Vinod & Narendra

7 changes in income tax laws that come into effect from Sept 1

August 30, 2019

[Source: ET Online; Author: Preeti Motiani] Income tax related changes announced in the Budget usually come into effect from April 1. However, since the full Budget for FY 2019-20 was presented in July this year after the general elections, there are certain tax changes that will come into effect from

Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019

August 27, 2019

Income Tax

Govt. urges taxpayers to avail the benefit of Sabka Vishwas (LDR) Scheme, 2019, as it has just 4 months validity from 1-Sep-2019 Press Release, Dated 22-8-2019 In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019. The Scheme has now been

What is Unregulated Deposit Scheme Ordinance, 2019?

March 2, 2019

Miscellanea

[Source: www.taxmann.com; Editorial Team] The President of India has promulgated ‘The Banning of Unregulated Deposit Scheme Ordinance, 2019’ on February 21, 2019. The Ordinance aims to provide comprehensive and unified mechanism to ban the unregulated deposit schemes (or Ponzi schemes or Pyramid Schemes) and to protect the interest of depositors.

GST Amendments effective from 1-Feb-2019

February 5, 2019

GST

[By Shaleen Shah (Partner), VNCA] Gist of amendments effected through CGST (Amendment) Act, 2018 and Rules thereto effective from 1-Feb-2019. 1) It is clarified that though GST is not applicable on transactions in ‘securities’, any fees or charges in relation to transactions in securities would be a consideration for provision

Refund of GST to exporters–certain restrictions to claim refund on IGST paid exports

December 28, 2018

GST

[By Shaleen Shah (Partner), VNCA] Exports is `zero rated’ in GST for which exporter of goods has two options viz. (1) supply under LUT without payment of IGST and claim refund of unutilised ITC; or (2) supply on payment of IGST and claim refund of such IGST paid on exports.

Tax changes in 2018 that have affected your personal finances

December 21, 2018

Income Tax

[Source: economictimes.indiatimes.com; By Preeti Motiani, ET Online | Dec 19, 2018] As 2018 comes to an end, a quick run-down of the main tax changes implemented during the year would help us in our tax planning and saving efforts. Most tax changes are usually proposed in the Budget (presented in

Profit On Transfer Of Shares Acquired Under Stock Option Plan Taxable As ‘Capital Gain’ Not ‘Salary’

December 14, 2018

Income Tax

[Source: www.mondaq.com; Article by Vinita Krishnan & Shabnam Shaikh, Khaitan & Co] The Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in a recent ruling in Dr. Muthian Sivathanu v Assistant Commissioner of Income-tax [ITA No. 553/2018] held that proceeds received on sale of shares acquired pursuant to exercise

The tax that no one saw coming: A rude shock builds up for builders across India

October 14, 2018

Income Tax

[Source: www.economictimes.com] Builders across the country are in for a rude shock. They could be soon saddled with a tax burden that few, or probably none, of them have accounted for. Developers, according to changes in the law that have gone unnoticed so far, will have to pay tax on

Prosecution under Income Tax: Section 278E carves out an exception to the rule of mens rea

October 13, 2018

Income Tax

[By Shaleen Shah (Partner), VNCA] ‘Mens rea’ can be loosely translated as ‘guilty mind’, and it is a vital component when attempting to assess the criminal liability of an individual. The rule of mens rea says that an act itself does not make a person guilty of a crime, unless

Checklist for GST ITC review for FY 17-18

September 14, 2018

GST

[By Shaleen Shah (Partner), VNCA] Each business entity needs to carry out input tax credit (ITC) review before due date for filing of September 2018 return. The review should cover the following: ITC for FY 17-18 is getting time barred on 31-Oct-2018. According to GST rules, if the taxpayer forgets

Earlier Posts

7 changes in income tax laws that come into effect from Sept 1

Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019

What is Unregulated Deposit Scheme Ordinance, 2019?

GST Amendments effective from 1-Feb-2019

Refund of GST to exporters–certain restrictions to claim refund on IGST paid exports

Tax changes in 2018 that have affected your personal finances

Profit On Transfer Of Shares Acquired Under Stock Option Plan Taxable As ‘Capital Gain’ Not ‘Salary’

The tax that no one saw coming: A rude shock builds up for builders across India

Prosecution under Income Tax: Section 278E carves out an exception to the rule of mens rea

Checklist for GST ITC review for FY 17-18

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