The document provides an analysis of changes made to the Income Tax Return (ITR) forms for the assessment year 2020-2021. Some key changes include the addition of a new Schedule DI to report investments made during the extended period from April to June 2020. Additional details must be provided by individuals involved in high-value transactions covered under the seventh proviso to section 139(1). The forms now allow quoting of Aadhaar in place of PAN in various schedules. The analysis describes the ITR forms that can be used based on the nature of income and status of the taxpayer. It also explains other miscellaneous changes such as separate reporting for new income streams and deductions.
FAQs on Income-tax Returns for Assessment Year 2020-21
• Applicable ITR Forms
• Reporting in Schedules
• Filing of Returns
• Aadhaar-PAN linking
• Presumptive Taxation
• Capital Gains
• Tax payment, TDS, TCS and refund
• Deductions & Rebate
• Set-off of losses
• Income taxable in the hands of other person
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
-Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
FAQs on Income-tax Returns for Assessment Year 2020-21
• Applicable ITR Forms
• Reporting in Schedules
• Filing of Returns
• Aadhaar-PAN linking
• Presumptive Taxation
• Capital Gains
• Tax payment, TDS, TCS and refund
• Deductions & Rebate
• Set-off of losses
• Income taxable in the hands of other person
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
-Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Objectives & Agenda :
To understand the concept of ICDS and the rationale for introducing ICDS, its applicability and its commencement year. To analyse each and every ICDS and draw up a comparative analysis of ICDS and Accounting Standards (AS). Finally, to know the relevant disclosure of ICDS in tax audit report.
To understand the rationale and purpose for which tax audit report is being prepared, the contents which the professional certifies in that and the gray areas which needs to be appropriately considered by the assessee and the professionals. The session shall cover the guidance note issued by Institute of Chartered Accountants of India ("ICAI") for better clarity and understanding, the recent amendments in the reporting format and the practical advices in relation to certification for professionals as well as assessee.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Key Changes in New Income Tax Return Forms applicable for A.Y. 2015-16;
Comparison chart of Eligibility of ITR Forms, Important changes like Bank Accounts, Aadhar Number, Foreign Income and Asset Details etc.
Key Takeaways:
Export Promotion Schemes in India
Analysis of WTO' Ruling
Schemes adopted by Member Nations
Alternatives to Export Promotion Schemes
Way forward
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
Taxmann’s Tax Audit provides a detailed commentary/clause-by-clause analysis on provisions relating to Tax Audit and clauses of Form 3CA, 3CB and 3CD along-with guidance notes issued by ICAI & Tax Audit Reckoner. This book also Tax Audit Reckoner covering the following topics:
• Audit of Cash Transactions
• Audit of Sale of Immovable Property
• Audit of Share Capital
• Audit of Loans, Deposits and Borrowings Liabilities
• Clauses of From No. 3CD not relevant/applicable to tax audit for assessment year 2021-22
• Clauses of Form No. 3CD relevant/applicable to individuals/HUFs who are liable for tax audit u/s 44AB
• Clauses of Form No. 3CD relevant/ applicable to Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB
• Clauses of Form No. 3CD Relevant/applicable to companies who are liable for tax audit u/s 44AB
• Audit reports/report of accountant, etc. prescribed under Income-tax Rules
• Clauses of Form No. 3CD not applicable to assessees following cash basis of accounting
• Form No. 3CD – Clause wise applicability reckoner of income computation and disclosure standards
• Statutory provisions relevant to various clauses of Form No. 3CD
The Present Publication is the 13th Edition, amended by the Finance Act 2021 & Income-tax (Eighth Amendment) Rules 2021, authored by CA Srinivasan Anand G, with the following noteworthy features
• Analysis of the audit requirement under Income tax provision;
• An in-depth discussion on every clause of the tax audit report Form No. 3CA, 3CB and 3CD;
• Analysis of guidance note released by the ICAI on tax Audit.
Changes in Income tax return forms AY 2018-19Deepak Arya
Every year, the CBDT in India notifies the new income tax return forms and for the assessment year 2018-19 also CBDT has released the new income tax return forms. These forms will be applicable for the income tax return of 01-04-2017 to 31-03-2018 period. With the help of these slides you will be able to understand the new information required in these forms so that before filing the returns the assessee shall be ready with the desired information.
There are up to 8 types of income tax return forms, currently.https://www.legalraasta.com/income-tax-return/. Like and Follow our Facebook Page https://www.facebook.com/LRaasta/
Income Computation and Disclosure StandardICDS IX – Borrowing CostsAdmin SBS
Introduction and Applicability of ICDS
Scope of ICDS – IX Borrowings Costs
Definitions
Recognition of Borrowing Costs
Eligibility for Capitalization of Borrowing Costs
Commencement of Capitalization of Borrowing Costs
Cessation of Capitalization of Borrowing Costs
Disclosures in Tax Audit Report
Basis of Differences
Conclusion
The Income Tax Department has announced forms for filing I-T returns for the 2020-21 fiscal year, which is a significant development in the field of taxation. In spite of the ongoing COVID pandemic and to make it easier for taxpayers, no major changes to the ITR Forms have been made in relation to last year's ITR Forms. Only the bare minimum reforms were introduced as a result of revisions to the Income-tax Act of 1961.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
Objectives & Agenda :
To understand the concept of ICDS and the rationale for introducing ICDS, its applicability and its commencement year. To analyse each and every ICDS and draw up a comparative analysis of ICDS and Accounting Standards (AS). Finally, to know the relevant disclosure of ICDS in tax audit report.
To understand the rationale and purpose for which tax audit report is being prepared, the contents which the professional certifies in that and the gray areas which needs to be appropriately considered by the assessee and the professionals. The session shall cover the guidance note issued by Institute of Chartered Accountants of India ("ICAI") for better clarity and understanding, the recent amendments in the reporting format and the practical advices in relation to certification for professionals as well as assessee.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Key Changes in New Income Tax Return Forms applicable for A.Y. 2015-16;
Comparison chart of Eligibility of ITR Forms, Important changes like Bank Accounts, Aadhar Number, Foreign Income and Asset Details etc.
Key Takeaways:
Export Promotion Schemes in India
Analysis of WTO' Ruling
Schemes adopted by Member Nations
Alternatives to Export Promotion Schemes
Way forward
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
Taxmann’s Tax Audit provides a detailed commentary/clause-by-clause analysis on provisions relating to Tax Audit and clauses of Form 3CA, 3CB and 3CD along-with guidance notes issued by ICAI & Tax Audit Reckoner. This book also Tax Audit Reckoner covering the following topics:
• Audit of Cash Transactions
• Audit of Sale of Immovable Property
• Audit of Share Capital
• Audit of Loans, Deposits and Borrowings Liabilities
• Clauses of From No. 3CD not relevant/applicable to tax audit for assessment year 2021-22
• Clauses of Form No. 3CD relevant/applicable to individuals/HUFs who are liable for tax audit u/s 44AB
• Clauses of Form No. 3CD relevant/ applicable to Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB
• Clauses of Form No. 3CD Relevant/applicable to companies who are liable for tax audit u/s 44AB
• Audit reports/report of accountant, etc. prescribed under Income-tax Rules
• Clauses of Form No. 3CD not applicable to assessees following cash basis of accounting
• Form No. 3CD – Clause wise applicability reckoner of income computation and disclosure standards
• Statutory provisions relevant to various clauses of Form No. 3CD
The Present Publication is the 13th Edition, amended by the Finance Act 2021 & Income-tax (Eighth Amendment) Rules 2021, authored by CA Srinivasan Anand G, with the following noteworthy features
• Analysis of the audit requirement under Income tax provision;
• An in-depth discussion on every clause of the tax audit report Form No. 3CA, 3CB and 3CD;
• Analysis of guidance note released by the ICAI on tax Audit.
Changes in Income tax return forms AY 2018-19Deepak Arya
Every year, the CBDT in India notifies the new income tax return forms and for the assessment year 2018-19 also CBDT has released the new income tax return forms. These forms will be applicable for the income tax return of 01-04-2017 to 31-03-2018 period. With the help of these slides you will be able to understand the new information required in these forms so that before filing the returns the assessee shall be ready with the desired information.
There are up to 8 types of income tax return forms, currently.https://www.legalraasta.com/income-tax-return/. Like and Follow our Facebook Page https://www.facebook.com/LRaasta/
Income Computation and Disclosure StandardICDS IX – Borrowing CostsAdmin SBS
Introduction and Applicability of ICDS
Scope of ICDS – IX Borrowings Costs
Definitions
Recognition of Borrowing Costs
Eligibility for Capitalization of Borrowing Costs
Commencement of Capitalization of Borrowing Costs
Cessation of Capitalization of Borrowing Costs
Disclosures in Tax Audit Report
Basis of Differences
Conclusion
The Income Tax Department has announced forms for filing I-T returns for the 2020-21 fiscal year, which is a significant development in the field of taxation. In spite of the ongoing COVID pandemic and to make it easier for taxpayers, no major changes to the ITR Forms have been made in relation to last year's ITR Forms. Only the bare minimum reforms were introduced as a result of revisions to the Income-tax Act of 1961.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
We all know that with invent of a lot of amendments and introduction of new acts, the ITR forms for the current year (AY 18-19) also went through a considerable amount of changes.
Here is a compilation of all those Major Changes along in the ITR Forms for AY 2018-19.
This is for the benefit of students/staffs in charge/ any person who is in charge of the duty of filing return.
It contains - Applicability of all ITR forms, and the Main changes that were incorporated, with relevant screenshots wherever possible/required.
Please do like comment and share if you find it useful.
Thanks. More useful & practical oriented contents coming up in the upcoming days. So stay tuned.
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
This is a presentation covering various sections of the Income Tax Act 1961, pertaining to Non - Residents. The presentation offers varying degree of coverage for the sections covered, and was presented before the Ghatkopar Study Circle of The Institute of Chartered Accountants of India - WIRC.
GST Made Easy provides an Updated, Comprehensive & Simplified Analysis of each provision of the GST Law. The objective behind this book is that the understanding of GST should be as easy as ABC. This book provides answers to all your practical queries on GST.
The Present Publication is the 10th Edition, authored by CA (Dr.) Arpit Haldia & updated till 15th June 2021, with the following noteworthy features:
• [Focus on Analysis of Substantive Provisions of the GST Law] such as supply, time of supply, place of supply, value of supply, input tax credit, etc.
• [Guidance on all Procedural Provisions] relating to registration, composition scheme, returns, liability to pay tax, etc.
• [Coverage of Provisions of the GST Law] such as assessment, demand & recovery, refunds, e-way bill, job work, etc.
