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LATEST TAX NEWS & UPDATES | TAX NOTIFICATION, ARTICLE, CIRCULAR, DIRECT /
INDIRECT TAX & CORPORATE LAW RELATED INFORMATION

 * Articles
 * News
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HOW TO PREPARE CMA DATA FOR BANK LOAN | CREDIT MONITORING ARRANGEMENT




Finance - Now a days, to manage working capital requirements, entrepreneurs are
moving towards bank to raise funds at cheaper rate instead of investing their
own funds. Banks are also interested in giving loans to businesses that have
strong financial and repayment capacity. When we approach bank then they ask for
Project report and CMA data of [&h...

Read More


A VIEW ON PRE-REQUISITE FOR ACCEPTANCE OF VALUATION ASSIGNMENT (PRE-ENGAGEMENT
PHASE)



Corporate Law - Valuation exercise involves the services of a professional i.e.
a Valuer. Valuer is engaged by the clients for the specific purpose of Valuation
assignment. This assignment or engagement of Valuer for Valuation has three
phases: 1. Pre-engagement 2. Execution 3. Closure...

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TAX AUDIT: APPOINTMENT OF AUDITOR ON INCOME TAX PORTAL



Income Tax - Tax Audit Auditor Appointment 1. Login to ITD Portal using Clients
Credentials 2. Click e-File 3. Go to Income Tax Forms 4. Click on File Income
Tax Forms 5. Search for Form 3CA/Form 3CB 6. Click on File Now 7. Fill in the
Form as Below or search for Added CA from Drop Down or […]...

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THE EXPERT ROLE OF CHARTERED ACCOUNTANT IN STOCK AUDIT



CA, CS, CMA - The role of chartered accountants in the capacity of Auditors
assures smooth-running business that helps to reduce fraud and accounting. Audit
in banks is useful not only from the point of view of the management, who is the
appointing authority but also from the point of other parties, who are
interested in their different objectives viz,...

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AN ANALYSIS OF INPUT TAX CREDIT CONCEPT UNDER GST



Income Tax - One of the main objective of GST was to eradicate cascading effect
of taxes which existed under excise, VAT and service tax. Under GST input tax
credit can be claimed irrespective of place of supplier, thus making
accessibility for sales and purchase of goods easier. Amendment in Section 16
Eligibility and Conditions for taking Input [&he...

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View More Articles


TOP 10 ISSUES FACED BY PROFESSIONALS & TAXPAYER IN GST SINCE 2017



Goods and Services Tax - Ambejogai Tax Practitioners Association Submitted a
Representation to Hon’ble Union Minister of State Finance – Shri Dr. Bhagwat
Karad on Top 10 Issues Faced by Professionals & Taxpayer in GST since 2017. Full
Text of their representation is as follows:- Date :: 23rd Oct 2021 To, Shri Dr.
Bhagwat Kishanrao Karad Hon’ble Unio...

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GOI RELEASES BALANCE AMOUNT OF ₹ 44,000 CRORE TO STATES & UTS OF GST
COMPENSATION



Goods and Services Tax - Government of India releases balance amount of ₹ 44,000
crore to States and UTs (with Legislature) under the back-to-back loan facility
in-lieu of GST compensation The Ministry of Finance has released ₹44,000 crore
today to the States and UTs with Legislature under the back-to-back loan
facility in lieu of GST Compensation. After taki...

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ADVISORY TO FILE FORM NFRA-2 ANNUAL RETURN IMMEDIATELY



Company Law -  Advise to file Form NFRA-2 Annual Return for the reporting period
2018-2019 and also for the year ending 31/03/2020, immediately without any
delay, if not filed already...

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3 ARRESTED FOR RUNNING FAKE FIRMS AND EVADING GST



Goods and Services Tax - The Gurugram Zonal Unit (GZU) of Directorate General of
GST Intelligence (DGGI) has arrested three persons under the provisions of the
GST Act on charges of running multiple fake firms on the strength of fake
documents in two different cases....

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GENERAL AUTHORIZATION FOR EXPORT OF CHEMICALS AND RELATED EQUIPMENT (GAEC) OF
SCOMET ITEMS



DGFT - With the aim to simplify the process for post reporting in case of export
of certain chemicals under SCOMET list and to reduce the compliance burden on
exporters, a draft policy on General Authorization for Export of Chemicals and
related equipment (Excluding Software and Technology) is proposed. The same is
being circulated for the publi...

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SALES PROMOTION BEING ESSENTIAL CHARACTER OF BUNDLE OF SERVICES CLASSIFIABLE
UNDER ‘BAS’



Komatsu India (P) Limited Vs Commissioner of GST & Central Excise (CESTAT
Chennai) -  CESTAT held that sales promotion and marketing being essential
character of the bundle of services have to be classified under ‘Business
Auxiliary Service’.  ...

