"31 July 2017" Archive

Aadhar can be linked after Return filing but to be done on or before 31st August 2017

F.No. 225/270/2017/ITA.II (31/07/2017)

For the purpose of filing return, it shall be sufficient as of now to quote Aadhar or Aadhar Enrolment Number. The actual linking of PAN with Aadhar can be done subsequently, but any time before 31st August, 2017. However, these returns shall not be processed u/s 143(1) until the linkage of Aadhar with PAN is completed....

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6 Reasons why due date of IT Return Filing been extended

Request to issue appropriate instructions w.r.t. extension of ‘Due date for filing return of Income’ in case of all the assesses whose last date of filing return of income is 31/07/2017 ...

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Posted Under: Income Tax | ,

CBI Registers Case Against Additional CIT & Others in DA Case

The Central Bureau of Investigation has registered a case against an Additional Commissioner (TDS), Income Tax Department., Mumbai; his wife; a Chartered Accountant of Mumbai; MD of a private firm and a Director of private firm U/s 109 of IPC and Section 13(2) r/w 13(1)(e) of PC Act 1988....

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Posted Under: Income Tax |

Companies (Amendment) Bill, 2017 as passed by Lok Sabha

Companies (Amendment Bill 2017) is passed by Lok Sabha on 27.07.2017 and will be presented in Rajya Sabha for Further Approval. The bill has total 93 Clauses by which 92 Amendments been carried out in Companies Act, 2013, which includes Amendment of Existing Sections, Insertion of New Sections, Substitution of Existing Section with New Se...

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Posted Under: Income Tax |

How to revive a company as per new NCLT amendment rules

High percentage of non-compliance of the Companies Act and Rules, the Ministry of Corporate Affairs (MCA) with Registrar of Companies (ROC) had issued show cause notices to various companies. After that various companies received notice regarding removal of name of a company from the register of companies as per sub section (1) of section...

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Posted Under: Income Tax |

A brief study on Money Laundering Operation

In very simple word Money Laundering can be defined as a measure to convert illicit or illegal fund into legitimate source of Income to deflect suspicion when invested or spent....

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Posted Under: Income Tax |

​GST on purchases from unregistered purchases​

Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person li...

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Posted Under: Income Tax |

GST FAQs related to Food Processing Industry

You shall be granted a single registration in the State/UT. However, you have the option to take separate registration for each of your business verticals (as defined in section 2(18) of the CGST Act, 2017) in the State/UT....

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Posted Under: Income Tax |

25 GST FAQs related to E-Commerce Sector

Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products over digital or electronic network. Electronic Commerce Operator has been defined in Sec. 2(45) of the CGST Act, 2017 to mean any person who owns, operates or manages digital or electronic fa...

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Posted Under: Income Tax |

GST FAQs related to Drugs and Pharmaceutical Sector

The assessment of drugs and formulations under GST would be on the basis of transaction value at each level of supply with end to end ITC chain for neutralizing the GST paid at the procurement level....

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Posted Under: Income Tax |
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