The contents of the book are as follows:
• Introduction
• An Overview of GST
• Person Liable to Pay Tax in GST
• Registration in GST
• What is Supply
• Time of Supply of Goods
• Time of Supply of Services
• Value of Supply
• Place of Supply
• Determination of Supply in the Course of Inter-State Trade or Commerce or Intra-State Supplies
• Job Work
• Invoice, Credit and Debit Notes
• Input Tax Credit
• Payment of Taxes
• Brief about Persons requiring Mandatory Registration
• Composition Levy – For Supplier of Goods and for Persons Engaged in Making Supplies Referred to in Clause (b) of Paragraph 6 of Schedule II
• Returns
• Assessment
• Refund
• Accounts and Records
• E-Way Bill
• Advance Ruling
• Composition Scheme for Services or Mixed Suppliers
• Demand and Recovery
• Penalty
• Rule 86B – Payment of 1% of Output Liability in Cash
Taxmann's Guide to SARFAESI Act 2002 & Recovery of Debts and Bankruptcy Act 1993Taxmann
Guide to SARFAESI Act 2002 & Recovery of Debts and Bankruptcy Act 1993 is a comprehensive book on Securitisation & Debt Recovery Laws. It contains 'chapter-wise commentary on provisions of the following laws:
• Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)
• Recovery of Debt and Bankruptcy Act, 1993 (RDB Act)
It also contains the Bare Act, Directions, Rules & Regulations, etc., on Securitisation and Debt Recovery Laws.
The Present Publication is the Latest Edition, authored by Taxmann's Editorial Board, amended up to July 2021, with the following contents:
• Overview of SARFAESI Act
• Enforcement of Security Interest
• Procedure for Sale of Assets
• Application, Appeals, And Penalty under SARFAESI Act
• Securitisation
• Asset Reconstruction Companies
• Registration of Transactions under SARFAESI Act
• Recovery of Debts And Bankruptcy Act, 1993
• Appendices:
o SARFAESI Act, 2002
o Rules, Regulations, and Directions under SARFAESI
o Recovery of Debts and Bankruptcy Act, 1993
o Rules under the Recovery of Debts And Bankruptcy Act, 1993
Taxmann's LLP Manual is a compendium Amended, Updated & Annotated text of the Limited Liability Partnership Act, 2008 (as amended by the Limited Liability Partnership (Amendment) Act, 2021) along with Rules, Circulars, and Notifications.
This book is divided into four divisions:
• Limited Liability Partnership Act, 2008
• Limited Liability Rules
• Circulars & Notifications
• Foreign Direct Investment in Limited Liability Partnership
The Present Publication is the 8th Edition & amended up to 13th August 2021, authored by Taxmann's Editorial Board, with the following noteworthy features:
• [List of Amendments, at a glance] made by the Limited Liability Partnership (Amendment) Act, 2021
• [Short Commentary] on the following:
◦ Limited Liability Partnership (Amendment) Act, 2021
◦ Limited Liability Partnership Act, 2008
• [Integrated LLP Rules, Circulars & Notifications, FDI Policy, FEMA Regulations]
◦ Limited Liability Partnership Rules, 2009 as amended up to date
◦ Limited Liability Partnership (Winding up and Dissolution) Rules, 2012
◦ Text of LLP Circulars & Notifications
◦ FDI Policy related to LLPs
◦ FEMA Regulations & Schedules related to LLPs
• [Taxmann's series of Bestseller Books] on LLP Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error'
GST Investigations Demands Appeals & Prosecution aims to cover the past & emerging jurisprudence on the subject matter along with a lucid commentary on the statutory provisions under the GST Law relating to the following:
• GST Inspection
• GST Search
• GST Seizure
• GST Detention
• GST Audit
• GST Confiscation
• GST Penalty
• GST Show Cause Notice
• GST Adjudication
• GST Appeals
• GST Revision
• GST Prosecution
• GST Compounding
The objective of this book is to sensitize both taxpayers and tax officers of their rights and obligations when:
• Investigations are undertaken;
• Records and documents are seized;
• Officials from companies are summoned, and
• Statements are recorded.
This book will be helpful for taxpayers, departmental officers, members of the bar & bench, professionals and the judiciary to appreciate the intricate points and issues arising out of implementation of the relevant provisions conferring wide powers on the officers.
The Present Publication is the Latest Edition, authored by Dr. Gokul Kishore & R. Subhashree & amended up to July 2021, with the following noteworthy features:
• [Commentary/Practical Guide] This book is intended to serve as a commentary and also a practical guide to all stakeholders on the provisions and issues emerging from various orders passed by High Courts on search, summons, arrest, bail, provisional attachment, demands, penalty and confiscation
• [Analysis of the Statutory Provisions featuring Landmark Cases & Recent Orders] GST is in force for only four years. Still, instances of the use of powers of search and seizure have been increasingly visible. This book analyses the provisions along with both the landmark cases on this subject as well as the recent orders under GST law.
• [Analysis includes the Previous & Current Regime of Indirect-taxes] While arrest and prosecution powers have been in the statute book under the pre-GST tax laws, the frequency of invocation of such powers in the GST regime is high. Various orders on bail, conditions for bail and validity of arrest passed by High Courts have been discussed to comprehend the scope, limitations and interpretation of the provisions
• [Threadbare Analysis with Established Jurisprudence & Principles Evolved over the Years] Proceedings for recovery of tax commences with demand notice or show cause notice followed by adjudication order, and the dispute is carried in an appeal if either party is aggrieved. The provisions under GST law on demands, adjudication, appeals, revision and recovery action have been subjected to threadbare analysis with the help of established jurisprudence and principles evolved over the years
Taxmann's GST Law & Practice is a unique/concise book on the GST Laws (i.e., Statutory Portion & Case Laws). Coverage of the book is as follows:
• Central Goods and Services Tax Act 2017 (CGST)
• Integrated Goods and Services Tax Act 2017 (SGST)
• Goods and Services Tax (Compensation to States) Act 2017
• Classification of Goods & Services
What sets it apart is the 'unique way of presenting' the compendium of 'updated, amended & annotated' text of the CGST & SGST Acts along with relevant Rules, Notifications, Forms, Circulars, Clarifications, and Case Laws. In other words, read the Section & get the following:
• Text of the relevant Rules & Notifications
• The gist of the relevant Circulars
• Date of enforcement of provisions
• Allied Laws referred to in the provision
• Gist of relevant Case Laws with an easy-to-understand summary
This book also includes Case Laws on the classification of goods & services under the GST regime in a separate division.
The Present Publication is the 2nd Edition, amended up to July 2021, authored by CA (Dr.) Arpit Haldia & CA Mohd. Salim, with the following noteworthy features:
• [Taxmann's series of Bestseller Books] on GST Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error.'
The detailed contents of the book are as follows:
• Central Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Central Goods & Services Tax Act, 2017
◦ Removal of Difficulties Order
◦ Text of Provisions of Allied Acts referred to in Central Goods & Services Tax Act, 2017
◦ Subject Index
• Integrated Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Integrated Goods & Services Tax Act, 2017
Subject Index
• Goods and Services Tax (Compensation to States) Act 2017
◦ Arrangement of Sections
◦ Text of the Goods and Services Tax (Compensation to States) Act, 2017
◦ Subject Index
• Classification of Goods & Services
◦ Classification of Goods
◦ Classifications of Services
Ind AS Ready Reckoner is a simple & practical workbook on Ind AS [as amended by the Companies (Indian Accounting Standards) Amendment Rules 2021] to guide the members in practice/employment in their day-to-day works. This book will help the professionals cope with various developments in the accounting standards’ area, which has become complex after Ind AS has started aligning with its global counterpart.
The Present Publication is the Latest Edition, authored by CA Ravi Kanth Miriyala & CA Sunitanjani Miriyala, amended up to July 2021, with the following noteworthy features:
• [Most Updated & Amended] This book incorporates the latest amendments under Companies (Indian Accounting Standards) (Amendment) Rules, 2021
• [Practical & Lucid Explanations/Illustrations/Process Flow Charts] are provided in this book for members in practice/employment, to act as a one-stop reference manual on complex matters, without diluting the content of Standards
• [Definitions & Applications Guidance with Basis of Conclusion] are incorporated in critical chapters and wherever it is necessary to understand the reasoning
• [FAQs & Illustrative Examples] This book also incorporates FAQs of educational material issued by the ICAI and illustrative examples issued by the IASB
• [Ind AS vs AS & Ind AS vs IFRS] Covers the differences between Ind AS & AS as well as Ind AS & IFRS, at the end of every standard
GST Exports-Imports & Deemed Exports is a harmonious blend of the following laws:
• GST
• Customs
• Foreign Trade Policy
• Allied Laws
This book aims to consolidate & explain different provisions of the law and subsequent procedural changes such as Notifications, Circulars, Instructions and Trade Notices issued by CBIC and DGFT, along with relevant Advance Rulings with regards to Imports, Exports, Deemed Exports under different laws.
This book is intended to help the trade and industry dealing with exports, imports and deemed exports for compliance with the legal requirements and avail the benefits under various provisions of the Foreign Trade Policy, Customs and GST laws with better understanding and appreciation of the intricacies.
The Present Publication is the 2nd Edition, authored by Kaza Subrahmanyam & T.N.C. Rajagopalan, with the following coverage:
• [Conceptual Understanding of provisions of Imports and Exports] of Goods & Services
• [Meaning of Zero Rated Supply along with Refunds] for Physical Exports and Deemed Exports under GST
• [Treatment of supplies by and to EOU/SEZ unit or SEZ Developer/FTWZ] along with Special Exemptions/Concessions and procedural requirements
• [Foreign Trade Policy] under GST
Guide to Customs Valuation is a complete and comprehensive commentary on laws relating to valuation under Customs laws. It is a brief, concise and handy reference book, which provides the updated and simplified analysis of provisions to determine valuation under the Customs laws.
This book will be helpful for Customs Consultants, Advocates, Corporate Managers & Departmental Officers.
This book is divided into two parts:
• Valuation of Imported Goods
• Valuation of Export Goods
The Present Publication is the Latest Edition, authored by H.K. Maingi, amended up to July 2021, with the following noteworthy features:
• [Conceptual Understanding of Valuation] Conceptual understanding of provisions of Valuation under Section 14 of Customs Act and Customs Valuation (Determination of Value of Export Goods) Rules, 2007
• [Valuation] Valuation of Imported Goods & Exported Goods, Valuation in case of High Sea Sales & related persons, Valuation of capital goods on debonding, etc.
• [Various Additions in Transaction Value] Various additions in Transaction Value such as Brokerage, Service Charge, Transportation, etc.
• [Other Concepts] Concepts of related persons, under-invoicing and over-invoicing, Special Valuation Branch, etc.
This edition covers everything you need to understand about the provisions of Valuation under Customs in a subtle and simplified language.
