Latest Tax News & Updates

Applicability of TDS under GST (Sec-51) WEF 18.09.2017

Goods and Services Tax - Like the Income Tax Act, 1961 the provisions for deduction of Tax at source by certain entities/person has also been enacted in GST Acts 2017. Initially, these provisions are for Government Department/establishment/ Agencies or local authorities etc. Section 51 of CGST Act deals with provisions of Tax deduction at source, payment of tax, ...

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Reporting of estimated income tax return – An Analysis [Proposed Rule 39A]

Income Tax - This additional reporting requirement not only places the additional compliance burden on the taxpayers but also calls for the broader tax management on part of taxpayers to avoid tax litigations originating from wide variances between “estimated income” reported in the intimation and “actual income” reported in the Income Tax Ret...

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Analysis of Companies (cost records and audit) Amendment Rules, 2017

Company Law - The Ministry of Corporate Affairs, Government of India vide its communication dated August 11,2017 had requested suggestions/comments on the proposed changes in respect of above rules, last issued titled Companies (cost records and audit) Amendment Rules, 2014 Though the last date of submission of suggestions has already lapsed, the write...

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GST: Transaction Value Vis-À-Vis Time of Supply of Special Charges

Goods and Services Tax - As per section 15 of The Central Goods and Service Tax Act, 2017, the value of supply of goods or service shall include interest or late fee or penalty for delayed payment of any consideration for any supply. ...

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Composition Scheme Under GST ACT (Section 10)

Goods and Services Tax - GST has become a great issue for small business men who used to get their simple VAT return filed in a quarter, but under this GST regime it is required to submit three returns per month. It’s something very unfair especially for the small retailers, which increases the accounting charges as well as professional fees […]...

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GST rate for branded cereal, pulses and flour and Actionable Claims

Goods and Services Tax - The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:...

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ICAI: Shifting from one Elective Paper to another under Revised Scheme of Education and Training

CA, CS, CMA - Students of Final (New) Course may please note that under the Revised Scheme of Education and Training, the students will be required to opt one of the following Electives papers and the examination of these Electives will be Open Book and Case Study based....

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CA’s created negative atmosphere to increase their remuneration- GST Commissioner

Goods and Services Tax - GST site is working properly and CA’s and Practitioners have created negative atmosphere to increase their remuneration and fees for filing GST which is quite unacceptable. We as a GST Practitioners feel that this irresponsible statement of Shri Rajivji Jalota is to hide the shortcomings of GSTN network to provide suitable facility to f...

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Certification Course for GST Practitioners by MSME

Goods and Services Tax - The Course aims to facilitate the Graduating students, members in industry as well in practice by: Providing specialized and updated knowledge in the area of GST in a systematic manner. Enhancing analytical and problem solving skills for decision making. Employable skill for Industry and self employment...

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Guidelines for accreditation of media personnel reporting: Delhi HC invite suggestions

Corporate Law - The Delhi High Court has constituted a committee under the Chairpersonship of Justice (Retd.) Ruma Pal on the subject 'Media reporting in courts —balancing free press, fair trial and integrity of judicial proceedings.'...

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Ad hoc disallowance without rejection of books of account is not sustainable

Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata) -  This is an appeal filed by the assessee against the order of Ld. CIT(A)-6, Kolkata dated 13.01.2017 for AY 2011-12. The first issue raised by the assessee is against the action of the Ld. CIT(A) in confirming the addition of Rs.10,747/- which was made by the AO as donation and subscription account....

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Relief to taxpayers by Rajathan High Court from late fees and penalty on account of technical glitches on GSTN portal

Rajasthan Tax Consultants Association Vs. Union Of India And Ors (Rajasthan High Court) -  माननीय राजस्थान उच्च न्यायालय की डिवीज़न बेंच के न्यायाधीशगण जस्टिस श्री के. एस झवेरी व जस्टिस श्री विजय कुमार व्य...

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GSTN system is not working upto level & needs correction: Rajasthan HC

Rajasthan Tax Consultants Association Vs. Union Of India And Ors (Rajasthan High Court) -  Looking to the averments which are made in the petition and the reply which has been filed, it appears that the system is not working upto the level and the same is required to be corrected & updated to meet requirements....

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Release Seized Goods on payment of 50% of demand as per GST: Kerala HC

Tne Commercial Tax Officer Vs Intelligence Inspector (kerala High Court at Eranakulam) -  The respondent herein, a dealer registered under the KVAT Act and migrated to CGST Act, had purchased a consignment of plywoods from a manufacturer at Perumbavoor, and was transporting the same. The goods were detained by the appellants and Ext.P5 notice under Section 129(3) of the Central/State Goo...

