In News

The government has notified forms for filing income-tax returns (ITR) for assessment year 2020-21 for individual, professional and corporate assesses that allow taxpayers to benefits of investments in tax-saving instruments for an extended period up to June 30 granted by the government following the Covid-19 pandemic.

By Ashok Shah

Posted On 31^st May 2020 

The government has notified forms for filing income-tax returns (ITR) for assessment year 2020-21 for individual, professional and corporate assesses that allow taxpayers to benefits of investments in tax-saving instruments for an extended period up to June 30 granted by the government following the Covid-19 pandemic.

By Ashok Shah

Posted On 31^st May 2020 

The government has notified forms for filing income-tax returns (ITR) for assessment year 2020-21 for individual, professional and corporate assesses that allow taxpayers to benefits of investments in tax-saving instruments for an extended period up to June 30 granted by the government following the Covid-19 pandemic.

By Ashok Shah

Posted On 31^st May 2020 

The income-tax (I-T) department on Sunday said in a tweet that CBDT notified ITR forms 1 to 7 for AY 2020-21, which captures income and investment details for financial year 2019-20 through an order dated May 29.

By Ashok Shah

Posted On 31^st May 2020 

The ongoing coronavirus crisis has led many companies to cut salaries of staff due to lack of income. In cases where employers have enforced pay cuts, taxes paid by these employees should reduce in accordance with the salary they receive.

By Gopal Bohra

Posted On 23^rd May 2020 

As many companies are cutting their employees’ pay it is advisable for the employees of such companies that the pay cut is reflected in the components of their salary (basic, HRA etc.) as well.

By Gopal Bohra

Posted On 21^st May 2020 

State Bank of India or SBI, the country’s largest lender, recently announced a fixed deposit scheme –SBI Wecare–for senior citizens.

By Ashok Shah

Posted On 16^th May 2020

Internal Audit 4 Day Series.

By Kalpesh Panchal

Posted On 18^th May 2020

In this difficult environment, each regulatory body is releasing relief measures and guidelines for easing out the impact of COVID 19.

By Milan Mody

Posted On 30^th April 2020

Extended stay of non-residents and foreigners in India as a result of Covid-19 lockdown may result in higher tax liability for them.

By Ashok Shah

Posted On 28^th April 2020

During the locked down period due to COVID-19, the Institute of Chartered Accountants of India (‘ICAI’) has taken various measures and initiatives for the guidance of its members in practice enabling them to execute their duties smoothly.

By Milan Mody and Sameer Parmar

Posted On 26^th April 2020

Managing GST Compliance amid COVID-19.

By Parag Mehta

Posted On 22^th April 2020

It is imperative that the government now exempts medical equipment and PPEs from GST and other ancillary taxes immediately.

By Parag Mehta

Posted On 20^th April 2020

Contemporary issues under Ind AS opined by the Expert Advisory Committee.

By Sandeep Shah

Posted On 15^th April 2020

The government’s goods and services tax collections fell below the Rs 1-lakh-crore mark after four months.

By Parag Mehta

Posted On 2^nd April 2020

Making a list of your usual expenses and then segmenting essential vs non-essential items is a useful way to control expenditure.

By Dhaval B Selvadia

Posted On 1^st April 2020

The market regulator, in a bid to shield companies from the slowdown caused by the outbreak of the novel coronavirus, has relaxed norms and compliance relating to non-convertible debentures, commercial papers and other debt and equity instruments.

By Prashant Daftary

Posted On 24^th March 2020

Considering the closure of offices and/or disruption of normal life, SEBI has extended the time limit for disclosure of Annual accounts to June 30.

By Sandeep Shah

Posted On 24^th March 2020

The Securities and Exchange Board of India has granted relaxation to listed companies for submission of their fourth quarter and annual financial results for fiscal year 2019-20 in the wake of the novel coronavirus outbreak.