The detailed coverage of the book is as follows:
• Introduction
• Valuation of Imported Goods
◦ Transaction Value
◦ Transaction Value to be Accepted in the Absence of Condition and Restriction under Rule 3(2)
◦ Contract Prices and Transaction Value
◦ High Sea Sales and Transaction Value
◦ Related Persons
◦ Transaction Value of Identical or Similar Goods and Contemporaneous Imports
◦ Deductive Value
◦ Computed Value
◦ Residual Method
◦ Reliance on Foreign Journals indicating International Prices for Determining Assessable Value
◦ Addition to Transaction Value Royalty, Licence and Technical Know-How Fees
◦ Other Addition to Transaction Value
◦ Declaration by the Importer
◦ Rejection of Declared Value
◦ Investigation by Special Valuation Branch
• Valuation of Export Goods
◦ Export Valuation
◦ Under-Invoicing and Over-Invoicing of Exports
◦ Customs Valuation (Determination of Value of Export Goods) Rules, 2007
◦ Inclusion/Exclusion Duty Element from Cum Duty Price
◦ Valuation of Goods Sold in DTA from EOU and Debonding of Capital Goods from EOU
Taxmann's MCQs and Integrated Case Studies on Corporate & Economic LawsTaxmann
MCQs & Integrated Case Studies on Corporate & Economic Laws are prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 6th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Knowledge Based & Application Based MCQs] as per the pattern applicable for the exams
• Includes the following types of MCQs in a Separate Section in Each Chapter:
◦ RTPs & MTPs
◦ Past Exam Questions
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) 5th Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [7th Edition] of Taxmann’s CRACKER cum Exam Guide on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies + Class Notes
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• NCLT and NLCAT
• Corporate Secretarial Practice
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 | Deleted from Syllabus
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002) | Deleted from Syllabus
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
• Integrated Case Studies
Taxmann’s CRACKER for Corporate & Economic Laws is prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 7th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, authored by Pankaj Garg, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [600+ Questions and Case Studies] with complete answers
• Coverage of this book includes:
• All Past Exam Questions
▪ CA Final July 2021 (New Syllabus) – Suggested Answers
◦ Questions from RTPs and MTPs of ICAI
• [Chapter-wise] marks distribution for Past Exams
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) fifth Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [6th Edition] of Taxmann’s MCQs & Integrated Case Studies on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• National Company Law Tribunal and Appellate Tribunal
• Corporate Secretarial Practice – Drafting of Notices, Resolutions, Minutes & Reports
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 (Deleted from syllabus)
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002)
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
FEMA & FDI Ready Reckoner provides complete and accurate information about all provisions of the Foreign Exchange Management Act, 1999 (FEMA). It also includes guidance on all practical issues faced by companies and FEMA professionals.
Key features of this book are as follows:
• Topic-wise commentary on FEMA
• Analysis of all provisions of FEMA with relevant Rules, Judicial Pronouncements, Circulars, Notifications and Master Directions issued by Reserve Bank of India
• Law Relating to the following
◦ Prevention of Money Laundering Act
◦ Foreign Contribution (Regulation) Act
◦ COFEPOSA
The Present Publication is the 15th Edition, and it is amended up to 30th June 2021. The coverage of this book is as follows:
• FEMA – Overview
• Authorised Person under FEMA
• Account in India by Person Resident out of India
• Accounts of Indian Residents in Foreign Currency
• Receipt and Payment in Foreign Exchange
• Realisation, Repatriation and Surrender of Foreign Exchange
• Money Changing Activities
• Money Transfer Service Scheme (MTSS)
• Possession and Retention of Foreign Currency
• Export and Import of Currency or Currency Notes
• Remittances on Current Account
• Liberalised Remittance Scheme (LRS)
• Export of Goods and Services
• Import of Goods and Services
• Project Exports and Service Exports
• Foreign Exchange Rates
• Overview of Capital Account Transactions
• Foreign Investment in India
• FDI in Indian Company
• Section Wise FDI Policy at a Glance
• FDI – Downstream Investment, i.e. Indirect Investment
• FDI through Rights, Bonus, Sweat Equity or Merger/Amalgamation
• FDI – Transfer of Securities
• FDI in LLP
• FDI in GDR/ADR
• Investment by NRI or OCI
• FDI in Startup Company
• Investment by Foreign Portfolio Investors
• FDI in Investment Vehicle
• FDI by FVCI
• FDI – Investment in Securities by Funds, Foreign Central Bank, etc.
• Investment by Indian Entity in JV/WOS Abroad
• Guarantees
• Insurance
• Borrowing and Lending in Foreign Currency
• Borrowing and Lending in Indian Rupees
• Foreign Investment in Debt Instruments
• External Commerical Borrowings
• Trade Credit (TC) and Structured Obligations
• Acquisitions and Transfer of Immovable Property in India
• Acquisition and Transfer of Immovable Property out of India
• Remittance of Assets
• Branch/LO/Project Office in India by Foreign Entities
• Indian Depository Receipts
• Risk Management and Inter-Bank Dealings
• VOSTRO Account of Non-Resident Exchange Houses
• Industrial Policy of Government of India
• Enforcement of FEMA
• Penalties under FEMA
• Appeals under FEMA
• Compounding of Contraventions under FEMA
• Prevention of Money Laundering Act
• Foreign Contribution (Regulation) Act (FCRA)
• COFEPOSA, 1974
This book provides a para-wise commentary on Companies (Auditor’s Report) Order. It is a complete guide on the applicability and the matters that need to be reported by an Auditor on CARO.
This book is divided into three divisions:
• CARO Reporting under CARO, 2020 (Applicable from Financial Year 2021-22)
• CARO Report on Consolidated Financial Statements under CARO, 2020
• CARO Reporting under CARO, 2016 (Applicable for Financial Year 2021-22)
This book will be helpful for Auditors
The Present Publication is the 8th Edition, amended up to 30th June 2021, authored by CA Srinivasan Anand G., with the following noteworthy features:
• [FAQs & Case Studies]
◦ CARO 2016
◦ CARO 2020
• [Amended Schedule II] Related disclosure requirements
• [Clause-wise Ready Reckoner] on CARO 2020
• Review of earlier versions of CARO to do a quick comparison(s)
• [In a Nushell] CARO 2020
• Relevant Provisions of Companies Act, 2013
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
Taxmann's Indian Competition Law is a section-wise commentary on Competition Law. What sets this book apart is the unique combination of the study of both substantive and procedural elements of Competition Law in India.
The objective of this book is three-fold:
• Focusing on Indian Competition Law, elucidating the Indian jurisprudence and then comparing it with positions taken by European Union (EU) and the United States
• This book does not get restricted to the major provisions/broader issues of competition law but also highlights economic, technical and administrative concepts/issues that are relevant in the practical application and interpretation of competition law
• This book does not become a technical treatise but a document that a wider audience can read and understand, including lawyers, judges, academicians, lawmakers, market regulators, & entrepreneurs.
The Present Publication is the Latest Edition, authored by Adv. Gautam Shahi & Dr. Sudhanshu Kumar, amended up to 30th May 2021, with the following noteworthy features:
• [Detailed Study on Fundamental Issues] including:
o Anti-Competitive Agreements
o Abuse of Dominant Position
o Combinations (Acquisitions and Mergers)
• [Evolution of Competition Jurisprudence] in India
• [Comparitive Assessment] of major issues in Indian competition law with vis-à-vis EU, UK, and the USA
• [Exhaustive Analysis] on Rules, Regulations, Guidance issued by CCI & Case Laws decided by the CCI, COMPAT (now NCLAT), High Courts, and the Supreme Court
• [Interaction of Competition Act with other Laws] such as:
o Administrative Law
o Intellectual Property Laws
o Telecom Laws
Tax Practice Manual is an exhaustive (2,100+ pages), amended (by the Finance Act, 2021) & practical guide (330+ case studies) for Tax Professionals.
This book will be helpful for the Chartered Accountants, Lawyers/Advocates, Tax Practitioners to assist them in their day-to-day tax works.
This book is divided into two parts:
• Law Relating to Tax Procedures (covering 25+ topics)
• Case Studies (covering 35+ topics)
The Present Publication is the 7th Edition, authored by Gabhawala & Gabhawala, as amended by the Finance Act 2021, with the following noteworthy features:
• Law Relating to Tax Procedures
◦ [Lucid Explanation, in a Practical Manner, with Checklists & necessary Tips] for the law relating to Tax Procedure
◦ [Exhaustive Coverage of Case Laws]
◦ [Fine Prints & Unwritten Lines] are explained in a lucid manner
• Tax Practice
◦ [Elaborated & Threadbare Analysis] of every aspect of Tax Practice
• Case Studies
◦ [330+ Case Studies] to deal with real-life animated situations/problems faced by tax practitioners
• Draft Replies
◦ For the Notices sent by the Department
◦ Petitions to the Department
• Drafting & Conveyancing
◦ [Complete Guide to Drafting of Deeds & Documents] covering
◦ Affidavits
◦ Wills
◦ Special Business Arrangements
◦ Family Arrangements
◦ Power of Attorney
◦ Lease, Rent & Leave and Licenses
◦ Indemnity and Guarantee
◦ Charitable Trust Deeds, etc.
The contents of this book are as follows:
• Law Relating to Tax Procedures
◦ Tax Practice
◦ Pre-assessment Procedures
◦ Assessment
◦ Appeals
◦ Interest, Fees, Penalty and Prosecution
◦ Refunds
◦ Settlement Commission – ITSC, Interim Board for Settlement
◦ Summons, Survey, Search
◦ TDS and TCS
◦ Recovery of Tax
◦ Special Procedures
◦ Approvals
◦ STT, DDT, Tax on Liquidation, Reduction and Buy Back, MAT, AMT and WT
RTI, Ombudsman
◦ Drafting of Deeds
◦ Agreement, MoU
◦ Gifts, Wills, Family Arrangements
◦ Power of Attorney, etc.
◦ Lease, Rent, License, etc.
◦ Sale/Transfer of Properties
◦ Tax Audit
◦ Income Computation & Disclosure Standards
◦ Real Estate (Regulation and Development) Act, 2016 (RERA)
◦ E-Proceedings under the Income Tax Act, 1961
◦ Prohibition of Benami Property Transactions Act, 1988
• Case Studies
◦ Tax Practice
◦ Pre-Assessment Procedures
◦ Assessment – Principles and Issues
◦ Rectification of Mistake
◦ Revision
◦ Appeals to CIT (Appeals)
◦ Appeals to – ITAT – High Court – Supreme Court
◦ Interest Payable by Assessee
◦ Penalties
◦ Prosecution
◦ Refunds
◦ Settlement of Cases
◦ Survey
◦ Search & Seizure
◦ Tax Deduction at Source
◦ Recovery of Tax
◦ Trust, Mutuality, Charity
◦ Firm
◦ LLP – Limited Liability Partnership
◦ Right to Information – RTI
◦ Agreement, MoU
◦ AOP – Association of Persons
◦ HUF – Hindu Undivided Family
◦ Gifts
◦ Wills
◦ Family Arrangements
◦ Power of Attorney
◦ Indemnity and Guarantee
◦ Lease, Rent, Leave and License
◦ Sale/Transfer of Properties
◦ Tax Audit
Taxmann's Competition Law Manual is a compendium of Competition Act, 2013 [amended up to date] along with Relevant Rules & Regulations, Circulars, and Notifications.
