Latest Tax News & Updates

What is DIR-3 KYC & Steps for filing form

Company Law - What is DIR-3 KYC? DIR-3 KYC is a new form launched by the MCA. This form will be used to update the KYC of all directors. As per the provisions of Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014, every individual who is allotted DIN as of 31st March of a […]...

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How Does Thin Capitalization Affect Taxation? 

Income Tax - Organization for Economic Cooperation and Development (OECD) and the (G20) countries have launched an initiative known as base erosion and profit shifting (BEPS), which consists mostly of tax avoidance methods. These techniques primarily aim to fill in and make accommodations for tax policy loopholes, which aid in leveraging such gaps in ...

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Provident Funds: Types and its Benefits

Income Tax - Long-term savings is a big commitment, but they need to be done to increase benefits and future emergencies. The Provident Fund (PF) is a pension fund that helps people regularly save a portion of their salary to provide enough money for a good and healthy lifestyle after retirement. This program is provided by the Employment […]...

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GST, Income Tax, DGFT, FEMA, Customs Updates dated 12.06.2021

CA, CS, CMA - The continuing economic impact of the pandemic, governments, globally, are looking to mobilize revenues and debating on the best way for immediate collection. Should it be taxes directly collected from individual taxpayers such as increased personal income, wealth and property tax; or increased taxes on luxury goods consumption; or taxes ...

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Request for personal hearing to be considered before passing Faceless Assessment Order

Income Tax - Usage of word ‘may’ under Section 144B(7)(vii) of the Income Tax Act, 1961 (IT Act) could not absolve the Revenue (the Respondent) from the obligation cast upon it to consider the request made for grant of personal hearing. Therefore, the assessment order passed by the Respondent without giving an opportunity of personal hearing to th...

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Recommendations of 44th GST Council Meeting- Change in GST Rates

Goods and Services Tax - The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September, 2021....

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3 Upcoming functionalities to be deployed on GST Portal for Taxpayers

Goods and Services Tax - As part of our constant endeavour to provide a smooth and hassle free experience to the taxpayers and simplify the process for them, to comply with their GST compliances, following functionalities are recently deployed or are being deployed on the portal shortly: Sl.No. Module Form/ Functionality Functionality released/ to be released for...

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Online live Courses on GST, Income Tax Compliances & Advanced Excel

CA, CS, CMA - TaxGuru Edu, announces Live Online Short Term Certification Courses on GST Compliances, Income Tax Compliances and Advanced Excel – June 2021....

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Request to extend date for Phase-I of Rajasthan Amnesty Scheme 2021

Goods and Services Tax - Tax Bar Association Jodhpur (Rajasthan) has written a letter to DC (Administration), Jodhpur and requested for extension of Date for Phase-I of ‘Rajasthan Amnesty Scheme-2021’ from 30th April 2021 to 31st July 2021. Date: 09/06/2021 To, DC (Administration) Jodhpur Hon’ble Sir, Greetings of the Day! Sub: Request to extend of ...

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KTA Demands Roll Back to Old Income Tax Portal

Income Tax - Karnataka Taxpayers Association has released a Press note and stated that New Income Tax Filing Portal  has  crashed within an Hour of Launching & till date not repaired. It further states that New Portal is neither user friendly and not properly developed. KTA demanded for Roll back of Old Income Tax Portal, so as to […]...

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Electricity charges during CIRP would form part of CIRP Costs

Executive Engineer of Uttar Gujrat VIJ Company Ltd. Vs Devang P Samapat RP of Ms. Kanoovi Foods Pvt. Ltd. (NCLAT Delhi) -  Executive Engineer of Uttar Gujrat VIJ Company Ltd. Vs Devang P Samapat RP of M/s. Kanoovi Foods Pvt. Ltd. (NCLAT Delhi) If the electricity consumption was for manufacturing and output of the Biscuits which is the normal operation of the Corporate Debtor, in that case dues arising from such supply o...

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Credit cannot be denied on the basis of faulty investigation

Bansal Steel Power Limited Vs Commissioner of CE & ST, Rohtak (CESTAT Chandigarh) -  Bansal Steel Power Limited Vs Commissioner of CE & ST, Rohtak (CESTAT Chandigarh)  CESTAT finds that in the statement of M/s. Adarsh Enterprises and M/s Gandhi Springs, it is clearly mentioned that they have not returned the goods but produced the ledger account. The ledger accounts are with th...

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Penalty order gets vitiated if AO not strikes irrelevant limbs in section 274 notice

Vijay Mohan Harde Vs ACIT (ITAT Pune) -  Vijay Mohan Harde Vs ACIT (ITAT Pune) A copy of the notice issued u/s 274 of the Act has been placed in the appeal folder, from which it is discernible that the AO did not strike off either of the two limbs viz., concealed the particulars of income or furnished inaccurate particulars of such income,...

