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Brief on filing of GSTR1, GSTR2, GSTR1A, GSTR2A

Every Recipient shall furnish, electronically, the details of inward supplies of taxable goods or services or both on which tax is payable after the tenth day but on or before the fifteenth day of the month succeeding the tax period in GSTR – 2 using the details of modified form 2A...

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Posted Under: Income Tax | ,

Get Simplified Composition Scheme under GST

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II There would always be a segment of taxpayers who would find it difficult to completely fulfill the compliance requirement of tax laws, may be due to their small size or nature of their operations. From the tax collector […]...

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Hidden problem for renting of immovable property service provided by individuals under GST

As per schedule I supply of service without consideration to related/distinct person will be treated as supply. Admitting a person into a premises for “consideration” alone can be treated as business under Sec 2(17)(f). It is not clear whether schedule I can override section 2(17)(f)....

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Action / Points to be Noted to Get Ready for GST

It is only month’s time from now when a major economic reform will be implemented throughout the Country. The entire Indirect Tax System will undergo a sea change and entire new Indirect Tax System known as the Goods and Service Tax, will be implemented. It is touted as One Nation One Tax, however it is dual system of GST, which is bein...

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Posted Under: Income Tax | ,

SFT return filing due date extended to 30th June 2017

F NO.279/Misc./M-63/2017-ITJ (31/05/2017)

CBDT hereby extends date of furnishing of statement of financial transactions under Rule 114E(5) of Rules, r.w. section 285BA for Assessment Year 2017-18 front 31st May 2017 to 30th tune 2017 in case of persons throughout India who are liable to furnish the said statement....

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14 Key Suggestions on GST Acts by ICAI

Section 171 of the CGST Act provides for the Anti-profiteering measures so as to ensure that benefit of credit available is ultimately passed on to the consumer. However, with change in law and to enable ease of understanding for all the assessees Anti-profiteering measures be kept in abeyance for 2 years....

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ICAI: Bifurcation of Paper 4- Taxation of Intermediate (IPC) Examination in 2 sections

It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book....

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GST: “One Nation Tri Taxation”

The Constitution has empowered concurrently the Centre and the states to levy GST on the supply of goods and/or services within the state. Thus, it will result in one central law on GST (CGST) and about 29 state laws on GST (SGST) as each state will have one SGST....

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New Composition Scheme for Builder and Developer

Trade Circular. No. 18T of 2017 (31/05/2017)

A Developer who opted for the said Composition Scheme was required to pay 1% composition amount in lieu of the tax, on the agreement (i.e. registered) value or the value determined for the purpose of payment of Stamp Duty, whichever is higher...

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Income Tax Benefits available only to Individuals & HUFs

Article disusses- Tax Rate and Relief available to Individual and HUF, Income Exempt from Tax of Individual and HUF, Deductions allowable from Taxable Income to Individual/ HUF, benefits available for Individual and HUF having Income from Business and Profession, ...

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