What sets this book apart is the unique way of presenting the Annotated, Amended & Updated text of the Competition Act and relevant Rules & Regulations mapped with the relevant Section of the Act.
The Present Publication is the Latest Edition, authored by Taxmann's Editorial Board, amended up to 5th July 2021. This book is divided into four divisions:
• The Competition Act, 2002
• Notifications
• 20+ Rules & Regulations issued under the Competition Law
• Conditions of Service of Chairperson and Members of Tribunals, Appellate Tribunals and Other Authorities
Taxmann's CLASS NOTES | Direct Tax Laws and International TaxationTaxmann
Taxmann’s CLASS NOTES for Direct Tax Laws & International Taxation is a one-stop solution to conquer the vast subject of Direct Taxation with ease. The objective behind this book is to minimize the need to consult multiple voluminous books while revising the day before the exam.
This book aims at providing all concepts in a simple language, with proper linking and a smart sequential approach. It also explains the provision of the law without resorting to paraphrasing of sections or legal jargons.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Pictorial Presentation/Charts with Handwritten Fonts] are used in the book for easy understanding of theoretical concepts
• [Multi-Colour Coded Book] which follows the below structure:
◦ Blue – Heading
◦ Black – Main Content
◦ Red – Summarised version of the main content
◦ Green – Amendments applicable for the examination
◦ Yellow Highlights – Key adjustments to be highly cautious of; ‘The Accident-Prone Zones’
◦ Blue Boxes – Significant selected Case Laws provided by ICAI
◦ Green Boxes – Authors personal notes for better understanding and clarity
• [Amendments for November 2021 Examination] are provided at the end of the module
Also Available:
• [65th Edition] of Taxmann’s Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann’s Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann’s CRACKER cum Compiler – Direct Tax Laws & International Taxation
Taxmann's Problems & Solutions for Direct Tax Laws & International TaxationTaxmann
Taxmann's PROBLEMS & SOLUTIONS for Direct Tax Laws & International Taxation is a compilation of questions & MCQs (prepared using handwritten fonts) from the educational materials, RTPs, MTPs and past examination papers of both old & new syllabus of ICAI (up to 30th April 2021). These are aligned with provisions applicable for Nov. 2021 Exams and are arranged Topic-wise & Chapter-wise with proper reference to the paper as well as attempt for convenience and trend analysis.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• [Coverage of All Questions & MCQs] in handwritten fonts
◦ For Old/New Syllabus; issued up to 30th April 2021, from the following:
▹ Educational Material of ICAI
▹ RTPs & MTPs of ICAI
▹ Past Examination Papers of ICAI
◦ The above Questions & MCQs are aligned with applicable provisions for November 2021 examination
◦ Arranged 'Topic-wise' & 'Chapter-wise' with proper reference to paper as well as attempt for convenience and trend analysis
• [Ready Reckoner for the day before the exam] Special adjustments tested by ICAI have been summarised at the start of the book
Also Available:
• [65th Edition] of Taxmann's Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann's Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann's CRACKER cum Compiler – Direct Tax Laws & International Taxation
The contents of the book are as follows:
• Summary of Special Adjustments
• Part A – Direct Taxation
◦ Basics of Income Tax
◦ Special Tax Regime
◦ Taxation of Agriculture Income
◦ Income from Salary
◦ Income from House Property
◦ Profits and Gains of Business or Profession
◦ Capital Gains
◦ Taxation of Business Re-Organisations
◦ Taxation of Distribution to Owners
◦ Income from Other Sources
◦ Taxation of Dividends & Income from Units
◦ Comprehensive Questions
◦ Assessment of Firms & LLP
◦ Assessment of AOP & BOI
◦ Assessment of Non-Profit Organization (NPO) & Exit Tax
◦ Assessment of Business Trust
◦ Assessment of Other Persons
◦ Taxation of Unexplained Income
◦ Clubbing of Income
◦ Set-Off and Carry Forward of Losses
◦ Exemptions & Sec. 10AA Deductions
◦ Chapter VI-A Deduction
◦ Minimum Alternate Tax [Section 115JB] & Alternate Minimum Tax [Section 115JC]
◦ TDS & TCS
◦ Payment of Taxes & Return Filing
◦ Assessment Procedure
◦ Appeals & Revisions
◦ Settlement Commission
◦ Tax Planning, Avoidance & Evasion
◦ Penalties, Offence & Prosecution
◦ Liability in Special Cases
◦ Statement of Financial Transactions (SFT) & Miscellaneous Provisions
• Part B – International Taxation
◦ Transfer Pricing & Related Provisions
◦ Residential Status & Scope of Total Income
◦ Non-Resident Taxation
• Part C – Suggested Answers (Amended as Applicable for A.Y. 2021-22)
Taxmann's 20 REVISED DUE DATES under Income-tax ActTaxmann
In view of the COVID-19 pandemic, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020) has extended various due dates of compliances. The due dates so extended by the TLA Act, 2020 have been extended again on multiple occasions by the CBDT. The CBDT has again extended the due dates for certain compliances and has also announced to provide tax exemption for the expenditure incurred by the taxpayers on COVID-19 treatment. Further, the ex-gratia or any compensation received by the family members of any person who succumbed to COVID-19 will be exempt from tax. The impact of new notifications and circulars on various time barring dates and certain compliance of the Income-tax Act are discussed in the below paragraph.
Taxmann's MCQs and Integrated Case Studies on Advanced Auditing and Professio...Taxmann
MCQs & Integrated Case Studies on Advanced Auditing & Professional Ethics are prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 6th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Knowledge Based & Application Based MCQs] as per the pattern applicable for the exams
• Includes the following types of MCQs in a Separate Section in Each Chapter:
◦ RTPs & MTPs
◦ Sample Questions
◦ Past Exam Questions (Memory-Based)
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Audit and Auditor’s) Amendment Rules, 2021
◦ Companies (Amendment) Act 2020
◦ Companies (Auditor’s Report) Order 2020
◦ SEBI (LODR) Regulation 2015
◦ Form 3CD and Form GSTR 9C (Revised)
◦ Finance Act 2021
◦ Revised Code of Ethics
◦ Revised Statement of Peer Review 2020
Also Available:
• [8th Edition] of Taxmann’s Textbook for Advanced Auditing & Professional Ethics (New Syllabus)
• [8th Edition] of Taxmann’s Cracker cum Exam Guide for Advanced Auditing & Professional Ethics (New Syllabus)
• [1st Edition] Taxmann’s Quick Revision Charts for Advanced Auditing & Professional Ethics
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
The contents of the book are as follows:
• Quality Control and Engagement Standards
• Auditing Planning, Strategy and Execution
• Risk Assessment and Internal Control
• Audit in an Automated Environment (Applicable for New Syllabus)
• Professional Ethics (Chartered Accountants Act, 1949)
• Company Audit
• Audit Reports
• CARO 2020
• Audit of Consolidated Financial Statements
• Audit of Dividends
• Audit Committee & Corporate Governance
• Liabilities of Auditors
• Internal Audit
• Management and Operational Audit
• Audit under Fiscal Laws
• Due Diligence and Investigation
• Peer Review
• Audit of Banks
• Audit of Non-Banking Financial Companies
• Audit of General Insurance Companies
• Audit of Public Sector Undertaking
• LLP Audit, Forensic Audit, Quality Review & Audit of Life Insurance Business (Applicable for New Syllabus)
• Miscellaneous
• Integrated Case Studies
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Chapter 3 - Islamic Banking Products and Services.pptx
Taxmann Review Bulletin : June 2020
1. Taxmann Review Bulletin
A quick review of important Taxes & Laws updates reported on Taxmann.com
June 2020
2.
3. Analysis of new ITR Forms notified for the Assessment Year 2020-21 01
1. Form to be used by a taxpayer to file the Income-tax return for the assessment year 2020-21 02
2. New ‘Schedule DI’ to furnish details of investments made during the extended period 04
3. Additional details to be furnished by a person who is filing return under the Seventh 05
proviso to section 139(1)
4. Option to quote PAN or Aadhaar in various schedules 05
5. Reporting of income or loss from pass-through entities 06
6. Reporting of cash receipt or payment where turnover of assessee is between 08
Rs. 1 crore to Rs. 5 crore
7. Reporting of dividend received from the specified foreign company 08
8. Schedule SH-1 not applicable in the case of Section 8 companies and companies 08
limited by guarantee
9. A depreciation rate of 45% added in the block of plant and machinery 09
10. Separate reporting of surcharge on income chargeable to tax under sections 112A, 111A, 115AD 09
11. Reporting of residuary income which is chargeable to tax as per DTAA 10
12. Furnishing details of tax paid on Secondary Adjustments 10
13. List of nature of employment is expanded 11
14. Unique Document Identification is required if return is filed in response to a notice 11
15. Consequential changes in the Schedule of Deductions under Chapter VI-A 12
16. Assessee can choose multiple bank accounts for payment of refund 12
17. Foreign companies to report income from royalty or FTS chargeable to tax at the rate of 50% 13
18. Companies opting for section 115BAA and 115BAB 13
19. Trust to furnish details of re-registration made under the new provisions 13
20. Corpus donation not to be considered as an application of Income 14
21. Disclosures required of donation forming part of the corpus funds 14
22. Schedule Capital Gains modified in ITR 7 15
23. Separate reporting to be made of interest payable on loan taken from a Deposit Taking NBFC 15
or Systematically Important NBFC
24. Separate reporting is required for income from life insurance business 16
25. Separate reporting is required for income from units of mutual fund purchased in 16
foreign currency by Offshore fund
26. Details of the authorized person verifying the ITR of company to be furnished 16
27. Option to choose ‘Self-occupied property’ introduced in ITR-5 and ITR-6 17
28. Option to claim an exemption under Section 54EE removed as no fund has been notified yet 17
29. Reporting of share in co-owned land and building 17
30. No Account Schedule deleted for IndAS compliant companies 18
31. Schedules for reporting transactions taxable under section 112A and 115AD 18
32. Reporting of disallowance under section 40(ba) 18
33. Type of company to be reported if the assessee is a director in a company or holding 18
unlisted equity shares
34. Zip code required at some additional places under schedule FA 19
CONTENTS
4. Usually, the Income-tax Department notifies the ITR forms in the first week of April of
the relevant assessment year. However, this year, due to the exceptional circumstances,
the Dept. has notified all ITR forms in last week of May.
