or above 2% of the market value of underlying stock....

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FAQs

The officer not below the rank of Joint Commissioner can delegate the inspection power to any other officer (of any rank) in writing in FORM INS-01 as prescribed under Rule 139 of the CGST Rules, 2017....
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The Finance Act, 2022 had inserted a new section 194R to the Income Tax Act, 1961 providing for deduction of tax at source (TDS) @ 10% on the benefit or perquisite paid to a resident businessman or professional arising from its business or profession, and the provision of this section is applicable from 1st July, 2022....
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Simplified FAQs on TDS under section 194S of Income Tax Act The Finance Act, 2022 had inserted a new section 194S to the Income-tax Act, 1961 providing for deduction of tax at source (TDS) on transfer of a virtual digital asset (VDA). TDS under section 194S is applicable with effect from 1st July 2022. Provisions […]...
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Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is taxable....
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CBDT issued Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961 vide Circular No. 12 of 2022-Income Tax | Dated 16th, June, 2022. F. No. 370142/27/2022-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes), New Delhi ********* Circular No. 12...
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Income Tax Planning

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that...

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Advance Tax Provisions, 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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Super Seven Income Tax Planning Tips

Everyone wants to reduce tax outgo. However, Tax reduction should be done within the ambit of law & that is termed as tax planning in common language. Income tax laws prov...

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Income Tax Deductions

Section 80-IC deduction eligible on exchange rate fluctuation

Classic Binding Industries Vs DCIT (ITAT Chandigarh) Assessee has challenged the disallowance of claim of deduction under section 80-IC on account of exchange rate fluctuation...

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Section 80A(5) not apply if return of income is not filed

ITAT held that that section 80A(5) of the Act is applicable only when a return of income is filed by an assessee and a deduction under Chapter VI A of the Act, is not claimed ...

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Whether Interest income is eligible for deduction u/s 80IA of Income Tax Act, 1961

In Income Tax Act, deduction has been prescribed specifically for industrial undertakings or enterprises engaged in infrastructure development, etc. vide section 80-IA. Hundre...

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Calculators

Format to Calculate Section 80JJAA Deduction

Section 80JJAA of Income Tax Act, 1961 provides  deduction for the recruitment of new or additional employees. Section 80JJAA has been made available in the Income Tax Act to...

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Income Tax Calculator – Financial Year 2022-23

Article contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful...

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Taxability of interest on Recognised provident fund (Along with calculator)

Till FY 2020-21 contribution to Recognised Provident fund (RPF) was eligible for EEE (Exempt- Exempt- Exempt) This EEE implied that full exemption from tax is given on (1) inv...

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Rate Charts

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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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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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 ...

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