Latest Tax News & Updates

Restrictions on formation of LLP with Manufacturing Activities withdrawn by MCA

Corporate Law - 1. MCA Issued Circular bearing Vide OM No. CRC/LLP/e-Forms Dated 06.03.2019 directing that incorporation of LLPs and conversion into LLPs with the proposed business activity(ies) including manufacturing & allied activities are not to be allowed. It stated that the LLPs as body corporate has been set up for the purposes of carrying ou...

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Personal Loan Offers that Come with Zero Processing Fees

Finance - Personal Loan Personal loans are unsecured loans available to meet your financial needs. Both salaried, as well as self-employed people can borrow this loan to help meet their personal expenses such as debt consolidation, wedding expenses, medical expenses, vacations etc. Practically these loans can be used for almost any type of expenses...

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Financial impact of HC Judgment on interest u/s 50 of GST

Goods and Services Tax - The liability to pay interest under Section 50 (1) is self-imposed and also automatic, without any determination by any one. Hence, the stand taken by the department (i.e. interest is to be paid on Gross Value of tax payable without adjusting available ITC) that the liability is compensatory in nature, appears to be correct...

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TReDS all Compliance required for registration

Corporate Law - TReDS = A Gateway of Finance for MSMEs Seller With the daily changes in the laws taking place around us, a new concept of Trade Receivables Electronic Discounting System i.e. TReDS has been introduced with the MCA notification dated 02.11.2018 which mandates all the companies with turnover of more than Rs 500/- crore to register […...

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A relook at Income Tax changes applicable for A.Y.2018-19 – Part 2

Income Tax - As said earlier, the scrutiny selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019. The Finance Act, 2017 has made a slew of changes in various heads of income.  Business incomes and Other incomes are the most toughest of all other sources that leads to additions, disallowances […...

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e-Way Bill System Enhancements in e-Way Bill System (April-2019)

Goods and Services Tax - Following are the enhancements in e-Way Bill System: 1. Auto calculation of distance based on PIN Codes 2. Knowing the distance between two PIN codes 3. Blocking the generation of multiple e-Way Bills on one Invoice/Document 4. Extension of e-Way Bill in case the Consignment is in Transit/Movement 5. Report on list of e-Way Bills about to...

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New Functionalities & Return filing Utility of Form GSTR-9C /GSTR-9

Goods and Services Tax - A. New Functionalities available in CBIC-GST Application: i. Tax officers can block/unblock ITC credit in Credit ledger at GST ii. Tax officers can see annual return GSTR 9 return filed on GST iii. Tax officers can see annual return GSTR 9A return filed on GST iv. Tax officer can see GSTR 2X return, claiming TDS/TCS […]...

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Join 4 day Course on GST by M.S.M.E. with Certification

Goods and Services Tax - JOIN GST Practitioner Advanced Certified Training course of Ministry of M.S.M.E. at Pune, Ahmadabad,  Kolkata,  Mumbai,  Hyderabad, Coimbatore,  Cochin, Trichy,  Bareilly,  New Delhi, Bangalore, Chennai, Indore, Agra,  Jaipur and Goa in April and May 2019 starting from 27th April 2019. BROCHURE FOR GST PRACTITIONER ADVANCED CERTIFI...

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Empanelment with United Bank of India for Concurrent/Revenue Audit

CA, CS, CMA - United Bank of India invites application from practicing Firms of Chartered Accountants in India who fulfill the eligibility criteria as mentioned here under and are willing to have their firms empanelled as Concurrent Auditor and Revenue Auditor of the Bank for conducting Concurrent Audit and Revenue Audit of branches/offices. ...

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GST Exemption on outward transportation of goods by air & sea till 30.09.2019

Goods and Services Tax - Exemption granted on outward transportation of all goods by air and sea by another one year i.e. upto 30th September 2019 GST Council in its 28th GST Council  meeting held at New Delhi on 21.07.2018 has decided to Extend the exemption granted on outward transportation of all goods by air and sea by another one […]...

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After amendments Onus of proving a benami transaction rests entirely on owner/ benamidar

Shri Akashdeep Vs Manpreet Estates LLP (Appellate Tribunal For PBPT Act) It is correct that after amendment in Prohibition of Benami Property Transactions Act, 1988 (PBPT Act) , the onus of proving a benami transaction rests entirely on the shoulders of the respondents. Before amendment, the burden ...

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CIT (A) justified in directing AO to examine issue of deduction U/s. 54F

Ms. Zeba Shereen Vs ITO (ITAT Bangalore) -  Learned DR submitted that the AO has failed to examine the claim for deduction under section 54F of the Act during the course of assessment proceedings as required by the law. Accordingly, the learned DR submitted that the revision order passed by the learned CIT does not call for any interference. ...