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DEPRECIATION ALLOWABLE ON HOME-THEATRE USED FOR BUSINESS PURPOSE



DCIT Vs Tally Solutions Pvt. Ltd. (ITAT Bangalore) -  Claim of depreciation on
the home-theatre used for the business purpose is allowable in law - In absence
of nexus between the borrowed funds and outstanding amount of the
sister-concern, addition is not sustainable....

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LOAN DEFAULTS: ANTICIPATORY BAIL NOT GRANTED IN SERIOUS ECONOMIC OFFENCE



Vuppalapati Venkata Rama Rao Vs Directorate of Enforcement and another
(Telangana High Court) -  Vuppalapati Venkata Rama Rao Vs Directorate of
Enforcement and another (Telangana High Court) Economic offences having
deep-rooted conspiracies and involving huge loss needs to be viewed seriously –
case not fit to grant anticipatory bail Facts- The Punjab National Bank has
alleged that the compan...

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DRI NOT A ‘PROPER OFFICER’ TO ISSUE SHOW CAUSE NOTICE UNDER CUSTOMS ACT, 1962



Steelman Industries Vs Union of India (Punjab and Haryana High Court) -  In
present facts of the case the Hon’ble High Court relied on the Judgment of M/s
Canon India and have observed that Joint/Additional Director (in short “DRI”) is
not the 'proper officer' to issue show cause notice under Section 28(4) of
Customs Act, 1962....

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DE NOVO REASSESSMENT IN CASE OF FAILURE OF RESPECTIVE AUTHORITY TO CONSIDER
OBJECTIONS SENT BY ASSESSEE-DEALER



Tvl. South India Engineering Corporation Vs Assistant Commissioner (ST) (Madras
High Court) -  Sales tax authority should de novo do revision/reassessment under
Section 27 of TNVAT Act by considering the objections of assessee-dealer and
made an order as expeditiously as possible....

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View More Judiciary


RBI ALLOWS BANKS TO OPEN CURRENT ACCOUNTS FOR BORROWERS AVAILING CREDIT FROM
OTHER BANKS



(29/10/2021) - In respect of borrowers where exposure of the banking system is
₹5 crore or more, such borrower can maintain current accounts with any one of
the banks with which it has CC/OD facility, provided that the bank has at least
10 per cent of the exposure of the banking system to that borrower....

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DUE DATE OF FILING OF COST AUDIT REPORT TO BOARD OF DIRECTORS EXTENDED



(29/10/2021) - MCA extends last date of filing of Cost Audit Report to the Board
of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules,
2014 to 30th November, 2021 from existing 31st October, 2021. General Circular
No. 18/2021 F.No.01/40/2013-CL-V (Pt.I) Government of India Ministry of Corpo...

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MCA RELAXES ADDITIONAL FEES FOR ANNUAL FINANCIAL STATEMENT FILINGS



(29/10/2021) - Relaxation on levy of additional fees in filing of e-forms AOC-4,
AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial
year ended on 31.03.2021 under the Companies Act, 2013...

Read More


CASE OF NON-PAYMENT OF GST OF RS. 12.9 CRORE DETECTED IN NAVI MUMBAI



(28/10/2021) - With regard to anti-evasion cases, based on data mining and
analytics, Navi Mumbai Commissionerate has detected a case of 12.9 crore of
non-payment of GST relating to erection, commissioning, repair & maintenance
services. In this case a recovery of Rs. 8.43 crores has been made so far....

Read More


MAHARERA: PROMOTERS TO SUBMIT REPORT FROM CERSAI ON SECURITY INTERESTS CREATED



(29/10/2021) - Maharashtra Real Estate Regulatory Authority Date: 29/10/2021
Order No: – 26/2021 No. MahaRERA/Secy/File No. 27/234/2021 Subject: Report From
CERSAI Whereas Ministry of Finance notified the establishment of the Central
Registry Securitisation Asset Reconstruction and Security Interest of India...