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Co-Op Credit Societies are not Bank & eligible for Section 80P deduction

ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai) -  ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai) Assessee which is a co-operative credit society is not a primary co-operative bank, hence, it would not be hit by the provisions of Sec.80P(4) as had been made available on the statute vide the Fi...

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Delhi HC to examine Applicability of Section 144B to proceedings pending on 01.04.2021

SAMS Facilities Management Private Limited Vs National Faceless Assessment Centre & Anr (Delhi High Court) -  SAMS Facilities Management Private Limited Vs National Faceless Assessment Centre & Anr (Delhi High Court) The petitioner claims that the impugned assessment order was passed without passing a draft assessment order and the variation made in the declared income was carried out without issuance o...

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Section 10(46) exemption to ‘Competition Commission of India’

(09/06/2021) - Vide Notification No. 72/2021-Income Tax | Dated: 9th June, 2021 CBDT notifies Tax Exemption to ‘Competition Commission of India’, a Commission established under Section 7(1) of the Competition Act, 2002 in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF...

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Notification No. 28/2021-Customs (N.T./CAA/DRI), Dated: 07.06.2021

(07/06/2021) - MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) New Delhi, the 7th June, 2021 Notification No. 28/2021-Customs (N.T./CAA/DRI) S.O. 2247(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number...

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SEBI (Delisting of Equity Shares) Regulations, 2021

(10/06/2021) - These regulations shall be called the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. They shall come into force on the date of their publication in the Official Gazette....

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RBI notifies HFCs to whom Risk Based Internal Audit is applicable

(11/06/2021) - On a review, it has been decided that Risk Based Internal Audit (RBIA) shall be applicable to Housing Finance Companies (HFCs) also, as stipulated below: a. All deposit taking HFCs, irrespective of their size b. Non-deposit taking HFCs with asset size of ₹5,000 crore and above ...

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IRDAI penalises Surveyor for Acceptance of works in areas for which Surveyor not holds a license

(11/06/2021) - IRDAI has Imposed Penalty of Rs. 8 Lakh on Interocean Insurance Suveyors And Loss Assessors Pvt. Ltd. For Acceptance of survey works in areas for which the Surveyor does not hold a license.  It also cautioned it for Delay in submission of survey reports and issued advisory for Failure to intimate t...

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FAQs

ABOUT Import Export Code (IEC Number) Meaning of Import Export Code IEC is a 10 digit code number, which is issued by the Director General of Foreign Trade (DGFT).It is required by any person who is into import/export business in the country. Importers \merchant cannot import goods without the Import Export Code and similarly the [&hellip...
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Q.1 What are the Insurance Companies that offer Health Insurance in India? Ans: Health Insurance policies are offered by all Life, General and Health Insurance companies that are registered with IRDAI. The names of the Insurance companies that are registered with IRDAI are available in IRDAI website www.irdai.govl.in. Standalone Health In...
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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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Article covers Income Tax Act provisions related to Carry Forward and Set Off of Losses with Frequently asked Question and Answers.Loss from exempted source of income cannot be adjusted against taxable income...
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Guidelines and FAQs About E-Filing applications/Appeal before a Bench of Income Tax Appellate Tribunal (ITAT) About E-Filing 1. E-Filing is the process of electronic online filing of appeals and applications before a Bench of Income Tax Appellate Tribunal. An Assessee or Assessing Officer or any other person, who is entitled to file an ap...
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Income Tax Planning

Tax Planning for Individuals under Income Tax

Tax Planning may be described as legal way of reducing of tax liability in a year by investing in different schemes as prescribed by income tax Act. It may also include enteri...

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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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How to Save Tax after Sale or Transfer of Residential House Property?

This question come in the minds of many how to save tax when we sale or transfer residential house property and then invest those amount to buy any other asset. Income tax pro...

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Income Tax Deductions

Co-Op Credit Societies are not Bank & eligible for Section 80P deduction

ITO Vs KEM Hospital & Sheth GSM College Employees Co-operative Credit Society Limited (ITAT Mumbai) Assessee which is a co-operative credit society is not a primary co-ope...

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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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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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Calculators

Free Depreciation Calculator – Schedule II of Companies Act 2013

An Auditor’s Tool on Depreciation Calculation-   Version 3.0 – Compliant to Schedule II of Companies Act 2013  :  Financial Year 2015-16 to FY 2021-22 enabled  –...

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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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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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Rates of Depreciation as Per Income Tax Act, 1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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