For the assessment year 2020-21, the Dept. has notified the ITR forms twice. In the
month of January 2020, the Dept. notified two ITR forms (ITR-1 and ITR-4). Now,
in the month of May 2020, all ITR Forms (ITR-1 to ITR-7) have been notified which
eventually replace the two previously notified forms.
When the ITR Forms (ITR 1 and ITR 4) were notified in January 2020, Rule 12
was amended to provide that ITR-1 cannot be used by a person falling under two
categories, namely, First, who owns a house property in joint-ownership and second,
who has entered into specified transactions mentioned in the seventh proviso to
section 139(1), that is, payment of electricity bill in excess of Rs. 1 lakh, a deposit of
more than Rs. 1 crore in one or more current accounts, etc. However, a person falling
under the second category is allowed to furnish a return in ITR-4.
Immediately after notifying the changes to Rule 12, the Govt. announced to withdraw
the prohibition on filing of return in ITR-1 and ITR-4 by a person falling in the above
referred to categories. The recent notification maintains status-quo by removing
these prohibitions. Thus, a person owning a property in joint-ownership or covered
under the seventh proviso can file return in ITR-1 or ITR-4 if they fulfil other conditions.
Further, in the new ITR forms, a new Schedule DI has been inserted to seek details
of the investment, deposit and payments made during the extended period till June
2020 for claiming deduction under Chapter VI-A or for rollover of investment in the
Financial Year 2019-20.
Analysis of new
ITR Forms notified for
the Assessment
Year 2020-21
01
5. The new ITR forms have introduced new additional columns and schedules. These
changes have been introduced to capture new, yet essential information. Some
changes are consequential to the amendments made to the Income-tax Act by
the recent Finance Acts. We have done a thorough analysis of the new ITR Forms
applicable for the assessment year 2020-21 and have explained all changes in the
below paragraphs.
1. Form to be used by a taxpayer to file the Income-tax return for
the assessment year 2020-21
Nature of income ITR 1* ITR 2 ITR 3 ITR 4*
Salary Income
Income from salary/pension (for ordinarily resident person) ✓ ✓ ✓ ✓
Income from salary/pension ✓ ✓
(for not ordinarily resident and non-resident person)
Any individual who is a Director in any company ✓ ✓
Income from House Property
Income or loss from one house property (excluding brought ✓ ✓ ✓ ✓
forward losses and losses to be carried forward)
Individual has brought forward loss or losses to be carried ✓ ✓
forward under the head House Property
Income from Business or Profession
Income from business or profession ✓
Income from presumptive business or profession covered ✓
under section 44AD, 44ADA and 44AE
(for person resident in India)
Income from presumptive business or profession covered ✓
under section 44AD, 44ADA and 44AE
(for not ordinarily resident and non-resident person)
Interest, salary, bonus, commission or share of profit ✓
received by a partner from a partnership firm
Capital Gains
Taxpayer has held unlisted equity shares at any ✓ ✓
time during the previous year
Capital gains/loss on sale of investments/property ✓ ✓
Income from Other Sources
Family Pension (for ordinarily resident person) ✓ ✓ ✓ ✓
Family Pension ✓ ✓
(for not ordinarily resident and non-resident person)
Taxmann Review Bulletin | June 2020 02
6. Nature of income ITR 1* ITR 2 ITR 3 ITR 4*
Income from other sources (other than income chargeable ✓ ✓ ✓ ✓
to tax at special rates including winnings from lottery
and race horses or losses under this head)
Income from other sources (including income chargeable ✓ ✓
to tax at special rates including winnings from lottery and
race horses or losses under this head)
Dividend income exceeding Rs. 10 lakhs taxable ✓ ✓
under Section 115BBDA
Unexplained income (i.e., cash credit, unexplained ✓ ✓
investment, etc.) taxable at 60% under Section 115BBE
Person claiming deduction under Section 57 from ✓ ✓
income taxable under the head ‘Other Sources’
(other than deduction allowed from family pension)
Deductions
Person claiming deduction under Section 80QQB or 80RRB in ✓ ✓
respect of royalty from patent or books
Person claiming deduction under section 10AA or ✓
Part-C of Chapter VI-A
Total Income
Agricultural income exceeding Rs. 5,000 ✓ ✓
Total income exceeding Rs. 50 lakhs ✓ ✓
Assessee has any brought forward losses or losses to be ✓ ✓
carried forward under any head of income
Computation of Tax liability
If an individual is taxable in respect of an income but TDS in ✓ ✓
respect of such income has been deducted in hands of any other
person (i.e., clubbing of income, Portuguese Civil Code, etc.)
Claiming relief of tax under sections 90, 90A or 91 ✓ ✓
Others
Assessee has:
Income from foreign sources ✓ ✓
Foreign Assets including financial interest in any foreign entity
Signing authority in any account outside India
Income has to be apportioned in accordance with Section 5A ✓ ✓
* ITR-1 can be filed by an Individual only who is ordinarily resident in India. ITR-4 can be filed only
by an Individual or HUF who is ordinarily resident in India and by a firm (other than LLP) resident
in India.
Analysis of new ITR Forms notified for the Assessment Year 2020-2103
7. Other Assessees
Status of Assessee ITR 4 ITR 5 ITR 6 ITR 7
Firm (excluding LLPs) opting for presumptive taxation ✓
scheme of section 44AD, 44ADA or 44AE
Firm (including LLPs) ✓
Association of Persons (AOPs) ✓
Body of Individuals (BOI) ✓
Local Authority ✓
Artificial Juridical Person ✓
Companies other than companies claiming exemption ✓
under Section 11
Persons including companies required to furnish return under: ✓
Section 139(4A);
Section 139(4B);
Section 139(4C);
Section 139(4D);
Business Trust ✓
Investment Fund as referred to in Section 115UB ✓
Note: In January 2020 the CBDT has notified the amendment to Rule 12 and new ITR Forms (ITR 1 and ITR 4) for the assessment year 2020-
21. The amended Rule 12 provided that ITR-1 cannot be used by a person falling under the two categories, namely, First, who owns a house
property in joint-ownership and second, who has entered into specified transactions mentioned in the seventh proviso to section 139(1), that
is, payment of electricity bill in excess of Rs. 1 lakh, a deposit of more than Rs. 1 crore in one or more current accounts, etc. However, a person
falling under the second category is allowed to furnish a return in ITR-4. The recent amendment notification maintains the status-quo and
allows an Individual/HUF, owning a property in joint-ownership or covered under the seventh proviso, to file return in ITR-1 or ITR-4 if they
fulfil other conditions.
2. New ‘Schedule DI’ to furnish details of investments made
during the extended period [ITR 1 to 6]
The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020,
promulgated by the President of India on 31-03-2020, has extended the time-limit
till 30-06-2020 to make investments, deposits, payments, etc. for the financial year
2019-20 for claiming deduction under Chapter VI-A, section 10AA and section 54 to
54GB.
As exceptional circumstances due to COVID-19 pandemic has arisen for the first time,
the existing ITR forms had no option to allow the deduction if investments are made
by the taxpayers after the end of the financial year. Thus, a new Schedule DI has been
inserted in the ITR forms to allow taxpayers to avail the deduction for the investments/
deposits made during the extended period.
‘Schedule DI’ is bifurcated into the following three parts:
(a) Part A seeks details of the investment, deposit, or payments made to claim
deduction under Chapter VI-A;
Taxmann Review Bulletin | June 2020 04
8. Income Tax Act
As Amended By Finance Act 2020 and Taxation and other Laws
(Relaxation of Certain Provisions) Ordinance, 2020
2,050/-
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9. Income Tax Act
The Present Publication is the 65th Edition Updated till 25th
May
2020, with the following noteworthy features:
Taxmann’s Bestselling Book for more than Five Decades
Follows the Six-Sigma Approach to Achieve the Benchmark of
‘Zero Error’
Amended Provisions as per the following:
Finance Act 2020 and
Taxation and Other Laws (Relaxation of Certain Provisions)
Ordinance, 2020
Legislative History of Amendments, since 1961
Relevant Provisions of All Other Allied Laws referred to in the
Income-tax Act
Comprehensive Table of Content
10. (b) Part B seeks detail of eligible amount of deduction available under section
10AA; and
(c) Part C seeks details of payment, acquisition, purchase or construction made
to claim deduction under Sections 54 to 54GB.
It must be noted that though the time limit for making investments has been
extended by 3 months, but there is no increase in the threshold limit available under
respective sections. Example, if a taxpayer is claiming deduction under section 80C,
the aggregate amount of deduction for investment/payment made during the period
of 01-04-2019 to 31-03-2020 and 01-04-2020 to 30-06-2020 shall not exceed Rs.
150,000.
3. Additional details to be furnished by a person who is filing
return under the Seventh proviso to section 139(1) [ITR 1, 2, 3 4]
To ensure that individuals, entering into certain high-value transactions, furnish the
Income-tax return, the seventh proviso to section 139 was inserted by the Finance
(No. 2) Act, 2019. The provision requires every person, who is otherwise not required
to file the return due to the reason that his income does not the maximum exemption
limit, to file the return of income if during the previous year he has:
(a) deposited more than Rs. 1 crore in one or more current account maintained
with a bank or a co-operative bank;
(b) incurred more than Rs. 2 lakh for himself or any other person for travel to a
foreign country; or
(c) incurred more than Rs. 1 lakh towards payment of electricity bill.
If an assessee is required to file the return of income in the circumstances covered
under the seventh proviso to Section 139(1), he is required to furnish the relevant
details in ITR form, that is, amount deposited in the current account, the amount
incurred on the foreign travel or amount paid toward electricity bill.
4. Option to quote PAN or Aadhaar in various schedules [ITR 1 to 7]
The Finance (No. 2) Act, 2019 inserted sub-section (5E) to Section 139A to allow the
interchangeability of Aadhaar with PAN. Thus, where a person has not been allotted
PAN, but he possesses the Aadhaar, he may furnish his Aadhaar number in lieu of
PAN, and such person shall be allotted a PAN in the prescribed manner.
Further, every person who has been allotted a PAN, and who has linked his Aadhaar
number with PAN as per section 139AA, may furnish his Aadhaar number in lieu of a
PAN for all the transactions where quoting of PAN is mandatory as per Income-tax Act.