By Milan Mody

Posted On 20^th March 2020

However, there is no clarity on their eligibility for input tax credit on pre-GST dues.

By Parag Mehta

Posted On 21^th February 2020

Business Standard speaks to Chartered Accountant Ashok Shah of N A Shah Associates LLP, on what makes this budget different from previous ones, and what the FM should do to fix the economy.

By Ashok Shah

Posted On 30^th January 2020

The shock wave is not limited to such clients alone, but also to the lending community.

By Sandeep Shah

Posted On 7^th December 2019

The advent of technology coupled with economic growth has enhanced the relevance of professional education in India.

By Sandeep Shah & Bhavin

Posted On 22^th October 2019

Combatting and eradicating corruption is the biggest challenge for Modi government. To achieve this, the government regularly takes necessary steps through various initiatives.

By Ashok Shah & Praveen Darak

Posted On 8^th October 2019

N. A. Shah consolidates its position in the Accounting and Consultancy space.

M. A. Parikh & Co. merges into N.A. Shah

Posted On 3^rd October 2019

Parag Mehta

As the due date for filing ITC-03 is approaching, immediate clarity in this regard is required on various issues.

Posted On 5^th September 2019

Milan Mody

The uncertainty arose on account of different interpretations of the Company Law.
It is now clarified that the appointed date shall be deemed to be the acquisition date.

Posted On 3^rd September 2019

Gopal Bohra

If your primary source of income is salary, you need to file an income tax return or ITR-1 form, which is also known as SAHAJ, for the assessment year 2019-20 for income earned during financial year 2018-19.

Posted On 30^th August 2019

Prashant Daftary, Jiten Jataniya

Related party transactions are a normal feature in any business. There would hardly be any entity where there are no related party transactions.

However, such transactions are always viewed differently by shareholders, investor or lenders. In spite of multiple regulations and requirements, the controversy about the related party transactions does not seem to die.

Posted On 26^th August 2019

By Mr.Parag Mehta & Mr.Ankit Joshi

The GST annual return & GST audit report for the first year, which is 2017-18, had to be submitted before December 31, 2018, but saw three extensions – March 31, 2019, June 30, 2019, and finally August 31, 2019. However, looking at the recent statistics released by the authorities it is observed that only 15 % of annual returns and less than 1 % of the audit reports have been furnished.

Posted On 23^rd August 2019

By Mr.Milan Mody

The changes would ensure that companies are serious in their CSR activity and will benefit the society and community at large.

Posted On 19^th August 2019

By Mr.Sandeep Shah

CFBP has arranged an awareness seminar “Know Your Diamond” for customers.

Posted On 12^th August 2019

Mr. Parag Mehta Partner & Mr. Ankit Joshi Deputy Manager

Any increase in GST liability in the annual return has to be discharged only through cash ledger, i.e. physical outflow of money.

Posted On 2^nd August 2019

By Mr.Ashok Shah

CEA Krishnamurthy Subramanian ‘made a special request to add a few more suggestions’.

Posted On 01^st August 2019

By Mr. Naresh Sheth and Mr. Parag Mehta

Honourable Finance Minister, while presenting the Union Budget 2019, proposed a one-time dispute resolution cum amnesty scheme called the ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019’ for resolution and settlement of legacy cases of Central Excise and Service Tax.

Posted On July 2019

By Mr. Ashok Shah

Lately, there has been a wave in favour of revival of estate tax in India. The rise in the number of high net-worth individuals (HNIs) and ultra HNIs, the sentiment of bridging the gap between the elite and the underprivileged across the society and to raise resources for social sector programmes tempts politicians and bureaucrats to pitch for reintroduction of estate duty.

Posted On 1st July 2019

By Mr. Parag Mehta & Mr. Ankit Joshi

The GST regime has completed two years today. GST was introduced as the biggest tax reform (which is a fact) and showcased as One Nation One Tax.

