Latest Tax News & Updates

Is it be Possible to Re-Open Assessment only Because of Change of Opinion?

Income Tax - We know that provisions of sections 147 to 151 of the Income Tax Act, 1961 deal with Reassessment of and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped […]...

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Analysis of Provisional Attachment Under GST

Goods and Services Tax - RELEVANT STATUTORY PROVISIONS Section 83: Provisional attachment to protect revenue in certain cases.— (1) Where during the pendency of any proceedings under section 62 or section 63 or section 64 or section 67 or section 73 or section 74, the Commissioner is of the opinion that for the purpose of protecting the interest of the [&hellip...

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RBI Working group: Private sector banks ownership

Fema / RBI - An Internal Working Group (IWG) was constituted by Reserve Bank on June 12, 2020 to review the guidelines on ownership and corporate structure for Indian private sector banks. The report submitted by the IWG was placed on the RBI website on November 20, 2020 inviting comments of stakeholders and members of the public by January […]...

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The Tax Benefits of Joining a Coworking Space

Finance - With the growth in the field of technology, the corporate world has also evolved and has outgrown the concept of working from conventional offices. People now believe in the aspect of freedom and creativity that has to be coupled with professional work to bring out the best results. This is the primary reason why the […]...

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Obtaining Factory License in Chhattisgarh: Applicability, Benefits, Procedure & Penalty

Corporate Law - As per the Factories Act, 1948, every factory owner must register their premises with the local authorities before commencing their business. Factory License acts as a document of approval given by authorities to carry out manufacturing activities. This is done to ensure the safety of the workers, and to affirm that factory owners are giv...

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Fake ITC worth Rs. 12 crores busted by Thane CGST; One Arrested

Goods and Services Tax - Fake Input Tax Credit racket worth Rs. 12 crores busted by Thane CGST; One Arrested The officers of CGST Thane Commissionerate acting on specific intelligence developed by CIU, Mumbai CGST Zone, booked an anti-evasion case and arrested the Proprietor of M/s. Star Scrap Steel. The firm is involved in trading of Ferrous Waste and Scrap; [&h...

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HC takes serious note of genuine difficulties faced by common man for obtaining GST registration

CA, CS, CMA - Honble Gujarat High Court had taken serious note of the genuine difficulties being faced by common man for obtaining GST registration from SGST....

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Income Tax Department conducts search operations in Madhya Pradesh

Income Tax - The Income Tax Department initiated search and seizure operations on two major business groups of Indore on 25.11.2021. The first group is engaged in the business of mining, media and providing cable TV services and the second group is running a coaching academy. The search action has covered more than 70 premises in Madhya Pradesh and...

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Tax Discussion in the Parliament on 25.11.2021

CA, CS, CMA, Goods and Services Tax - GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION NO. 53 TO BE ANSWERED ON MONDAY, THE 29th NOVEMBER, 2021 AGRAHAYANA 8, 1943 (SAKA)  ‘Tax on Multinational Companies’ 53. SHRI RITESH PANDEY: Will the Minister of Finance be pleased to state: (a) whether the Government has presently any plans, ...

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New Functionalities for Taxpayers on GST Portal (July-September, 2021)

Goods and Services Tax - New Functionalities made available for Taxpayers for July-September, 2021 on GST Portal related to GST Returns, Registration etc. which includes Extension of time limit for filing application for revocation of cancellation of registration, Addition of bank account details made mandatory for taxpayers, Suspension of GSTINs of the suspected...

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Section 138 NI Act Attracted even in cases where Debt is incurred after Cheque is Drawn but before Presentation: SC

Sunil Todi & Ors. Vs State of Gujarat & Anr. (Supreme Court of India) -  Sunil Todi & Ors. Vs State of Gujarat & Anr. (Supreme Court of India) The object of the NI Act is to enhance the acceptability of cheques and inculcate faith in the efficiency of negotiable instruments for transaction of business. The purpose of the provision would become otiose if the provi...

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Services provided to JWDS not qualify for any exemption under GST

In re Bal Raksha Bharat alias Save the Children (GST AAR Jharkhand) -  In re Bal Raksha Bharat alias Save the Children (GST AAR Jharkhand) 1. Whether Services provided by SCI to JWDS can be considered as services being provided to State Government? 2. Whether the scope of work as per the agreement is under Training program? 3. Whether the consideration payable by JWDS ...

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GST on transportation service for temporary period till extension of railway siding to mine location

In re Pachhwara Coal Mining Private Limited (GST AAR Jharkhand) -  In re Pachhwara Coal Mining Private Limited (GST AAR Jharkhand) Question – Whether the provision of such transportation service for the temporary period till extension of the railway siding to the mine location is an independent activity, and exempted from the payment of GST under SI. No. 18 ...

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GST on royalty/dead rent paid/payable to Government for transfer of right to use minerals

In re Dhirajlal Velji Atha (HUF) (GST AAR Jharkhand) -  In re Dhirajlal Velji Atha (HUF) (GST AAR Jharkhand) 1. What is the classification of service provided by the State of Jharkhand to the petitioner for which Royalty is being paid in light of the notifications mentioned below? Ans. – The services for the right to use minerals including its exp...