Various schedules of the ITR require the assessee to furnish the PAN of the second
party, inter-alia, tenant, director, auditor, etc. To allow quoting of Aadhaar in place of
Analysis of new ITR Forms notified for the Assessment Year 2020-2105
11. PAN, these schedules now substitute the term ‘PAN’ with ‘PAN/Aadhaar’. Accordingly,
the assessee can furnish Aadhaar or PAN in respect to the following person:
(a) A person filing the Income-tax return as a representative assessee;
(b) Auditor (proprietorship/ firm);
(c) Debtors, in respect of whom bad-debt of Rs. 1 lakh or more is claimed;
(d) Co-owner of the house property;
(e) Tenant(s) of the house property;
(f) Buyer of the immovable property transferred during the year;
(g) A person whose tax credit is being claimed by the assessee;
(h) Tenants/buyer who has deducted tax at source;
(i) Key person and person verifying the return of a company;
(j) Person holding 10% or more of the voting power in case of unlisted company;
(k) Shareholders of unlisted companies including start-ups;
(l) Person whose income is clubbed with the income of assessee; and
(m) Spouse governed by Portuguese Civil Code.
5. Reporting of income or loss from pass-through entities
[ITR 2, 3, 5, 6 7]
The Income-tax Act provides the pass-through status to certain entities, inter-alia, Real
Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InVITs), Category
I and Category II Alternative Investment Funds (AIFs). If an entity is provided pass-
through status under the Income-tax Act then such entity is allowed to pass its income
to its investors without paying taxes and, consequently, investors are liable to pay tax
on such income as if they have directly made the investments. Thus, in simple words,
tax is charged at the level of the investor and not in the hands of the entity.
REITs/InVITs are allowed to pass-through dividend and interest received from the
special purpose vehicle (SPV), and rental income earned from the real estate property,
to its investors. Whereas, Category-I and Category-II AIFs are allowed to pass-through
any income except income from business or profession.
As AIFs can pass any income (other than income from business or profession) to its
investors, the Finance Act, 2020 amended Section 115UB of the Act to allow pass-through
of losses as well. The amendments which were made in this respect are as under:
(a) The business loss of the investment fund, if any, shall be allowed to be carried
forward to set-off in accordance with the provisions of Chapter VI and it shall
not be passed onto the unit-holder;
(b) The loss (other than business loss) accumulated at the level of investment
fund as on 31-03-2019 shall be deemed to be the loss of the unit-holders
who held the unit as on 31-03-2019 in respect of the investments made by him
in the investment fund. Such losses can be carried forward by the unit-holders
for the remaining period calculated from the year in which the loss had
occurred for the first time taking that year as the first year and it shall be
set-off by him;
Taxmann Review Bulletin | June 2020 06
12. (c) The loss so deemed in the hands of unit-holders shall not be available to the
investment fund on or after 01-04-2019; and
(d) The loss (other than business loss) shall be ignored for the purposes of
pass-through to its unit-holders if such loss has arisen in respect of a unit
which has not been held by the unit-holder for a period of at least 12 months.
The new ITR forms have been modified to incorporate the above changes, namely:
(a) Reporting of pass-through loss under various heads of income
AIFs are allowed to pass through the losses to their unit-holders. Therefore, in
the new ITR forms, unit-holders can report pass-through losses under the
head house property, capital gain and other sources.
(b) Reporting of the past year deemed losses by the unit-holders
The loss (other than business loss) accumulated at the level of investment
fund as on 31-03-2019, shall be deemed to be the loss of a unit-holder who
held the unit as on 31-03-2019 and unit-holders shall be allowed to carry
forward such loss for the remaining period calculated from the year in which
the loss had occurred for the first time taking that year as the first year.
Consequential changes have been made to Schedule CFL to show, claim and
carry forward such losses head-wise.
(c) Reporting of losses distributed by AIFs among the unit-holders
As the loss (other than business loss) accumulated at the level of investment
fund as on 31-03-2019 shall not be available to the Investment Fund on or after
01-04-2019, relevant row has been inserted to Schedule CFL to reduce the
losses (head-wise) distributed among the unit holders from total brought
forward losses of the earlier year. Thus, an Investment Fund shall be allowed
to set-off and carry forward only the balance loss. Further, a new row has also
been inserted to show the current year loss distributed amongst unit-holders.
(d) Reporting of pass-through losses from AIFs under schedule PTI
Schedule PTI requires the details of pass-through income from a Business
Trust or an Investment Fund. The Schedule has been changed to specifically
seek the details whether the income has been received from a business trust
(i.e., REITs/InVITs) or AIFs. Where income has been received from AIFs, a new
column is inserted to fill the details of current year losses distributed by the AIF.
(e) Pass-through income in the nature of long-term capital gain covered
under section 112A
As AIFs are allowed to pass through any income (except business income)
including long-term capital gain covered under section 112A, the relevant
changes have been made to Schedule CG, SI and PTI to show and reflect such
income.
Analysis of new ITR Forms notified for the Assessment Year 2020-2107
13. 6. Reporting of cash receipt or payment where turnover of assessee
is between Rs. 1 crore to Rs. 5 crore [ITR 3, 5 6]
Up to the assessment year 2019-2020, every person, carrying on business, was
required to get its books of account audited from a Chartered Accountant if its total
sales, turnover or gross receipt from the business exceeds Rs. 1 crore during the
previous year.
To reduce the compliance burden on the small and medium enterprises, the Finance
Act, 2020 has increased the threshold limit under section 44AB for the mandatory
audit. With effect from the assessment year 2020-21, the threshold limit for the
mandatory audit, for a person carrying on business, is increased from Rs. 1 crore to
Rs. 5 crores. However, the increased threshold limit of Rs. 5 crores shall be applicable
only if cash receipts and cash payments during the year does not exceed 5% of total
receipt or payment, as the case may be. In other words, more than 95% of the business
transactions should be done through banking channels.
To incorporate the above amendments, the ITR forms have been amended requiring the
assessee to tick the check-box if cash receipts or cash payments exceed 5%. If assessee
ticks the radio button of ‘Yes’, he will be liable to tax audit under Section 44AB.
7. Reporting of dividend received from the specified foreign
company [ITR 6]
As per section 115BBD of the Income-tax Act, dividend received by a domestic
company from a foreign company, in which such domestic company has 26% or
more equity shareholding, is taxable at a special rate of 15% plus Surcharge and
Health and Education Cess. Such tax is computed on a gross basis without allowing a
deduction for any expenditure. In the new ITR forms, a domestic company is required
to separately report such income in Schedule OS (Income from other sources).
Consequential change has also been made to Schedule SI (Special Income) to reflect
such dividend income.
8. Schedule SH-1 not applicable in the case of Section 8 companies
and companies limited by guarantee [ITR 6]
If a closely held company (a company in which public is not substantially interested)
issues shares at a price which is higher than its face value and fair market value (FMV),
the difference between the FMV and issue price is charged to tax in the hands of the
company under the head income from other sources. In common parlance, such tax
is called 'Angel tax'. Start-ups are exempted from levy of angel tax if it satisfies the
conditions mentioned in DPIIT’s Notification No. GSR 127 (E) [F.NO.5 (4)/2018-SI],
Dated 19-02-2019.
Taxmann Review Bulletin | June 2020 08
14. Master Guide to
Income Tax Act
with Commentary on Finance Act 2020 and Taxation and other Laws
(Relaxation of Certain Provisions) Ordinance, 2020
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changes in the Income-tax Act. It also provides a Ready-Referencer for
All-Important Procedural Aspects of the Act.
Thepresentpublicationisthe30theditionwhichincorporatesallchanges
made by the Finance Act, 2020, Taxation and Other Laws (Relaxation
of Certain Provisions) Ordinance, 2020 and Seventh Amendment Rule,
with the following noteworthy features:
Division 1: Section-wise commentary on changes made by the
Finance Act, 2020 and Taxation and Other Laws (Relaxation of Certain
Provisions) Ordinance, 2020
Division 2: Income-tax Practice Manual
a. Tabular presentation of all key provisions of the Act,
i.e., tax-free incomes, deductions allowances, periods of
limitation, penalties and prosecutions
b. Analysis of all procedural aspects of the Act, i.e., TDS, TCS,
Return, Assessment, Advance-tax, Interest, Refunds, etc.
Division 3: Gist of all Circulars Notifications which are in-force
Division 4: Digest of all Landmark Rulings by the Apex Court, High
Courts, and Tribunals
Master Guide to
Income Tax Act
16. To keep a check on the issuance of shares by such companies, the ITR-6 requires
every unlisted company to provide information about their shareholders and the
price at which shares are issued to them. The details are required to be provided in
Schedule SH-1 by the unlisted companies not being a start-up. Start-ups are required
to provide details in Schedule SH-2.
In new ITR form, it has been clarified that Schedule SH-1 is not applicable in case of a
company that is registered under section 8 of the Companies Act, 2013 (or section 25
of the Companies Act, 1956) or a company limited by guarantee under section 3(2)
of Companies Act, 2013.
9. A depreciation rate of 45% added in the block of plant and
machinery [ITR 3, 5 and 6]
Up to the assessment year 2019-2020, three blocks were available to calculate
depreciation on the plant and machinery, that is, 15%, 30% and 40%.
To boost the demand for motor vehicles, the Finance Minister announced an additional
depreciation of 15% on motor vehicles purchased between 23-08-2019 and 31-03-
2020. This announcement was made on 23-08-2019 as part of a stimulus package.
The new depreciation rates were notified by the CBDT vide Notification No. 69/2019,
dated 20-09-2019 with retrospective effect from 23-08-2019. As per new Appendix
I, the rates of depreciation on the motor vehicles shall be as under:
Nature of motor vehicle Rate of
depreciation
Motor cars (other than those used in a business of running them on hire) 15%
Motor cars (other than those used in a business of running them on hire) 30%
acquired between 23-08-2019 and 31-03-2020 and is put to use on or
before 31-03-2020
Motor buses, motor lorries and motor taxis used in a business of 30%
running them on hire
Motor buses, motor lorries and motor taxis used in a business of running them 45%
on hire, acquired between 23-08-2019 and 31-03-2020 and is put to use on or
before 31-03-2020
10. Separate reporting of surcharge on income chargeable to tax
under sections 112A, 111A, 115AD [ITR 2, 3 5]
The rate of surcharge was enhanced by the Finance (No. 2) Act, 2019. Two new
additional rates of surcharge have been introduced, that is, 25% and 37% where the
income exceeds Rs. 2 crores and Rs. 5 crore, respectively. However, due to the concerns
As there is no 45% existing rate of depreciation, the relevant columns and depreciation schedule have been modified to allow computation of
depreciation at the rate of 45%.
Analysis of new ITR Forms notified for the Assessment Year 2020-2109
17. raised by the domestic and foreign investors, the enhanced rates of surcharge of
25% or 37% were withdrawn on the individual, HUF, AOP, BOI and Artificial Juridical
Person in respect of tax payable on income arising from the transfer of long-term or
short-term capital assets taxable under sections 111A, 112A and income taxable under
proviso to section 115AD(1)(ii)(iii).
