Latest Tax News & Updates

Capital Gain- Movable and Immovable Property

Income Tax - In the today scenario, you must have noticed, every one is thinking/taking about buying and selling the asset. But the question arises that, ‘Is every transaction of sale or purchase are taxable and exigible for Capital Gain Tax’. Hence, as a common person by listening the word Tax first question comes to in the mind […...

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UDIN for Company Secretaries – An Overview

CA, CS, CMA - Q. Why concept of UDIN is launched by an Institution? In an attempt to pursue heightened sense of self-governance and strengthen the practising side of the profession of Company Secretaries, The Institute of Company Secretaries of India has rolled out a unique initiative in the form of Unique Document Identification Number or UDIN. Aimed ...

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All you need to know about the DIR-3-KYC

Company Law - What is DIR3- KYC ? Every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. Since it’s a recent introduction, there has been a […]...

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All you need to know about Form 15G

Income Tax - Usually, banks deduct TDS (Tax Deducted at Source) when the interest which is earned by a taxpayer exceeds INR 10,000. However, in case the total income of such taxpayer doesn’t exceed the taxable limit, such taxpayer can submit Form 15G to his or her bank requesting not to deduct TDS on his or her interest which he/she has earned in th...

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Search and Survey operations

Income Tax - Search and survey operations are conducted by the Income Tax Department defined as raid, where the department suspects an individual or business for hoarding illegal money. Powers to carry out search under section 132 and survey under section 133A are important tools in the armory of the Income Tax Department for detecting and preventing ...

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Extend last date of filing of ITR & Tax Audit Reports to 15.11.2019

Income Tax - Representation on Extension of last date of filing of Income Tax Returns in Audit cases & Tax Audit Reports from 30.09.2019 to 15.11.2019 by District Taxation Bar Association (Direct Taxes), Ludhiana to Union Finance Minister, Smt. Nirmala Sitharaman. DISTRICT TAXATION BAR ASSOCIATION (REGD.) (DIRECT TAXES) Aayakar Bhawan, Rishi Nagar...

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Climate Summit for Enhanced Action: A Financial Perspective from India

Corporate Law - Abstract Climate change is one of the most compelling global challenges. Hence, there is a call for urgent climate actions. The Intergovernmental Panel on Climate Change (IPCC) Special Report (October 2018) informed that it is still possible to limit climate change to 1.5°C if—and only if—there are rapid, far-reaching and unprecedent...

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4 New Functionality on GSTN Portal for Taxpayers

Goods and Services Tax - New Functionality on GSTN Portal for Taxpayers includes functionality for New GST Return (Trial), Opting for Composition scheme by taxpayers dealing with services (Form GST CMP 02), TDS/TCS Deductor & Temp Registrants- Adding of Bank Account details by TDS/TCS Deductors & Temp Registrants and Addition of Legal Name on Search of a ...

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Correction Window for CA Exams, Nov 2019 Extended to 18-09-2019

CA, CS, CMA - Candidates who had applied for Chartered Accountant Examinations i.e. Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} and Final {Under Old & New Scheme} scheduled from 1st to 18th November, 2019 may kindly note that they can change their Examination City / Group / Medium through...

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Join Advanced Online GST Certification Course by TaxGuru Edu – Batch 12

Goods and Services Tax - TaxGuru Edu, an educational wing of Taxguru bring you the best in class Advanced Online GST Certification Course – Batch 12. Learn GST in a Practical way and become an Expert in this field. Batch covers detailed analysis of Entire GST law with special focus on Effective GST Audits & Reconciliation Statements, filing of Annual [&hell...

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18% GST payable on construction of residential quarters for MPPGCL

In re M/s. Madhya Pradesh Power generating Company Limited (GST AAR Madhya Pradesh) -  In re M/s. Madhya Pradesh Power generating Company Limited (GST AAR Madhya Pradesh) 1. Rate of GST on contract for construction of building and structure for colony at village Siveria at 2×660 MW Shree Singaji Thermal Power Project Stage -II Khandwa. As per Notification No. 11/2017 as amended b...

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IGST payable under RCM on import of Service by Govt for business

In re M/s. Directorate of Skill Development (GST AAR Madhya Pradesh) -  In re M/s. Directorate of Skill Development (GST AAR Madhya Pradesh) If the service is imported for the purpose of business or commerce even by the Govt then exemption would not be available and Govt need to pay GST under Reverse Charge. This can be further substantiated as per Q No 14 of GST Sector...

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Classification of service of granting of license by Govt to extract minerals

In re M/s. NMDC Limited (GST AAR Madhya Pradesh) -  In re M/s. NMDC Limited (GST AAR Madhya Pradesh) In respect of the first question raised by the Applicant regarding the classification of service by way of granting of license to extract minerals, we rule that the said service shall be classified under Tariff Heading 99733. In respect of the second ...

