Latest Tax News & Updates

Brought forward business loss allowed to be set-off against capital gains on assets used for business purpose: Karnataka HC

Income Tax - Nandi Steels Limited Vs ACIT (Karnataka High Court) Facts of the case: In the present case, the assessee is a limited company carrying on the business of manufacture of iron and steel. During the year under consideration, it had earned income from sale of land, building and bore well used for its business purposes. The […]...

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Section 234B Interest for default in payment of advance tax

Income Tax - The present article covers interest provisions as prescribed under section 234B of the Income Tax Act. Notably, section 234B is applicable when the taxpayer defaults in payment of advance tax. Advance tax vis-à-vis interest payable thereon- In terms of section 208, the taxpayer is liable to pay advance tax during the financial year in wh...

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How to Choose the Best Two Wheeler Loan?

Finance - Two-wheeler finance eases the burden of having to pay a bulk amount out of your pocket at once. Here are five things to consider before applying for a two-wheeler loan to ensure you get the best deal possible....

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Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall !

Income Tax - Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall ! Preamble Attention is drawn to the write-ups displayed @ Solution to Problems of New Income Tax Portal (04 Aug) Income Tax Return, Tax Audit due date & Other dates extended (20 May) https://taxguru.in/income-tax/interest-section...

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GST Annual Return (GSTR-9 & GSTR-9C)

Goods and Services Tax - Every registered person whose aggregate turnover is more than 2 Crores is required to file an Annual Return in form GSTR-9 on or before the 31st day of December of the following financial year (i.e., for FY 2020-21 it is 31st December 2021)....

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Members of Profession are soft target of GST Department

Goods and Services Tax - Faridabad Branch of NIRC of ICAI has made a representation to The Commissioner CGST, Faridabad  and brought to his attention that Members of Profession are the soft target of the GST Department, Revenge Taking Attitude of GST officers and Disgraceful attitude and disrespect for Profession and Professional Issues. Full text of their repre...

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Join GST, Customs & Income Tax Courses at 40% Discount

Goods and Services Tax - Join Self-Learning Certification Course on GST, Income Tax and Customs including Import & Export by TaxGuru Edu at 40% Discount till 14th August 2021....

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Draft Format of Outstanding Debt recovery Letter

CA, CS, CMA - To, Address City, Maharashtra, 422001. Subject : First Reminder for Late Payment Dear Sir/Maam, It has come to our attention that your account is overdue for payment. So, this letter is to remind you that Invoice/Account Number : (As given in below table) that had been handed over or sent to you on 1/3/2021 is […]...

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Ease of Doing Business with New CIP launched by CBIC

Custom Duty - The Central Board for Indirect Taxes & Customs (CBIC) here today launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP for providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items....

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Exposure Draft : Initial Application of IFRS 17 & IFRS 9 – Comparative Information Proposed amendment to IFRS 17

CA, CS, CMA - IASB document issued for comments: Initial Application of IFRS 17 and IFRS 9 – Comparative Information Proposed amendment to IFRS 17 Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFR...

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Delhi HC ruling on adjustment of Income Tax refunds against demand

Eko India Financial Services Private Limited Vs ACIT (Delhi High Court) -  Eko India Financial Services Private Limited Vs ACIT (Delhi High Court) Against an assessment of AY 2017-18 the petitioner assessee filed an appeal u/s 246A of the Income Tax Act, 1961. AO adjusted the entire refund of the assessee pertaining to AY 2019-20 against such demand, which was more than 20...

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Courts should avoid making observations against counsels in their judgements

Neeraj Garg  Vs Sarita Rani and ors. (Supreme Court of India) -  Neeraj Garg Vs Sarita Rani and ors. (Supreme Court of India) The Courts while deciding  cases pass certain comments/observations against the counsels which are actually not required for the disposal of the case. The Apex Court in a recent judgement in Civil Appeal  Nos. 4555 ­ & 4559 of 2021 ...

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Ban on online games of skills played with stakes as unconstitutional: Madras HC

Junglee Games India Private Limited Vs The State of Tamil Nadu (Madras High Court) -  Junglee Games India Private Limited Vs The State of Tamil Nadu (Madras High Court) The petitioners complain of an over-paternalistic stance taken by the State in bringing about sweeping amendments to an existing law that, according to the petitioners, infringe their fundamental rights and are other...

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Reassessment proceeding against BCCI quashed due to failure of issuance of Notice

DCIT Vs Board of Cricket Control in India (ITAT Mumbai) -  DCIT Vs Board of Cricket Control in India (ITAT Mumbai) Deputy Commissioner of Income Tax has challenged correctness of the order dated January 09, 2019 passed by CIT(A) quashing the reassessment order passed by the Appellant without issuance of notice under Section 143(2) of the Income Tax Act, 196...