Read More
View More Notifications



FAQS

FAQs on Micro, Small and Medium Enterprises
(Updated as on October 1, 2021) Q.1. What is the definition of MSME? Ans. In
terms of Government of India Gazette Notification S.O. 2119 (E) dated June 26,
2020 the definition of micro, small and medium enterprises is as under: (i) A
micro enterprise is an enterprise where the investment in plant and machinery or
equipment […]...
Read More
All about XBRL returns for NBFC
Reserve Bank of India has mandates all NBFC’s to file NBFC returns in XBRL mode
starting from FY 19-20. I have tried to cover all possible FAQ on XRBL returns
through this article in FAQ form for better understanding and quick reference;
Q1 What is XBRL return? Ans. XBRL stands for eXtensible Business Reporting
Language. […]...
Read More
FAQs on Creation, Modification, Satisfaction of Charge | Companies Act, 2013
Q.1 What is meaning of Charge? [Sec 2 (16)] ‘Charge’ means an interest or lien
created on the property or assets of a company or any of its undertakings or
both as security and includes a mortgage. Q.2 Which Charges are to be registered
and to be registered by whom? [Sec 77 (1) & 78] […]...
Read More
Taxation of Shares, Futures And Options
In the previous financial year that is FY 2020, in India, fresh Demat accounts
opening jumped to a record high, around 14.2 million fresh Demat accounts have
been opened during the year.  This jump is more than three times the number of
new accounts opened in FY 2019 (4.70 million accounts).  The accounts are not
[…]...
Read More
Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal)
Act, 2013- FAQs
FAQs On Sexual Harassment of Women At Workplace (Prevention, Prohibition And
Redressal) Act,2013 You are aware that our Constitution has given some
fundamental rights to all citizen residing in India. The Constitution of India
does not discriminate citizen on the basis of gender, caste, creed, Color
,religions, etc. Every citizen of India...
Read More
View All FAQs



BROWSE ALL CATEGORIES | VIEW ALL SECTIONS

CA, CS, CMA (5,760)
Company Law (7,743)
Corporate Law (8,568)
Custom Duty (8,798)
DGFT (4,647)
Excise Duty (4,547)
Fema / RBI (4,860)
Finance (5,238)
Goods and Services Tax (17,952)
Income Tax (38,743)
SEBI (4,173)
Service Tax (3,805)


INCOME TAX PLANNING


ALL ABOUT INVESTMENT IN EQUITY SHARES & TAX PLANNING !



During the time slot of COVID-19 Pandemic record breaking Demat accounts and
Trading accounts have been opened in Share Market in India. In the past more and
more people use t...

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HOW TO MAXIMISE YOUR TAX SAVING BY CHOOSING THE RIGHT INSURANCE POLICY FOR
YOURSELF & FAMILY?



The point of getting insurance is that it is the highest form of assurance.
Insurance is a binding agreement between the insurer and the insured that gives
the insured access ...

Read More


HOW CAN COMPANIES SAVE TAX THROUGH MUTUAL FUND INVESTMENTS?



How to save tax through mutual fund investment? Well, for individual investors,
there are a plethora of answers; can companies save tax? Well, let’s dig into
it....

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» View More


INCOME TAX DEDUCTIONS


TAXATION OF CO-OPERATIVE SOCIETY



Section 80P: Deduction in respect of Income of Co-operative Societies In case of
all co-operative societies, except co-operative banks (excluding a primary
agricultural credit...

Read More


DEDUCTION UNDER INCOME TAX



SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section
of all the income tax payer because it allows to reduce the tax liability of the
tax payer by...

Read More


SECTION 80CCC DEDUCTION – CONTRIBUTION TO CERTAIN PENSION FUNDS



Deduction is allowed if the assessee has paid any amount towards any annuity
plan of Life Insurance Corporation of India (LIC) or any other insurer for
receiving pension from ...

Read More
» View More



CALCULATORS


INCOME TAX CALCULATOR: HOW IS INCOME TAX CALCULATED?



The income tax calculator considers factors like your income, age, housing loan
payments, expenses, and investments to indicate the total tax payable on your
income under the ...

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INCOME TAX CALCULATOR FOR FY 2021-22 IN EXCEL FOR SALARIED INDIVIDUALS



Simple Income Tax Calculator for the Financial Year 2021-22 in Excel for
Salaried Individuals. Tax Planning in the beginning of the Financial Year is
always better instead of ...

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INCOME TAX CALCULATOR FOR FINANCIAL YEAR 2020-21 FOR INDIVIDUALS



Republished with revised Simple Version Simple Income Tax Calculator for the
Financial Year 2020-21 in Excel for Salaried Individuals. Tax Planning in the
beginning of the Fin...

Read More
» View More


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 ...

Read More


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...

Read More


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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Console.log()



FEATURED POSTS

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LATEST POSTS

 1.  How to Prepare CMA Data for Bank Loan | Credit Monitoring Arrangement
 2.  A View on Pre-requisite for Acceptance of Valuation Assignment
     (Pre-engagement phase)
 3.  RBI allows banks to open current accounts for borrowers availing credit
     from other banks
 4.  Sales promotion being essential character of bundle of services
     classifiable under ‘BAS’
 5.  Due date of filing of Cost Audit Report to Board of Directors extended
 6.  MCA relaxes additional fees for annual financial statement filings
 7.  Buy Latest GST Ready Reckoner by CA Raman Singla- Few Copies Left
 8.  Case of non-payment of GST of Rs. 12.9 crore detected in Navi Mumbai
 9.  Depreciation allowable on home-theatre used for business purpose
 10. Tax Audit: Appointment of Auditor on Income Tax Portal

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