Latest Tax News & Updates

Companies Fresh Start Scheme, 2020- Analysis

Company Law - Companies Fresh Start Scheme, 2020 The MCA vide its circular dated 30th March 2020 has issued Companies Fresh Start Scheme, 2020 to promote defaulting companies to make a fresh start on a clean slate and waive the additional fee as charged under section 403 of Companies Act, 2013 which is applicable on certain forms to […]...

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Section 194N TDS on Cash Withdrawal of more than 1 Crore

Income Tax - In order to discourage cash transactions and move towards less cash economy, With effect from 01/09/2019 a new Section 194N is inserted to levy for TDS at the rate of 2% on cash payment in excess of Rs. 1 crore in aggregate made during a financial Year. The Scope of TDS on cash withdrawal has […]...

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RBI Governor’s address on Indian response to world economic crisis

Fema / RBI - RBI Governor’s address on Indian response to world economic crisis, delivered on 27th March 2020 on account of COVID virus My sister Smt. Uma Srinivasan, a globe trotting expert on Indian banking asked me to write an article on banking in response to emerging economic crisis. The following article is being written based on RBI […...

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Independent Financial Advisor- Strategy To Survive

Finance - The covid 19 has changed the dynamics of business and among all the sectors the Independent Financial Advisor segment is very much impacted. The industry of Financial Distributors has been battling with falling margins revenue and now the sudden impact of Covid 19 is a major setback. I find that in the coming days the […]...

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CSR under Companies Act 2013- Overview and Recent Updates

Company Law - Corporate Social Responsibility (CSR) under Companies Act 2013- Concept, Applicability, Provisions, Penalty Corporate social responsibility (CSR) is how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics, and done correctly should be about core bus...

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MCA introduces Companies Fresh Start Scheme 2020 & Revises LLP Settlement Scheme 2020

Corporate Law - Ministry of Corporate Affairs introduces the 'Companies Fresh Start Scheme, 2020' and revised the 'LLP Settlement Scheme, 2020' to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19...

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40% Discount on Self-Learning Course on GST & Income Tax by TaxGuru Edu

Goods and Services Tax - 40% Discount on Self-Learning Certification Course on GST and Income Tax by TaxGuru Edu 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 give you a […]...

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Lockdown period to be counted as being on articleship: ICAI

CA, CS, CMA - Those who are already registered and undergoing articled training, are hereby informed that the period of absence arising out of said lockdown due to COVID -19 pandemic shall not be counted for the purposes of deduction of any leaves, meaning thereby that such period shall be counted as being on articleship training for the period aforesa...

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CCI revises Guidance Notes to Form-I under the Green Channel

Corporate Law - Ministry of Corporate Affairs CCI revises Guidance Notes to Form-I under the Green Channel The Competition Commission of India (CCI) has revised guidance notes to Form I with a view to incorporate the changes made in Green Channel. The revised Form I, under the Green Channel, will be used to file the notice under Section […]...

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Restoration of Membership/COP of ICAI

CA, CS, CMA - You are hereby, requested to kindly file online Form 9/Form 101 for restoration of Membership/COP to avoid any chance of discontinuance of Membership/COP on the Self Service Portal (SSP) through the following link (click here) latest by 31st March 2020....

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No service tax on sale of banking software to bank

InfrasoftTech India Ltd Vs Commissioner of Central Excise (CESTAT Mumbai) -  Sale of banking software to a bank was 'commercial exploitation' merely because the bank deployed the software in its normal business activities was not correct in the absence of facts that establish otherwise or of any evidence that such was the transaction between assessee and the customers, there...

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No Section 271AAB penalty In absence of mechanism to report investment in tax return

Gauri Shankar Kandoi Vs DCIT (ITAT Jaipur) -  Where assessee was not required to maintain any books of account and there was no mechanism to report the investment in the tax return, the said investment could not be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB, therefore, investment so found in purc...

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Addition of Fabricated Agricultural Income as Income from Other Sources justified

Shri Parvinder Singh Vs ITO (ITAT Delhi) -  णonduct of the assessee in changing stand at different level and claiming lesser agricultural income before the authorities below would clearly show that authorities below were very reasonable in estimating the agricultural income at Rs.14 lacs, though the assessee claimed lesser amount of the sam...

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Provision for mark to market loss on trading in derivative market allowable

DCIT Vs Edelweiss Commodities Services Ltd. (ITAT Mumbai) -  Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on 'Accounting fo...

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No banking facility in village- Cash Payment to Truck Driver allowable

New Kalpana Ent Udyog Vs ITO (ITAT Agra) -  he auditors in their tax audit report have also not mentioned of any violation of provisions of section 40A(3), as these payments have been made on account of business expediency where insistence of cash by the agents and truck drivers has been established by the appellant....

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MCA modifies LLP Settlement Scheme 2020

General Circular No. 13/2020 - (30/03/2020) -  in order to support and enable Limited Liability Partnerships (LLPs) registered in India to focus on taking necessary measures to address the COVID-I9 threat and to reduce their compliance burden, certain modifications to the LLP Settlement Scheme, 2020 have been decided to be implemented with effec...

