Latest Tax News & Updates

GST Implication On ‘Contractual Liquidated Damages’ Amidst Covid-19: Adding Fuel To Fire

Goods and Services Tax - Covid-19 Pandemic has brought uncertainty and raised doubts on the future course of action to be adopted by entities. Amongst others, one cause of concern is the impact of the wide-scale defaults of the contractual obligations to be fulfilled during this pandemic....

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Calamity Cess On GST – A Boon or A Bane?

Goods and Services Tax - Article 279A(4)(f) of the Constitution grants power to  the GST Council to levy a special tax during any natural calamity or disaster in order to raise additional revenue from GST. Kerala Government had introduced Kerala Flood Cess last year following the Monsoon Floods of 2018 and started levying 1% cess on GST for two years from [&hel...

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Branch Office Set Up Process In Hungary

Corporate Law - SETTING UP A BRANCH OFFICE IN HUNGARY  Hungary is a beautiful Country located in Central Europe. Budapest being it’s capital city, it offers good opportunities to foreign companies to set up their business in Hungary. The major advantage of doing business in Hungary in addition to its prime location, is that its Government has set [&he...

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Summary and Analysis of ECLGS

Finance - About the ECLGS: -Under the Scheme, 100% guarantee coverage to be provided by National Credit Guarantee Trustee Company Limited (NCGTC) for additional funding of up to Rs. 3 lakh crore to eligible MSMEs and other small business enterprises -The Scheme aims at reduce the economic distress faced by MSMEs and other small business enterprises...

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Practical Approach to Presumptive Taxation- E-Book

Income Tax - E-BOOK ON PRACTICAL APPROACH TO PRESUMPTIVE TAXATION This Article/ E-Book  explains Provisions of Section 44AB,  Provisions of Section 44AA , Provisions of Section 44AD of Income Tax Act, 1961,   Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore, Presumptive Taxation Scheme under Section 44ADA, ...

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PM eVidya program- Reform In Education Sector

CA, CS, CMA - The main objective of PM eVidya program is to educate students through digital platforms so that the education of students does not suffer due to nationwide lock down....

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Join Online GST & Income Tax Course at 40% Discount

Goods and Services Tax - Join Online Self-Learning GST and Income Tax Course at up to 40% discount till 17th May 2020 Sharpen your skills while in Quarantine. As our country fights the Covid-19 and we are all in a lockdown for 21 days, TaxGuru Edu aims at making your quarantine – a quality time. Through the self-learning courses, we hope to […]...

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Specimen of Consent letter to be appointed as a Secretarial Auditor

Company Law - Draft Specimen of Consent letter to be appointed as a Secretarial Auditor Date: ………… To, The Board of Directors, Company Name…………. Address…………………… Sub: Consent letter Dear Sir(s), We/I, ……………………., a firm of Company Secretary(ies) in whole time in practice, do hereby give(s) our/my consent to...

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Recent Corporate Law measures to boost Measures for Ease of Doing Business

Finance - Ease of doing business for corporates and allocation of the package of 20 lakh crore for Atamnirbhar Bharat Recent Corporate Law measures to boost Measures for Ease of Doing Business > In the first phase of decriminalization of Company Law defaults in 2018, 16 compoundable offences were shifted to an in-house adjudication & penalty...

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Guidelines For Air Passengers amid COVID-19

CA, CS, CMA - FROM ORIGIN TO AIRPORT DO’S (0) FOLLOW THE NORMS ♠ Social distancing and minimum touch ♠ Agreeing to the self declaration form & ♠ Registering on Aarogya SEW App ♠ Digital payments & use of Authorized taxis ♠ Baggage limitations -only one check-in bag and one cabin bag allowed ♠ Vulnerable persons such as very e...

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SARFAESI Act applicable to even Cooperative Banks: SC

Pandurang Ganpati Chaugule Vs Vishwasrao Patil Murgud Sahakari (Supreme Court of India) -  Pandurang Ganpati Chaugule Vs Vishwasrao Patil Murgud Sahakari (Supreme Court) (1) (a) The co-operative banks registered under the State legislation and multi-State level co-operative societies registered under the MSCS Act, 2002 with respect to ‘banking’ are governed by the legislation ...

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Emaar MGF to refund profiteered amount to 1239 homebuyers: NAA

Sh. Rahul Kumar Vs. M/s Emaar MGF Land Ltd. (National Anti-Profiteering Authority) -  Rahul Kumar Vs. Emaar MGF Land Ltd. (National Anti-Profiteering Authority) The brief facts of the case are that vide his application dated 07.01.2019 filed before the Standing Committee on Anti-profiteering under Rule 128 (1) of the CGST Rules, 2017, the Applicant No. 1 had alleged profiteering by t...

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Students Contribution for Building Development Fund is capital receipt

Vidya Bharati Society for Education & Scientific Advancement Vs ACIT (ITAT Kolkata) -  Vidya Bharati Society for Education & Scientific Advancement Vs ACIT (ITAT Kolkata) Merely because the contributions from students were collected under the nomenclature of development fee cannot ipso facto lead to conclusion that it cannot be considered to be corpus contribution. It is true that...

