2019-07-04 13:26
Balwant Jain
Will the new Finance Minister cut tax rate for large companies from the current 30 per cent to 25 per cent in the budget
The first full time woman Finance Minister (FM)… Read More
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Income tax rates, Service Tax, Pan verification, HRA, EPF, 80C,80D, Tax Tips, ITR, TDS rates ,challan, Tax calculator ETDS return, India, capital gain
2019-07-04 02:52
Background:
The Office of Comptroller & Auditor General (‘CAG’) of India had carried out a Performance Audit regarding ‘Assessment of Firms’ under the Incom… Read More
2019-07-03 04:54
The Central Board of Excise and Customs vide Notification No. 31/2019-Central Tax dated June 28, 2019,has made various amendments in Central Goods and Services Tax Rules, 2017 (“C… Read More
2019-07-03 04:54
In supersession of earlier guidelines on the subject, Government has issued fresh guidelines for compounding of offences for applications received on or after 17 June 2019. Applications rece… Read More
2019-06-30 04:54
Extension in due date for GST Audit and Annual Return from 30th June to 31st August 2019 The GST council in its 35th Meeting in order to provide sufficient time to the industry has extended… Read More
2019-06-30 04:54
The 35th GST Council Meeting was held on 21st June 2019 at New Delhi under the chairmanship of the newly appointed Union Finance & Corporate Affairs Minister, Mrs. Nirmala Sitharaman. Al… Read More
2019-06-29 05:04
In line with RBI decision to reduce Interest rates , Ministry of Finance has also reduced the interest on small saving scheme by 10 basis points . Though the interest rate reduction is… Read More
2019-06-28 02:11
Based on my interaction with most of the salaried people, I have gathered an impression that many of the salaried people feel that as the tax has already been deducted by their employer from… Read More
2019-06-28 02:02
Section 17(5)(d) of CGST Act, 2017 cannot be construed in a narrow sense as to disallow credit of goods or services used for construction of immovable property not used for own purposes
Rece… Read More
2019-06-27 02:17
The Larger Bench (LB) of Bombay HC rules in favour of Revenue, holds that cash refund u/s 11B of the Central Excise Act, 1944 (“the Excise Act”) is not permissible when CENVAT Cr… Read More
2019-06-17 05:13
To ease out the GST compliances for the MSME sector, the Government has introduced a new scheme of tax for the suppliers of goods or services who are not covered under the existing compositi… Read More
2019-06-15 08:14
Sorry for inconvenience, Details will be provided Soon
[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Read More
2019-06-14 02:46
The Government of India has taken a historic decision to reduce the rate of contribution under the ESI Act from 6.5% to 4%(employers’ contribution being reduced from 4.75% to… Read More
2019-06-09 11:56
Balwant Jain
Interest of the investors has been shifting from direct equity investing to equity mutual funds over a few years. Though this is a welcome trend, there are certain mistake… Read More
2019-06-06 03:19
CBDT has extended the due date for form 24Q (TDS statement to be filed by the employer) by one month and also extended the due date for issue of form 16 (TDS certificate to pensioners and Sa… Read More
2019-06-06 02:42
The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which ar… Read More
2019-05-30 10:51
CA Swaapnil Munot has prepared a Master Guide On GST annual return and Audit (Form GSTR-9 and 9C) .Complete Video on this subject has been shown clause by clause analysis of Both the forms… Read More
2019-05-30 03:18
How many house you can own and what are the tax implications of owning more than one house?
Balwant Jain
People frequently ask me as to how many house one can buy and own at a time in own na… Read More
2019-05-25 06:21
Income Tax department has issued a notification regarding an amendment for change in Form 15H dated 22.05.2019 under which a clarificatory type note has been added under the notes.
