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Sale proceeds from flat have to be disclosed in ITR ?

By Chirag Nangia * I have sold a flat a few months ago and will invest some amount in buying another flat next month. What will be the tax treatment and do I have to show the amount in my ITR? —Aman Dixit While selling a capital asset (the residential house property in this case), …

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ITR Filing Rules Change : Good news for ITR filers, Income Tax Department started a big facility

ITR Filing Rules: Many times due to non-availability of necessary documents, or due to non-updation, people’s income tax return remains stuck in half and people may forget to file their return. The Income Tax Department is taking special steps for such people. There is important news for those who pay income tax. Now you are …

ITR Filing Rules Change : Good news for ITR filers, Income Tax Department started a big facility Read More »

Under Section 195 of the Income-tax Act (‘IT ACT’) Points to related to Non-residents Taxation

Under Section 195 of the Income-tax Act (‘IT ACT’), any payment incur to the non-resident or to the foreign company in which the tax would need to be deducted. This article discusses the issues in dealing with the concern. Critical Points Related to Non-residents Taxation Conditions in Which the Non-resident Does Not Furnish the Return …

Under Section 195 of the Income-tax Act (‘IT ACT’) Points to related to Non-residents Taxation Read More »

Know about rules, and claim forms for the final settlement of PF account after leaving job

Employees Provident Fund Organisation (EPFO) website suggests accountholders to wait for some time to get a new job and transfer their PF money to a new account with the new employer. In case you fail to get a new job, you should apply for withdrawal before the end of the 36-month period from leaving the …

Know about rules, and claim forms for the final settlement of PF account after leaving job Read More »

Revoking the Order of Cancellation of Registration on Payment of Interest & Penalty

Revoking the Order of Cancellation of Registration on Payment of Interest & Penalty Adjudicating Authority cancelling the registration of the petitioner for non-filing of return and imposing penalty and interest as a condition for revoking the order of cancellation of registration Petitioner has challenged the impugned order of the Appellate Authority dismissing the appeal of …

Revoking the Order of Cancellation of Registration on Payment of Interest & Penalty Read More »

MCA form MGT 3, MGT 14 are revised

MGT 3, MGT 14 are revised. What is MGT-14? This is the first question in our mind. The Ministry of Corporate Affairs (MCA) regulates all the administrative work of the corporate sector of the country. There are various rules and regulations for all the companies, whether private or government, and the firm follows those rules …

MCA form MGT 3, MGT 14 are revised Read More »

Advance Ruling Application Should not be Accepted by ARA Since Investigation Started before Application was Filed

Having regard to the legal position that when investigation has already commenced prior to the filing of application, the ARA shall not admit the application as per proviso to sub-section (2) of Section 98, we are of the view that the ARA should not have admitted the application in the instant case and issued its …

Advance Ruling Application Should not be Accepted by ARA Since Investigation Started before Application was Filed Read More »

New tax scheme has not gained traction as in several cases it resulted in a higher tax burden

“Investments in Public Provident Fund (PPF) and other tax savings schemes should be allowed as deductions and the threshold for 30% tax should be raised to ₹20 lakh under the concessional income tax regime in Budget 2023-24 to make it attractive for middle-income taxpayers,” experts said. The government in Budget 2020-21 brought an optional income …

New tax scheme has not gained traction as in several cases it resulted in a higher tax burden Read More »

Homebuyers who have not received the full benefit of (ITC) on the GST payments made to developers can approach the National Anti-Profiteering Authority (NAA) for relief

The authority, under section 171 of the Central GST Act 2017, has directed Larsen & Toubro Parel Project LLP and Omkar Realtors Developers Private Limited to refund ₹30.76 crore with interest to 850 investors in Parel’s Crescent Bay project. It has also asked the director general of anti-profiteering (DGAP) to investigate profiteering in other projects executed …

Homebuyers who have not received the full benefit of (ITC) on the GST payments made to developers can approach the National Anti-Profiteering Authority (NAA) for relief Read More »

Writ Petition Can Be Entertained To Examine If Conditions To Issue Section 148 Notice Are Satisfied : Supreme Court