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Coercive steps shall be kept in abeyance until rectification orders are passed

Manambur Service Co-Operative Bank Limited Vs ITOr (Kerala High Court) -  Manambur Service Co-Operative Bank Limited Vs ITO (Kerala High Court) HC states that the rectification applications will be taken up for consideration by respondent without much delay, and affording reasonable opportunity of being heard to the petitioner through authorised representative/counsel, if...

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No contravention of EXIM Policy in case finished goods after job work cleared to DTA

Commissioner of Central Excise Vs Universal Ferro & Allied Chemicals Ltd. (Supreme Court) -  Commissioner of Central Excise Vs Universal Ferro & Allied Chemicals Ltd. (Supreme Court of India) Conclusion: Since in the transaction between the UFAC and TISCO, there was no transfer of property in goods to the UFAC and, as such, it could not be considered to be a sale under section 4 of the ...

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Vehicle Documents Validity Extended Till 31st July, 2020

S.O.1579(E). - (21/05/2020) -  Notification for extension of validity of fee payment and extension of time period for paying fees as mandated under rule 32 and 81 of Central Motor Vehicle Rules 1989 In pursuant to the guidelines issued by Ministry of Home Affairs vide No.40-3/2020-DM-I(A), Dated 24th March 2020 and subsequent ame...

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Margin obligations by way of Pledge / Re-pledge in Depository System- Extension

Circulars No. SEBI/HO/MIRSD/DOP/CIR/P/2020/88 - (25/05/2020) -  SEBI, vide circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020, specified guidelines with regard to Margin obligations to be given by way of Pledge/ Re-pledge in the Depository System. The provisions of this circular were to come into effect from June 01, 2020....

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Sub-ordination of officers appointed under MGST Act, 2017- Reg.

Notification No. GST-1020/C.R.15A/Taxation 1. EO No. 115 - (21/05/2020) -  Seeks to amend Notification No. GST. 1017/C.R. 94(B)/Taxation-1, Dated 21.6.2017 (regarding sub-ordination of the officers appointed under MGST Act, 2017) FINANCE DEPARTMENT Madam Cama Marg, Hutatma Raiguru Chowk, Mantralaya, Mumbai 400032, dated the 21 st May, 2020. NOTIFICATION MAHARASHTRA GOODS A...

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Govt notifies Revisional Authority under section 108 of MGST Act

Notification No. GST-1020/C.R.15/Taxation 1. EO No. 115 - (21/05/2020) -  Seeks to authorizes the officers under MGST Act 2017, as the Revisional Authority for revision of decision or orders as referred in section 108 of MGST Act FINANCE DEPARTMENT Madam Cama Marg, Hutatma Raiguru Chowk, Mantralaya, Mumbai 400032, dated the 21 st May, 2020. NOTIFICATION MAHARASHTRA GOODS ...

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N95 Mask Prices Capped By Government

File No. 37007/2020/Div.III/NPPA - (21/05/2020) -  ‘National Pharmaceuticals Pricing Authority of India (NPPA) intervenes to bring down N95 prices. After NPPA isued an advisory to N 95 Manufacturers on 21st May 2020, major Manufacturer Venus introduced a hospital pack of 5 N95 masks and 5 surgical masks at Rs 395 Plus taxes. More Manufacturer ...

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FAQs

GST  REAL ESTAE TRANSACTION:- In this Article We will discuss here mainly GST implication on Affordable housing Scheme (AFS) and other than Affordable housing Scheme (AFS) in Real Estate Sector. A number of issues have been raised and taxpayers have different opinion regarding the new GST rate structure notified for real estate sector ef...
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In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]...
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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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Valuation Standards Board, ICAI ICAI-  Release of Answers to the Questions (ATQ’s) raised during the Live Webcast on “Valuation and Valuation Standards Compliance and other aspects under various Laws” on 19th April, 2020 We are happy to inform you that Valuation Standards Board of ICAI (VSB) had organised a live webcast on Valuatio...
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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 obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....
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Income Tax Planning

Tax on Blogging income under Income Tax & GST with FAQs

In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Blogge...

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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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Best Tax Saving Instruments

The financial year is closing and the taxpayers generally started looking for tax saving investments significantly during February-March which can help in saving their income ...

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Income Tax Deductions

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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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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Section wise Income Tax Deductions for AY 2021-22/ FY 2020-21

In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2021-22 / F.Y. 2020-21 and subsequent Years. Deductions i...

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Calculators

Auto Income Tax Calculator with Salary Statement for FY 2020-21

2 in 1 Auto Income Tax Calculator with Salary Statement for Financial Year (FY) 2020-21/ Assessment Year (AY) 2021-22 in Excel Govt. has introduced a new tax regime from F.Y.-...

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Depreciation Calculator | Schedule II | Companies Act 2013

Calculator for Depreciation under Schedule II (upto F.Y. 2020-21) I am sharing with you an exclusive Calculator for working Depreciation on the Property, Plant & Equipment...

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Income tax calculator FY 2020-2021 & FY 2019-2020

Best Income tax calculator FY 2020-2021 (Covering old & new regime) and FY 2019-2020 In India income tax calculated in accordance with the income tax act, 1961. We hav...

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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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Income Tax Rates for Financial Year 2020-21 / AY 2021-22

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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