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Companies Fresh Start Scheme, 2020

General Circular No. 12/2020 - (30/03/2020) -  Central Government introduce a Scheme namely Companies Fresh Start Scheme, 2020 (CFSS-2020) condoning the delay in filing the specified documents with the Registrar, insofar as it relates to charging of additional fees, and granting of immunity from launching of prosecution or proceedings for imposi...

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No Extension of FY- Notification relates to Indian Stamp Act, 1899

Notification No. S.O. 1226(E). - (30/03/2020) -  Recently a message is circulating on Social Media which claims that Financial Year 2019-20 ending on 31.03.2020 is been extended to end on 30.06.2020. With this message a Government notification issued by Ministry of Finance is also been circulated. Here we would like to clarify that this notificati...

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Revised Targets for Direct Taxes collection for FY 2019-20; Reduced by 1.65 Lakh Crore

F. No. 380/03/2019-IT (B) - (30/03/2020) -  I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of Rs. 13,35,000 Crores for the Financial Year 2019-20. In this regard, it is stated that in the Receipt Budget 2020-21, Rs. 11,70,000 Crores (reduction of Rs. 1,65,000 Cror...

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Advance to EPF members in crisis situation emerging due to COVID-19 pandemic

No. C_I/Misc./2019-20/VoI.II/Part/ - (28/03/2020) -  The Covid-19 has been declared a Pandemic by Government of India for the entire country and therefore the members of the EPF have become eligible for the benefits of non-refundable advance under the sub-para 68(3)(L) which has come into force vide Ministry of Labour, Govt of India Notification GSR 2...

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The Reserve Bank of India surprised many by permitting banks to allow a moratorium of three months on payment of installments falling due between March 1, 2020 and May 31, 2020. Q1. What is a moratorium on loans? Simply put, a moratorium is an extension, not a waiver. The banking regulator has allowed all banks, […]...
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This Article deals with FAQ related to non receipt of Income tax Return due to Change in Address, Bank Details, Home Locked, Wrongs details of bank in ITR etc. In these cases assessee can request for re-issue of Income Tax Refund and procedure for the same is given below....
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In this Article we have discussed Mode of Refund, How to Know Status of Refund, What to in case of expired refund/ Return of Refund, non-receipt of Refund dispatch, Mistake on Refund Cheque, ECS Failure, Refund Paid but Taxpayer account not credited, Ajustment of Refund Against Demand and whom to contact in case help required. ...
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Below mentioned are the general FAQ’s regarding form INC-20A. (Commencement of Business Certificate) 1. Who is required to file form INC – 20A? Ans: As per Companies (Amendment) Ordinance, 2018, all the Companies registered in India and having a share capital is required to obtain commencement of business certificate before commencing...
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Many Individuals from India have settled abroad. Moving to another country does not necessarily mean Good-Bye to the Home Country India. Many NRIs have invested in India in the form of Purchase of Mutual Funds, Life Insurance Policies, Shares, Securities, ancestral land/property, Unit Linked Insurance Plans (ULIPs), FCNR Fixed Deposit, ho...
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Income Tax Planning

Create HUF to save tax & Format of HUF Creation Deed

1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You ca...

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Income Tax Return for A.Y 2020-21- Tax Provisions for Salaried

Income Tax Return A.Y 2020-21- Few Important Points -Electricity bill exceeding 1 lac, details required to be filed in Return. -In ITR-4, details required to be mentioned if o...

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Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Tax...

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Income Tax Deductions

Section 80D Deduction for health insurance premium

It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s)...

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Taxation of NPS & Return From the Scheme

NPS is entitled to get additional tax benefit up to Rs.50,000 in a financial year u/s 80CCD (IB) of Income Tax Act which is over and above the deduction of Rs. 1,50,000 availa...

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New Section 80JJAA Deduction for Salaries paid to New Employees

The Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chp. VIA of Income Tax Act, 1961 which allows for deduction in respec...

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Bank Audit Excel Utility for SBI

This excel tool can convert the text files and perform workings for analysis of NPA, sample selections etc. This utility would work for SBI only....

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Automatic Calculator for Interest on delayed filling of GSTR – 3B for FY 17-18, FY 18-19, FY 19-20

Automatic Calculator in Excel Format for Interest on delayed filling of GSTR 3B for Financial Year 2017-18, Financial Year 2018-19 and Financial Year 2019-20. This article giv...

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Income Tax / TDS on Salary Calculator for Multiple Employees for FY 2019-20

Bulk Data Income Tax Calculator for Multiple Employees for Financial Year 2019-20 / Assessment Year 2020-21 and Bulk TDS Calculation (Salary) in Excel I have already uploaded ...

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Rate Charts

Income Tax Rates for AY 2020-21 (FY 2019-20)

In this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership Firms, AOP/BOI, Co-operative Soci...

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Questions arising out of new income tax rates

Honourable finance minister while presenting the budget has provided an option to Individuals and HUFs to pay tax according to new rates. The optional rates as per Section 115...

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TCS Rate Chart for AY 2020-21 and AY 2021-22

Article contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with Changes Prop...

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