2017-12-29 01:51
BUDGET-2018 SUGGESTIONS :Waiver of fees in case of delay in filing quarterly TDS returns Section 234E
Section 234E provides for levy of fees of Rs 200 per day where there is delay in filing… Read More
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2017-12-29 00:37
BUDGET-2018 SUGGESTIONS :Clarification regarding TDS on Commission to a partner under section 194H read with section 40(b)
ISSUE
In case of partnership firms, Section 40(b)(i) provides that… Read More
2017-12-28 05:44
Government has notified the Interest Rates for Various Small Savings Schemes; New Rates will Come Into Force with Effect from 01.01.2018
The Interest rate for Sukanya Samriddhi Ac… Read More
2017-12-27 10:31
The Finance Act, 2017 inserted new section 194-IB to provide that an Individual or a HUF (other than those covered under clause (a) & (b) of section 44AB of the Act), responsible for pay… Read More
2017-12-27 08:17
Section 194J Fees for professional or technical services
The amendment to section 194J by the Finance Act, 2012 requires deduction of tax at source @ 10% on any remuneration or fees or commi… Read More
2017-12-26 14:21
Introduction : Section 194C(6) provides exemption to small good carriage contractor/transporter (owning not more than 10 goods carriage at any time during the previous year) on furnishi… Read More
2017-12-23 16:36
Application for Refund of Excess amount from the Electronic Cash Ledger
1. How can I claim refund of excess amount available in cash ledger?Balance in the cash ledger should be sufficient&nb&hell…Read More
2017-12-23 15:52
1. What is Table 6A of FORM GSTR-1?
Table 6A of FORM GSTR1 is a table of GSTR-1 - Outward Supplies Statement of the Supplier, which an exporter desiring refund of taxes paid on exports or IT… Read More
2017-12-23 15:47
Application for Refund of ITC paid on Exports of Goods and Services without payment of Integrated Tax
1. How can I get my refund of ITC on account of export without payment of Tax?
You may c… Read More
2017-12-23 02:42
Introduction :The famous Shakespeare quote, “What’s in a name?” has lost its’ relevance in the present day scenario with a highly competitive environment. The n… Read More
2017-12-22 16:05
During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted… Read More
2017-12-21 14:25
Goods and Services Tax (GST) was first announced in the year 2000. 1st July 2017 marks the date of its implementation. GST, since the time it came to force, is undergoing multiple iterations… Read More
2017-12-21 13:49
WooCommerce and Magento are the two most preferred e-commerce platforms on the market right now. Both platforms have their own set of strength and convenience for different requirements.
Mag… Read More
2017-12-21 03:25
One of the important reasons for mismatch of TDS claimed and TDS as per Form 26AS is adoption of different method of accounting (i. e. Cash or Mercantile) by the deductor and deductee. Vario… Read More
2017-12-19 17:48
Monthly GSTR-1 Return
The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr… Read More
2017-12-19 11:20
THE PAYMENT OF GRATUITY (AMENDMENT) BILL, 2017 has been introduced in Loksbaha and likely to passed .Under this bill two major amendments has been proposed under the ACT.
Clause 3 of the Bil… Read More
2017-12-18 14:41
What do you want to be in life?’ Everyone answers this question at some point in their life. Some people harbour big dreams. They want to open their own restaurant or travel the world… Read More
2017-12-18 14:20
Are you struggling to manage your monthly payroll? Is the year-end tax preparation a nightmare? Are simple mistakes in calculations costing you too much? Don’t worry, you are sailing i… Read More
2017-12-17 18:26
Removal of anomalies in sections 111A & 112
Before going through the suggestion first understand the concept of taxation under section 111A and section 112 of Income tax act.
