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Goods and Services Tax - While the GST regime emphasizes self-assessment processes, the complexities involved in it make one wary. At this juncture, it is clear that the GST law is not presently simple enough for an assessee to compute his total and taxable turnovers and duly report the same...
Read MoreGoods and Services Tax - Reduction in number of Returns to One Return per month. No to-and-fro movement of invoice data (like GSTR → GSTR → GSTR → GSTR1A → GSTR-3). Simplicity of Return design: Summary of outwards supplies and inward supplies with annexure of invoices for outward supplies and inward supplies attracting reverse charge. Taxpayer Interface s...
Read MoreGoods and Services Tax - In the present article we are mainly concerned with the restrictions with respect to rent-a-cab. Relevant provision is reproduced below: Sec. 17(5) Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit shall not be available in respect of the following, namely:—...
Read MoreGoods and Services Tax - Consider a scenario where a registered person having a factory has engaged a canteen contractor at the factory and provides a space within its premises to the said canteen contractor to supply the food to its employees or workers...
Read MoreIncome Tax - Article discusses changes in ITR 1, ITR 2, ITR 3 , ITR 4 Sugam, ITR 5 and ITR 6 as released by CBDT for Financial Year 2017-18 / Assessment Year 2018-19 vide these changes CBDT has ensured more disclosures from Assessee regarding GST, Financial Particulars, Depreciation, ICDS, Late Fees U/s. 234F, Income from Other Sources, […]...
Read MoreGoods and Services Tax - Roll out of e-Way Bill system for intra-State movement of goods in the States of Bihar, Jharkhand, Haryana, Himachal Pradesh, Tripura and Uttarakhand from 20th April, 2018...
Read MoreIncome Tax - Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns....
Read MoreGoods and Services Tax - After successfully completing 5 batches for Online GST Certification Couse with more than 5000 successful participants, TaxGuru and GST Professionals announces its 6th and most comprehensive GST batch. Online Course involves 2 classes a week for 3 hrs on weekends for one and half months (30 hrs detailed course). Batch start date 15th Apri...
Read MoreGoods and Services Tax - 01 April 2018 is the date, when Eway Bill become mandatory for all inter – state (one state to another state) movement of Goods, exceeding value Rs.50000. Along with the above, Karnatka is the first state which has rolled out E-way Bill even for Intra – State (within state) movement exceeding Rs.50,000 from 01 April […]...
Read MoreFema / RBI - There has been unusual spurt in currency demand in the country in last three months. In the current month, in the first 13 days itself, the currency supply increased by Rs.45000 crores. This unusual spurt in demand is seen more in some parts of the country like Andhra Pradesh, Telangana, Karnataka, MP and Bihar....
Read MoreA. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad) - The learned Counsel for the assessee has filed a chart depicting various issues arising in all of these appeals and it is seen that most of the issues are repetitive in all the years. Therefore, we are disposing of the appeals on the basis of the issues arising therefrom....
Read MoreSarva Shri Neeraj Misthan Bhandar Vs The Commissioner, Commercial Tax (Uttarakhand High Court) - In this case, we are concerned with the question as to whether Samosa is to be treated as namkeen or cooked food and we are not asked to pronounce upon whether it is to be treated as unclassified items, the choice is narrowed down to whether it is to be treated as namkeen or as cooked food. ...
Read MoreC.S.T. Service Tax, Delhi Vs Indian Institute of Planning & Management (CESTAT Delhi) - Since the training courses conducted by IIPM do not result in award of any certificate/ Diploma/ Degree or any other educational qualification recognized by the law being in force, the activity will fall under the category of Section 65 (105) (zzc) of the Act and is a taxable service liable to payme...
Read MoreIncome Tax Officer Vs. Sh. Neeraj Goel (ITAT Delhi) - ITO Vs. Sh. Neeraj Goel (ITAT Delhi) IT(A) has rightly held that the assumption of jurisdiction to frame an assessment or non assumption of jurisdiction to frame an assessment goes to the root of the judicial act of framing an assessment order and in the event of non assumption of jurisdiction u/s. ...
Read MoreACIT Vs. M/s Safe Enterprises (ITAT Mumbai) - No dis allowance u/s 14A is called for in a case where the shares are held as stock-in-trade as held in India Advantage Securities Ltd. (supra), CCI Ltd. v. JCIT (2012) 20 taxmann.com 196 (Karn.), PCIT v. State Bank of Patiala (2017) 78 taxmann.com 3 (P& H) and CIT v. G.K.K. Capital Markets (P.) Ltd...
Read MoreNo.Mudrank-2015/1745/UOR.24/CR-573/M-1. - (31/03/2018) - Maharashtra Government fixes the stamp duty to the extent of Rs-1000 only as otherwise chargeable under clause (b) of Article 25 of Schedule-I appended to the said Act, on the first instrument for Economically Weaker Section (EWS) & Lower Income Groups (LIG)....
Read MoreNotification No. 21/2018–Central Tax - (18/04/2018) - (1) These rules may be called the Central Goods and Services Tax (Fourth Amendment) Rules, 2018. (2) Save as otherwise provided, they shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification NO.F.1-11(91)-TAX/GST/2018(Part-I) - (17/04/2018) - GST Intra-state E-Way bill will be required from 20.04.2018 for any intra –state movement of taxable goods in Tripura and Himachal Pradesh having value more than Rs 50,000/- and where the place of delivery is beyond 50 kms from place of supply. ...
Read MoreNotification No. 21/2018-Customs (ADD) - (17/04/2018) - G.S.R. (E). -Whereas, the Designated Authority vide initiation notification No. 7/4/2018- DGAD dated the 16th April, 2018, has initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act)...
Read MoreSEBI/HO/MIRSD/DOSR1/CIR/P/2018/0000000072 - (17/04/2018) - The Board has amended the sub-clause (2) of the clause 3 of the SEBI (STP Centralised Hub and STP Service Providers) Guidelines, 2004 by inserting the following new sub-clause, namely,- “iii. whether the applicant is a fit and proper person based on the criteria specified in Schedule II of the...
Read MoreTax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in th...
Read MoreWe all are aware that end of the financial year 17-18 is approaching. 31st March, 2018 is an important date to remember for individuals and taxpayers in India as it is the dea...
Read MoreFor some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liabili...
Read MoreNew section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be...
Read MoreContributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. All donations are not eligible...
Read MoreYou can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning....
Read MoreSimple Automatic GST Late Fees Calculator in Excel Format for easy calculation of Late Fees Payable for late filing of Form GSTR 3B which calculates late fees under both CGS...
Read MoreAutomatic Income Tax Calculator in excel format with Agriculture Income for FY 2016-17, 2017-18 and 2018-19 (Fill Yellow Cell only)...
Read MoreAuto Income Tax Calculator for Financial Year (FY) 2018-19 / Assessment Year (AY) 2019-20 in Excel Format after considering the amendment in Tax Rates, Deductions and Rebates ...
Read MoreRates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19 for Individual below the Age of Sixty Years, Hindu u...
Read MoreIn this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2017-18 . The Income tax rates discussed in this pa...
Read MoreUpdated scheduled CGST rates on goods, as on 15.11.2017 For ease of reference only The CGST rates on certain goods have undergone changes since the introduction of GST. The ra...
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