Latest Tax News & Updates

Incisive analysis of new condition for entitlement of ITC

Goods and Services Tax - 1. Introduction 1.1 Dawn of GST started with a proposed system of undertaking transaction-level matching in the form of GSTR 1, 2 & 3 to check the claim of input tax credits (ITC). Further, the provisions in the law were also drafted keeping the proposed system in mind. However, due to the reasons best known […]...

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Appellate Authority can modify assessment order on additional ground not raised earlier

Income Tax - As per law and reason an Appellate Authority can modify the assessment order on an additional ground not raised earlier No rigid principles or any hard and fast rules can be laid down for entertainment of additional ground first time before Appellate Commissioner . While permitting the assessee to raise an additional ground , the [&hellip...

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Date of Sale for of Claiming Exemption under Section 54

Income Tax - DATE WHICH IS RELEVENT FOR THE PURPOSE OF CLAIMING EXEMPTION UNDER SECTION 54 OF INCOME TAX ACT 1961 For claiming Exemption under section 54 of Income Tax Act 1961 following conditions are required to be fulfilled: 1. The assessee has sold a residential house property. 2. He has purchased another house property before one year […]...

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Difference between Shareholder & Director under Companies Act, 2013

Company Law - Shareholders are known as the real owners of the company that own equity shares issued by a particular company, whereas Directors on the other hand are the individuals who are elected to actually act as the representatives of such shareholders by establishing and implementing policies and decisions and act in the best interests of such [&...

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Income Heads – Some Issues – Income from other sources

Income Tax - Even after discussion at length of heads there are some issues which holds worth for discussion, some of them are being discussed here. Income from other sources :- Is Section 56 is place of specific chargeability or in certain circumstances income specified under 56 can be charged under other heads of income. Gifts are made […]...

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Joint letter by 12 Opposition Parties to PM amid Covid 19

Corporate Law - Without going into all the acts of commission and omission by the Central govern­ment that have brought the country to such a tragic pass, we are of the firm opinion that the following measures must be undertaken on a war footing by your govern­ment....

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ESIC extends date for filing of ESI contribution for April, 2021

Corporate Law - ESIC extends date for filing of ESI contribution for the month of April, 2021 The country is dealing with a very challenging situation due to second wave of COVID-19 Pandemic. Many establishments are temporarily closed and workers are unable to work. In line with the relief measures being extended by Government to business entities and [&...

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Join GST, Customs & Income Tax Courses at 40% Discount (Till 15th May)

Goods and Services Tax - Join Self-Learning Certification Course on GST, Income Tax and Customs including Import & Export by TaxGuru Edu at 40% Discount till 15th May 2021...

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Sovereign Gold Bond Scheme 2021-22

Fema / RBI - Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from May 2021 to September 2021 as per the calendar specified below:...

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Cabinet approves MoU between ICAI and QFCA

Corporate Law - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved signing of Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA)....

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No confiscation of goods if import is not contrary to any prohibition imposed under Custom Act

Baby Marine Seafood Retail Pvt. Ltd. Vs C.C, Cochin (CESTAT Bangalore) -  Baby Marine Seafood Retail Pvt. Ltd. Vs C.C, Cochin (CESTAT Bangalore) In this case appellant while placing purchase order clarified to the vendor that the goods in question should be in compliance with the Indian Standards –Food safety Standards (Contaminants, Toxins and Residues) Regulation, 201...

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Taxes paid by Taxpayer includes TDS (Taxes paid on its behalf)

ACIT Vs North American Coal Corporation India Pvt. Ltd. (ITAT Pune) -  ACIT Vs North American Coal Corporation India Pvt. Ltd. (ITAT Pune) A careful perusal of the ITSC direction explicitly indicates that the AO shall compute the tax payable ‘after giving credit for taxes already paid by the applicant’. `Taxes already paid’ do not mean only the taxes dire...

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AMP Expenses not qualifies as ‘international transaction’ under Section 92B

Pepsico India Holdings Pvt. Ltd. Vs ACIT (ITAT Delhi) -  Addition made on account of AMP expenses qualified as an ‘international transaction' under the terms of section 92B(1) read with section 92F(v) was not justified as AMP Expenses did not qualify as an 'international transaction' for the purposes of section 92B firstly, there was no international tr...

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No refund of excise duty paid under protest after expiry of limitation period under Section 11B

M.G.M. International Exports Ltd Vs Assistant Commissioner of Service Tax (Madras High Court) -  Refund of excise duty paid under  protest if any borne by assessee had to be made only within a period of limitation prescribed under Section 11B of the Central Excise Act, 1944 notwithstanding the fact that assessee became aware of the wrong payment of tax only after the Central Board of Excise an...

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HC explains scope of ‘intimation’ under section 143(1)(a) of Income Tax Act, 1961

AA520 Veerappampalayam Primary Agricultural Cooperative Credit Society Limited Vs DCIT (Madras high court) -  AA520 Veerappampalayam Primary Agricultural Cooperative Credit Society Limited Vs DCIT (Madras high court) The scope of an ‘intimation’ u/s 143 (1) (a) of the Act, extends only to the making of adjustments based upon errors apparent from the return of income and patent from the record Th...

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Maharashtra extends Lockdown till 01st June 2021

(12/05/2021) - Maharashtra extends all the restrictions that have been imposed vide `Break the Chain' orders dated 13th April, 21st April and 29th April,2021 along with all additions and clarifications issued thereof as well as imposes following additional restrictions in the State till 7 AM on 1st June, 2021....