A :Taxation… Read More
2017-12-17 06:39
Budget Suggestions on Income Tax under the Head House property for Budget-2019 by ICAI. These suggestion are broadly to
I Improve tax collection. II. Reduce/minimize litigations II… Read More
2017-12-16 17:12
Income tax act has allowed various deduction and exemption under which a specific amount has been prescribed which is exempted or allowed as deduction.But all these limit or most of them has… Read More
2017-12-16 09:57
The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about t… Read More
2017-12-16 06:20
In India most honest Tax payer is Salaried person , All his tax due on salary is required to be deducted by his employer and no expense is allowed what so ever to the salaried person ,so ver… Read More
2017-12-16 04:47
RBI has recently increased the MDR charges on Debit card transaction wef 01.01.2018 .Accordingly, the maximum MDR for debit card transactions shall be as under:
The Union Cabinet chaired by… Read More
2017-12-13 16:55
After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based… Read More
2017-12-13 11:31
Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A taxpayer could file Form TRAN-1 and avail input tax credit on the basis of closing bala… Read More
2017-12-12 15:19
The issue whether the gains arising from sale/dealing of shares are taxable under the head "Capital Gains" or under "Business Income" has been increasingly engaging the attention of the asse… Read More
2017-12-12 02:49
Definition of "allowance" has not been provided under Income Tax Act however generally Allowance: means Fixed amount of money or other substance given monthly in addition to salary to m… Read More
2017-12-10 16:40
Both the employer and employee contribute towards Provident Fund. The contribution made by employees is out of their own income and therefore no question of taxation arises as the entire amo… Read More
2017-12-09 16:21
When planning or looking out for investments options with fixed return and safety as the guiding criterion, a Bank Fixed deposit is the first instrument that most investors consider, isn't i… Read More
2017-12-09 04:05
1.What will happen to the GSTR1 already filed for Jul 17 by dealers having
[[ This is a content summary only. Visit my website for full links, other content, and more! ]] Read More
2017-12-08 14:42
The Unique Identification Authority of India (UIDAI) clarified today that Aadhaar Act being in force, all notifications for requiring Aadhaar for various welfare programmes, verifying bank a… Read More
2017-12-06 15:33
With inflation steadily low, the Reserve Bank of India has once again signaled lower interest rates by maintaining its own benchmark rates at same level. First we saw a cut in the deposit ra… Read More
2017-12-06 14:45
In order to receive a regular income from their mutual fund investments, investors are often in a dilemma about whether they should choose the dividend option or a Systematic Withdrawal Plan… Read More
2017-12-06 03:49
The CBEC vide Notification No. 41/2017-Central Tax (Rate) dated 14th November 2017 effective from 15th November 2017 reduced GST rate on goods from 28% to 18% on goods falling in 178 heading… Read More
2017-12-01 14:36
There’s no denying the fact that cashless payments are good for the growth and development of the economy. While India is nowhere near the developed countries in terms of cashless mean… Read More
2017-11-30 11:23
After demonetization, there are mainly two benefits accrue to new home seekers. Firstly, the prices of new houses have come down significantly. Second, benefit is that due to plenty of depos… Read More
2017-11-29 02:36
In GST regime, the number of exemptions / concessions have been brought down. A lot of effort has been put in drafting GST law and lot of litigated aspects are put to rest. However, there ar… Read More
2017-11-28 08:12
Introduction There has been a new law raising new doubts, this article has been aimed to assist a taxpayer to understand the interest for the delayed payment of tax provisions under GS… Read More
2017-11-26 05:11
FOR DEPARTMENTAL USE ONLY F. No. 225/391/2017/ITA.II Subject: Some of the important issues to be considered while framing scrutiny assessments pertaining to filing of revised/bela… Read More
2017-11-26 04:27
Subject: Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse. -reg. Circular No. 46/2017-Customs
References have been received from the trade re… Read More
2017-11-25 10:16
Myth 1: Aadhaar has a poorly verified database.
Fact: Aadhaar enrolment is done through registrars, which are credible institutions like state government, banks, Common Service Centres… Read More
2017-11-23 15:21
No Proposal Under Consideration to Withdraw Bank Chequebook Facility
In a section of the media, it has appeared that there is a possibility that the Central Government may withdraw ban… Read More
2017-11-23 04:04
Three important suggestion ,if implemented by GST council then GST(Gabber Singh Tax) will becomes Good and Simple Tax
[message]GST RETURNS AND INTEREST LIABILITYAs per section 50 of CG… Read More
2017-11-23 02:52
Since 2001, when sections 92A to 92F were inserted for the first time in the Income-tax Act, 1961, there has been rapid evolvement of the field of Transfer Pricing. Application of the comple… Read More
2017-11-22 10:31
There are many important aspects to planning a secure financial future. But everyone can assuredly tell you that taxes are one of the most crucial things about finances. As soon as you start… Read More
2017-11-22 05:50
As another step towards ease of doing business in India, the Reserve Bank of India (‘RBI’) has relaxed certain conditions relating to Foreign Investments in India, with effect fr… Read More
2017-11-21 05:02
1. Rationalisation of GST rates on certain goods:
The Central Government vide Notification No. 41/2017 - Central Tax (Rate) dated November 14, 2017 has amended Notification No. 01/2017 - Cen… Read More
2017-11-21 02:17
Subject: Clarification on taxability of custom milling of paddy – regarding.
