Latest Tax News & Updates

Reversal of ITC on Supply of Capital Assets under GST Regime

Goods and Services Tax - Since inception of GST there are various contrary views and ambiguity on numerous provisions of GST law and practical difficulty is being faced by taxpayer in figuring out the exact mechanism to be followed. One such ambiguous provision in with respect to sale of Capital goods within five years of its procurement and reversal of […...

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Major Change in Schedule CG (Capital Gain) for returns of AY 2020-2021

Income Tax - Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021 Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019) W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which [&hellip...

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Filing of unadopted and/or unaudited financial statement with ROC

Company Law - Section 129(2) of the Companies Act, 2013 (‘the Act, 2013’) makes it mandatory, on the part of the Board of Directors of the Company, to lay the financial statements of the Company for the financial year before at every Annual General Meeting (AGM). These financial statements should be adopted in that AGM. Section 137(1) of […]...

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Appointment of Manager Under Companies Act, 2013

Company Law - We all have heard about the Mr. Manager of a company. A Manager is a person who manages or is in charge of something. Managers can control departments in companies, or guide the people who work for them. Managers must often make decisions about things. The manager is responsible for overseeing and leading the work of a group of peo...

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Input Tax Credit: Utilisation, Availment, Apportionment, Ineligible items

Goods and Services Tax - In this particular write up, I would like to discuss and to cover all the relevant aspect of ITC under GST to the best of my understanding and per the present legal scenario, ITC is one of the most important and most debatable topic under new tax regime i.e. GOODS and SERVICE TAX, it plays […]...

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ITC Invoice wise detail available in Table 8A of GSTR-9 on GST Portal

Goods and Services Tax - GST updates: ITC Invoice wise detail in Excel zip format available in Table 8A of GSTR-9 on GST Portal A New Tab has been enabled in GST Portal ‘Download Table 8A Document Details’ while filing GST Annual Return. A list of invoices appearing in GSTR-2A auto-populated by the GST Portal in Table 8A of GSTR-9 […]...

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Revocation of Registration Applications & GSTR-4 (Offline Utility)

Goods and Services Tax - Revocation of Registration Applications: Taxpayers can now file application for revocation of cancellation of registration, again, if previous revocation application is rejected. This is in pursuance of ROD Order no. 01/2020, dated 25.06.2020. GSTR-4 (Offline Utility): Offline utility to prepare Form GSTR-4, Annual Return by the compositi...

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Guidelines for international arrivals wef 8th August 2020

Corporate Law - i. All travelers should submit self-declaration form on the online portal (www.newdelhiairport.in) at least 72 hours before the scheduled travel. ii. They should also give an undertaking on the portal that they would undergo mandatory quarantine for 14 days i.e. 7 days paid institutional quarantine at their own cost, followed by 7 days...

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5 Important decisions taken by ICSI Council on 30th July, 2020

CA, CS, CMA - THE INSTITUTION OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of corporate Affairs) ICSI/ID/10/2020 5th August, 2020 Important decisions taken by the Council of the ICSI at its meeting held on 30th July, 2020 1. Partial revision for condu...

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Conducting of 1st CSEET on 29.08.2020 through Remote Proctored Mode

CA, CS, CMA - CSEET shall be conducted through REMOTE Proctored mode instead of conducting the same from Test Centers. Candidates are allowed to appear for the test through laptop/ desktop from home/ such other convenient place. Candidates shall not be allowed to appear through smart phone (mobile)/ tablet etc....

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No income tax on Revenue from IDC/Management /Referral Agreement under India-Singapore DTAA

Edenred Pte Ltd Vs DDIT (International Taxation) (ITAT Delhi) -  The issue under consideration is whether income tax levied on revenue received from IDC agreement, management agreement, and referral agreement as per the India-Singapore DTAA?...

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CESTAT explains exercise of Option under Cenvat Credit Rule 6(3)(i)

Tata Steel Ltd. Vs CCEx. & S.Tax (CESTAT Kolkata) -  The issue under consideration is whether the appellant, Tata Steel, was entitled to avail option under Rule 6(3)(ii) of the Cenvat Credit Rules?...

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Penalty Order in Name of erstwhile Dissolved Company is invalid

V3S Infratech Ltd. Vs DCIT (ITAT Delhi) -  Impugned penalty order passed by the AO in the name of erstwhile dissolved company is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B;...