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Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs

(12/05/2021) - Direct Investment by Residents in Joint Venture (JV)/Wholly Owned Subsidiary (WOS) Abroad”, as amended from time to time and Regulation 7 of the Notification FEMA 120/2004-RB, pertaining to provisions for an Indian Party (IP) making investment/ financial commitment in a...

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Anti-dumping Investigation on imports of ‘Acrylonitrile Butadiene Rubber (NBR)’

(12/05/2021) - Case No. ADD-(OI)-15/2020 - Anti-dumping Investigation concerning imports of Acrylonitrile Butadiene Rubber (NBR) into India originating in or exported from China PR, European Union (EU), Japan and Russia...

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Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers

(12/05/2021) - Regulation 11(aa) provides that a Portfolio Manager shall obtain prior approval of SEBI in case of change in control in such manner as may be specified by SEBI. Accordingly, it has been decided that all SEBI registered Portfolio Managers shall comply with the following in case they propose a change ...

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SEBI specifies qualified financial market participants under Bilateral Netting of Qualified Financial Contracts Act, 2020

(12/05/2021) - SEBI specifies qualified financial market participants under Bilateral Netting of Qualified Financial Contracts Act, 2020 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 12th May, 2021 No. SEBI/LAD-NRO/GN/2021/24.—In exercise of the powers conferred by clause (b) of Section 4 read ...

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Frequently Asked Question on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 This FAQ has been issued by the Accounting Standards Board of the Institute of Chartered Accountants of India. Question : On January 22, 2...
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Section 269ST relaxations announced in Covid 2.0 times especially for payment of medical bills of INR 2 lacs or more; vide Notification No. 56/2021-Income Tax Dated: 7th May, 2021 for a period of 2 months. Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST (as inserted by the […]...
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Article contains FAQ’s on Relaxations of time of filling of MCA forms for Companies and LLP except Charge Forms and FAQ’s on Relaxations of time of filling of CHARGE form (Creation & Modification of Charge) A. FAQ’s on Relaxations of time of filling of MCA forms for Companies and LLP except Charge Forms which Due […]...
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FREQUENTLY ASKED QUESTIONS Ad hoc Exemption Order No. 4/2021-Customs dated 3 May, 2021 (said Order) exempting IGST on imports of specified COVID-19 relief material subject to conditions – regarding Last Updated: 7th May, 2021 Q.1 Whether exemption from IGST under the said Order is available in case the importer buys the goods from abroa...
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FAQs on Removal of Names of Companies From the Register of Companies 1. When can ROC suomoto remove the name of Company? When: – ♠ A company which has failed to commence its business within one year of its incorporation; ♠ a company which has not obtained status of dormant is not carrying on any […]...
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Income Tax Planning

Choose Your Tax Saving Options Wisely

Common tax-saving mistakes: ♦ Not exhausting all the tax-saving avenues: -There are various investment schemes notified under section 80C along with certain expenses, do cov...

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Income Tax Savings Tips to help in Tax Planning

Tax planning is a part of financial planning Though it is difficult to avoid taxes, you can strategies to reduce the tax outgo efficiently Two Important Steps 1) To choose bet...

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Tax Planning while setting up of a business with reference to Nature of business

Tax Planning while setting up of a business with reference to Nature of business related with A.Y 2021-2022 and A.Y 2022-2023 – An analysis of Six important Deductions a...

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Income Tax Deductions

Section 80C – Investment cum Deduction

Chapter VI-A contains deductions from Gross Total Income. It is to be noted that if there is no Gross total Income than no deduction will be permissible. That means maximum de...

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How to save tax efficiently for salaried Individuals

Who doesn’t want to save tax? So, in this article we are discussing about how a salaried Individual can save tax through tax planning. Salaried Individuals have comparativel...

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Tax Incentive to Business / Service sector/ Industry on salary of new employees

Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufac...

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TDS Calculator Excel Utility for FY 2021-22

This is an Excel based TDS Calculator for the FY 2021-22 and onwards. We can use this Excel Utility for Calculating TDS Amount, for Remitting TDS Amount to Govt and for e-fili...

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Income Tax Calculator – Financial Year 2021-22

On March 31, 2021, the Ministry of Finance released a notification on slashing the interest rates of all the Small Saving Schemes, and the same notification rolled back by the...

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Income Tax Calculator for Financial Year 2020-21 for Individuals

Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01 This excel based simple and user friendly Income Tax...

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Rate Charts

Tax Deducted at Source (TDS) rates for FY 2021-22 (AY 2022-21)

TDS rates for FY 2021-22 (AY 2022-21) considering amendments made by Finance Act, 2021 are as follows: Tax Deducted at Source (TDS) Rates applicable from 1st April, 2021 Tax D...

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Updated Profession Tax Rates in Maharashtra

Maharashtra Government has presented its Additional Budget on 05th June 2014 through its Deputy Chief Minister And Finance Minister Shri Ajit Pawar in his Budget FM has increa...

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Income Tax Rates for A.Y. 2021-22 (Company, Co-Op Society & Local Authority)

Income Tax Rates for A.Y. 2021-22 or Financial Year 2020-21 (For Company, Co-Operative Society and Local Authority) (A) COMPANY- The tax rates as applicable are as under Domes...

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May 2021