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TaxGuru - Complete Tax Solution. LATEST TAX NEWS & UPDATES | TAX NOTIFICATION, ARTICLE, CIRCULAR, DIRECT / INDIRECT TAX & CORPORATE LAW RELATED INFORMATION * Articles * News * Judiciary * Notifications 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... Read More 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 […]... Read More 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,... Read More 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... Read More 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... Read More 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... Read More 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... Read More 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.... Read More 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... Read More View More News 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’. ... Read More 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.... Read More 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... Read More 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.... Read More 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.... Read More 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.... Read More 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... Read More 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... Read More 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.... Read More » 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 ... Read More 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 ... Read More 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... Read More » View More Console.log() FEATURED POSTS 1. Income Tax Ready Reckoner for 21-22 (An E-Book) 2. Ready to receive Show Cause Notice under GST 3. Statutory and Tax Compliance Calendar for October 2021 4. Corporate Compliance Calendar for October, 2021 5. Due Date Compliance Calendar October 2021 View All Featured Posts * Newsletter Join our newsletter to stay updated on Taxation and Corporate Law. 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 View All Latest Posts POPULAR POSTS 1. Join Self-Learning Courses on GST, Customs & Income Tax 2. Buy Latest GST Ready Reckoner by CA Raman Singla- Few Copies Left 3. Income Tax Ready Reckoner for 21-22 (An E-Book) 4. ICAI Takes action against 22 Members | 490 extra Audit- 490K Penalty 5. 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