Latest Tax News & Updates

CA Final Law- Self Study Tips

CA, CS, CMA - I believe when we reach at final stage, we are already able to do great things. Study theory subjects on your own or atleast initiate it. Earlier, the better. Why? 1. It develops your interest in reading. Theory is something we tend to find boring. However, when you dive into it, you will understand it […]...

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Overview of TDS (Tax Deduction At Source) under GST

Goods and Services Tax - What is GST TDS:- TDS stands for Tax deduction at Source. GST TDS (Tax deduction at Source) is different from TDS under Income Tax. The provisions of GST TDS are applicable w.e.f. 01 Oct 2018 (Notification No. 50/2018 dated 13 Sep 2018 ) If a transaction is covered under both GST and Income Tax Act, […]...

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Key Features of Budget 2020 Income Tax for employees

Income Tax - Budget 2020 for Employees – Budget 2020 proposed a new alternative income tax slab/rates for individual/HUF assesses from Financial Year 2020-21 onwards. – Freedom is given to the assessee to choose between old and new rates. New Tax rates proposed in Budget 2020 for Individuals and HUF are: Income Bracket In Rs Proposed Tax R...

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Tax Collection at Source (TCS) on Sale of Goods

Income Tax - In order to widen and deepen the tax net, the Finance Bill 2020 proposed to insert in section 206 of the Income Tax Act, sub-section (1H) to levy TCS on sale of goods. Section 206(1H) will be effective from 01st April 2020. Section 206(1H) reads as under: Every person, being a seller, who receives any […]...

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Business Responsibility Report

Corporate Law - Business entities are generally used resources of society in their development. They are utilising various resources such as human, infrastructure, minerals, water, environmental etc., in their business activities. They are running their business and trade with help of social as well as governmental support. The common society provides th...

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Stop Charging Interest on Gross GST Tax & Stop coercive action

Goods and Services Tax - Ahilya Chamber of Commerce and Industry has made a request to Prime Minister of India to instruct CBIC through Finance Ministry to stop imposing unjust interest on GROSS TAX for belated payment of tax and returns despite its having agreed earlier, in its 31st meeting, that interest is payable on NET Tax liability only. Full […]...

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Register for online Crash course on GST & Income Tax

Goods and Services Tax - Now-a-days, all the practitioners are tied up with so many tax compliances in every month and hence they are not able to allocate major time on learning new things. Hence we TaxGuru Edu, an educational wing of Taxguru now bring you the Crash Courses on GST and Income Tax. The motive will be to give maximum coverage in optimum time utilisa...

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Book on ‘Complete Analysis of GST’

Goods and Services Tax - We are happy to announce the release of our thoroughly revised detailed book on GST titled A Complete Analysis on GST – November 2019 Edition...

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MCA invite Comments on Competition (Amendment) Bill, 2020

Corporate Law - Public comments are therefore hereby solicited on the draft Competition (Amendment) Bill, 2020. Copy of the CLRC Report, Competition Act, 2002 as well as Draft Competition (Amendment) Bill may be accessed at the web link mentioned below and comments, if any, may be submitted online therein by end of business hours on 06th March, 2020 posi...

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CBIC enables filing of GSTR-9 and GSTR-9C for financial year 2018-19

Goods and Services Tax - The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under differe...

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No Penalty for Loan in cash for sisters marriage which was repaid through RTGS

Shri Venkat Narayana Raju Pasuparthy Vs Addl. CCIT (ITAT Hyderabad) -  : Where there existed reasonable cause for the assessee in accepting the loans in cash and particularly as the loans were repaid by way of RTGS, i.e., via banking channels, penalty levied by AO under section 271D was deleted....

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Return filed U/s. 153A would be deemed to be return filed U/s.139

Sureshbhai Gordhanbhai Prajapati Vs DCIT (ITAT Ahmedabad) -  Where assessee had filed return under section 153A, which was accepted by revenue, therefore, no penalty under section 271(1)(c) could be imposed for concealment of income because return filed under section 153A would be deemed to be return filed under section 139....

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Depreciation allowable on Goodwill from Acquisition of Business Unit

DHL Logistics Private Limited Vs DCIT (ITAT Mumbai) -  DHL Logistics Private Limited Vs DCIT (ITAT Mumbai) We have to consider whether goodwill is an intangible asset under section 32, hence, eligible for claim of depreciation. In our view, this issue is no more res integra in view of the decision of Hon’ble Supreme Court in Smifs Securities Ltd. ...

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Section 80IC deduction cannot be restricted merely for higher profit margin

DCIT Vs Goodcare Pharma Pvt. Limited. (ITAT Kolkata) -  Since higher profit margin was earned by section 80-IC unit on account of lower cost of production due to various incentives and availability of raw material at lower rates, there was no reason to restrict assessee’s claim for deduction under section 80IC....

