Latest Tax News & Updates

All about filing of eForm CFSS-2020

Company Law - eForm CFSS-2020- (Application for issue of immunity certificate under the Companies Fresh Start Scheme (CFSS), 2020) Law(s) Governing the eForm CFSS-2020 eForm CFSS-2020 is required to be filed pursuant to General Circular 12/2020 issued by Ministry of Corporate Affairs Purpose of the eForm CFSS-2020 A company can seek immunity in respect...

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Common man’s wish list from finance minister on income tax

Income Tax - With budget day approaching we individual tax payers wish the finance minister to fulfil some of our wishes. Let us discuss what I as a common man wish from the Finance Minister. Revision in the monetary limit of deduction available under Section 80C, 80CCC and 80CCD Presently as per Section 80 CCE the deductions available […]...

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Section 234D Interest with other relevant aspects

Income Tax - Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assessee according to intimation U/s 143(1) & later on it was discovered post Scrutiny Assessment that the assessee wasn’t eligible for refund or amount of refund was more than amount refunded after […]...

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Burden of huge tax on belated filing of Return of Income

Income Tax - The Ministry of Finance has not extended the due date of filing of return of income for non-audit cases beyond 10th January 2021 and for instance if an individual files a return of income declaring income between Rs. 2,50,000/- (Rupees Two Lakh and Fifty Thousand only) and Rs. 5,00,000/- (Rupees Five Lakhs only), though he […]...

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ITR (Income Tax Return) Overview and Penalty Provisions

Income Tax - Income Tax Return (ITR): Income Tax Return (ITR) is the form in which assessee files information about his/her Income and tax thereon to Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. it is compulsory to file income tax returns if  income is more than the basic […]...

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UCK Bank appointing Consultant For IFCOFR Implementation

CA, CS, CMA - UCO BANK RFP Ref. No. HO/FIN/1989/2020-21 Date: 06.01.2021 REQUEST FOR PROPOSAL APPOINTMENT OF CONSULTANT FOR IMPLEMENTATION OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING (IFCOFR) Last date of Submission of Proposals: 27th January, 2021 (upto 4.00 pm) The information provided by the Bidders in response to this Request for Propos...

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CAIT raises concerns on Maha Govt decision on applicability of GST Circulars

Goods and Services Tax - In a communication sent to PM Shri Narendra Modi today,  Confederation of All India Traders (CAIT) has raised serious concerns about an arbitrary decision of Maharashtra Govt which violates the very fundamental of GST being ‘one nation- one tax’. We urge the State Govt to immediately withdraw the circular. “Vyapur Bhawa...

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Restrict WhatsApp from implementing it’s new privacy policy: CAIT

Corporate Law - In a strong communication sent to Union Minister Shri Ravi Shankar Prasad, Confederation of All India Traders (CAIT) has reiterated that WhatsApp must be restricted from implementing it’s new privacy policy & a technical audit of WhatsApp, Facebook & Instagram must be conducted immediately. Confederation of All India Traders ...

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One held for fraudulently passing on fake ITC of Rs 14.30 crore

Goods and Services Tax - The syndicate was being operated by Sh. Nitin Jain, C.A by floating three firms i.e M/s Anshika Metals, M/s N.J Trading Co. and M/s A.J Enterprises using the identity of his family members, with the intent of passing of inadmissible ITC....

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Technical Guide on Charges-Registration, Modification & Satisfaction under Companies Act  2013 & LLP Act 2008

Company Law - ICAI releases Technical Guide on Charges-Registration, Modification & Satisfaction under Companies Act 2013 & LLP Act 2008 The Debt Finance is gaining popularity with the coming times. Almost every individual, LLP, Companies and body corporates borrows money from bank, financial institutions, co-operatives etc. for meeting their d...

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AAR explains applicable date of Amendment to GST notifications

In re Dee Vee Projects Ltd. (GST AAR Madhya Pradesh) -  In re Dee Vee Projects Ltd. (GST AAR Madhya Pradesh) Q1. What is rate of tax applicable to the composite supply of works contract as defined in clause (119) of Section 2 of Central Goods and Services Act, 2017 (The Act), undertaken by the supplier (applicant) i.e., whether the GST rate 18% or 12% is...

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Eligibility for inputs tax credit on Demo Vehicles

In re Khatwani Sales And Services LLP (GST AAR Madhya Pradesh) -  Eligibility for inputs tax credit on Demo Vehicles can not be decided on the basis of their capitalisation, or payment of GST at the time of their sale in the subsequent year....

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GST: Value in respect of transfer to branches located outside state

In re Thirumalai Chemicals Limited (GST AAR Tamil Nadu) -  In re Thirumalai Chemicals Limited (GST AAR Tamil Nadu) Q. The value to be adopted in respect of transfer to branches located outside the state? Ans: The applicant can adopt any one of the following three methods provided under Rule 28 of the CGST/ TNGST Rules 2017 read with Section 15 of the CGST/T...

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Letting out of compressors for pumping of water from borewells to agricultural field is not ‘Support Service for agriculture

 In re Vallalar Borewells (GST AAR Tamilnadu) -   In re Vallalar Borewells (GST AAR Tamilnadu) Q1. Whether the following supply of services provided by the applicant are in relation to agricultural operations directly in connection with raising of agricultural produce i.Drilling of Borewells for supply of water for agricultural operations like cu...

