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New Income Tax Return Forms for A.Y. 2017-18

The government has taken bold step towards simplifying the norms of filing, so as to encourage the potential tax payer to file the Income Tax Return. Earlier, there were total nine Income Tax Return Forms which has now been reduced to seven....

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In-Depth Analysis of Section 269ST basic provisions as per Income Tax Act

PROVISION OF SECTION 269ST No person shall receive an amount of two lakh rupees or more (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of el...

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BAN on Cash Transactions…!!! Finance Act 2017

A new section 269ST has been introduced, no person (except banking company, Government, post office co-operative & other as may notify by Government) shall receive an amount of Rs. 2 lakh or more –...

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Exhaustive analysis of 8 Draft GST Rules

CBEC has recently released following 8 GST namely 1. Input Tax Credit Rules 2.Valuation Rules 3.Transition Rules 4.Composition Rules 5.Revised Invoice Rules 6.Revised Payment Rules 7.Registration Rules and 8.Refund Rules for comments by general public and other stakeholders on or before  10-April-2017 by email on gst-cbec@gov.in. The Ins...

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Direct Tax Amendments to the Finance Bill 2017

The Lok Sabha on Tuesday, 21 March 2107 has passed 40 Amendments to the Finance Bill 2017. These amendments were made mainly to make the law in sync with the proposed changes in Finance Bill 2017 as well as Finance Bill 2016....

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Significant Income Tax Changes as effected by Finance Act, 2017

The Finance Act, 2017, which has made a history of being a enacted law on 31st March, 2017 (assented by President of India on 31/03/2017), has made far-reaching changes in Direct Taxes. ...

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Navmi i.e Nine major changes in the New income-tax returns

Income Tax department has introduced the new forms for filing the income tax Returns in the financial year 2016-17. The question is, what changes have they made in these forms?...

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New disclosure and reporting requirement in Auditor’s Report

Regarding disclosure requirement and reporting requirement in the Auditor’s Report that the company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. We would like to inform you that the Ministry...

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Overview of Changes in ITR forms notified for A.Y. 2017-18

Simplified One Page ITR 1 has been notified. For Individuals, Aadhar Card Number/ Enrolment ID is compulsory where Person is eligible for Aadhar Card. Specific Column for Showing Cash Deposits during 09.11.16 to 30.12.16. ITR 1 can only be used where total income does not exceed Rs. 50 lakhs...

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Income tax amendments effective from 1st April 2017

Finance Bill 2017 has been passed by both the house of parliament and after receiving the accent from President on 31st March 2017 has become Finance Act 2017. We have listed down important changes under Income Tax Act which shall be applicable from 1st April 2017 i.e. Assessment Year 2018-2019....

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