Latest Tax News & Updates

TDS on EPF Balance Withdrawal

Income Tax - Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 No TDS in respect of the following cases:- Transfer of PF from one account to another PF account. Termination of service due to III health of member /discontinuation of Business by employer/completion of project/other cause beyond the control of member. If ...

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Video: GST Reverse Charge (RCM) Summary Chart

Goods and Services Tax - There are a lot of confusion like when to issue Payment Voucher, Self Invoice, What to fill in GSTR-1, GSTR-2 & also many compliance in relation to REVERSE CHARGE (RCM) in GST, so through this Video we are covering all such points through a SUMMARIZED CHART, Hopefully this Video (YouTube link is mentioned below) will […]...

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Confusion in Extension of TARNS 1 Dated 28th Sep 2017

Goods and Services Tax - It is to be noted date for REVISION OF TRANS 1 which has been filed timely has been extended not the time of ORIGINAL DATE FOR FILING TRANS 1 extended....

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20 things you must know about E – Way Bills in GST

Goods and Services Tax - 1) Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before commencement of such movement....

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How to calculate your Debt-to-Income Ratio and monitor your financial standing?

Finance - It is common wisdom to keep your debt at manageable level for sound financial health. But what is the threshold beyond which debt can go berserk? That can be judged against your income level. If your debt is too high compared to your income, sooner or later you will sink into the debt trap – […]...

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GST- CA’s created negative atmosphere to increase their remuneration- Statement of GST Commissioner under Criticism

Goods and Services Tax - GST site is working properly and CA’s and Practitioners have created negative atmosphere to increase their remuneration and fees for filing GST which is quite unacceptable. We as a GST Practitioners feel that this irresponsible statement of Shri Rajivji Jalota is to hide the shortcomings of GSTN network to provide suitable facility to f...

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Certification Course for GST Practitioners by MSME

Goods and Services Tax - The Course aims to facilitate the Graduating students, members in industry as well in practice by: Providing specialized and updated knowledge in the area of GST in a systematic manner. Enhancing analytical and problem solving skills for decision making. Employable skill for Industry and self employment...

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Guidelines for accreditation of media personnel reporting: Delhi HC invite suggestions

Corporate Law - The Delhi High Court has constituted a committee under the Chairpersonship of Justice (Retd.) Ruma Pal on the subject 'Media reporting in courts —balancing free press, fair trial and integrity of judicial proceedings.'...

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Soon you have to submit estimated Current Income and Advance Tax Liability details

Income Tax - A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more....

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Central Goods and Services Tax Rules, 2017 amended upto 18/09/2017

Goods and Services Tax - Download Central Goods and Services Tax (CGST) Rules, 2017 (As on 30.08.2017) Notified vide Notification No. 3/2017-Central Tax (Dated 19th June 2017) and further as amended by Notification No. 7/2017-Central Tax (Dated 27th June 2017), Notification No. 10/2017-Central Tax (Dated 28th June 2017), Notification No. 15/2017-Central Tax (Date...

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Release Seized Goods on payment of 50% of demand as per GST: Kerala HC

Tne Commercial Tax Officer Vs Intelligence Inspector (kerala High Court at Eranakulam) -  The respondent herein, a dealer registered under the KVAT Act and migrated to CGST Act, had purchased a consignment of plywoods from a manufacturer at Perumbavoor, and was transporting the same. The goods were detained by the appellants and Ext.P5 notice under Section 129(3) of the Central/State Goo...

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No Absolute Exemption to CBI From RTI Act: Delhi HC

CPIO CBI Vs. CJ Karira (Delhi High Court) -  The Delhi High Court has directed the CBI to consider the application of an RTI activist seeking information about corruption within the central investigating body and action taken into allegations made by Delhi Chief Minister Arvind Kejriwal of shady probe into the coalgate scam pursuant to a news ...

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Before Passing an Order U/s. 263 Principal CIT or CIT has to do their Own Enquiry

PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court) -  Before Passing An Order Under Section 263 Principal Commissioner Or Commissioner Of Income Tax Has To Make His/Her Own Enquiry...

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CCI finds coal and sand transportation companies contravening Competition Law

Western Coalfields Limited Vs. SSV Coal Carriers Private Limited & others (Competition Commission of India) -  Competition Commission of India finds conduct and practice of coal and sand transportation companies to be in contravention of the Competition Law; The parties have been directed to cease and desist from indulging in anti-competitive conduct; A total penalty of Rs. 11,81,71,260 imposed on the ten pa...