 Supreme Court recently set aside an order of the Punjab and Haryana High Court which dismissed a writ petition filed by an assessee against a notice issued under Section 148A of the Income Tax Act 1961 for reopening assessment. The High Court had dismissed the writ petition on the ground of availability of alternative remedy.  Taking …

Writ Petition Can Be Entertained To Examine If Conditions To Issue Section 148 Notice Are Satisfied : Supreme Court Read More »

YouTubers need to pay income tax? Rate on income earned by YouTubers and bloggers

Income tax implications on YouTubers and influencers The income earned by YouTubers and influencers is chargeable to income tax under the head profits and gains from business and profession. For individual influencers, the income is chargeable at the slab rates in force.  YouTubers and influencers earning a gross total income in a financial year that …

YouTubers need to pay income tax? Rate on income earned by YouTubers and bloggers Read More »

Empanelment of Stock Auditors, Jammu and Kashmir J&K Bank

Online application from Chartered/Cost Accountant/CMA firms for Empanelment as Stock Auditor

Online application from Chartered/Cost firms Accountant for Empanelment as Stock Auditors FY 2023.24    Online application from Chartered /Cost Accountant firms for Empanelment as Stock Auditors FY 2023-24  How to Register 1. The eligible Chartered /Cost Accountant Firms are required to apply ON-LINE through bank’s website. No other means/ mode of Application/Registration will be accepted. Click …

Online application from Chartered/Cost Accountant/CMA firms for Empanelment as Stock Auditor Read More »

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Cancellation of GST Registration without specifying reasons is against principles of natural justice

The Hon’ble Gujarat High Court in Dee Cubes Diamonds Pvt. Ltd. v. State of Gujarat [R/Special Civil Application No. 22875 of 2022 dated December 16, 2022] has held that the Show Cause Notice (“SCN”) that does not contain reason to justify the cancellation of registration therefore, is violative of principles of natural justice and needs to be quashed. …

Cancellation of GST Registration without specifying reasons is against principles of natural justice Read More »

3 Tata Stocks Offering Upside Potential, Initiates Buy

Motilal Oswal Sees 3 Tata Stocks Offering Upside Potential, Initiates Buy

1. Buy Tata Chemicals Motilal Oswal has recommended investors to buy Tata Chemicals with a target price of Rs 1250 apiece. If you buy the stock now, you will get potential 33% return. The stock’s 52-week high is Rs 1214 apiece and 52-week low is Rs 773 apiece, respectively. The company has a market capitalisation of …

Motilal Oswal Sees 3 Tata Stocks Offering Upside Potential, Initiates Buy Read More »

TDS Details filed using form 26Q TDS Return Filing, Due Dates & Penalties

The TDS collection process is managed and controlled by the Indian Revenue Service under the Department of Revenue. The Indian Revenue Service is a part of the Central Board of Direct Taxes (CBDT). This department is extremely important for the government or legal boards in conducting audits. In this case, the source can be employers, …

TDS Details filed using form 26Q TDS Return Filing, Due Dates & Penalties Read More »

Rule Change: Government has changed the GST rules for claiming input tax credit

GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the Finance Ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The …

Rule Change: Government has changed the GST rules for claiming input tax credit Read More »

GST Taxpayers Alert! Do this work before December 31, otherwise you will have to pay a heavy fine Details here

The last date for filing GSTR 9 form is 31st December for businessmen whose annual turnover is more than Rs 2 crore. The government has urged the people to file this form before the 31st. According to the instructions issued by the government, it is necessary to fill GSTR 9 form for taxpayers having a …

GST Taxpayers Alert! Do this work before December 31, otherwise you will have to pay a heavy fine Details here Read More »

GST registration could not be suspended and cancelled on basis of direction of Head Office without assigning any reason; High Court sets aside cancellation order

GST registration could not be suspended and cancelled on basis of direction of Head Office without assigning any reason; High Court sets aside cancellation order HIGH COURT OF TELANGANA S.B.Traders v. Superintendent UJJAL BHUYAN, CJ.AND C.V. BHASKAR REDDY, J. W.P.NOS.39498 & 39502 OF 2022 OCTOBER  28, 2022  Registration – Cancellation of registration – Show cause notice …

