Latest Tax News & Updates

Club or an Association- Relevance of Concept of Mutuality under GST

Goods and Services Tax - Levy of GST is on an event called “supply”. In case of an association or club, can it be said that an association or club is supplying services to its own members ? As an illustration to understand the issue let us assume that a housing association is formed by the resident members to facilitate […]...

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How GST will impact States in coming years

Goods and Services Tax - The Goods and Services Tax (GST) was implemented by the government of India on 1/7/17. India joined the likes of Australia, Brazil. The Government claims that it is a historical tax reform since independence. It was hailed by Flipkart’s chairman as a step which will financially unite the country. ...

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Refund of Transitional Credit under GST Regime

Goods and Services Tax - Consider a scenario wherein a registered person under GST have availed transitional credits. Such person might have availed credits either in respect of closing balance of June return’s u/s 140(1) of the Central Goods & Services Tax (‘CGST’) Act, 2017 or in respect of stocks as on 30.06.2017 u/s 140(3) of the CGST Act, 2017....

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How to Legally Register a One Person Company

Company Law - While starting your own business, the very first question that comes to mind is that, How to form a company? For starting a business in single person’s name, a sole proprietorship registration can be done but if one wants central registration with separate legal entity and benefits of company form of organization...

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Government Carving out GST Bill Details with E-way Bill

Goods and Services Tax - In the process to make the GST bill details more robust, the government planned the addition of e-way billing system in it....

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CBI Arrests Kolkata Based Private Company directors in Bank fraud case

Fema / RBI - The Central Bureau of Investigation has today arrested two Directors of Kolkata based private company in an on-going investigation of a bank fraud case to the tune of Rs.515.15 crore(approx)....

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Empanelment for concurrent audit with Gopalganj Central Co-operative Bank

CA, CS, CMA - The Gopalganj Central Co-operative Bank Ltd., Gopalganj, At- Post office Chowk, P.o+Distt- Gopalganj invites sealed tender under two bid system from Chartered Accountant Firm for concurrent audit for F.Y.- 2018-19 of its 16(sixteen) branches, 1(One) extention counter along with Head Office on following terms & Conditions:- ...

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Statutory branch audit of branches of PSU banks- In wake of recent developments/ irregularities in PNB

CA, CS, CMA - Environment created after change in policy of appointment of branch statutory auditors (giving autonomy to bank management) has not yielded desired results for the banking industry. Our regulatory body, the Institute of Chartered Accountants of India (ICAO has been opposing this change from the very beginning....

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Govt detects 2926 cases where Taxes collected but not deposited by Service Providers

Goods and Services Tax - The Government is aware of instances where taxes are collected by many service providers, hoteliers, traders etc. from the customers but are not deposited in the Government’s account. Based on specific intelligence collected, detailed investigations are carried out and the due tax amount is either recovered or quasi-judicial proceedings...

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Report of RBI Working Group on Fin Tech an& Digital Banking Companies

Fema / RBI - Ecosystem for Fin Tech Companies The Reserve Bank of India (RBI) had set up an inter-regulatory Working Group (WG) to look into and report on the granular aspects of Fin Tech and its implications so as to review and reorient appropriately the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech […]...

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Sec. 14A – End of controversy relating to strategic investments & stock-in-trade

Max opp Investment Ltd Vs. CIT (Supreme Court of India) -  In case of group of companies, normally a company hold shares in various subsidiaries / group companies. The dividend paid by these group companies is exempt in the hands of the parent company under section 10(34) of the Income-tax Act, 1961 (Act). ...

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CA Final Result Controversy: HC asks ICAI to produce relevant documents

Milind Aggarwal & Ors Vs. ICAI (Delhi High Court) -  In a interim order Delhi High Court has held in the case of Milind Aggarwal & Ors Vs. The Institute Of Chartered Accountants Of India that ICAI shall produce the relevant official records pertaining to the receipt and compilation of the documents, the moderation procedure adopted leading to the ...

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SC extends last date for linking of Aadhaar in bank A/c, PAN & SIM cards

Justice K.S. Puttaswamy (Retd) & Anr. Vs. Union Of India & Ors. (Supreme Court of India) -  The Supreme Court on 13th March 2018 has extended the last date for linking of Aadhaar in bank accounts, PAN cards, SIM cards, etc from 31st march 2018 till the date of the final judgement. As per the Supreme Court's order dated 13th March 2018, the requirement of Aadhaar for opening new bank accoun...

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Foreign law firms/ lawyers cannot practice in India; SC answer 5 Questions

Bar Council Of India Vs. A.K. Balaji And Ors. (Supreme Court) -  (i) Whether the expression 'practise the profession of law' includes only litigation practice or non-litigation practice also; (ii) Whether such practice by foreign law firms or foreign lawyers is permissible without fulfilling the requirements of Advocates Act and the Bar Council of India Rules;...