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HC dismisses PIL to include Advocates in Definition of ‘Professionals’ under MSMED Act

Abhijit Mishra Vs Union of India & Ors (Delhi High Court) -  Whether the public interest litigation (PIL) challenging non-inclusion of advocates in the definition of the word 'professionals' under the MSMED Act, 2006 will be entertained by High Court?...

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NAA detects Profiteering in supply of ‘Duracell Battery’

D.S. Brothers Vs Durga Marketing Pvt. Ltd. (NAA) -  D.S. Brothers Vs Durga Marketing Pvt. Ltd. (NAA) The brief facts of the case are that an application was filed by the Applicant No. 1 before the Standing Committee on Anti-profiteering, under Rule 128 of the CGST Rules, 2017 alleging profiteering by the Respondent in respect of the supply of “...

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Govt notifies Aadhaar Authentication Rules for Good Governance

Notification No. G.S.R.490(E) - (05/08/2020) -  Central Government may allow Aadhaar authentication by requesting entities in the interest of good governance, preventing leakage of public funds, promoting ease of living of residents and enabling better access to services for them, for the following purposes, namely:–...

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RBI kept policy repo rate unchanged at 4.0 per cent

Press Release No. 2020-2021/148, Press Release No. 2020-2021/149, Press Release No. 2020-2021/150, - (06/08/2020) -  Monetary Policy Committee (MPC) at its meeting today (August 6, 2020) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent. Consequently, the reverse repo rate under the LAF remains unchanged at 3.35 per cent and the marginal standing facility...

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SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/25 - (05/08/2020) -  1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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RBI revises instruction on Opening of Current Accounts by Banks

RBI/2020-21/20 DOR.No.BP.BC/7/21.04.048/2020-21 - (06/08/2020) -  The instructions on opening of current accounts by banks have been reviewed and the revised instructions are as under: i. No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactio...

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Loans against Gold Ornaments & Jewellery for Non-Agricultural End-uses

RBI/2020-21/19 DoR.No.BP.BC/6/21.04.048/2020-21 - (06/08/2020) -  Under the extant guidelines, loans sanctioned by banks against pledge of gold ornaments and jewellery should not exceed 75 per cent of the value of gold ornaments and jewellery....

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FAQs

Since inception of GST there are various contrary views and ambiguity on numerous provisions of GST law and practical difficulty is being faced by taxpayer in figuring out the exact mechanism to be followed. One such ambiguous provision in with respect to sale of Capital goods within five years of its procurement and reversal of […...
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We all have heard about the Mr. Manager of a company. A Manager is a person who manages or is in charge of something. Managers can control departments in companies, or guide the people who work for them. Managers must often make decisions about things. The manager is responsible for overseeing and leading the work of a group of peo...
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Section 194N Payment of certain amounts in cash. As per section 194N of IT Act, Every person being the bank, Cooperative society engaged in banking business and post office is required to deduct TDS at 2% when they make cash payment of Exceeding Rs. 1 Crore to any person during the previous year. However the […]...
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Frequently Asked Questions on the SEBI Settlement Scheme, 2020 – One Time Settlement Scheme issued by the Securities Exchange of India on 27th July, 2020....
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Institute of Company Secretaries of India Q 1. Will December 2020 be the last attempt for Executive & Professional [Old Course] Students? Ans: Yes, December 2020 Session of Examination is the last attempt for Executive & Professional Old Course Q 2. When Students can change the Examination Centre, Module, Medium ? Ans: For Changes...
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Income Tax Planning

Income Tax on distribution of surplus by companies / effective Income Tax planning

Considering the recent amendments in Income Tax Act, distribution to shareholder / promoter has become challenging, specifically post introduction of section 2(22)(e). The mos...

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Planning to sell your House? Know the taxes & how to save taxes?

Many people specially who do not file their income tax returns are not aware that they have to pay tax in respect of profits made on sale of a residential house.  In certain ...

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Tax Avoidance vs Evasion: A Harmonious reading of landmark Judgements of SC

In McDowell it was held that if a transaction was carried with an intention to avoid taxes it was up to the judiciary to decide whether the same ought to be regarded. In other...

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Income Tax Deductions

Section 80EEA Deduction for Interest on Loan for residential property

Sec 80EEA- Deduction in respect of Interest Payable on Loan taken for residential property Assessee is an Individual and taken a loan for purchase of a residential property, h...

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Additional Deduction For Home Loan Interest

Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing add...

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Deduction under section 80DD, 80DDB, 80U

Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & ...

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Calculators

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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