For… Read More
2019-05-24 02:05
Balwant Jain
The season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file… Read More
2019-05-24 01:12
The Institute of Chartered Accountants of India (ICAI) has been playing a notable role towards empowering/capacity building of professionals by updating the member’s knowledge and skil… Read More
2019-05-23 02:33
We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting… Read More
2019-05-14 02:43
A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs) is pres… Read More
2019-05-10 03:16
Balwant Jain
Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon. From product… Read More
2019-05-08 02:38
The Central Board of Direct Taxes (CBDT) has made it mandatory for all deductors to issue the TDS certificate in Part B of Form no. 16 (TDS on salary) by downloading it through TRACES Portal… Read More
2019-05-01 03:05
There is a lot of confusion among the Taxpayers and tax professionals regarding taxability of the Maturity amount received from Life insurance company specially on policies on which life ins… Read More
2019-04-27 10:47
1. TDS RATE CHART FY 2019-20 Ay 2019-20
$(document).ready(function () { //Disable cut copy paste $('body').bind('cut copy paste', function (e) { e.preventDefault();… Read More
2019-04-23 03:45
1 Purpose
The Income Tax Department has provided free return preparation software in downloads page which are fully compliant with data quality requirements. However, there are commerc… Read More
2019-04-22 02:42
In last Post we have updated you that Form 16 to be filled and issued by the employers to employees for the financial year 2018-19 ay 2018-19 has been revised by Income tax department. After… Read More
2019-04-19 06:37
CBDT has recently amended the form 16 and Form 24Q vide notification 36/2019 dated 12.04.2019. The new forms has requires more details from the employers regarding the allowance paid and exe… Read More
2019-04-17 14:55
Balwant Jain
Will your pension go up it the supreme Court Decision is implemented in full
The Supreme Court has on 1st Apri 2019 has rejected the Special leave petition filed b… Read More
2019-04-17 04:19
It is a best-established fact that, in long term, equity investment performs well than debt investment. You may not doubt the above phrase, but investment in equities requires discipline and… Read More
2019-04-17 04:19
SC dismisses SLP against HC order allowing exemption of IGST w.r.t imports under Advance Authorization scheme post GST
SLP filed by the Govt. against the Hon’ble Delhi High Court… Read More
2019-04-14 03:38
TDS/TCS statements are furnished on quarterly basis, Now, quarterly statements pertaining to Financial Year 2007-08 onwards are accepted as per the guidelines of Income Tax Department.
ITD h… Read More
2019-04-10 02:09
The ITR forms for each year are notified after end of the financial year incorporating changes applicable from the relevant financial year. The Income tax department has notified new ITR for… Read More
2019-04-07 06:43
Income Tax department has released the New Income tax forms for the Financial year 2018-19 assessment year 2019-20 vide notification 32/2019 .However the E-filing of this forms is yet to be… Read More
2019-04-06 11:13
In its 33rd meeting held on 24th February'2019, the GST Council announced a major change in the rate structure of real estate sector. From the earlier rate of 12%/8% (Other Residential /Affo… Read More
2019-04-04 03:11
Recently, M/s TP Ajmer Distribution Limited, a special purpose vehicle set up by Tata Power Company limited, has filed an application for advance ruling (AAR No. RAJ/AAR/ 2018-19/02) (2019)… Read More
2019-04-03 02:43
Recently, the issue of levibility of Service Tax on reimbursements on electricity expenses received from the occupants of a complex came before a Single Member Bench of the Hon’ble Cal… Read More
2019-03-31 03:23
Financial year closing is most important work for every businessman , tax professional as well as for taxpayers.Today is last day of Financial year 2018-19 i.e 31st March 2019.We have… Read More
2019-03-31 03:23
RBI/2018-19/150
DBR.No.Leg.BC.30/09.07.005/2018-19March 26, 2019All Agency BanksDear Sir/ MadamAll Agency Banks to remain open for public on March 31, 2019 (Sunday)The Government of India ha… Read More
2019-03-29 03:29
1. Last chance to avail any pending ITC of FY 2017-18
In terms of sec 16(4) of the CGST Act, 2017 (“the CGST Act”) a registered person shall not be entitle… Read More
2019-03-27 02:14
Recently, the GST Council has discussed the operational details for implementation of recommendations made by the council in 33rd meeting in its 34th GST Council meeting held on March 19, 20… Read More
2019-03-18 03:08
Recently, Govt. had provided some relaxations to the small taxpayers in the registration as well as on tax rate applicable on the supplies made by them. These relaxations will come into effe… Read More
2019-03-15 03:19
Background:
The Interim Budget 2019 did not propose any changes with respect to Indirect Tax. In as much as GST is concerned, the GST Council in its 28th meeting held on July 21, 2018… Read More
2019-03-12 15:55
Surplus cash is always a great thing to have in hand at all times, and one need not be an expert in monetary matters to see why this is the case. The idea of being financially comfortable is… Read More
2019-03-08 04:03
This is to bring to your notice that the online filing of GSTR 9 has been made active on the GST portal. It can be accessed after logging in the portal and selecting Services -> Returns … Read More
2019-03-07 01:08
Balwant Jain
Analysis of recent decision of Supreme Court on Employee Provident Fund Contribution
Recent decision of the Supreme Court has tried to settle the long drawn litigati… Read More
2019-02-27 15:36
Balwant Jain
The government has by a stroke made the taxable income upto Rs. 5 lakhs fully tax free in the hands of small taxpayers without raising the exemption limit. Most of the peo… Read More
2019-02-27 02:22
You have the money to invest, but don’t know where to invest it? Don’t worry; you are not alone!