Representations have been received seeking clarification on whether custom milling of paddy by Rice millers… Read More
2017-11-21 02:06
The Logistics Sector has been granted Infrastructure status.The need for integrated Logistics sector development has been felt for quite some time in view of the fact that the logistics cost… Read More
2017-11-20 05:41
Question: I am a resident of Delhi having no business in Delhi or elsewhere but I have a commercial property in Noida(HARYANA) on which I receive a rent of Rs. 25 lakh. Where should I take r… Read More
2017-11-19 04:30
On account of implementation of GST w.e.f. 1st July, 2017, there may be instances where the retail sale price of a pre-packaged commodity is required to be changed. In this context, Union Mi… Read More
2017-11-18 04:26
The CGST rates on certain goods have undergone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. A need has be… Read More
2017-11-17 11:06
FAQs on ethical issues relating to GST Issued by ICAI
Q1. Whether a member in practice can engage as GST practitioner?
A. Yes, a member in practice can engage as GST practitioner , as… Read More
2017-11-16 18:03
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CL… Read More
2017-11-16 17:21
Subject: Processing of income-tax returns filed in Forms ITR-2, 3, 4, 5 & 6 under section 143(1) of the Income-tax Act-applicability of section 143(1)(a)(vi)-reg.-
Sub-clause (vi)… Read More
2017-11-16 05:35
Circular No. 17/17/2017 - GST F. No. 349/169/2017-GST
Sub – Manual filing and processing of refund claims in respect of zero-rated supplies - reg.
Du… Read More
2017-11-16 04:32
Is GST applicable on warehousing of agricultural produce such as tea (i.e. black tea, white tea etc.),processed coffee beans or powder, pulses (de-husked or split), jaggery, processed… Read More
2017-11-15 04:30
Highlights of decisions taken by the GST Council in its 23rd Meeting:Composition Scheme:• Tax @ 1% will be applicable for both manufactures and traders. Earlier manufactures were liable… Read More
2017-11-15 02:54
The Government of India launched today the BHARAT-22 Exchange Traded Fund (ETF) managed by ICICI Prudential Mutual Fund targeting an initial amount of about Rs.8,000 crore. This New Fund Off… Read More
2017-11-13 03:07
The GST Council on Friday, i.e. November 10, 2017, has rationalized the tax rates on various goods and services and reduced compliance burden for SME & other sectors in its 23rd meeting… Read More
2017-11-13 03:04
After the GST Council’s decisions in its 23rdmeeting, our Hon’ble Prime Minister Narendra Modi tweeted that “jan bhagidari” was “at the core” of the… Read More
2017-11-12 07:45
1. 178 items have been moved from 28 per cent to 18 like chewing gums, Detergent, marble floorings, toiletries to 18 per cent from existing 28 per cent.
2. Restaurants in starred-hotels will… Read More
2017-11-10 16:48
This information is being uploaded immediately after the discussions in the 23rd GST Council Meeting.
a) In the meeting held today, that is 10th November, 2017, the Council has r… Read More
2017-11-10 16:15
Big relief to who loves outside foods , good news comes from GST council 23 meeting concluded at Guwahati.
Tax rates on restaurants has been reduced as under.
1. Tax on Non AC r… Read More
2017-11-10 16:15
The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the following facilitative measures for taxpayers:
Return Filinga)  &hell…Read More
2017-11-10 16:14
The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today.
i. Uniform rate of tax @ 1% u… Read More
2017-11-10 13:32
Updates on 23rd Meeting of GST Council at Guwahati.
1.Sushil Modi , has tweeted that GST rates on 177 item has been reduced to from 28 to 18% .
2. Only 50 goods remains in 28% slabs mainly… Read More
2017-11-10 07:03
In the pre-GST regime, exporters are allowed to procure goods without duty/ taxes or at concessional rate of duty/taxes. In excise, benefit was provided vide Central Excise (Removal of goods… Read More
2017-11-10 03:05
The Goods & Services Tax (GST) Council meeting is set to cut to rates on nearly 150-200 items in its two-day meet, which started yesterday in Guwahati.
The Goods & Services Tax (GST)… Read More
2017-11-08 07:43
It is important that you secure the financial future of your family in case you suffer from an illness. The best way to achieve such protection is by availing of a health insurance.
