Latest Tax News & Updates

18 Questions replied recently on Twitter related to GST by CBEC

Goods and Services Tax - Question 1: Is that compulsory to file gstr-1A even there is no corrections and where GSTR 1 already filled? Answer: GSTR-1A is auto-populated from GSTR-2A. Procedure for filing of GSTR-2 and 3 has been kept in abeyance for the time being Special session by GST policy wing’s officers to address queries of all stake holders […...

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50 Kurkure GST FAQs for CA’s, Advocates and Revenue Officers

Goods and Services Tax - Chapter I – Preliminary: 1. Whether GST law is applicable in J&K? Yes. CGST and IGST act were made applicable in J&K from 8th July, 2017 through respective ordinances. J&K GST Act was also passed and made applicable from this date (Act is on same lines as other State GST Acts). 2. Whether General Clauses […]...

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GST on Restaurants- All you needs to know

Goods and Services Tax - In this article we are going to see the changes in GST tax rates of Restaurants and impact of the same on our food bills i.e., moreover on our Stomachs. The GST Council in its 23rd Meeting held at Guwahati on 10th of November,2017 recommended key changes in Tax rates and one of the most important one is cutoff in tax rates on Restaurants...

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Restaurants not passing benefit of GST Reduction to Customers and Clarification from Mcdonald

Goods and Services Tax - Please Read Clarification at the end of Article by Mcdonald in respect of Below Story. Nowadays Social media is abuzz with a Photo showing two bills of Mcdonald’s Family Restaurant in which Price inclusive of Tax of one of the item sold by it is shown as same on 15th November 2017 i.e. the date […]...

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How to take Right Investment Decisions at the Right Time?

Finance - Whether you are buying an insurance policy or investing in mutual funds, do you take the right investment decisions at the right time. Whenever you feel low or the time is not in your favor, the first thing that gets affected by this feeling is your decision making process. Factors like wavering social or financial condition...

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Permission to display revised MRP due to reduction of rates of GST up to 31.12.2017

Goods and Services Tax - Considering the requests received to extend the permission for some more time it has been extended to display the revised MRP due to implementation of GST by way of stamping or putting sticker or online printing for a further period of three months, i.e. up to 31st December, 2017....

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Request for Proposal of Appointment of Tax Consultant with STPI

CA, CS, CMA - Software Technology Parks of India (STPI) invites proposal from the Chartered/Cost Accountant Firms for appointment as Tax Consultant for providing the taxation services to STPI. The details of RFP are as under:...

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Appointment of Concurrent Auditors for State Health Society Maharashtra

CA, CS, CMA - Request for Proposal (RFP): Appointment of Concurrent Auditors for State Health Society Maharashtra (SHSM) and its Grantee Institutions for Audit of all programmes under National Health Mission including NDCPs & NCDs for the F.Y.2018-19....

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Updated Consolidated notification pertaining to CGST/IGST/UTGST rates on services

Goods and Services Tax - Consolidated notification pertaining to CGST rates on services as amended upto 14.11.2017. Consolidated notification 11/2017-CT(R). Consolidated notification 12/2017-CT(R) Consolidated notification 13/2017-CT(R) Consolidated notification 14/2017-CT(R). Consolidated notification 15/2017-CT(R). Consolidated notification 16/2017-CT(R). Conso...

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Last day to register for Online GST Certification course

Goods and Services Tax - Join most intensive Online Certification Course on GST by TAXGURU and GST Professionals with Certification by Govt of India (M.S.M.E). Batch start on 12th November, 2017...

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Service Tax paid through Banking Channel cannot be deemed as Unexplained

ITO Vs. Shri Ravindra Pratap Thareja (ITAT Jabalpur) -  Assessee has paid the service tax amount through banking channel. Challans of the payment of tax were placed on record before the assessing authority. The source of alleged service tax amount is well explained in the books of account. ...

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Assessment U/s. 153A- In absence of Incriminating material no addition can be made in respect of concluded assessments

Y.V. Anjaneyulu Vs. Dy. CIT (ITAT Visakhapatnam) -  Books of account and financials being already part of regular return filed by assessee, same could not be considered as incriminating material found during search and, therefore, AO could not make addition on the basis thereof in respect of already concluded assessments....

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Bogus purchases: Assessee Failed to prove existence of parties, ITAT estimated net profit at 12.5%

Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) -  Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) In this case assessing officers main allegation is that  two parties from whom appellant made purchases are involved in providing accommodation entries as per the list published by Maharashtra Sales Tax Department. On the other hand, assessee has fur...

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ITO cannot initiate proceedings under Section 263

CIT Vs Shri Jheendu Ram (Allahabad High Court) -  An order cannot be revised by the equally situated or equally ranked authority or by any authority who is not authorised under the law. In the instant case the authorised authority is none else but the Commissioner of Income Tax or Principal Commissioner of Income Tax....