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CESTAT cannot carry out independent assessment of tax liability: HC

Commissioner, GST And Central Excise Vs BSNL (Guwahati High Court) -  Commissioner, GST And Central Excise Vs BSNL (Guwahati High Court) Section 35C of the Central Excise Act, 1944 confers jurisdiction upon the Appellate Tribunal to pass such orders which are indicated therein, including orders confirming, modifying or annulling the decision or order appealed against....

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Transportation of Goods (Through Foreign Territory), Regulations, 2020

Notification No. 16/2020-Customs (N.T.) - (21/02/2020) -  (1) These regulations may be called the Transportation of Goods (Through Foreign Territory), Regulations, 2020. (2) They shall come into force on the day of their publication in the official gazette....

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Transportation of goods to and from India through a foreign Territory

Circular No. 14/2020-Customs - (21/02/2020) -  The transportation of goods from one part of India to another through a foreign territory was hitherto covered by the Transportation of Goods (Through Foreign Territory) Regulations, 1965. Such movements were however uncommon and the regulations were not effectively used due to absence of bilateral ...

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Committee to implement proposed Cross Border Insolvency provisions

Order No. 30/27/2018 - (21/02/2020) -  Constitution of a committee for recommending Rules & Regulatory framework for smooth implementation of proposed Cross Border Insolvency provisions in the Insolvency & Bankruptcy Code, 2016...

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TMA- Hard copy of applications for claiming assistance allowed

Trade Notice No. 51/2019-20-DGFT - (21/02/2020) -  One-time relaxation for submission of hard copy of applications for claiming assistance under 'Transport and Marketing Assistance (TMA) for Specified Agriculture Products' Scheme....

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CBIC notifies rate of GST on supply of lottery

Notification No. 1/2020-Central Tax (Rate) - (21/02/2020) -  Seeks to amend notification No. 1/2017-Central Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery. Government Of India Ministry Of Finance (Department of Revenue) Notification No. 1/2020-Central Tax (Rate) New Delhi, the 21st February, 2020 G.S.R. (E).- In exercise of the p...

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The application to withdraw from the Composition levy is required to be filed within 7 days from the date when taxpayer fails to satisfy any condition of Section 10 of CGST/ SGST Act or rules made thereunder or a taxpayer may also voluntarily opt out of the Composition levy by filing an application....
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In addition to filing the application to opt for Composition Levy, the Migrated taxpayers are also required to file a form for Stock Intimation to furnish the details of stock including inward supply of goods from unregistered persons, held by them on the day preceding the date from which they opt to pay the composition levy. ...
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FAQs > Filing Form GST CMP-08 General Q 1. What is Form GST CMP-08? Ans. Form GST CMP-08 is used to declare the details or summary of self-assessed tax which is payable for a given quarter by taxpayers who are registered as composition taxable person or taxpayer who have opted for composition levy. Q 2. […]...
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Q 1. What is meant by Compulsory Withdrawal from Composition Levy? Ans. A taxpayer can opt out of Composition levy in any of the two ways: Voluntarily opt out of Composition levy by filing Form GST CMP-04 on the GST Portal or Compulsorily removed out of Composition levy by the Tax Official at any time […]...
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FAQs for Assessment during Practical Training General Q.1 What is the purpose behind conducting practical training assessment? Ans. The practical training tests will help students to self-assess themselves and know as to what they have learnt during their training. Q.2 What is the duration of the 1st level test? Ans. 2 hours Q.3 What will...
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Income Tax Planning

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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Tax Planning Tips for Pensioners & senior citizens for AY 2021-22

Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Tr...

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Taxability of Leave Travel Allowance (LTA) | Section 10(5)

Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) o...

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Income Tax Deductions

HRA Taxability & Section 80GG Deduction on Rent Paid

House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certai...

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Public Provident Fund (PPF) – Tax benefit and Returns

Eligibility - Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a m...

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Tax Benefit on Home Loan

Repayment of housing loan is through Equated Monthly Installments (EMI) which consists of principal and interest component. As the repayment comprises of 2 different component...

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Income Tax Calculator for FY 2020-21

Download Income Tax Calculator for Financial Year 2020-21 in Excel Format / Download Income Tax Calculator for Assessment Year 2021-22 in Excel Format/ Download Income Tax Cal...

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Excel Utility to Compare Income Tax | Old & New Regime | Budget 2020

This is an Excel Utility with the help of which one can make simple calculations regarding comparative study of Income Tax as per old regime and income tax as per new regime l...

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Income Tax Calculator AY 2021-22 (Existing & New Tax regime)

Income Tax Calculator AY 2021-22 (for Comparison under Present/Existing Tax Regime and Proposed New Tax Regime)- Union Budget 2020-21 In Finance Budget 2020, Government has co...

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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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