"12 July 2017" Archive

CBDT notifies rules to determine of Fair Market Value of unquoted shares

Notification No. 61/2017-Income Tax / G.S.R. 865(E) (12/07/2017)

Determination of Fair Market Value for share other than quoted share. 11UAA. For the purposes of section 50CA, the fair market value of the share of a company other than a quoted share, shall be determined in the manner provided in sub-clause (b) or sub-clause(c),as the case may be, ...

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91 Iakh new taxpayers added during FY 2016-17 : CBDT

F.No.: 310/03/2017-OT (12/07/2017)

Widening of tax base remains one of the important policy objectives of CBDT. Various steps have been taken to increase the tax base and the same have shown appreciable results. It is quite encouraging to note that almost 91 Iakh new taxpayers were added during FY 2016-17....

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Amendment in Chapter Notes and Import Policy and Policy Conditions of items under Chapter 98 of ITC (HS), 2017 – Schedule -1 (Import Policy)

Notification No. 16/2015-2020 (12/07/2017)

S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends Chapter Notes and Import Policy and Policy Conditions of items of Chapter 98 as under...

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Branded dried leguminous vegetables will be taxable under GST

F.No.354/117/2017-TRU Pt. (12/07/2017)

G.S.R. (E).- In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.2/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 674(E), dated the 28th June, 2017...

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12% GST on Citrus fruit, clementines, wilkings, grape fruits, including lemons & limes

Corrigendum (12/07/2017)

G.S.R. (E).- In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.1/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28th June, 2017...

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GST: FAQs on Enrolment of existing taxpayer with Provisional ID & Password

I am an existing taxpayer registered under Excise, Service Tax and State Tax Laws such as VAT, Entry Tax, Luxury Tax and Entertainment Tax. I received SMS/ E-Mail with Provisional ID and Password. What are next steps for me? How do I begin to enrol with the GST Portal with Provisional ID and Password?...

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Posted Under: Income Tax |

FAQs on Submission of Online GST Registration Application

I am on the landing page of the New Registration Application and there are two radio buttons – New Registration and Temporary Reference Number (TRN). Which one do I need to select? -Select the New Registration Application to begin applying for GST Registration . If you have already filled Part A of the Registration Application and have ...

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Posted Under: Income Tax |

Tax On Ocean Freight Services – When The Bell Rings

Tax ability of Ocean Freight services provided by Foreign Shipping Line to Foreign Exporter (Import on FOB contracts) has been a matter of debate since the Budget of 2016. Let us see  the timeline, of how things went bad to ugly over the recent times. The Finance Act, 2016 made Ocean Freight Services involving any […]...

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Posted Under: Income Tax |

All about Composition Scheme under the GST Law

Aggregate Turnover: total value of (Taxable supplies + exempt supplies + export of goods and services + inter-state supplies) in a Financial Year. Since Composition Taxable person cannot make inter-state supply, value of inter-state supply has to be Zero in case of such Taxable person. Further, for determination of aggregate turnover, the...

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Posted Under: Income Tax |

3 Successful Strategies to Re balance your Portfolio

I get reminded of previous generation mom when someone advises me to re balance my investment portfolio. I feel like my mom telling me to take oil bath on all Fridays. When everything is going fine, why I should re balance my portfolio? one of my client asked me with a smile in his face. I reciprocated his smile and explained him why it i...

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Posted Under: Income Tax |
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