Posted On 1st July 2019

By Mr. Gopal Bohra

Unlike last year, from this year all individuals (apart from super senior citizens—individuals above the age of 80 years) need to compulsorily file their ITRs electronically.

Posted On 22th June 2019

By Mr. Prashant Daftary

A few years ago, ICAI did issue standards on internal audit but those were only recommendatory in nature and not mandatory. However, the five new standards issued will provide guidance and improve the quality of the internal audit, writes Prashant Daftary, Partner, N.A Shah Associates LLP.

Posted On 19th June 2019

By Mr. Sandeep Shah

As the sector is undergoing challenging times with the drying up of funds from NBFC and banks, private equity investors seem to be the light at the end of the tunnel.

Posted On 17th June 2019

By Mr. Gopal Bohra

ITR Filing: CBDT extends last date for employers to issue Form 16.
Earlier the last date for filing of Form 24Q was May 31, which has now been extended till June 30.

Posted On 6th June 2019

By Mr. Gopal Bohra

“Earlier, banks did not deduct tax at source for total income not exceeding Rs 4.5 lakh; that included Rs 3 lakh under tax-exempt category and Rs 1.5 lakh tax benefit under [section] 80C,” the first official said.

Posted On 25th May 2019

By Mr. Gopal Bohra

Disabled person can claim up to Rs 1,25,000 tax deduction.

If a person is suffering from disability and also has a disabled dependent, then he/she can claim deduction for self under 80U and for the dependent under 80DD

Posted On 20th May 2019

By Gopal Bohra

When an under-construction property is acquired, it is always a subject matter of controversy between the taxpayer and the tax department while determining the holding period of the property to compute capital gain.

Posted On 17th May 2019

By Mr. Parag Mehta

That move was delayed while the back-end, the GST network (GSTN), was being made ready for this. Now, government officials directly familiar with the matter say the simplified form is ready, and could be launched by July, soon after the new government takes over.

Posted On 16th May 2019

By Mr.Sandeep Shah & Ms. Nikita Grover

The ministry of corporate affairs amended the Companies (Incorporation) Amendment Rules which now prescribes that all companies registered prior to December 31, 2017, should submit a form called e-ACTIVE- ‘Active Company Tagging Identities and Verification

Posted On 03rd May 2019

By Mr. Ashok Shah

Eligible income tax assessees can claim a tax benefit worth up to Rs.1.5 lakh – in the form of deduction from taxable income – in a financial year.

Posted On 3rd May 2019

By Mr. Milan Mody & Mr. Amit Munot

The Banning of Unregulated Deposit Schemes Ordinance aims to tackle the menace of illicit deposit-taking activities.

Posted On 30th April 2019

By Ashok Shah

the Income Tax Department earlier this month notified new ITR forms, applicable for reporting income in financial year 2018-19

Posted On 22nd Aril 2019

By Naresh Sheth and Jinesh Shah

Concepts relevant to taxation law & Practice

Posted On 26th March 2019

By Mr.Naresh Seth

The Goods and Services Tax (GST) Council recently cut tax rates on housing in both affordable and those out of affordable ambit.

Posted On 12th March 2019

By Mr.Naresh Seth

Naresh Sheth, Partner, N.A Shah Associates LLP, explained that GST council’s proposals to slash down GST rates effective April 1, 2019 from 12% to 5% for under construction premier residential properties and from 8% to 1% for affordable house (having RERA carpet area up to 60 sq. mtrs, and value not exceeding 45 lakh in metro cities) will be a bonanza for home buyers.

Posted On 8th March 2019

By Ashok Shah

According to Section 10(10D) of the Income-Tax Act, any sum received from a life insurance policy is exempt from tax

Posted On 4th March  2019

By Ashok Shah

According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and grandchildren as well.

Posted On 6th Feb 2019

By Milan Mody, Bhavin Kapadia and Nidhi Parekh

Originality and authenticity are the key elements when people rely and trust documents which have been certified by an expert.