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GST: Ancillary supplies shall take colors from principal supply

In re M/s. Indo Thai Securities Limited (GST AAR Madhya Pradesh) -  In this case stock broking service is the principal supply and all other ancillary supplies shall take colors from the principal supply itself and it shall be classified as principal supplies i.e. Stock Broking Services....

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Nano Rechargeable LED Torch Light classifiable under Chapter Head 8513

In re M/s. Prakash Chand Jain (GST AAR Madhya Pradesh) -  In re M/s. Prakash Chand Jain (GST AAR Madhya Pradesh) The product in question is essentially a Rechargeable LED Torch Light (as also mentioned on the packing of the product provided by the applicant). It comes equipped with an inbuilt rechargeable battery with AC adapter for recharging purpose. The...

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Issue of DIN on Intimation Letter for documents uploaded manually in ITBA

ITBA - Common Functions Module/Instruction No.3 - (17/09/2019) -  Roll out of facility for System generated Document (i.e. Intimation Letter) containing Document Identification Number (DIN) for documents issued outside the system but uploaded manually in Income Tax Business Application (ITBA) ITBA – Common Functions Module/Instruction No.3 DIRECTORATE OF INC...

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Transfer/Posting in respective grade in National e-Assessment Centre

Office Order No. 205 and 206 of 2019 - (17/09/2019) -  Office Order No. 205 of 2019 and 206 of 2019 -Transfer/Posting in respective grade in the view of diversion of post under newly created NeAC – In view of the diversion of posts in the various grades of Indian Revenue Service to the newly created National e-Assessment Centre (NeAC), Delhi and i...

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For FCRA Registration Each member to submit affidavit- Rules Relaxed

G.S.R. 659(E) - (16/09/2019) -  Foreign Contribution (Regulation) (Second Amendment) Rules, 2019 –  Increased the value of articles gifted for personal use from Rs 25000 to Rs 1 lakh in a financial year by amending rule 6A. Under Rule 7 – In case of emergency medical aid during a visit abroad, the acceptance of foreig...

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CBDT notifies Rules & Forms related to Reference to Approving Panel

Notification No. 67/2019-Income Tax - (17/09/2019) -  CBDT inserts Rule 10UD – related to Reference to the Approving Panel, 10UE – Procedure before the Approving Panel, Rule 10UF-. Remuneration for For attending the meeting of an Approving Panel and  Form No 3CEIA under rule 10UD for making reference to the Approving Panel under sub-sectio...

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CBDT omits Proviso to Sub-Rule (5) of Rule 2F of Income-tax Rules

Notification No. 66/2019-Income Tax - (16/09/2019) -  Rule 2F of Income-tax Rules, 1962 provides Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10. In this Rule Proviso to sub-rule (5) is been omitted by CBDT vide Notification No. 66/2019 dated 16th September, 2019 with effect from 16.09....

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Is rental income from sub-letting chargeable to tax under the head Income from house property? Ans: Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property....
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1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G and Form-15H? Difference between TDS and TCS? What is due date for remittance of TDS certificates? (Form-16 and Form-16A)...
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Q.1 What is a return of income?Page ContentsQ.1 What is a return of income?Q.2 What are the forms of return prescribed under the Income-tax Law?Q.3 What are the different modes of filing the return of income?Q.4 Which mode of filing of return is applicable to whom?Q.5 Is it necessary to attach any documents along with […]...
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This FAQ explains about Income Tax, administrative framework of Income-tax, Return Filing Period, who is suppose to pay Tax, how to pay tax, precaution in Tax Payment , when to pay Tax, Advance Tax Calculation, Income Tax Challans, Form 26AS, Exempt Income Taxable, Income, Assessing Officer, Revenue receipt, Capital receipt, Agricultural ...
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What is the presentation requirement as per Ind AS in India for dividend and dividend distribution tax thereon?...
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Income Tax Planning

How your Life Insurance can provide Tax Benefits to you

Often, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family ...

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Make Tax Planning “Not So Taxing” Here’s How

Most individuals begin tax planning when the due date for settling income tax return is fast approaching. However, it is encouraged that you start your tax planning earlier as...

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Certain instances of tax planning in case of sale of house property

The last 4-5 years have not been the best period for the real estate industry in India. Many real estate companies have become bankrupt and many still continue to be under gre...

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Income Tax Deductions

Tax Deducted at Source (TDS): FAQs

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G an...

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Deduction under section 80CCF of Income Tax Act

Deduction under section 80CCF of the Income Tax Act is available on investing amount in to ‘long term infrastructure bonds’. The present article explains the provisions o...

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Deduction under section 80CCD of Income Tax Act

The present article highlights provisions of section 80CCD of the Income Tax Act, which provides a deduction of the amount paid or deposited towards the notified pension sche...

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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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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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Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Rate Charts

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out b...

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Income Tax Rate Chart for Financial Year 2019-2020

Income Tax Rate Chart for Financial Year 2019-2020 i.e. Assessment Year 2020-21 for individuals and companies, covering the proposed Finance Bill 2019 amendments, are tabulate...

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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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