Latest Tax News & Updates

GSTR-3B date extended for those opting to avail transitional credit

Goods and Services Tax - The GST Council had earlier decided to defer the filing of return in Form GSTR-3 and had recommended the filing of return in Form GSTR-3B for the month of July and August, 2017. Accordingly, the Central Government vide Notification No. 21/2017-Central Tax dated August 8, 2017 had notified the last date for filing of return in Form GSTR-3B...

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GST- Refund Process

Goods and Services Tax - Sections 54 to 58 of GST Act makes the provisions for granting refund. Situations leading to GST refunds are explained below. Export of goods/ services under claim of rebate or refund of accumulated input credit when goods/ services are exported...

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Leviability of GST on High Seas Sale Transactions

Goods and Services Tax - Levy of GST on high seas sale transactions is a much debated topic these days. This article attempts to analyse the leviability of GST or otherwise on the high seas sale transactions. “High Sea Sales” is a terminology used in common parlance for “Sale in the course of import” where sale is effected by transfer […]...

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How to lodge GST related complains with Higher Authorities

Goods and Services Tax - Technical difficulties and failure of GSTN to address the same in a time bound manner is creating various legal, operational as well as technical hassles for taxpayers. Over and above technical difficulties and non-availability of solutions to address the issue is giving sleepless nights to taxpayers as well as various GST consultants as ...

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Due Date for payment of GST for July, 17 is 15/09/17!!!

Goods and Services Tax - A normal taxpayer is required to file GSTR 1, 2, & 3 returns for every month. The normal due dates for filing the same is 10th, 15th & 20th of the subsequent month respectively. But the time limit for filing returns for the months of July & August, 2017 has been relaxed until September. Actually, the extension is mainly because the GST Ne...

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Reduce VAT burden on Petroleum Products used for manufacturing: FM to State CMs

Goods and Services Tax - The Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley has written to State Chief Ministers urging the States to reduce burden of Value Added Tax (VAT) on Petroleum Products used as inputs in making of goods after the introduction of Goods and Services Tax (GST)....

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Return filing In Form GSTR-3B- Due Date & transitional credit

Goods and Services Tax - Registered persons planning not to avail transitional credit for discharging the tax liability for the month of July, 2017 or new registrants who do not have any transitional credit to avail need to follow the steps as detailed below:...

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Clarification regarding availability of Transitional Credit for GST

Goods and Services Tax - As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed....

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Scheme of Budgetary Support under GST Regime

Goods and Services Tax - Cabinet approves Scheme of Budgetary Support under GST Regime to the eligible units located in States of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi today has given its approval to the Scheme of provi...

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Vacancy for CA /MBA / Graduates in Finance, MIS, Accounts & Taxation

CA, CS, CMA - Vacancy for CA in Corporate Finance at Amravati (Maharashtra) for Chartered Accountants having more than 8 Year experience  with a Manufacturing Company. http://ejobocean.com/JobDescription/Vacancy-for-CA-in-Corporate-Finance/90 Vacancy for CA having experience in MIS Preparation at Ahmedabad (Gujarat) for Chartered Accountants having 4 ...

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USA is not a person or authority under the Indian Income Tax Act

Spectrum Coal & Power Ltd Vs ACIT (ITAT Mumbai) -  USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production...

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ITAT explains theory of ‘preponderance of probability’, rejection of books and best judgement assessment

M/s. GTC Industries Limited Tobacco House, Vs ACIT (ITAT Mumbai) -  In situations like this case, one may fall into realm of “preponderance of probability” where there are many probable factors, some in favour of the assessee and some may go against the assessee. But the probable factors have to be weighed on material facts so collected....

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Penalty cannot be levied in respect of an addition not having been made in quantum assessment

JRK Auto Parts (P) Ltd. Vs ACIT (ITAT Delhi) -  In this Question arose for consideration was whether penalty under section 271(1)(c) of Income Tax Act, 1961 could be levied in respect of an addition not having been made in quantum/assessment proceedings and it was held that Imposition of penalty proceedings under section 271(1)(c) is strictly cir...

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Assessee could be taxed only for the income that it has derived

CIT Vs M/s Olam Export (India) Ltd. (Kerla High Court) -  These Income Tax appeals are filed by the Revenue aggrieved by the order passed by the Income Tax Appellate Tribunal, Cochin Bench allowing I.T.A. Nos. 428 & 429 of 2002 filed by the respondent/assessee concerning the assessment years 1997-98 and 1998-99....