Posted on 19th Jan 2019

By Sandeep Shah

A case of cheating filed by a father against his son for failure to pay back Rs 29 lakh has apparently disturbed the Hon’ble Judges of the Bombay High Court.

Posted on 15th Jan 2019

By Sandeep Shah, Amrita Bhatnagar and Vaibhav Gandhi

With the objective of ease of doing business, Government of India has taken various measures to promote startups.

Posted on 4th Jan 2019

By Milan Mody and Sandesh Rajapkar

The spate of major corporate scandals, including the likes of Enron, WorldCom, Tyco International, Adelphia, and Peregrine Systems in the USA gave rise to the Sarbanes Oxley Act, 2002 (SOX).

Posted on 4th Jan 2019

By Milan Mody and Samir Parmar

In 2018, around 200 auditors have resigned and in Mumbai region alone, the numbers range around 60.

Posted on 31th Dec 2018

By Sandeep Shah

UPI app users beware! In a recent case of fraud, a Noida-based UPI (Unified Payments Interface) app user has reportedly lost Rs 6.8 lakh from his SBI savings account.

Posted on 28th Dec 2018

By Sandeep Shah

Reserve Bank of India (RBI) for more than two decades has treated real estate as a sensitive industry.

Posted on 13th Dec 2018

By Ashok Shah and Hitesh Jain

Conversion of company into Limited Liability Partnership (LLP) results in ‘transfer’, hence liable for tax, in the absence of fulfilling condition of section 47(xiiib) of IT Act rules Income tax Appellate Tribunal (ITAT).

Posted on 7th Dec 2018

By Ashok Shah

If you keep the money in the EPF after retirement, you will need to disclose the interest in your income tax return and pay tax accordingly.

I have accumulated a large amount in my EPF account. 

Posted on 19th Nov 2018

By Sandeep Shah

If any bank has issued you an unsolicited card, without your consent, then you are not liable to pay for any loss suffered by the bank arising out of misuse of such card.

Posted on 15th Nov 2018

By Tinesh Bhasin

The paperwork must show how the artwork was procured and that valuation was correct when it was bought; art collectors also need to insulate their beneficiaries from tax troubles in the future.

Posted on 12th Nov 2018

By Ashok Shah

One can also choose to invest the capital gains within six months from the date of sale of the property in the bonds of certain specified companies.

I recently sold my shop and made capital gains of Rs 33 lakh. How can I save tax on these gains?

Posted on 12th Nov 2018

By Sandeep Shah

Festivals like Diwali and Christmas have both become associated with shopping mania. Discounts and deal are tied around them. Right from smartphones to iron and grinders to cars, there seems is a promotional offer for everything, both online as well as offline. 

Posted on 6th Nov 2018

By Sandeep Shah

GST Audit is applicable to every registered person whose aggregate turnover in a financial year exceeds Rs. 2 Crores which has to be computed for company on PAN India basis and not individually for each State. 

Posted on 22th Oct 2018

By Ashok Shah

My 71-year-old wife is diabetic. She has a medi-claim policy but it does not cover OPD expenses. She has to go for medical check-ups 5-6 times a year and each check-up costs around Rs 7,000. Can I claim these expenses for tax deduction?  

Posted on 22th Oct 2018

By Sandeep Shah

Land by definition is fixed in supply and also perfectly scarce.  Moreover, each parcel of land is perfectly unique in itself and cannot be replicated.  

Posted on 13th Oct 2018

By Ashok Shah

Being a super senior citizen, you are liable to pay income tax only if your taxable income exceeds Rs 5 lakh.  

Posted on 8th Oct 2018

By Sandeep Shah

E-commerce trend is both an opportunity and threat. Depending on which side of the coin you are, it will either benefit you or you will be victim of the new sunrise Industry. The E-commerce industry is witnessing never ending inflow of funds inspite of the fact that they continue to incur losses much beyond their net worth.  