Considering the non-applicability of the enhanced surcharge on these specified
incomes, ITR form has been revised to appropriately show the computation of
surcharge on various incomes in the hands of the assessee. Columns have been
inserted for separate reporting of surcharge on income chargeable under sections
111A, 112A and proviso to section 115AD(1)(ii)/(iii).
11. Reporting of residuary income which is chargeable to tax as
per DTAA [ITR 3, 5 6]
There are certain incomes like interest which are chargeable to tax in the hands of the
assessee as per applicable rates specified in the Income-tax Act, 1961. However, the
same income may be chargeable to tax at a concessional rate as per Double Taxation
Avoidance Agreements (DTAA).
Section 90 of the Income-tax Act allows an assessee to opt for the provision of Income-
tax Act or of DTAA, whichever is more beneficial to him. Therefore, an assessee would
certainly avail the benefit of DTAA if tax rate provided therein is lower than the tax
rate provided under the Act. Thus, to allow such option, Schedule OS provides an
option to the assessee to separately report such income which is chargeable to tax at
special rates as per DTAA.
12. Furnishing details of tax paid on Secondary Adjustments
[ITR 3, 5 6]
The Finance Act, 2017 had introduced the concept of secondary adjustment to the
transfer pricing regulations. A new Section 92CE has been inserted to require the
taxpayer to make secondary adjustment where the primary adjustment has been
made in certain cases. Further, if there is an increase in the total income or reduction
in the loss of the taxpayer, due to the primary adjustment, the excess money (or part
thereof) available with the associated enterprise, if not repatriated to India within the
time as may be prescribed, shall be deemed to be an advance made by the taxpayer
to such associated enterprise and the interest on such advance, shall be computed as
the income of the taxpayer.
The Finance (No. 2) Act, 2019 has brought substantial changes to the provisions of
secondary adjustments. It has been provided that in a case where the excess money
or part thereof has not been repatriated on time, the assessee will have the option to
pay additional income-tax at the rate of 18% on such excess money or part thereof.
Taxmann Review Bulletin | June 2020 10
18. Income Tax Rules
As Amended By Finance Act 2020 and Taxation and other Laws
(Relaxation of Certain Provisions) Ordinance, 2020
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19. Income Tax Rules
The Present Publication is the 57th Edition Updated till Seventh
Amendment Rule, 2020 with the following noteworthy features:
Taxmann’s series of Bestseller Books for more than Five Decades
Incorporates all the changes made till Seventh Amendment
Rule, 2020
Follows the Six-Sigma Approach, to Achieve the Benchmark of
‘Zero Error’
Coverage:
All Rules and Schemes, which are either notified under the
Income-tax Act or are referred to in different provisions of
the Income-tax Act, are covered
Contains 23 divisions covering all Rules relevant under
the Income-tax Act, that is, Income-tax Rules, ICDS, STT Rules,
Equalisation Levy Rules, Small Saving Schemes, etc.
All Forms Carry Action Points that explains the Relevant
Provisions and Process of Filing
All Redundant and e-Forms are Marked for Quick Identifications
20. Such additional income-tax is further increased by a surcharge of 12% and health
education cess of 4%. If such additional income-tax is paid, the assessee shall not
be required to make a secondary adjustment or compute interest from the date of
payment of such tax.
Consequential changes have been made to the ITR forms for reporting of the additional
income-tax paid as per the provisions of secondary adjustment. A new Schedule
TPSA has been incorporated in the ITR-3, ITR-5 and ITR-6. The new schedule seeks
details of the amount of primary adjustment, additional tax payable and details of tax
payments.
13. List of nature of employment is expanded [ITR 1 4]
The ITR forms require the individual assessee to furnish the nature of employment.
Until last year, only the following categories were available for selection
• Government
• Public sector undertaking
• Pensioners
• Others
The new ITR Forms expands the category of employers. The Govt. employer
is bifurcated into Central and State Govt. employees. Now, in the new ITR forms,
following six categories are available for selection in the nature of employment:
• Central Government
• State Government
• Public sector undertaking
• Pensioners
• Others
• Not Applicable
14. Unique Document Identification is required if return is filed
in response to a notice [ITR 1 to 7]
The CBDT has made it mandatory for the authorities to quote Document Identification
Number (DIN) in all the correspondence issued by them. DIN mechanism was
developed to maintain a proper audit trail of all the communications of the department
with the taxpayer. After the introduction of the DIN system, every notice issued by the
department contains a unique identification number. The new ITR forms require the
assessee to provide the DIN of the notice in response to which he is filing the return
of income.
Analysis of new ITR Forms notified for the Assessment Year 2020-2111
21. 15. Consequential changes in the Schedule of Deductions
under Chapter VI-A [ITR 1 to 6]
(a) Deductions under Sections 80EEA and 80EEB
Section 80EEA and Section 80EEB were introduced by the Finance (No. 2) Act,
2019 to provide deduction in respect of interest on housing loan and interest on
loan taken for electric vehicles respectively. The necessary changes have been
made to the ITR forms to claim these deductions in the Income-tax returns.
(b) Deductions under Sections 80LA
Amendment has been made to Section 80LA by the Finance (No. 2) Act, 2019
to allow 100% deduction for 10 years out of 15 years to the unit of an IFSC. Before
such amendment, the deduction was available to the extent of 100% of income
for the first 5 consecutive assessment years and 50% of income for next five
consecutive assessment years to the IFSC units as well as the banks. In the
substituted provisions of Section 80LA, the IFSCs are covered under section
80LA(1A) and section 80LA(1) applies to the banks.
Hence, the necessary changes have been made to the ITR Forms. Separate columns
are provided for claiming deduction under section 80LA(1) and Section 80LA(1A).
(c) Deductions under Sections 80PA
Section80PAwasintroducedbytheFinanceAct,2018toprovideadeductionto
aproducercompanyforentireprofitandgainsarisingfromitsbusiness.However,
this deduction can be claimed for a period of 5 years starting from 2018-19 to
2023-24.So,tofacilitatetheassesseecompanytoclaimdeductionundersection
80PAnewcolumnhasbeeninserted.Althoughchangeswerenottothelastyear’s
notifiedforms,butchangeswerealreadyintroducedinthereturn-filingutility.The
recent changes bring the notified forms at par with the return-filing utility.
16. Assessee can choose multiple bank accounts for payment of
refund [ITR 1 to 7]
At the time of filing of Income-tax return, assessee is required to furnish the details of
all bank accounts held in India during the previous year (excluding dormant accounts).
Out of the mentioned account assessee is required to indicate minimum one account
in which he prefers to get the Income-tax refund. In the new ITR forms, the assessee
has been given an option to choose multiple bank accounts for the payment of refund.
However, the refund will be credited to one of the account decided by CPC after
processing of the Income-tax return.
Taxmann Review Bulletin | June 2020 12
22. Master Guide to
Income Tax Rules
A Rule-wise Commentary on Income-tax Rules
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commentaries on Income-tax Rules.
The Present Publication is the 27th Edition which incorporates all the
amendments till the Income-tax (7th Amendment) Rules, 2020, with the
following noteworthy features:
Master Guide to
Income Tax Rules
Provides a gist of all Circulars and Notifications which are in-force
Judicial Precedents on all Controversial Matters
Comprehensive Commentary on Important Aspects of the Act
and Rules
24. 17. Foreign companies to report income from royalty or FTS
chargeable to tax at the rate of 50% [ITR 6]
As per the First Schedule of the Finance Act, a foreign company is liable to pay tax at
the rate of 50% in respect of the following incomes:
(a) royalties received from Government or an Indian concern in pursuance of an
agreement made by it with the Government or the Indian concern after the
31-03-1961 but before the 01-04-1976; or
(b) fees for rendering technical services received from Government or an Indian
concern in pursuance of an agreement made by it with the Government or
the Indian concern after the 29-02-1964 but before 01-04-1976, and where
such agreement has, in either case, been approved by the Central Government.
In the new ITR form, if a foreign company has earned such incomes, then it has to
separately report them in the Schedule OS (Income from other sources). Consequential
change has also been made to Schedule SI (Special Income) to reflect such income.
18. Companies opting for section 115BAA and 115BAB [ITR 6]
Section 115BAA and Section 115BAB were introduced by the Taxation Laws
(Amendment) Act, 2019 to provide special tax regimes for various specified domestic
companies (also known as ‘alternate tax regimes’). There are some disallowances
under the alternate tax regimes. Thus, in Part-A of General Schedule, the company
is required to choose whether it is opting for any of the alternative tax regimes of
sections 115BA, 115BAA or 115BAB.
19. Trust to furnish details of re-registration made under the new
provisions [ITR 7]
The Finance Act 2020 has introduced major changes in the provisions applicable to
the NGOs by introducing new section 12AB replacing section 12AA and bringing in
similar amendments in section 10(23C) and Section 80G. These changes were originally
effective from 01-06-2020. However, due to the unprecedented economic crisis, the
government issued a press release on 09-05-2020 to defer the implementation of the
new procedure for approval/ registration/notification to 01-10-2020.
It is to be noted that the trusts or institutions which have been granted perpetuity of
registration under section 12A/12AA or approval under section 10(23C) or section 80G
are required to make an application again under the new section 12AB or amended
provisions of section 10(23C) or section 80G within 3 months from 01-10-2020, that
is, by 31-12-2020.
The new Form ITR-7 requires the assessee to furnish the following details in respect
of the application for registration made under new provisions:
(a) Whether application for registration is made as per new provisions
Analysis of new ITR Forms notified for the Assessment Year 2020-2113
25. (b) Section under which registration is applied
(c) Date on which application for registration/approval as per new provisions
is made
(d) Relevant section for claiming exemption under the new provisions
As per the amended provisions, the registration under section 12AA shall become
inoperative if approval is obtained under section 10(23C) or the Institution is notified
under section 10(46). Hence, an entity has an option to claim exemption either under
section 10(23C) or section 11. Therefore, the new ITR form also seeks the section of
exemption opted for under the new provisions.
The Finance Minister, Smt. Nirmala Sitharaman, in a press conference held on 13-
05- 2020 announced the extension of the due date of all Income-tax return for the
Financial Year 2019-20 from July 31, 2020 and October 31, 2020 to November 30,
2020. Interestingly the requirement to file an application by NGOs has already been
deferred to 01-10-2020, hence, the application can be filed by 31-12-2020. Therefore,
thesedetailsaskedinnewformITR-7shallbefilledonlyiftheapplicationforregistration
under new provisions has been filed before the filing of Income-tax return.
20. Corpus donation not to be considered as an application of
Income [ITR 7]
The details of revenue expenditure incurred during the year and amount applied
to stated objects of the trust/institution during the previous year are to be filled in
Schedule ER. This schedule is to be filled up if assessee is claiming deduction under
section 11 or sub-clauses (iv), (v), (vi) or (via) of section 10(23C).
