Latest Tax News & Updates

Proposed New GST Return Prototype – Introduction and Key Aspects

Goods and Services Tax - GSTN releases proposed New GST Return Prototype: The Goods and Services Tax Network (GSTN) has recently released a web-based prototype of the offline tool of new return system.  The said prototype is set to replace the existing mechanism of filing returns (GSTR 1 and GSTR 3B), and shall go live in the coming months. This […]...

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Form PAS-6 and its Applicability

Company Law - Form PAS-6 (Reconciliation of Share Capital Audit Report on half yearly basis) and It’s Applicability Purpose: Reconciliation of Share Capital Audit Report on half yearly basis. Provisions: Pursuant to Rule 9A of Companies (Prospectus and Allotment of Securities) Rules, 2014 as amended vide Companies (Prospectus and Allotment of Sec...

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Conversion of Partnership Firm into Private Limited Company

Company Law - Relevant Sections / Rules – Part XXI of the Companies Act, 2013 read with Companies (Incorporation) Rules, 2014 Requirements: a) Registered Partnership firm with minimum 2 or more Partners b) Minimum Share Capital shall be Rs. 100,000 (INR One Lac) for conversion into a Private Limited Company c) There must be provision in the Partnersh...

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How Capital Income Tax Is Calculated If We Demolish Property

Income Tax - One of the most lucrative investments in India is to invest in properties. People constantly buy, sell, renovate and even demolish properties as per their convenience. All of these transactions have income tax implications. Whenever there is a transaction of profit that falls in an appropriate income tax slab, the profit amount becomes ta...

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Excel based GSTR-9 offline tool -Filing and Entry Instructions

Goods and Services Tax - Introduction to Excel based GSTR-9 offline tool 1. The Excel based GSTR-9 Offline Tool is designed to help taxpayer to prepare his GSTR-9 return offline 2. Details for following Tables of GSTR-9 return can be added by taxpayer using the offline Tool. It is not Mandatory to fill data in all worksheets. The worksheet for […]...

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Appointment of CMA/CA firms for conducting GST audit of ICMAI

CA, CS, CMA - The Institute of Cost Accountants of India invites quotations from CMA/ CA firms for conducting GST audit for the F.Y. 2017-18, (22 GSTINs) as per the details below:-...

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New GSTR Offline Tool Prototype Released on GST Portal

Goods and Services Tax - Web based Prototype of Offline Tool of New GST Return is an interactive demo or mock-up of the ‘Offline Tools of New Return’ to give stakeholders a feel of what the Tool will look like and to get their feedback on the same, before it goes live. It is an interactive prototype, which allows users […]...

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SEBI Discussion paper on review of buy-back of securities

SEBI - The objective of this discussion paper is to seek comments / views from the public on suggestions relating to review of conditions for buy-back of securities....

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Empanelment with Indian Bank for Concurrent & Stock Audit

CA, CS, CMA - Indian Bank Date: 18.05.2019 Empanelment of Concurrent Audit & Stock Audit √ Indian Bank conducts process for Empanelment of Concurrent Auditors once in a year. Indian Bank invites applications in the prescribed format only from the practicing firms of Chartered Accountants of India, who are willing to have their firm empanelled as ...

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GST Certification Course on Pen Drive by TaxGuru & GST Professionals

Goods and Services Tax - We are happy to announce the ‘GST Certification Course on Pen Drive’ by TaxGuru & GST Professionals. Learn GST in a Practical way and become an Expert in this field. Pen Drive Course involves more than 30 Hrs of detailed study as per your convenient time. Study along with our best-selling GST e-book and ask […]...

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GST: Vehicle cannot be detained if No Tax Evasion and Valid documents

Avtar Trading Co. Vs State of U.P. (Allahabad High Court) -  Avtar Trading Co. Vs State of U.P. (Allahabad High Court) Learned counsel for the petitioners submits that the opposite parties in most arbitrary and illegal manner have detained the vehicle as well as the goods. There is no contravention of the provisions and there is no evasion of tax. The driver ...

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NAA dismisses complain against builder filed mistakenly

M/s. Hermeet Kaur Bakshi Vs M/s Conscient Infrastructure Pvt Ltd. (National Anti-Profiteering Authority) -  M/s. Hermeet Kaur Bakshi Vs M/s Conscient Infrastructure Pvt Ltd. (National Anti-Profiteering Authority) The main allegation of the above Applicant was that GST @12% was charged instead of 8%. However as noticed from the demand letter dated 16.04.2018 which the above Applicant had quoted the total v...

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No profiteering in absence of reduction in Tax Rate or additional ITC benefit

Sh. Rahul Kumar Agrawal Vs M/s Shrivision Homes Pvt. Ltd (NAA) -  In view of the fact that there was no reduction in the rate of tax nor there was increased additional benefit on account of ITC, the provisions of Section 171 of CGST Act, 2017 could not be invoked in this case....