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Cenvat Credit allowed for tax paid under reverse charge even if same was not payable

Petro Carbon & Chemicals Private Limited Vs Commissioner of CGST & CX (CESTAT Kolkata) -  Petro Carbon & Chemicals Private Limited Vs Commissioner of CGST & CX (CESTAT Kolkata) The short issue that arises for consideration in the instant appeal is whether the Appellant is entitled to Cenvat credit of Service Tax paid by it on the freight component in relation to transport of good...

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Notification No. 89/2021-Income Tax | Dated 04.08.2021

(04/08/2021) - Notification No. 89/2021-Income Tax | Dated 04.08.2021 Chief Justice of the High Court for the State of Telangana, hereby designates the Court of the Special Judge for Economic Offences-cum-VIII Additional Metropolitan Sessions Judge-cum-XXII Additional Chief Judge, City Civil Court, Hyderabad as th...

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Notification No. 88/2021-Income Tax | Dated 04.08.2021

(04/08/2021) - Notification No. 88/2021-Income Tax | Dated 04.08.2021 – High Court of Meghalaya, hereby designates the court of the senior most Judicial Magistrate First Class of East Khasi Hills District, Shillong as the Special Court for the State of Meghalaya for the purposes of sub- section (1) of sectio...

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Notification No. 87/2021-Income Tax, Dated 04.08.2021

(04/08/2021) - Notification No. 87/2021-Income Tax | Dated 04.08.2021 – Chief Justice of the High Court of Gujarat, hereby designates the following Court mentioned in column (2) of the Table below as the Special Court for the area specified in the column (3) of the said Table, for the purposes of section 84 ...

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Not to fall prey to fictitious offers for Old Banknotes & Coins: RBI

(04/08/2021) - RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Banknotes and Coins It has come to the notice of Reserve Bank of India that certain elements are fraudulently using the name/ logo of Reserve Bank of India, and seeking charges/ commission/ tax from public, in tr...

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Blocking of E-Way Bill generation facility to resume after 15.08.2021

(04/08/2021) - The government has now decided to resume the blocking of EWB generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, from 15th August onwards....

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FAQs

The government has now decided to resume the blocking of EWB generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, from 15th August onwards....
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Government released New ITR filing portal on 7th June, 2021 for improving efficiency of IT Portal, best user interface and better user services. However, since the day of its launch, portal is facing many problems/errors like unable to File ITR on New Portal, unable to do EVC (E-verify) of ITR, non launching of schema of […]...
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Section 194Q brings further complications to the compliance of various provisions of law already existing and it will certainly be felt by the business circle as being contrary to the ‘Ease of Doing Business’....
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Residential Status As per Section 6 of the Income Tax Act, 1961, a Seafarer shall be a Non-resident if he stays outside India for a period of 184 days or more (185 days or more in case of leap year) for the purpose of employment. Calculation of period outside India As per Notification No. 70/2015/ […]...
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We have heard a lot about non-profit organization and companies with charitable objectives. The concept of Section 8 companies was introduced in the Companies Act 2013 that permitted companies with charitable objectives. These companies are registered without the words ‘Limited’ or ‘Private Limited’. The main objectives behind Sec...
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Income Tax Planning

How can Companies Save Tax through Mutual Fund Investments?

How to save tax through mutual fund investment? Well, for individual investors, there are a plethora of answers; can companies save tax? Well, let’s dig into it....

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Tax Planning Vs. Tax Avoidance Vs. Tax Evasion

Tax is a mandatory fee levied by the Government on an individual or entity to collect revenue for public work and we all are aware of the importance of tax for the development...

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Save your Income Tax Liability with simple Tax planning

Everybody wants to reduce Income Tax liability but most of them do not know how to reduce Income Tax liability legally. Some know partially. As a result of which, they pay mor...

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Income Tax Deductions

Income Tax deductions available to Business class person or a salaried Individual

Deductions are the relief provided by the government to taxpayers through which they can legally save their taxes through various platforms for e.g.- By investing their money,...

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Lease rent from modules of STP is business income eligible for Section 80IA deduction

CIT Vs Rishabh Infopark Pvt. Ltd. (Madras High Court) The only issue in the appeals of the Revenue is that the Income Tax Appellate Tribunal erred in holding that the lease re...

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Deduction u/s 80JJAA (Income Tax) – Additional employee cost

The deduction available under Section 80JJAA of the Income Tax Act, 1961 (‘Act’) incentivize the organizations for generating employment and allows an additional 30% deduc...

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Calculators

Free Depreciation Calculator – Schedule II of Companies Act 2013

An Auditor’s Tool on Depreciation Calculation-   Version 3.0 – Compliant to Schedule II of Companies Act 2013  :  Financial Year 2015-16 to FY 2021-22 enabled  –...

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TDS Calculator Excel Utility for FY 2021-22

This is an Excel based TDS Calculator for the FY 2021-22 and onwards. We can use this Excel Utility for Calculating TDS Amount, for Remitting TDS Amount to Govt and for e-fili...

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Income Tax Calculator – Financial Year 2021-22

On March 31, 2021, the Ministry of Finance released a notification on slashing the interest rates of all the Small Saving Schemes, and the same notification rolled back by the...

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Rate Charts

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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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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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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