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Drilling of Borewells for supply of water in agricultural land is not ‘Support Service for agriculture

In re Aravind Drillers (GST AAR Tamil Nadu) -  In re Aravind Drillers (GST AAR Tamil Nadu) 1. Drilling of Borewells for supply of water in agricultural land is not ‘Support Service for agriculture classifiable under ‘SAC 9986’ for the reasons stated in para 8.3 above 2. Letting out of compressors for pumping of water from the b...

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Extension of validity of FCRA registration certificates

F. No. II /21022/23(22)/2020-FCRA-II - (12/01/2021) -  Extension of the validity of the registration certificates issued under the Foreign Contribution (Regulation) Act, 2010 expiring during the period between 29th September, 2020 and 31st May, 2021 upto 31st May, 2021. F. No. II /21022/23(22)/2020-FCRA-II Government of India Ministry of Home Affairs Fo...

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New MCA Scheme for condonation of delay for certain companies

General Circular No. 03/2021 - (15/01/2021) -  Scheme for condonation of delay for companies restored on the Register of Companies between 01 December 2020 and 31 December 2020,  under section 252 of the Companies Act, 2013 ...

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Kerala GST Department issues Informer management Instructions

CIRCULAR No.01 /2021 - (06/01/2021) -  1. All information that is received should be recorded in duplicate in information slips. There is no specific format for information slip; it can be recorded in a plain sheet of paper. 2. The information slip so recorded should contain the Left Thumb Impression (LTI) of the informer. The name, d...

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Requirement of filing of Bill of Coastal Goods (BCG)

Instruction No.01/2021-Customs - (14/01/2021) -  All coastal vessels carrying exclusively coastal goods and operating from either coastal or EXIM berths has been exempted from the provisions of Sections 92, 93, 94, 95, 97 and 98(1) of the Customs Act, 1962 vide Notification No. 56/2016-Cus (N.T.), dated 27.04.2016....

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Tariff Notification No. 04/2021-Customs (N.T.) dated 15.01.2021

Notification No. 04/2021-CUSTOMS (N.T.) [S.O. 204(E).] - (15/01/2021) -  Tariff Notification No. 04/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 04/2021-CUSTOMS (N...

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FAQs

ICAI releases E-book containing Frequently Asked Questions (FAQs) on Limited Liability Partnership Act, 2008  The Limited Liability Partnership (LLP) Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India, unlike the general partnerships in India. The Act was notified on 31st March...
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CPC Handbook For Tax Consultants/Taxpayers – November 2020 Centralized Processing Center, Bangalore has prepared a handbook in order to provide guidance to taxpayers and taxpayers’ representatives regarding e-filing of returns, processing of returns, issue of refunds, validation of bank accounts, filing of rectification applic...
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Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available, has been deployed on GST Common Portal w.e.f. 6th January, 2021, for existing taxpayers. All taxpayers registered as Regular Taxpayers (including Casual Taxable person, SEZ Units/Developers), ISD and Composition taxpayers can do their Aadhaar Authentication...
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A. FAQs on Aadhaar Authentication for Existing Taxpayers (Regular and Composition) Overview Q.1 Is it mandatory for every authorized signatory, promoter or partner to get Aadhaar authenticated for a new GST Registration? Ans: No, it is not mandatory for every authorized signatory, promoter or partner to get Aadhaar authenticated for a new...
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Invoice Furnishing Facility (IFF) is a facility provided to quarterly taxpayers to file their details of outward supplies in first two months of the quarter. Article contains FAQs on How to Furnish Documents in Invoice Furnishing Facility (IFF) under QRMP Scheme & Manual on Furnishing Documents in Invoice Furnishing Facility (IFF) und...
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Income Tax Planning

HUF: A Tax Planning Instrument

HUF can be used as an efficient tax saving tool that can be used to reduce taxes by proper Tax Planning. The notion of HUF Hindu undivided family) is particularly relevant In ...

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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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Income Tax Deductions

Income Tax Deduction Vs. Exemption

Deduction VS Exemption Deduction & Exemption are two Synonyms words in first appearance but has vital difference at length in Income Tax Act. Deduction means subtraction o...

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Allowable Deductions from Income while Filing Return of Income

Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the ...

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AO cannot disallow interest in section 80IA deduction working when same already been disallowed by Assessee

GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur) It was submitted that the assessee on review of the appeal documentation noticed that it has suo-moto disallowed t...

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Calculators

Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax...

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TCS Calculator – Section 206C(1H)- Sale of goods- FY 2020-21

TCS calculator under section 206C(1H) of Income Tax Act, 1961 – TCS on Receipt on sale of Goods for the period 1st October 2020 to 31st March 2021 Please find herewith E...

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Tax Calculator (based on Form 16) – New Tax Regime Versus Old Tax Regime

The Central Board of Direct Taxes (CBDT) vide Circular No. 8/2020 dated April 13,2020 has clarified that an employer will have to deduct TDS for FY 2020-21, from an employee&...

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Rate Charts

TDS / TCS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)

What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a cert...

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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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