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Sub-contractor liable to pay service tax even though on entire consideration service tax is paid by main contractor

Commissioner of Service Tax Vs M/s Melange Developers Private Limited (CESTAT Delhi ) -  A sub-contractor would be liable to pay Service Tax even if the main contractor has discharged Service Tax liability on the activity undertaken by the sub-contractor in pursuance of the contract...

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Non-availability of mechanism at GSTN portal- Allow Manual credit of ITC: HC

M/S Garden Silk Mills Ltd Vs Union of India (Gujarat High Court) -  In case, it is not possible to re-credit the amount to the Electronic Credit Ledger by the respondent revenue due to non-availability of mechanism at GSTN portal, the petitioner shall be permitted to manually take input tax credit of the amount of the refund rejected in Form GSTR-3B....

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Guidelines for launching of Prosecution in relation to Custom offences

Circular No. 12/2019-Customs - (24/05/2019) -  Customs regarding Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962--foreign currency, foreign nationals. Circular No. 12/2019-Customs Dated- 24/05/2019...

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CBDT extends due date of TDS Payment, Return & Certificate in Odisha

F.No.275/38/2017-IT(B) - (24/05/2019) -  CBDT Extends the due date of depositing tax deducted at source (TDS), due date of filing of Quarterly Statement of TDS and due date for issue of TDS certificates in Form 16 and 16A in respect of deductors of the state of Odisha...

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MCA notifies Form PAS-6 Reconciliation of Share Capital Audit Report

File No. 1/21/2013-CL-V - (22/05/2019) -  Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019  MCA notifies Form PAS – 6- Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules, 2014. (All information shall be f...

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NFRA (Meeting for Transaction of Business) Rules, 2019

G.S.R.__. - (22/05/2019) -  MCA notifies National Financial Reporting Authority (Meeting for Transaction of Business) Rules, 2019 vide notification dated 22 May, 2019. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 22 May, 2019 G.S.R.__.In exercise of the powers conferred by sub-section (10) of secti...

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Assessment of petroleum products under CTH 27101960 & 27101990

Public Notice No. 47/2019-JNCH - (23/05/2019) -  Following practice shall be adopted for the assessment of the petroleum products falling under CTH 27101960 and 27101990 with immediate effect:...

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Multi Choice Questions (MCQ’s) on GST for CA/CMA/CS Q1. M/s Utkal Auto, Bhubaneswar registered under GST in Odisha is authorised dealer of Hero motors. It has a policy to gift a Hero motorcycle to its employee at the end of the financial year in terms of the employment contract. During the month of March 2019, […]...
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Clarification and FAQ’s on Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019  related to the provisions of the Ordinance more particularly relating to determination of requisite amount, un-disputed tax to be paid under the Ordinance, issue based withdrawal of the appeals etc. Office of the Comm...
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At present, the most talked about topic after Indian general elections and avengers-end game, is GST annual return and GST audit, i.e. Form GSTR-9 and Form GSTR 9C and Mr. Jain has approached Mr. GST to get the overview of the same. Following are the excerpts of their conversation: 1. What is GST annual return? […]...
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1. What is the applicability of ACTIVE? Every Company incorporated on or before the 31st December, 2017 shall file the particulars of the Company and its registered office, in ACTIVE on or before 25.04.2019. However, following companies are exempted for filing eForm ACTIVE: (a) Companies which have been struck off (b) Companies under proc...
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A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs) containing 41 questions was issued on 7th May, 2019. Part II of the FAQ is presented below....
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Income Tax Planning

Advance Tax Provisions, Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you c...

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Tax Planning for Salaried Employees for FY 2019-20

As the financial year 2019-20 begins, I hope every salaried employee must be worried on tax savings, where, how much to invest etc., It’s a time to plan your tax savings...

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How to file taxes as a Freelancer in India

One of the best ways to save tax is to know the right thing to do & proceed accordingly. There could be a number of ways to save tax as a freelancer. Here are the most imp...

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Income Tax Deductions

Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...

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Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit ...

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Excel format for comparison of GST input tax credit claimed and due

Every registered dealers has to compare input tax credit claimed in  GSTR 3B with their GSTR 2A report. I am attaching an excel format which will make the comparison mush mor...

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New Form-16 Generator with Auto tax Calculator & Salary Statement

Download Latest Form-16 (New Format) Generator with Auto tax Calculator and Salary Statement  The CBDT has notified a new format for form-16 vide Income Tax notification No. ...

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Loan Amortisation Table, Find Rate of Interest & EMI Calculator in Excel

Loan Amortisation Table, EMI Calculator, Find Rate of Interest etc. in Excel The EMI (Equated Monthly Installment) of any loan is ascertained by the major factors viz. Loan Am...

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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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TDS Rate Chart for AY 2020-21 / FY 2019-20

The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS ...

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Income Tax Rates for AY 2020-21 / FY 2019-20

Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab ra...

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