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‘Initial intention’ of assessee to decide whether an activity amounts to ‘trading activity’ or ‘investment activity’

I.T.O Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata) -  ITO Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata) We note that the AO treated net ‘surplus’ as business income instead of capital gains on the ground that the assessee carried out business of share trading as evident from large volume of transactions and systematic, organized, repeated and regu...

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SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2018

Notification No. No. SEBI/LAD-NRO/GN/2018/03 - (13/03/2018) -  1. These regulations shall be called the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2018. 2. They shall come into force with retrospective effect from June 13, 2017....

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Environmental crimes, offences/ violations in relation to import & export

Public Notice No. 42/2018-JNCH - (16/03/2018) -  Environmental crimes, in relation to import & export include: Illegal dumping of hazardous waste, electronic waste, including chemicals in India. Illegal import / export of plants and animal species; Smuggling of “Ozone Depleting Substances (ODSs)”; Smuggling of any other e...

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e-way bill system for inter-State movement of goods from 1st April, 2018

DO.No. 11/CH(EC)/2018 - (16/03/2018) -  As you are aware, the 26th meeting of the GST Council was held on 10th March, 2018 wherein certain recommendations have been made. In this meeting it was decided that e-way bill system for inter-State movement of goods across the country would be implemented from 1st of April, 2018...

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IGST / GST refund on Export: CBEC clarifies on 13 Issues

Circular No. 37/11/2018-GST - (15/03/2018) -  Non-availment of drawback: The third proviso to sub-section (3) of section 54 of the CGST Act states that no refund of input tax credit shall be allowed in cases where the supplier of goods or services or both avails of drawback in respect of central tax....

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Anti-dumping duty on imports of ‘Ofloxacin’

Notification No. 8/2018-Customs (ADD) - (15/03/2018) -  Seeks to impose anti-dumping duty on imports of 'Ofloxacin' originating in or exported from China PR - Whereas, in the matter of import of Ofloxacin (hereinafter referred to as the subject goods) falling under the tariff item 3004 20 34 of the First Schedule to the Customs Tariff Act, 1975 (51 of 19...

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The only constant thing in the world is change and it is insidious, i.e., be it political, economic, social, technological and legal environment. It is imperative that one needs to keep himself / herself updated with the latest developments in order to surmount the soaring professional challenges. ...
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Taxpayer has paid all liability along with late fees and interest, but is unable to file Form GSTR 3B due to system error. Will he/she have to pay more late fees?...
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The constitution of NFRA is enshrined in the section 132 of the Companies Act, 2013. NFRA stands for National Financial Reporting Authority (NFRA), The NFRA will act as an independent regulator for the auditing profession which was one of the key changes brought in by the Companies Act 2013....
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What are different payment status types? 1. Initiated - If no intimation has been received from Bank (during the re-ping in case of E-payment) 2. Paid - CIN received by taxpayer and status updated on portal as PAID 3. Not Paid – default status on challan generation 4. Failed – Failure of any online transaction initiated b...
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1. My account was debited more than once for the same online transaction. How can I get the debit reversed? If the sum of both transactions is reflecting in the Electronic Cash Ledger, please contact the Help Desk using the contact numbers/e-mail IDs given on the GST Portal. In case only the original transaction amount […]...
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Income Tax Planning

Claim Tax Benefit on HRA as well as Tax Deduction on Home Loan

For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liabili...

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Why March of Every Year is a Boon in Disguise?

Some would say December is, end of the year - good, bad, worst or phenomenal it is still coming to an end. So we make resolutions which are broken before the first week of Jan...

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Income Tax Deductions

Contributions to National Pension System (NPS) u/s 80CCD(1B)

As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For individual assessees whose Rs.1.5 lakh savings li...

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All about section 80E of Income Tax Act, 1961

Education loan- Padega India Tabhi to badega India...

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Truth Behind – ‘File Tax Return or Lose Relief’

It appears that without analyzing the proposed amendments in Budger 2018, most of the people have jumped to the conclusion that entire Chapter VI A deduction are covered, thu...

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Costing Calculation Formula – Markup Method and Markdown Method

Costing Calculation Formula – Markup Method and Markdown Method Just enter purchase value and required Gross margin, you can find the sales value in both method markup a...

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LTCG Calculator for Land or Building or Both For F.Y. 2017-18

Long Term Capital Gain (LTCG) Calculator for Land or Building or Both For Financial Year 2017-18- As per new indexation from 2001 – 02...

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House Rent Allowance Calculator for Financial Year 2017-18

House Rent Allowance Calculator for Financial Year 2017-18- Just Enter Pay Slip Details and Rent paid Details, You can calculate the HRA Exemption Amount...

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Rate Charts

Income Tax Rates for financial year 2018-19 / AY 2019-20

Rates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19  for Individual below the Age of Sixty Years, Hindu u...

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Income Tax Rates for Financial Year 2017-18

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2017-18 . The Income tax rates discussed in this pa...

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Updated GST on Goods Rate Rate Chart Updated till 15.11.2017

Updated scheduled CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The ra...

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