Figuring out ways to invest your hard-earned money can indeed be overwhelmi… Read More
2019-02-24 17:58
Recommendations of the 33rd GST Council meeting
Real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to large numbers of people. &ldq&hell…Read More
2019-02-23 13:42
It is very true that ‘Health is Wealth’, bad health not only creates problem for your day-to-day works but also has an impact on your financials as the cost of treatment is too h… Read More
2019-02-21 02:44
Balwant Jain
There is a huge confusion in the minds of taxpayers about whether the tax benefits in respect of House Rent Allowance (HRA) and the benefits attached with a home loan be claime… Read More
2019-02-20 03:30
This time bonanza for all the readers of simpletaxindia as we have come with two free books on GST in PDF format published by the ICAI.
1.BGM on training programme for Government officials&n&hell…Read More
2019-02-15 07:30
Unit-Linked Insurance Plans or ULIPs are the only insurance products that offer dual benefits of investment and insurance. Apart from being extremely transparent, ULIPs provide a multitude o… Read More
2019-02-14 17:19
GST is a biggest transformation reform in the Indirect Taxation system in India, the likes of which has not been seen in India post-independence. New system has improved the collection of ta… Read More
2019-02-13 17:41
Balwant Jain
This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small taxpayers It propose… Read More
2019-02-12 15:35
Every person has a tendency to save a part of their current income for their future needs. At first income comes in saving account of a person and then he decided to put this amount in other… Read More
2019-02-08 03:24
The Ministry of Corporate Affairs (‘MCA’) has notified certain key forms under Companies Act 2013 over last 6-8 months towards the objective of ‘Minimum Government Maximum… Read More
2019-02-06 03:29
Balwant Jain
The announcement made by the Finance Minister (FM) of no tax liability for income upto Rs. 5 lakhs created euphoria initially. This most beneficial proposal in the budge… Read More
2019-02-03 05:40
Existing provision :Long term capital gain arising on sale of residential house is exempt if the proceeds are reinvested in purchase / acquisition of another (one or single) residential hous… Read More
2019-02-03 05:38
In interim budget-2019 presented by Finance Minister Piyush goyal special incentive has been given to the real estate sector specially the housing sector by amending the and extending the be… Read More
2019-02-02 05:34
An overview of Interim Finance Bill, 2019 – Direct Taxes [as introduced in Lok Sabha on 01-02-2019]
No change in slab rate of Income Tax. Whereas, Income Tax for individual taxpayers… Read More
2019-02-01 18:09
Interim Budget 2019-2020 Speech has been delivered by Piyush Goyal , Minister of Finance on February 1, 2019. Though no changes has been made in made in tax slabs , yet a rebate of… Read More
2019-02-01 17:30
Today (01.02.2019) , Finance Minister Piyush Goyal has presented the Interim Budget in Lok Sabha. The Major changes in the personal Income tax is as under.No change in income Tax slabs … Read More
2019-02-01 09:03
Interim Budget 2019-2020
Speech of Piyush Goyal Minister of Finance February 1, 2019 Madam Speaker,
I rise to present the Interim Budget for the year 2019-20… Read More
2019-01-30 05:47
Balwant Jain
Almost all of us keep our money in saving account for meeting various items like EMIs and SIP which gets debited in due course. Since these are temporary fund these cannot… Read More
2019-01-29 03:07
The GST Council in its 32ndmeeting held on January 10, 2019, gave approval that the changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST… Read More
2019-01-29 03:02
If you have received arrears of salary/pension in Financial year 2018-19 related to previous year(s) then your tax liability will be on higher side due to arrears but do you know that you ca… Read More
2019-01-24 03:37
The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high value transactions and have potential tax liabilities but have still not filed their tax retur… Read More
2019-01-24 02:48
Balwant Jain
How one becomes Non resident under Income Tax and FEMA and the implications of becoming Non resident?
Though the word “non resident” is used interchangeably but the… Read More
2019-01-20 06:17
India Infoline Finance Limited has come with a Public issue of secured & unsecured NCDs. The issue opens on 22.01.2019 and closes on 20.02.2019 but the allotment is to be done only on th… Read More
2019-01-17 02:53
Balwant Jain
The tax laws allow you certain tax benefit for life insurance premium paid. It also allow you tax exemption in respect of the Life insurance policy. These benefits are available… Read More
2019-01-13 20:01
Confused after reading the headlines ?.Same is in our case when we have checked a recent circular by the CBDT. Recently Income Tax department (CBDT) has released a circular (CIRCULAR NO 01 /… Read More
2019-01-10 15:41
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisi… Read More
2019-01-10 03:47
Central electricity regulation commission(CERC) is authorized to notify tariff regulations under which Power tariff is fixed payable to Generating and transmission compa… Read More
2019-01-10 03:46
Balwant Jain
Any profit made on sale of an investment generally referred to as capital asset under the income tax laws becomes taxable as short term or long term capital gains depending on t… Read More
2019-01-07 02:29
In order to make owning a house affordable government provides certain tax benefits on home loans. Let us discuss.