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Assessee’s submission in arriving at the ALP is not final, It is for TPO to examine and find out companies listed as comparables

CIT Vs M/s. Tata Power Solar Systems Ltd., (Bombay High Court) -  We find that the impugned order of the Tribunal holding that a party is not barred in law from withdrawing from its list of comparables, a company, if the same is found to have been included on account of mistake as on facts, it is not comparable. The Transfer Pricing Mechanism requires...

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Monthly Summary of MCA for the month of July, 2017

No. I-27011/2/2017-Coord - (14/08/2017) -  A circular was issued to clarify that exemption from section 143(3)(i) of Companies Act, 2013 [reporting on internal financial controls by auditors in their audit reports] given through notification dated 13th June, 2017 shall be applicable for those audit reports in respect of financial statements...

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Form GSTR-3B Due date extended with Conditions; No Change in due date of Payment

Notification No. 23/2017–Central Tax - (17/08/2017) -  Registered persons entitled to avail input tax credit in terms of section 140 but opting not to file FORM GST TRAN‑1 can file Form GSTR 3B on or before 28th August, 2017...

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CBEC notifies FORM GST REG-13, Rules reversal of credit of Additional duty of Customs on Gold dore bar and Other Changes

Notification No. 22/2017-Central Tax - (17/08/2017) -  44A. Manner of reversal of credit of Additional duty of Customs in respect of Gold dore bar.- The credit of Central tax in the electronic credit ledger taken in terms of the provisions of section 140 relating to the CENVAT Credit carried forward which had accrued on account of payment of the additio...

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Reg. IGST exemption to temporary import of goods

Notification No. 72/2017-Customs - (16/08/2017) -  Seeks to supersede Notification No. 27/2002- Customs dated 1st March, 2002 and to provide exemption to temporary import of goods from Customs duty leviable under First Schedule to the Customs Tariff Act, 1975 and from the whole of the integrated tax leviable under sub-section (7) of section 3 of the...

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Eligibility of divorced daughters for grant of family pension -clarification

No. 1/13/09-P&PW(E) - (19/07/2017) -  Provision for grant of family pension to a widowed/divorced daughter beyond the age of 25 years has been made vide OM dated 30.08.2004. This provision has been included in clause (iii) of sub-rule 54 (6) of the CCS (Pension), Rules, 1972....

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FAQs

Under GST, a trader would be entitled to avail input tax credit paid on his domestic procurements of goods and services unlike the present indirect tax regime. Presently, a significant portion of indirect taxes namely Central Excise and Service Tax form part of the cost component for a trader. This will not be the case under GST. He will ...
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1. What is GSTR 3B? GSTR 3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner A normal taxpayer is required to file GSTR 1, 2, & 3 returns for […]...
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Query 1. What is the HSN code for Mahua Flower and its GST rate? Reply:- Mohua flowers fall under heading 1212 and attract 5% GST. Query 2. What is the HSN code for Sal Leaves which is used for making plates and its GST rate?...
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Conundrum of Goods Transport Agency ( GTA) in GST Q1 . What is a Goods Transport Agency ? Why is it Important? Goods Transport Agency means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called....
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Under the GST Law, export of goods or services has been treated as: inter-State supply and covered under the IGST Act., zero rated supply i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage oral the final product stage....
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Income Tax Planning

Succession planning – Life moves with Trust

Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innate...

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A new way to do tax planning and why hardly anyone “gets it”

It really hurts to see a large pie of the salary cut towards tax. So the obvious question in everyones mind is How do I reduce my tax?. Every year we are forced to invest in s...

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Top 5 Legal ways to Save Tax

The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must e...

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Income Tax Deductions

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simp...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in forc...

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Calculators

Income Tax Rates & Calculator for 21 years (F.Y. 2006-07 to 2017-18)

The below Income Tax calculator contains the rate of tax for last 21 financial year (i.e Financial year 1997-98 to 2017-18) and income tax calculator for last 11 years (i.e Fi...

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Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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Download Income Tax Calculator for Financial Year 2017-18

Salient features of the Tax calculator. 1. Useful for the salaried employees of government and private sector. 2. Private sector employees can use to do their Flexi allocation...

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Rate Charts

Income Tax Slabs for AY 2018-19 / FY 2017-18

Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year...

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Rate of GST on Services updated till 03.07.2017

The e-book contains Rate of Tax on Services as applicable after considering all Notifications, Circulars etc issued by CBEC from time to time till 3rd July 2017 and includes S...

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Ready Reckoner – GST Service Rates

Right before the roll out of GST, let’s have a quick recap of the list of rate of services, approved by the GST Council in its 14th Meeting with related amendments, so far c...

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