Posted on 7th Oct 2018

By Sandeep Shah

IBC can only hasten the resolution process but can never take away the pain of all those who are impacted due to the builder’s insolvency or inability to meet the commitments.  

Posted on 30th Sep 2018

By CA Sandeep Shah and CA Milan Mody

India had the unique opportunity to early adopt Ind AS 115 as compared to rest of world.Nonetheless, entities will have to once again undergo the process of unlearning and relearning  

Posted on August 2018

By Gopal Bohra

If a piece of property is jointly owned with one’s spouse, a question arises that can both husband and wife claim the tax benefit equally and in which case?  

Posted on 21th Aug 2018

By Ashok Shah

To compute long-term capital gain, one will have to reduce the indexed cost of acquisition from the selling price.  

Query: I am about to sell a flat for Rs 60 lakh. What will be my capital gains tax liability? How can I save tax?  

Posted on 20th Aug 2018

By Sandeep Shah

In the realm of the real world, high return and guaranteed return don’t go hand in hand. As an answer to Ponzi schemes, the government has recently tabled the Banning of Unregulated Deposit Schemes Bill, 2018.    

Posted on 17th Aug 2018

By Praveenkumar Darak and Rashi Gupta

The taxpayer who could not file their income tax returns for the financial year 2017-18 by July 31, 2018, can feel relaxed as the Central Board of Direct Taxes has extended the last date for filing income tax return from July 31, 2018, to August 31, 2018.   

Posted on 10th August 2018

By Sandeep Shah

Employees’ Provident Fund (EPF) is a saving tool that we all like not only because it gives guaranteed tax-free returns but also because we know that our employer adds an equal amount to the PF kitty every month. 

Posted on 7th August 2018

By Pooja Karani and Gopal Bohra

Running a business and maintaining regular books of accounts is a tedious task for small/new entrepreneurs. To relieve such entrepreneurs from the maintenance of regular books of account and to focus on their business, the Income Tax Act provides certain relaxations for maintenance of books of accounts.   

Posted on 2nd August 2018

By Parag Mehta

To avoid strain on the GST Network, the return-filing dates would now be staggered based on the turnover of the taxpayer.   

Posted on 1st August 2018

By Parag Mehta

Assessees will have to continuously upload invoices and keep track of matching purchase receipts with those of sales to claim input tax credit.   

Posted on 31th July 2018

By Gopal Bohra

Revisions in the forms have come at a time when tax professionals are busy with filing returns by July 31, making it more onerous for them, an expert says.   

Posted on 26th July 2018

By Gopal Bohra and Mansi Desai

Here some tips for you on how to compute your capital gains for the purpose of filing tax return.     

Posted on 24th July 2018

By Rushabh Vora and Mansi Almeida

With the due dates to file for income tax return assessments for the year 2018-19 round the corner, taxpayers are gearing up to comply with the deadline.      

Posted on 23th July 2018

By Ashok shah

Query: Will switching from equity to debt schemes of the same fund house have some tax implication?      

Posted on 23th July 2018

By Chirag Chordia

The Income Tax Department has been using different mediums to remind assessees to file their income tax return (ITR) for Assessment Year 2018-19 by the due date. From social media platforms to website to emails, the taxman is urging assessees to finish the income tax return filing process before the due date.     

Posted on 20th July 2018

By Gopal Bohra

In a rush to file their income tax return on time, some taxpayers end up making some mistakes. Here’s a list of 10 common tax-filing mistakes which can land you in trouble.     

Posted on 18th July 2018

By Gopal Bohra

The government on Wednesday announced a series of measures that would give a huge relief to taxpayers who have tax disputes with the Government.     

Posted on 12th July 2018

By Ashok Shah and Amrita Bhatnagar

Companies (Amendment) Act 2017 has replaced the provision relating to Significant Beneficial Owners by amending section 90 of the Companies Act.     