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GST on manufacture of tooling kit for further manufacture of forgings

In re Ramkrishna Forgings Limited (GST AAR Jharkhand) -  In re Ramkrishna Forgings Limited (GST AAR Jharkhand) Q.1 Whether the manufacture of tooling kit for further manufacture of forgings is to be treated as a separate supply or it may be said that manufacture of tooling kit is only incidental to the ultimate supply of forgings. Hence, the supply is onl...

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Weekly newsletter from Chairman, CBIC dated 30/11/2021

(30/11/2021) - The spirit of 'Team CBIC' must continue and with Shri Vivek Johri as the Chairman of CBIC, the department is in very capable hands. He is a person with vision and clarity of thought. A bold leader who will lead from the front. I foresee the role of CBIC expanding to new areas, under him, in times to...

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CBIC Notifies Rate of Exchange of Foreign Currencies wef 3.12.2021

(02/12/2021) - CBIC notifies Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 3rd December, 2021 vide Notification No. 96/2021- Customs (N.T.) | Dated: 2nd December, 2021. Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs ***** No...

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Investment banking in the IFSC

(02/12/2021) - The investment bankers play an important role in facilitating issuance and listing of securities on the recognised stock exchanges in the IFSC and overall development of the ecosystem for primary market issuances in the IFSC. The IFSCA (Issuance and Listing of Securities) Regulations, 2021 have alre...

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Delhi Special Police Establishment (Amendment) Act, 2021 introduced in Lok Sabha

(03/12/2021) - (1) This Act may be called the Delhi Special Police Establishment (Amendment) Act, 2021. (2) It shall be deemed to have come into force on the 14th day of November, 2021....

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Central Vigilance Commission (Amendment) Act, 2021 introduced in Lok Sabha

(03/12/2021) - (1) This Act may be called the Central Vigilance Commission (Amendment) Act, 2021. (2) It shall be deemed to have come into force on the 14th day of November, 2021....

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A Limited Liability Partnership (LLP) can be said to be a hybrid of the Company and a partnership firm. It provides for the advantages of both. At the time of incorporation, the Limited Liability Partnership is required to submit the details of its registered office. It might be the possibility that the partners intend to […]...
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FAQs on  FOOD License under FSSAI 1. Who Needs FSSAI/FOOD License? Every person who is doing food business needs FSSAI/FOOD license as per the Food Safety Standard Act. 2. What is FSSAI? ♦ FSSAI stands for Food Safety and Standards Authority of India which is an organization that monitors and governs the food business in […]...
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This article answer FAQs on Annual Information Statement (AIS), Taxpayer Information Summary (TIS), Accessing AIS on Portal, Viewing Annual Information Statement (AIS) through Portal, Downloading AIS related files through Portal, Submitting feedback through Portal, Modify Feedback through Portal, Viewing AIS through AIS Utility, Submittin...
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Priority Sector includes the following categories: (i) Agriculture (ii) Micro, Small and Medium Enterprises (iii) Export Credit (iv) Education (v) Housing (vi) Social Infrastructure (vii) Renewable Energy (viii) Others. ...
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This FAQ, consisting of 28 questions, attempts to respond to general queries on Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 in a simple and easily understandable manner for a common user and also for intermediaries. Ministry of Electronics & IT Ministry of Electronics & IT releases FA...
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Income Tax Planning

What is Tax Planning & Why it is Important for Individuals or Businesses

A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any financial year. While paying taxes is certain and ine...

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Bank Fixed Deposits – Taxability, Deduction & Tax Planning

We know that Bank Fixed Deposits /Recurring deposits are the most trusted instruments for savings in our country. The people generally wants to deposit their hard earned money...

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All about Investment in Equity Shares & Tax planning !

During the time slot of COVID-19 Pandemic record breaking Demat accounts and Trading accounts have been opened in Share Market in India. In the past more and more people use t...

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Income Tax Deductions

Section 80EEB of Income Tax Act – Interest on Electric Vehicle

In the union budget 2019, the government has announced an incentive for purchase electric vehicle. In the budget speech, the finance minister has stated that advanced battery ...

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Section 80GG – Income Tax Deduction in respect of rent paid

Income-tax Department has provided taxpayers with several deductions availing which they can reduce the taxable income thereby reducing tax liabilities. But there are several ...

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Deduction under section 80PA of Income Tax Act, 1961

Deduction under section 80PA of Income Tax Act, 1961 Where the gross total income of an assessee, being a Producer Company having a total turnover of less than one hundred cro...

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Income Tax Calculation Excel Software

Income Tax Calculation F.Y. 2021 -22 in Excel आयकर गणना प्रपत्र वित्तीय वर्ष 2021 – 22 Fully Automatic Excel Program ...

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Short-term Financial Forecast Tool

The Short-Term Financial Forecast Tool is a fully-automated Excel-based automated tool for short-term financial forecasting.  It can be readily deployed by any business witho...

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Income Tax Calculator: How Is Income Tax Calculated?

The income tax calculator considers factors like your income, age, housing loan payments, expenses, and investments to indicate the total tax payable on your income under the ...

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Rate Charts

Income Tax Rates for Financial Year 2019-20 and 2020-21

In 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 ...

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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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Rates of Depreciation as Per Income Tax Act, 1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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December 2021