Deduction in respect of interest on home loans
Section 24(b) of the Income… Read More
2019-01-03 08:30
Pay Commission is set up by Government of India, and gives its recommendations regarding changes in salary structure of its employees. Since India’s independence, seven Pay Commissions… Read More
2019-01-03 01:43
An equity fund is a mutual fund where predominately investment is being made in equities. As per SEBI guidelines, A fund is covered under equity fund category if 65 % or more value is invest… Read More
2018-12-29 04:51
In this new era of New India where the Laws of the country are being moulded and stretched in a completely judicious and well thought out manner, Individuals and Corporate are diligently tak… Read More
2018-12-27 03:38
Balwant Jain
Of late I have been receiving many queries from the readers about submission of forms to the banks so as to ensure that the bank does not deduct tax at source. In order to addre… Read More
2018-12-26 02:37
The GST Council in its 31st Meeting at New Delhi on 22nd December 2018 took forward-looking approach by responding to key industry challenges like rationalization of tax rates, ease of compl… Read More
2018-12-26 02:37
The Central Board of Direct Taxes (CBDT) has decided to allow exception from online filing of application under Section 197 and 206C (9) in the cases of NRIs and Resident Applicants.
Vide No… Read More
2018-12-22 12:13
GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council hav… Read More
2018-12-22 12:08
The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations:There would be a single cash ledger for each tax head. The modalities for implement… Read More
2018-12-20 03:01
Balwant Jain
Post my two articles on National Pension System (NPS), the cabinet has made certain important amendment to NPS on 6th December, 2018. There is confusion galore in the minds of t… Read More
2018-12-19 03:16
National Pension Scheme (NPS) has not been a very popular investment option so far.
Besides it being tax inefficient until recently, it lacked a push from the distribution fraternity due to… Read More
2018-12-18 03:31
What comes to your mind when you think of making investments for future needs? Surely, your mind immediately races towards major needs in the distant future, be it investments for child&rsqu&hell…Read More
2018-12-17 10:15
Q 1. Are the accounts maintained by the registered taxable person required to be audited by a Chartered Accountant/Cost Accountant under GST?
Ans. It has been stated in the law that every… Read More
2018-12-15 05:18
Balwant Jain
In order to promote education, the government provides certain relief to the individual tax payers in respect of certain expenses incurred by them for education. Let us discuss… Read More
2018-12-13 02:42
I. Introduction Annual Return in FORM GSTR-9 and Reconciliation Statement in FORM GSTR-9C requires a registered person to disclose the Financial Year for which the said Forms are being filed… Read More
2018-12-10 13:54
Background
The new entrants to the central government service on or after 01.01.2004 are covered under the National Pension System (NPS). The Seventh Pay Commission (7th CPC), during its del… Read More
2018-12-10 03:12
Amidst the clamour to extend the deadline of filing GST Annual Return and Reconciliation Statement in Form GSTR-9 (for normal taxable person)/ Form GSTR-9A (for composition taxpayers) and Fo… Read More
2018-12-08 06:18
Once again due date has been extended in GST , this time for annual return under GST and GST audit report . Original due date was 31.12.2018 but till 7th December , requisite forms has not b… Read More
2018-12-06 02:44
Balwant Jain
People working in government services or those working with government departments get pensions after retirement from their services additionally people who have contributed tow… Read More
2018-12-04 03:06
Q1. What is Legal provision for filling GST Annual Return?
Ans. Legal requirement of filing Annual return hereafter called GSTR-9 is governed by section 35(5) and section 44(1) of CGS… Read More
2018-11-30 03:15
Balwant Jain
Taking holidays is an important and integral part of working life. For enjoying holidays you need to have facilities of paid leaves as no one likes to forgo the salary. Sa… Read More
2018-11-28 02:05
HANDBOOK TO GST AUDIT (With GSTR 9 & GSTR 9C) ByCA Atul Kumar Gupta Assisted byCA Smelly Kinra CA Mohit Gupta
Contents Introduction: … Read More
2018-11-26 01:41
Legal provisions of GST Annual Returns
In order to understand the gamut of the GST Annual returns and its requirement, it would be relevant for us to understand the legal provisions re… Read More
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