GST registration could not be suspended and cancelled on basis of direction of Head Office without assigning any reason; High Court sets aside cancellation order Read More »

5 percent GST on roti but 18 percent on paratha

18% GST Is Payable On Work Contract Service Of Constructing Warehouse And Cold Storage Godown: AAR

[ORDER UNDER SECTION 98(4) OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 AND UNDER SECTION 98(4) OF THE TEALANGANA GOODS AND SERVICES TAX ACT, 2017.] 1. M/s. Shree Constructions, 10-60/E, Shasthri Nagar, Near Razvi Chaman, Bommakal, Karimnagar, Telangana – 505 001 (36AJGPD3553L1Z5) has filed an application in FORM GST ARA-01 under Section 97(1) of …

18% GST Is Payable On Work Contract Service Of Constructing Warehouse And Cold Storage Godown: AAR Read More »

PF Account: Good News! 81,000 rupees will come in the account of EPFO subscribers

Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a …

PF Account: Good News! 81,000 rupees will come in the account of EPFO subscribers Read More »

CBIC inviting applications for the posts of Inspector, Executive Assistant, and Tax Assistant

Central Board of Indirect Taxes & Customs (CBIC) is inviting offline applications for the posts of Inspector, Executive Assistant, and Tax Assistant in the Zonal Campus of the National Academy of Customs, Indirect Taxes & Narcotics. There are 6 open positions available for this post. The last date to apply for this recruitment is 11.12.2022. So, interested …

CBIC inviting applications for the posts of Inspector, Executive Assistant, and Tax Assistant Read More »

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3 IPOs to garner Rs 1,830 crore next week; Uniparts India to make debut

New Delhi: While the calendar 2022 is approaching its end, there is ample action left for the domestic primary market, which has been busy with new issues and listings lately. In the upcoming week, three initial public offerings (IPOs) are set to knock at Dalal Street to mobilise funds about Rs 1,830 crore via primary. …

3 IPOs to garner Rs 1,830 crore next week; Uniparts India to make debut Read More »

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6 mid-cap stocks with “Strong Buy” and “Buy” including 3 stocks from construction and infrastructure space with an upside potential up to 37%

Nifty touches new highs and then consolidates, some sectors are making a comeback across market cap categories. The interesting point, sectors which have under performed for more than a decade are witnessing some interest. The only difference, select stocks from those forgotten sectors have been able to make a comeback. Stock Reports Plus, powered by …

6 mid-cap stocks with “Strong Buy” and “Buy” including 3 stocks from construction and infrastructure space with an upside potential up to 37% Read More »

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Paytm spikes 5% as traders lap up shares on buyback announcement

The company is yet to decide the price and size of the cashback. Buyback price is usually at a premium to prevailing prices, giving a lucrative exit route to exiting shareholders. Shares of One 97 Communications, the parent company of Paytm, surged over 5 percent in the morning trade on December 9 after the company said …

Paytm spikes 5% as traders lap up shares on buyback announcement Read More »

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HCL Tech biggest index loser after management indicates lower growth in FY23

The company’s management said December quarter will see higher-than-expected furloughs Share price of IT firm HCL Technologies opened 4 percent lower on December 9 after the management indicated that FY23 revenue growth will be at the lower end of earlier guidance. At its investor day held on December 8 in New York, the company said revenue …

HCL Tech biggest index loser after management indicates lower growth in FY23 Read More »

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Big Movers on D-St: What should investors do with Bank of India, Canara Bank and Bank of Baroda?

The S&P BSE Sensex rose by 160 points while the Nifty50 closed above 18600 levels. Stocks that were in focus include names like Bank of India which was up nearly 8%, Canara Bank NSE 0.46 % gained over 3% and Bank of Baroda NSE 0.96 % was up more than 6% on Thursday.Here’s what Amol Athawale, Deputy Vice President – …

Big Movers on D-St: What should investors do with Bank of India, Canara Bank and Bank of Baroda? Read More »