Posted on 10th July 2018

By Ashok Shah

There are a few transactions where obtaining an Income-Tax Clearance Certificate is currently required under the Income-Tax Act.  

Earlier, many transactions required obtaining an Income-Tax Clearance Certificate. 

Posted on 6th July 2018

By Ashok Shah

The Goods and Services Tax (GST) has completed one year on July 1. It will be a year since the introduction was heralded as India’s greatest tax reform to free Indians from multiple taxes, setting the base for a unified common market.  

Posted on 2nd July 2018

By Ashesh Shah

The newly minted Insolvency and Bankruptcy Code, 2016 (IBC) has put banks in a spot. The bankruptcy process is forcing them to book massive losses. Take a look. Promoters of Mumbai-based Shirdi Industries, a manufacturer of decorative laminates for the furniture industry, left just 26 cents for a dollar on the table for bankers as part of the IBC resolution.

Posted on 1st July 2018

By Ashok Shah

If you are one of those who tend to ignore any message or notice sent through email or electronic means like WhatsApp, then think again. Here’s what happened in this case.

Posted on 18th June 2018

By Ashesh Shah

Internal processes in banks have still not caught up with the changes in the external environment relating to the recovery of non-performing loans, said Ashesh Shah, Managing Director, Trans-Continental Capital Advisors Pvt Ltd.

Posted on 12th June 2018

By Sandeep Shah

A consumer court has recently ruled in favour of the SBI in a case in which the bank said that husband can’t use wife’s debit card, even if he is using it with the consent of his wife.

Posted on 11th June 2018

By Ashok Shah and Amrita Bhatnagar

One of the biggest challenges for a start-up entrepreneur is arranging the funds necessary to launch and grow businesses. The major challenge is the availability of bank finance in absence of security.

Posted on 11th June 2018

By Ashok Shah and Diana Mathias

“For better or for worse, our company is a reflection of my thinking, my character and my values” – Rupert Murdoch

By Mr. Sandeep Shah

It is important to keep in mind the legal requirements for the purchase of your home. This Akshaya Tritiya, ensure you check all the legal boxes and move forward as a home-owner.

By Mr. Ashok Shah & Mr. Aniket Shet

In today’s time, the common man has become more prudent and wise when it comes to investments, says Ashok Shah of N.A. Shah Associates.

By Mr. Ashok Shah and Ms. Mansi Almeida

Recent times have witnessed increasing trend of individuals, primarily High Net Worth Individuals (‘HNWIs’), migrating from India with or without surrendering their Indian citizenship.

By Mr. Ashok Shah & Mr. Praveen Darak

The Supreme Court has upheld the principle of mutuality, which states that a person cannot make profit from himself.

By Mr. Bhavin Kapadia

Small enterprises are the strong pillars of our country which significantly contributes to our economy’s Vikas and Rojgar.

By Mr. Parag Mehta

Reacting on GST Collection figures Mr.Parag Mehta, Partner, N.A Shah Associates LLP, said, “GST Collections for February 2018 stands at Rs. 85,174 crores. Reacting on GST Collection figures Mr.Parag Mehta, Partner, N.A Shah Associates LLP, said, “GST Collections for February 2018 stands at Rs. 85,174 crores.

By Mr. Gopal Bohra & Mr. Rushabh Shah

Keeping in mind to adopt the global best practices in the area of transfer pricing (TP), India has, over the past few years.

Mr. Prashant Daftary and Mr. Kalpesh Panchal

Nirav Modi and Gitanjali Gems scam has been one of the most writtern about topic in the recent days.

If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.

Cases of salaried employees making false declarations to claim tax deductions and under-reporting their income have become quite common in recent times.

By Ashok Shah

Maharashtra Real Estate and Regulatory Authority (RERA), in a recent case, directed a builder to refund cash component over delay in possession to a buyer.