TaxGuru Newsletter Subscription
Information You Can Rely On.
Income Tax - Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date....
Read MoreIncome Tax - All about TCS on sale of Goods [newly inserted Section 206C(1H)] effective from 01.10.2020 Introduction to TCS (Tax collection at source) Tax Collected at Source (TCS) is the tax payable by a seller which he bills on to the from the buyer at the time of sale and is payable into the Government Treasury on receipt of money from the...
Read MoreCorporate Law - Applicability of Section 50 of the NDPS Act in cases of Personal Search Only The Supreme Court of India has recently ruled a judgement under section 50 of the Narcotic Drugs and Psychotropic Substances Act 1985 holding the opinion that the section 50 of the abovementioned act shall be applicable only in cases of personal search and t...
Read MoreCorporate Law - Guidance on Payment of Bonus Act, 1965 R/w Payment of Bonus Rules, 1975 An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity and for matters connected therewith. 1. Application of the Act: It shall apply to; […]...
Read MoreIncome Tax - TCS on sale of goods will be applicable with effect from 1st October 2020. TCS applicability, rates and compliance are analysed below for your reference: Applicability Seller of goods are required to collect of TCS on the sale of goods exceeding Rs. 50 Lakhs with in India. Turnover of the seller during preceding financial year shall [&he...
Read MoreIncome Tax - The Central Board of Direct Taxes (CBDT) had earlier provided for the last day to file belated or revised returns for the assessment year 2019-20, and for the previous year (2018-19) which September 30, 2020. It has also been decided that the deadline to file taxes ends on September 30, 2020. On the other hand, for FY 2020, it is [&h...
Read MoreCA, CS, CMA - Digital Accounting Assurance Board of The Institute of Chartered Accountants of India (ICAI) invites comments on the following exposure drafts of Forensic Accounting and Investigation Standards (FAIS):...
Read MoreGoods and Services Tax - (a) the details of reasons for revenue shortfall in the Goods and Services Tax (GST); (b) the details of options available to the States like Tamil Nadu to meet the revenue shortfall in GST collections and the objections from the States for the options;...
Read MoreCorporate Law - Ministry of Labour of Employment issues Advisory Guidelines to States Governments for the welfare of Migrant Workers returning to destination states Post COVID 19 Start Date to End Date: Tuesday, September 8, 2020 – 12:00 to Friday, October 9, 2020 – 18:00 Advisory Guidelines to States Governments for the welfare of Migrant Wo...
Read MoreSEBI - SEBI had placed the formats for Business Responsibility and Sustainability Reporting, for public consultation on its website on August 18, 2020, seeking comments by September 18, 2020. In view of the impact of the CoVID-19 pandemic, it has been decided to extend the timelines for seeking public comments to October 18, 2020. The comments m...
Read MoreCIT Vs. Vinay Mishra (Karnataka High Court) - The issue under consideration is whether the assessee is entitled to claim exemption u/s 54F of the Income Tax Act in respect of investment made in the house property in USA? ...
Read MoreNand Lal Popli Vs DCIT (ITAT Chandigarh) - Nand Lal Popli Vs DCIT (ITAT Chandigarh) Assessing Officer, for making the impugned addition has started with the presumption that an amount to the extent of 92% of the gross receipts is the expenditure incurred by the assessee, which is a totally wrong premise. If the income component is estimated,...
Read MoreSri. Girish V.Yalakkishettar Vs ITO (ITAT Bangalore) - Sri. Girish V.Yalakkishettar Vs ITO (ITAT Bangalore) Section 44AD of the Act gives an option to the assessee to offer income on presumptive basis. These are special provisions. The assessee has opted for the same and offered to tax income at the rate of 8% of his turnover. The issue is whether, th...
Read MoreShri Thomas Eapen Vs ITO (ITAT Cochin) - Shri Thomas Eapen Vs ITO (ITAT Cochin) The assessee offered income u/s. 44AD, the assessee being a small trader in medicine. There is no dispute that the assessee falls under the provision of sec. 44AD since the turnover of the assessee is less than Rs. 1 crore from eligible business. The Assessing ...
Read MoreDCIT (LTU) Vs EXL Service.com (India) Pvt. Ltd. (ITAT Delhi) - The issue under consideration is whether the addition made on imputing interest on outstanding receivable from associated enterprises as its separate international transaction and its determination of ALP is justified in law?...
Read MorePublic Notice No. 120/2020-JNCH - (17/09/2020) - Attention of Importers, Exporters, Customs Brokers, Shipping Lines/ Agents, Logistics Service Providers, CFSs Custodians, Trade, Customs Staff and all other stakeholders is invited to ICES Advisory No. 34/2020 dated 17.09.2020 issued by Directorate General of Systems and Data Management, CBIC....
Read MoreNo. GST.1020/C.R.84/Taxation-1 - (14/09/2020) - Shri. T. R. Ramnani has been appointed as member of Advance Ruling Authority in place of Shri. A. A. Chahure. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 14th September 2020. NOTIFICATION MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017. No. GST.1020/...
Read MorePublic Notice No. 117/2020-JNCH - (12/09/2020) - Faceless Assessment, duly supported by Paperless and Contactless Customs clearance processes, is a critical reform. The pilot programme of Faceless Assessment was launched in Chennai on 14.08.2019 for electrical machineries falling under Chapter 85 of the Customs Tariff Act, 1975....
Read MoreStanding Order No. 31/2020-JNCH - (14/09/2020) - Identification of Customs site performing Faceless Assessment within each Zone of a National Assessment Centre (NAC) :- Board has decided to constitute total eleven (11) National Assessment Centres (NACs) for performing Faceless Assessment....
Read MoreD.O. No. 40-3/2020-DM-I(A) - (18/09/2020) - As you are aware, availability of adequate and uninterrupted supply of Medical Oxygen is an important pre-requisite for managing moderate 86 severe cases of COVID-19. With increasing number of active cases of COVID-19, the consumption of oxygen is also expected to increase....
Read MoreGuide on How to Save Income Tax is RELEVANT FROM FINANCIAL YEAR 2019-20 & ONWARDS, Incorporates changes made in Income Tax laws in Union Budget presented on July 5, 2019 &...
Read MoreConsidering the recent amendments in Income Tax Act, distribution to shareholder / promoter has become challenging, specifically post introduction of section 2(22)(e). The mos...
Read MoreMany 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 ...
Read MoreThe issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producer...
Read MoreThe boon for the first time home buyers, the section 80EE has been reintroduced from FY 2016-17. According to which, the interest paid on loan for buying house property shall ...
Read MoreImportant General conditions for claiming deductions under chapter VIA of The Income Tax Act, 1961 Chapter VIA of the Income Tax Act, 1961 contain the sections under which ass...
Read MorePerpetual Depreciation Calculator with Fixed Asset Register. – Automated Fixed Schedule Preparation – Depreciation for entire useful life of assets –...
Read MoreGST 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 ...
Read MoreAuditors 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 ...
Read MoreDue 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...
Read MoreSimple 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....
Read MoreIn 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 ...
Read More