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Reason to believe that Income has escaped Assessment applies even in case of non-filing of return

Mohanlal Champalal Jain Vs ITO (Bombay High Court) -  Mohanlal Champalal Jain Vs ITO (Bombay High Court) Assessing Officer has proceeded on wrong premise that even when called upon to state why the petitioner had not filed return of income, he had not responded to the said query. The petitioner did communicate to the Department that he had no taxable i...

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HC struck down CBDT’s action plan granting incentives to CIT(A)

The Chamber of Tax Consultants Vs. CBDT (Bombay High Court ) -  Bombay High Court in the writ filed by the Chamber of Tax Consultants has held that CBDT's action plan for granting incentives to CIT(A) on account of enchantment of assessment, levy of penalty, strengthening the order of AO, has been struck down retrospectively....

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HC allows Interest on Gross amount without Allowing ITC

M/s. Megha Engineering & Infrastructures Ltd. Vs The Commissioner of Central Tax (Telangana High Court) -  M/s. Megha Engineering & Infrastructures Ltd. Vs The Commissioner of Central Tax (Telangana High Court) In the entire scheme of the GST  Act three things are of importance. They are; (i) the entitlement of a person to take credit of eligible in-put tax, as assessed in his return; (ii) the credi...

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Due date of filing GSTR-3B extended to 23rd April 2019 (Read Notification)

Notification No. 19/2019 – Central Tax - (22/04/2019) -  Last date for furnishing return in the FORM GSTR-3B for the month of March, 2019 is being extended up to 23rd April, 2019 so as trade and industry get more time to file their returns....

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No 5-day a week in commercial banks: RBI clarifies

Press Release: 2018-2019/2488 - (20/04/2019) -  Currently, branches of commercial banks observe holiday only on second and fourth Saturday of a month apart from Sunday. It has been reported in certain sections of media that commercial banks would have a 5-day week on RBI instructions. This information is not factually correct. RBI has not issued ...

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IBBI invites comments on Regulations notified under IBC, 2016

No. IBBI/PR/2019/10 - (20/04/2019) -  Insolvency and Bankruptcy Board of India (IBBI) invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016 (IBC, 2016)....

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Amendment of Rules for Profit attribution to PE: CBDT invites comment

F. No. 500/33/2017-FTD.I - (18/04/2019) -  Public Consultation on the proposal for amendment of Rules for Profit attribution to Permanent (PE) Establishment invited by CBDT. Under Article 7 in the Indian treaties, profits are to be attributed to the PE as if it were a distinct and separate entity on the basis of the accounts of the PE and wh...

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RBI releases draft “Enabling Framework for Regulatory Sandbox”

Press Release : 2018-2019/2485 - (18/04/2019) -  Reserve Bank of India Press Releases Date : Apr 18, 2019 In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council – Sub Committee had decided to set up a Workin...

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FAQs

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...
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Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...
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Q.1 How many names can be applied for in SPICe (INC-32)? Ans: Only one. However, for reservation of a name prior to filing SPICe (INC-32), you may use RUN service and then input the SRN of approved RUN into SPICe. Q.2 Is INC-22 still required to be filed with SPICe? Ans: It is not required […]...
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1. Who all can apply for GSTIN through AGILE form? Any user who intends to incorporate a company through SPICe eform having registered office address can now also apply for GSTIN through this eform. The application (SPICe) for incorporation of a company shall be accompanied by a linked e-form AGILE to obtain GSTIN along with […]...
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For Financial year 2019-20 onwards – Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year....
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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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Calculators

Income Tax calculator for FY 2019-20 for Salaried Employees

Most Indians see tax evasion as a mark of smartness. If the government allows you a tax break, you are free to take it. If there is a legal way you can save some of your hard-...

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TDS on Salary Calculator in Excel Format

Download TDS on Salary Calculator for AY 2019-20 and AY 2020-21. For any queries, feel free to write to akash@agca.in. Hope this is helpful....

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Income Tax Rates & Calculator for 23 years (FY 2006-07 to 2019-20)

We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Inco...

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Rate Charts

Income Tax Rates for Financial Year 2019-20

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 . The Income tax rates discussed in this par...

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Interest rates of NSC, PPF, KVP, SSAS, SCSS for Q1 of FY 2019-20

rates of interest on various small savings schemes for the first quarter of financial year 2019-20 staring Ist April, 2019 and ending on 30th June, 2019 shall remain unchange...

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Small Savings Schemes Interest Rate for 01.01.2019 to 31.03.2019

Rates of interest on various small savings schemes for the fourth quarter of financial year 2018-19 starting 1stJanuary, 2019, and ending on 31st March, 2019, on the basis of ...

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