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No Absolute Exemption to CBI From RTI Act: Delhi HC

CPIO CBI Vs. CJ Karira (Delhi High Court) -  The Delhi High Court has directed the CBI to consider the application of an RTI activist seeking information about corruption within the central investigating body and action taken into allegations made by Delhi Chief Minister Arvind Kejriwal of shady probe into the coalgate scam pursuant to a news ...

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Guidelines for division of GST taxpayers between Central & state govt

Circular No. 01/2017 - (20/09/2017) -  following criteria should be followed for the division of taxpayer base between the Centre and the States to ensure single interface: i. Of the total number of taxpayers below Rs. 1.5 crore turnover, all administrative control over 90% of the taxpayers shall vest with the State tax administration an...

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Shop and establishment license not required for less then 10 employees

Maharashtra Act No. LXI OF 2017 - (07/09/2017) -  In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017 (Mah. Act No. LXI of 2017), is hereby published under the authority of the Governor....

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Constitution of National Anti-profiteering Authority under GST

F.NO. D-22011/AP/1/2017/892-939 - (19/09/2017) -  You may be aware that Section 171 of the Central Goods and Services Act, 2017 (Act) provides that the reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on by the supplier to the recipient (of such goods or services) by way of commensurate ...

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GST: Clarification on one third deemed deduction on transfer of Land

C. No. IV/16/122017-CCO(TVM) - (19/09/2017) -  The value of supply of services falling under the said Sl. No. are eligible for one third deemed deduction, on account of Transfer of Land or Undivided Share of land, if the transaction value includes the value of the land transferred as per and as delineated in para 2 of the said Notification. Thi...

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E-mail addresses of CGST Divisions of Rajasthan

C.No.V (Law)HQ/HC/EX/20/2017/466 - (20/09/2017) -  In the light of the direction given by Hon'ble Rajasthan High Court in C.W. No. 15239/2017 titled as Rajasthan Tax Consultants Association Vs UOI & Ors. We are enclosing list of E-mail addresses of CGST Divisions of Rajasthan....

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FAQs

Once the applicant is registered under GST, the need for amendments in registration may arise due to several factors such as a change in address, change in contact number, change in business details and so on. In order to amend any information post registration, the taxpayer needs to file an Application for Amendment of Registration....
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Rules on E-way bill has been notified, and there has been loads of queries from the businessmen, professionals and hence top 18 FAQ have been elected and they have been asnwered in this, which might help our business world have clarity on the same....
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Indirect Taxes Committee of ICAI has come out with revised publication titled FAQ’s and MCQ’s on GST. This novel initiative of the Committee provides a comprehensive coverage of GST in easy to understand question answer format and written in lucid language which would facilitate the reader to easily comprehend the emerging law....
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Are liquor shops and permit rooms required to file GST returns? Ans: Yes, if registration has been taken, then returns are to be furnished mandatorily even when there is no turnover. Alcoholic liquor for human consumption is dealt by state excise & VAT/CST laws and concerned returns are anyway required under these laws....
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The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord....
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Income Tax Planning

What every investor needs to know about Capital Gains Account Scheme?

Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within...

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Succession planning – Life moves with Trust

Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innate...

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A new way to do tax planning and why hardly anyone “gets it”

It really hurts to see a large pie of the salary cut towards tax. So the obvious question in everyones mind is How do I reduce my tax?. Every year we are forced to invest in s...

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Income Tax Deductions

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simp...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in forc...

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Calculators

Updated GST 3B Payment and Offset Liability with carry forward ITC- Calculator

This excel sheet has been updated with functionality for carry forward of ITC . Many People are getting confused over treatment of RCM in the Excel Sheet. RCM in Simple terms ...

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Income Tax Rates & Calculator for 21 years (F.Y. 2006-07 to 2017-18)

The below Income Tax calculator contains the rate of tax for last 21 financial year (i.e Financial year 1997-98 to 2017-18) and income tax calculator for last 11 years (i.e Fi...

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Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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Rate Charts

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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Income Tax Slabs for AY 2018-19 / FY 2017-18

Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year...

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Rate of GST on Services updated till 03.07.2017

The e-book contains Rate of Tax on Services as applicable after considering all Notifications, Circulars etc issued by CBEC from time to time till 3rd July 2017 and includes S...

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