This typ… Read More
2017-11-06 17:04
GST has made some sea changes in the way the textile industry works. Post GST era is very typical in terms of compliances for the industry, as earlier only the big players or apparel retaile… Read More
2017-11-06 07:10
1. Clarification on Cash sale of agricultural produce by cultivators/agriculturist Representations have been received from the stakeholders. regarding applicability of income-tax provision t… Read More
2017-11-03 04:21
The development of an economy, as eminent economists say, could be gauged by the percentage of the contribution of the service sector to the total GDP. In the Indian scenario the services se… Read More
2017-11-02 05:20
Following new functionalities have been made available to taxpayer on GST Portal:
1.GSTR-2 Offline Version 2.1 - New version of GSTR-2 offline tool is available on portal now. This will ena… Read More
2017-11-02 04:06
In continuance of the several initiatives under taken by Pension Fund Regulatory and Development Authority (PFRDA) during the last few years to increase the pension coverage in the country… Read More
2017-11-01 02:25
CBDT extends tax audit due date till November 7 due to technical glitches,Circular will be issued soon.
Due date for filing ITRs & Tax Audit Reports extended from 30.09.2017 to 07.11.201… Read More
2017-10-30 16:19
Filing Payment Related Grievances (PMT-07)
1. For which issues can I raise a grievance?
Grievance can be raised in case of following issues:Amount debited from the bank account, Cash Ledger… Read More
2017-10-30 10:46
To facilitate trade, last date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov & 11th Dec 2017 respectively.A Notification in this regard is being issued shortly - to f… Read More
2017-10-30 06:23
The Group of Ministers set up to make GST composition scheme more attractive today suggested lowering tax rates for manufacturers and restaurants under the plan to 1 per cent.
At prese… Read More
2017-10-30 05:40
Requests have been received to clarify whether supply of books, pamphlets, brochures, envelopes, annual reports, leaflets, cartons, boxes etc., printed with design, logo, name, address or ot… Read More
2017-10-29 06:00
The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by the members but the same have not been approved by the assesses under… Read More
2017-10-29 05:43
a) IGST exemption on inter-state supply of services to Nepal & Bhutan against payment in INR
Earlier, in the sectoral FAQs on Exports available on CBEC portal, it was provided tha… Read More
2017-10-27 06:36
Introduction: In our previous news letter, we have discussed on the procedure for supplying to SEZ. As a continuation, we are discussing the process for claiming refund, for supplies made to… Read More
2017-10-26 13:41
FORM GST TRAN - 1 (with revision facility) extended to 30th November 2017. Suitable order will be issued shortly.
As per the transitional provisions of CGST/SGST/UTGST Act, registered person… Read More
2017-10-26 07:39
Introduction:For small assesses compliance with Indian tax laws has always been a challenge. Forcing such assesses for compliance may not yield much revenue to exchequer. It may in fact alie… Read More
2017-10-26 06:50
The removal of exemption and need to go for a refund which invariably get delayed has been an issue with the exporters for decades. Only the duty drawback scheme for goods has been working w… Read More
2017-10-25 02:45
Many people think Income Tax Payment is a complicated process and tend to delegate it to third party people. This not only costs them more but also at times they can be cheated without them… Read More
2017-10-24 15:10
Waiver of late fee on filing of GSTR-3B for August and September, 2017
In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers… Read More
2017-10-24 07:59
Some news items have appeared in a section of the media quoting a reply to a Right to Information Act application that Aadhaar number linkage with bank accounts is not mandatory.
The Reserve… Read More
2017-10-24 07:42
The falling interest rates on fixed deposits have affected everyone but it has affected senior citizen the most as most of the senior citizens invest their savings in bank fixed deposits whe… Read More
2017-10-18 10:07
In an event of a cash crunch or an urgent requirement of finance, loan becomes a great option. You may consider borrowing a loan from a bank when you need it the most.
Borrow a personal loan… Read More
2017-10-18 07:35
“Education” is not defined in the CGST Act but as per Apex Court decision in “Loka Shikshana Trust v/s CIT”, education is process of training and developing knowledge… Read More
2017-10-16 06:44
GST: CBEC on the recommendations of the GST Council, has on 13-10-2017 issued various Notifications under CGST, IGST and UTGST. The detailed Notifications can be downloaded from the link giv… Read More
2017-10-12 05:58
Key Features – Return Preparation Utility (RPU) version 2.1
· Change in validations for all section codes available for Form 27EQ
Remark “C” (i.e. for higher… Read More
2017-10-12 02:35
To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and p… Read More
2017-10-09 11:02
Income Computation and Disclosure Standards (ICDS) have been notified u/s 145(2) of the Income Tax Act, 1961 vide Notification No. S.O. 3079 (E) dated 29th September 2016. This document cont… Read More
2017-10-07 02:54
The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended… Read More
2017-10-07 02:28
As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in GST rates for certa… Read More
2017-10-07 02:28
Decisions taken by the GST Council in the 22nd meeting held on 6th October 2017
The following decisions were taken by the GST Council at its 22nd meeting held in Vigyan Bhavan on 6th O… Read More
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