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Subsidy received for setting up of or expansion of industry: Whether ‘Capital receipt’ or a ‘Revenue Receipt’

LG Electronics India Pvt. Ltd. vs. ACIT (ITAT Delhi) -  Even if a subsidy is given to attract industrial investment or expansion, which is a otherwise a capital receipt under the pre- amendment era, shall be treated as income chargeable to tax, except where it has been taken into account for determining the actual cost of assets in terms of Explanation 1...

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Review of Securities Lending and Borrowing (SLB) Framework

CIR/MRD/DP/122 /2017 - (17/11/2017) -  Stock Exchanges, Clearing Corporations and Depositories are directed to: i. Take necessary steps to put necessary systems in place for the implementation of the above provisions of this circular. ii. Make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of...

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Anti-dumping duty on rubber chemical PX 13 & chemical MOR

Notification No. 54/2017-Customs (ADD) - (17/11/2017) -  Whereas, the designated authority vide initiation notification No. 15/5/2016-DGAD, dated the 8th July, 2016, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 8th July, 2016, had initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 ...

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Reg. inter-State purchases against C Form for period starting from 01.07.2017

Trade Circular No. 47 T of 2017. - (17/11/2017) -  Declarations in Form 'C' for the periods starting from 1st July 2017 shall be issued only if such goods are purchased for the purposes enumerated in the Office Memorandum issued by Ministry of Finance, Department of Revenue, State Tax Division, New Delhi dated 7th November 2017 such as:-...

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MOU between India & Mozambique for import of pigeon peas & other pulses

Trade Notice No. 21 - (17/11/2017) -  Till now, around 40,000 MT has already been imported from Mozambique. Accordingly, only 85,000 MT is to be imported further. The remaining quantity will be allowed for import subject to following conditions:...

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Govt increases import tariff rate of soya beans from 30% to 45%

Notification No. 88/2017-Customs - (17/11/2017) -  WHEREAS the Central Government on being satisfied that the import duty leviable on goods falling under heading 1201 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action....

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FAQs

Question 1: Is that compulsory to file gstr-1A even there is no corrections and where GSTR 1 already filled? Answer: GSTR-1A is auto-populated from GSTR-2A. Procedure for filing of GSTR-2 and 3 has been kept in abeyance for the time being Special session by GST policy wing’s officers to address queries of all stake holders […...
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Chapter I – Preliminary: 1. Whether GST law is applicable in J&K? Yes. CGST and IGST act were made applicable in J&K from 8th July, 2017 through respective ordinances. J&K GST Act was also passed and made applicable from this date (Act is on same lines as other State GST Acts). 2. Whether General Clauses […]...
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1. Are there any pre conditions before I can apply for Registration as a Non-Resident Taxable Person?  A Non-Resident Taxable Person must fulfill following conditions so that he/she can register on the GST Portal: 1. Applicant has authorized signatory in India with valid details 2. Authorized Signatory has valid Permanent Account Number...
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1. What is GSTR-6A? GSTR-6A is a system generated ‘draft’ Statement of Inward Supplies for a Receiver Taxpayer. GSTR-6A is a read only form. Taxpayer cannot take any action in GSTR-6A. GSTR-6A for a particular tax period changes based on the details uploaded by the counter party supplier till ISD taxpayer submits the GSTR-6 for [&hell...
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1. I want to take a Registration as a Casual Taxable Person but I cant find the option. The option to register is in the New Registration Application for a normal taxpayer. In PART A of the New Registration Application, select Taxpayer (Reference screenshot (highlighted in red)):...
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Income Tax Planning

Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is ...

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Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 200...

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What every investor needs to know about Capital Gains Account Scheme?

Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within...

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Income Tax Deductions

Section 80E – Deduction for Interest on education Loan

Have you taken an education loan to support higher studies of yourself or of your spouse, Children or for the student of whom you are legal guardian and you are not aware of t...

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Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is ...

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Section 80GG Deduction On Rent paid

Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions :...

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Calculators

Updated GST 3B Payment and Offset Liability with carry forward ITC- Calculator

This excel sheet has been updated with functionality for carry forward of ITC . Many People are getting confused over treatment of RCM in the Excel Sheet. RCM in Simple terms ...

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Income Tax Rates & Calculator for 21 years (F.Y. 2006-07 to 2017-18)

The below Income Tax calculator contains the rate of tax for last 21 financial year (i.e Financial year 1997-98 to 2017-18) and income tax calculator for last 11 years (i.e Fi...

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Download GST Financial Impact Calculator

Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business. ...

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Rate Charts

Updated GST on Goods Rate Rate Chart Updated till 15.11.2017

Updated 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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GST Rate Changes as recommended in 23rd Meeting of GST Council

As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings [about 18.5% of total tariff headings at 4-di...

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Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnis...

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