"12 May 2017" Archive

Taxability on transfer of Unquoted Equity Share post Finance Act, 2017

Central Board of Direct Taxes (‘CBDT’) has released draft rules relating to valuation methodology of unquoted equity share. The draft rules are in furtherance to the new sections as introduced by Finance Act, 2017 i.e. section 50CA and 56(2)(x). These sections are introduced to ensure that the sale consideration for transfer of unquot...

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Posted Under: Income Tax |

Easy steps for Linking Aadhaar with PAN

As per the Finance Act 2017, it becomes mandatory for taxpayers to quote Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns . Further Aadhaar also has been made mandatory for applying for PAN with effect from July 1, 2017....

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Posted Under: Income Tax |

GST on e-commerce / online Services Provided by CAs?

I am a chartered accountant who provides online services like income tax return filing through my own website. Since I am providing services over digital or electronic network, it will be qualified as electronic commerce service. Also I owns the website for electronic commerce, I will be qualified as an electronic commerce operator....

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Posted Under: Income Tax |

All about registration of Housing Finance Company with National Housing Bank (NHB)

In this Flash editorial, the author begins by referring the provisiosn of National Housing Bank, Housing Finance Companies. Author tries to discuss the conditions for registration of Housing Finance Company with NHB. It is worth noting that amidst the gradual development of demand in the housing finance sector, the corporate houses have m...

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Posted Under: Income Tax |

Suggestions on Draft GST Accounts & Records, Appeals & Revision and Return Rules

The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on Draft Rules of Composition, Input Tax Credit, Determination of Value of Supply, Transitional Provisions, Registration, Tax Invoice, Debit & Credit Notes, Refund, Accounts & Records, Appeals & Revision, E-way Bill, Return, Advance Ruling,...

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Posted Under: Income Tax |

4 Suggestions on Draft GST Refund Rules

Rule 2(3) of the draft GST Refund Rules provide that where any deficiencies are noticed, the proper officer shall communicate the deficiencies to the applicant in FORM GST RFD-03 through the Common Portal electronically, requiring him to file a refund application after rectification of such deficiencies. However, the time limit for issuin...

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Posted Under: Income Tax |

4 Suggestions on Draft GST Tax Invoice, Credit and Debit Note Rules

GST Online Certification Course- Register before 1st July to Save Cost 1. Advance voucher and refund voucher Rule 5 of draft GST Tax invoice, Credit and Debit Notes Rules provides for issuance voucher for receipt of advance. However no formats have been prescribed for the receipt voucher or refund voucher. Suggestion It is suggested the ...

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Posted Under: Income Tax |

Suggestions on Draft GST E-Way Bill Rules

GST Online Certification Course- Register before 1st July to Save Cost 1. E-Way Bill required to be simplified Rule 1 requires the use of e-Way bill for all removals including those involving supply. Issue When invoice is already issued, issuance of e-way bill increases the compliance at the time of removal of goods. This is […]...

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Posted Under: Income Tax |

6 Suggestions on Draft GST Registration Rules

GST Online Certification Course- Register before 1st July to Save Cost 1. Exclusion of Input Service Distributors (ISD) & OIDAR Rule 1(1) of draft GST Registration Rules provides that every person (other than a non-resident taxable person, a person supplying online information and data base access or retrieval services from a place ou...

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Posted Under: Income Tax |

4 Suggestions on Draft GST Composition Rules

GST Online Certification Course- Register before 1st July to Save Cost 1. Intimation of Composition Levy Rule 1(1) of draft GST Composition Rules provide that any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration. 16 and who opts to pay tax under section 10, shall electronically file [...

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Posted Under: Income Tax |
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