GST Bills passed in Lok Sabha– Significant step towards July 1 rollout

Clearing the decks for the July 1 rollout of the ambitious Goods and Services Tax (GST) that will subsume 17 major Central and State taxes for a unified tax regime, the Lok Sabha on March 29, 2017 night cleared four crucial GST Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill. ...

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Posted Under: Income Tax | ,

Download Clause wise Analysis of CGST, UTGST, IGST Bill 2017 & Presentation on GST Bill 2017

Download Clause by Clause Analysis of CGST Bill 2017, UTGST Bill 2017, IGST Bill 2017 and a Presentation on GST Bill - 2017 compiled by Institute of Cost Accountants of India and its Members...

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Posted Under: Income Tax | ,

Major changes proposed in GST Bills introduced in Lok Sabha on 27.03.2017

1. Non-Applicability of GST Law in the State of Jammu and Kashmir: Earlier the GST Law was proposed to be applicable to J&K as well. However in the Bill, the applicability of GST Law is extended to whole of India except the state of J&K....

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Posted Under: Income Tax |

GST Bills: CGST, IGST, UTGST & Compensation Cess introduced in Lok Sabha

Clearing the decks for implementation of GST In India, Finance Minister Shri. Arun Jaitley on March 27 tabled four Bills of GST legislations in Lok Sabha. The discussion on the four Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill could be taken up on Tuesday....

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Law commission suggests drastic amendments in Advocates Act

Law Commission recommends that comprehensive amendment should be brought forth in Advocates Act, not only keeping in view the present requirements, but such other requirements that may arise in future for the better management and regulation of the legal profession...

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Posted Under: Income Tax | ,

CBEC renamed as Central Board of Indirect Taxes & Customs (CBIC)

FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval...

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Posted Under: Income Tax | ,

5 Last-Minute Income Tax Saving Instruments

By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

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Posted Under: Income Tax | ,

Download Finance Bill 2017 as passed by Lok Sabha

Lok Sabha passes  Finance bill 2017 on 22.03.2017 with 189 Amendments to following Acts and 9 related schedules:- Income Tax Act, 1961 and Rules Custom Act,1962 Excise Duty Act, 1944 Finance Act, 1994 The Indian Trusts Act, 1882 The Indian Post Office Act, 1898 The Reserve Bank Of India Act, 1934 The Representation Of The […]...

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Budget 2017: Taxation of trusts in context of succession planning

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

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Posted Under: Income Tax | ,

25 FAQs on Income Computation and Disclosure Standards (ICDS)

Circular No. 10/2017-Income Tax (23/03/2017)

After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. ...

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