Any contribution by a charitable or religious trust registered under section 12AA to
any other trust registered under Section 12AA, with a specific direction that it shall
form part of corpus of recipient trust shall not be treated as application of income
for the donor trust. The Finance Act, 2020 has provided that the corpus donation
to institutions referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or
sub-clause (via) of section 10(23C) shall also not to be considered as an application
of income. Accordingly, the new ITR Form 7 seeks ‘Donation-other than corpus’ as
against the classification of donation required until last year into ‘corpus’ and ‘other
than corpus’.
21. Disclosures required of donation forming part of the corpus
funds [ITR 7]
In Part C of Schedule ER, the assessee is required to report any item of expenditure
which is disallowable. In last year forms, the disallowances were required to be reported
into the following 3 sub-categories:
(a) Bad Debts
(b) Provisions
(c) Any other disallowable expenditure
Taxmann Review Bulletin | June 2020 14
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28. As per extant provisions, entities registered under section 12A/12AA are provided
with the benefit of exemption in respect of corpus donations. Any contribution by a
charitable or religious trust to any other trust registered under Section 12AA, with a
specific direction that it shall form part of the corpus of recipient trust is not considered
as an application of income for the donor trust.
The Finance Act, 2020 inserted a similar provision in the Twelveth Proviso to Section
10(23C) that any contribution by fund or trust or institution or any university or other
educational institution or any hospital or other medical institution [as referred to in
sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of Section
10(23C)], with a specific direction that it shall form part of the corpus of recipient
trust, it shall not be treated as application of income of the donor.
ThenewFormITR-7fortheassessmentyear2020-21introducedacolumntospecifically
report the ‘Donation forming part of corpus fund’ in the Part-C of Schedule ER.
22. Schedule Capital Gains modified in ITR 7 [ITR 7]
In the previous ITR Forms, the details of ‘Exemption other than under section 11(1A)
(if any)’ and ‘Exemption under 112A’ could be furnished in the Schedule CG (Capital
Gains). In the new ITR Form 7 applicable for the assessment year 2020-21, these
columns have been deleted.
There are special provisions for computation of capital gains under section 11(1A) of
the Income-tax Act for the charitable and religious organisations. Sections 11, 12 and
13 are special provisions governing institutions which are being given the benefit of
tax exemption. It is, therefore, imperative that once a person voluntarily opts for the
special provision it should be governed by that specific provisions and should not be
allowed the flexibility of being governed by other general provisions.
Hence, trust or institutions cannot claim any exemption under any other general
provision. This could be the reason that column to claim an exemption under other
sections has been removed because allowing such flexibility has undesirable effects
on the provisions regulating the charitable and religious trust and results in litigations.
23. Separate reporting to be made of interest payable on loan taken
from a Deposit Taking NBFC or Systematically Important
NBFC [ITR 3, 5 6]
With effect from the assessment year 2020-21, Section 43B has been amended by the
Finance (No. 2) Act, 2019 to provide that any interest payable on any loan or borrowings
from a Deposit Taking NBFC or Systemically Important Non-deposit Taking NBFC
would be allowed as a deduction only on actual payment. Consequential amendment
has been made to ITR 5 and ITR 6 to require a separate reporting of the same.
Analysis of new ITR Forms notified for the Assessment Year 2020-2115
29. 24. Separate reporting is required for income from life insurance
business [ITR 5 6]
Up to the assessment year 2019-20, no separate computation of income from the
life insurance business (as referred to under section 115B) was required under the
Schedule BP, that is, computation of Income from Business or Profession.
The new ITR Forms 5 and 6 introduced for the assessment year 2020-2021 require
a separate reporting of income from the life insurance business in Schedule BP. It
requires the following information in this respect:
a) Net profit or loss from insurance business referred to in section 115B;
b) Additions in accordance with section 30 to section 43B;
c) Deductions in accordance with section 30 to section 43B; and
d) Income from life insurance business under section 115B.
Similar changes have been made in other schedules, inter-alia, separate information
is required for income from the life insurance business in the Schedule CFL (Details
of losses to be carried forward to future years).
25. Separate reporting is required for income from units of mutual
fund purchased in foreign currency by Offshore fund [ITR 5 6]
Hitherto, the Income-tax return did not require separate reporting of the income
from units of mutual fund purchased in foreign currency by an offshore fund. As it is
taxable, under section 115AB, at a special rate of 10%, the ITR Forms require a separate
reporting of such income in schedule OS (Income from other sources).
26. Details of the authorized person verifying the ITR of company
to be furnished [ITR 6]
Up to the assessment year 2019-2020, the return of a company could be signed
and verified by its Managing Director. However, if for any unavoidable reason the
Managing Director is not able to verify the return or where there is no Managing
Director, the return may be verified by any director of the company.
The Finance Act, 2020, has amended Section 140 with effect from the assessment
year 2020-21 to enable any other person, as may be prescribed by the Board, to
verify the return of income of a company. Accordingly, the new ITR 6 incorporates
the reference of eligible person who is verifying the return in the schedule of ‘Key
Persons’. Following details are required in respect of such person:
(a) Name
(b) Designation
(c) Residential address
(d) PAN/Aadhaar No.
(e) Director Identification Number (DIN) issued by the MCA (in case of a director).
Taxmann Review Bulletin | June 2020 16
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Words and phrases as defined by various Courts and
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Specimen, models, and drafts of deeds, letters such as
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32. Such reference has been inserted to ensure that the return has been verified by the
eligible person only.
27. Option to choose ‘Self-occupied property’ introduced in ITR-5
and ITR-6 [ITR 5 6]
While furnishing the information in Schedule HP (Details of Income from House
Property), an assessee needs to furnish the nature of house property. Up to the
assessment year 2019-20, three options were available for selection in forms ITR 1
to ITR 4, that is, self-occupied, let out and deemed let out. Whereas ITR 5 and 6
contained only 2 options, that is, let out and deemed let out.
As per section 23(5) of the Income-tax Act, where the property consisting of any
building or land appurtenant thereto is held as stock-in-trade and the property or
any part of the property is not let-out during the whole or any part of the previous
year, the annual value of such property or part of the property, for the period up to
2 years from the end of the financial year in which the certificate of completion of
construction of the property is obtained from the competent authority, shall be taken
to be nil.
Considering the provisions of section 23(5) where annual value of property is taken
as ‘nil’, the ITR Form 5 and 6 for the assessment year 2020-21 allow selection of ‘self-
occupied’ house property in Schedule HP. Thus, an assessee filing return in ITR 5 or
ITR 6 can also enter the details of the self-occupied property as well.
28. Option to claim an exemption under Section 54EE removed as
no fund has been notified yet [ITR 5 6]
Schedule CG (Capital Gains) contained rows to claim an exemption under Section
54EE for the investment made in the long-term specified assets, being units issued
before 01-04-2019 of the fund notified by the Central government in this behalf. As no
such fund has been notified by the Central government in this behalf, the ITR forms
for the assessment year 2020-21 remove the option to claim the exemption under
Section 54EE.
29. Reporting of share in co-owned land and building [ITR 6]
Any capital gain or loss arising from the sale of land or building or both is required
to be reported by an assessee in Schedule CG of the ITR forms. In the new ITR-6, a
company is now required to report its share in land or building in case of co-ownership.
Analysis of new ITR Forms notified for the Assessment Year 2020-2117
33. 30. No Account Schedule deleted for IndAS compliant companies
[ITR 6]
An IndAS compliant company is always required to maintain its books of account.
Therefore, the relevant columns of the ITR forms (to be filed if books of account
are not maintained) requiring an IndAS compliant to furnish the minimum financial
particulars had no significance. Therefore, relevant rows below the Balance sheet
(Part A-BS – Ind AS) and Profit Loss Account (Part A-PL Ind-AS) requiring such
company to furnish certain financial particulars have been deleted.
31. Schedules for reporting transactions taxable under section
112A and 115AD [ITR 2, 3, 5 6]
Schedules 112A and 115AD seek the details of securities sold by the taxpayers during
the year which are taxable under section 112A or section 115AD respectively. Though
these schedules were not notified in the Gazetted ITR Forms for the Assessment Year
2019-20, but same were duly incorporated in the return filing utilities. To bring the
notified forms and return filing utilities at par, these schedules have been incorporated
in the ITR forms applicable for the Assessment Year 2020-21.
32. Reporting of disallowance under section 40(ba) [ITR 3 6]
Section 40(ba) does not allow the deduction to the Association of Person (AOP)
or Body of Individuals (BOI) in respect of any interest, salary, bonus, commission
or remuneration paid to a member. The new ITR Forms require reporting of such
disallowance in the Schedule PL.
Similar disallowance is provided by section 40(b) wherein salary, bonus, commission
or remuneration paid to the partner is not allowed in hands of partnership firms if
it is covered under certain circumstances mentioned therein. The disallowance of
section 40(b) is reported in the Schedule PL, however, there is no separate column
to disclose amount disallowed under section 40(ba). Thus, the new ITR forms have
incorporated the necessary changes to report such disallowance under Schedule PL.
33. Type of company to be reported if the assessee is a director in a
company or holding unlisted equity shares [ITR 2, 3 7]
ITR Forms applicable for the assessment year 2019-20 required the directors of the
companies to furnish the following details:
• Name of the company
• PAN
• Whether the shares are listed or not
• DIN
Taxmann Review Bulletin | June 2020 18
34. The initiative was taken to check the shell companies and the ghost directors. The
new ITR forms for the assessment year 2020-21 require the directors to provide
information regarding the ‘type of the company’. The utility will provide a drop-down
list of the type of companies and the assessee director is required to choose any one
from them.
34. Zip code required at some additional places under schedule FA
[ITR 2, 3, 5, 6 7]
Zip-Codes are commonly known as PIN code in India. These codes are the postal
codes assigned to various areas. In the new notified forms, the assessee is required to
furnish the Zip codes in Schedule FA in respect of various fixed assets owned by the
assessee. The requirement is introduced to get more information regarding the assets
of the assessee.
While furnishing the details in any of the following cases the requirement to furnish
ZIP code has been introduced in the latest notified forms:
(a) Details of Financial Interest in any Entity held (including any beneficial interest)
at any time during the relevant accounting period;
(b) Details of Immovable Property held (including any beneficial interest) at any
time during the relevant accounting period;
(c) Details of any other Capital Asset held (including any beneficial interest) at
any time during the relevant accounting period;
(d) Details of account(s) in which assessee has signing authority (including any
beneficial interest) at any time during the relevant accounting period and
which has not been included in any of the other lists in the schedule;
(e) Details of trusts, created under the laws of a country outside India, in which
assessee is a trustee, beneficiary or settler; and
(f) Details of any other income derived from any source outside India which is not
included in (i) any of the other items of the schedule FA; and, (ii) income
under the head business or profession.
Analysis of new ITR Forms notified for the Assessment Year 2020-2119
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