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Procedural rules cannot be ignored even if litigant is Government/ Revenue and Revenue should not follow tendency of blaming Advocate or procedural rules for dismissal of appeal

CIT Vs. M/s. Parle Bisleri Ltd. (Bombay High Court) -  Bombay High Court held in the case of CIT Vs. M/s. Parle Bisleri Ltd. that Procedural rules cannot be ignored even litigant is Government/ Revenue and Revenue should not follow tendency of blaming Advocate or procedural rules for dismissal of appeal...

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GST: Clarification on one third deemed deduction on transfer of Land

C. No. IV/16/122017-CCO(TVM) - (19/09/2017) -  The value of supply of services falling under the said Sl. No. are eligible for one third deemed deduction, on account of Transfer of Land or Undivided Share of land, if the transaction value includes the value of the land transferred as per and as delineated in para 2 of the said Notification. Thi...

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Anti dumping duty on New/unused pneumatic radial tyres- Reg.

Notification No. 45/2017- Customs (ADD) - (18/09/2017) -  Notification No. 45/2017- Customs (ADD)- Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR ...

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EPFO discontinues submission of Form- 9 in physical form by employer

No: WSU/10(1)2011/Changes in MAP/1312 - (18/09/2017) -  In exercise of powers conferred on Central Provident Fund Commissioner under paragraph 36(7) of Employees Provident Funds Scheme, 1952, discontinuance of submission of Form No. 9 in physical form is hereby ordered in respect of all the members joining as well as the establishments being covered on o...

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EPFO revises composite Pension Payment Order form

No: Pension-I/17(1)/2000/PPO - (15/09/2017) -  The Central Provident Fund Commissioner has approved a composite Pension Payment Order form (copy enclosed) replacing the existing Pension Payment Order. The Information Services Division has made requisite changes in the application Software to replace the existing Pension Payment Order with the re...

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ITBA: Parameters for selection of cases for Scrutiny made visible to AO

F.No. DGIT(S)/ADG(S)-21CASS 2017-18/143/2016 - (18/09/2017) -  This is in reference to the subject mentioned above 2nd cycle of program for Computer Assisted Scrutiny Selection (CASS) for the current year has been finalized. The Board has approved the parameters for selection of cases and cases are visible to the Assessing Officers from today i.e. 18.09.2017....

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Once the applicant is registered under GST, the need for amendments in registration may arise due to several factors such as a change in address, change in contact number, change in business details and so on. In order to amend any information post registration, the taxpayer needs to file an Application for Amendment of Registration....
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Rules on E-way bill has been notified, and there has been loads of queries from the businessmen, professionals and hence top 18 FAQ have been elected and they have been asnwered in this, which might help our business world have clarity on the same....
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Indirect Taxes Committee of ICAI has come out with revised publication titled FAQ’s and MCQ’s on GST. This novel initiative of the Committee provides a comprehensive coverage of GST in easy to understand question answer format and written in lucid language which would facilitate the reader to easily comprehend the emerging law....
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Are liquor shops and permit rooms required to file GST returns? Ans: Yes, if registration has been taken, then returns are to be furnished mandatorily even when there is no turnover. Alcoholic liquor for human consumption is dealt by state excise & VAT/CST laws and concerned returns are anyway required under these laws....
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The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord....
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Income Tax Planning

What every investor needs to know about Capital Gains Account Scheme?

Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within...

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Succession planning – Life moves with Trust

Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innate...

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A new way to do tax planning and why hardly anyone “gets it”

It really hurts to see a large pie of the salary cut towards tax. So the obvious question in everyones mind is How do I reduce my tax?. Every year we are forced to invest in s...

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Income Tax Deductions

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simp...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in forc...

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Updated GST 3B Payment and Offset Liability with carry forward ITC- Calculator

This excel sheet has been updated with functionality for carry forward of ITC . Many People are getting confused over treatment of RCM in the Excel Sheet. RCM in Simple terms ...

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Income Tax Rates & Calculator for 21 years (F.Y. 2006-07 to 2017-18)

The below Income Tax calculator contains the rate of tax for last 21 financial year (i.e Financial year 1997-98 to 2017-18) and income tax calculator for last 11 years (i.e Fi...

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Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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Rate Charts

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 Slabs for AY 2018-19 / FY 2017-18

Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year...

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Rate of GST on Services updated till 03.07.2017

The e-book contains Rate of Tax on Services as applicable after considering all Notifications, Circulars etc issued by CBEC from time to time till 3rd July 2017 and includes S...

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