2 Archive - 27 September 2017

"27 September 2017" Archive

CBDT sets target of 1.25 Crore new I-T return filers for 2017-18

F.No. 312/46/2017-OT 27/09/2017

It has now been decided by the Board that an all-India target of adding 1.25 crore new income-tax return filers may be set for FY 2016-17 to concentrate efforts of the Department to this critical key result area....

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Open Letter to CBDT on Proposed Rule 39A and Form 28AA

The assessees are already overburdened with too many procedures to be followed. In case there is any shortage of tax they are paying interest U/s. 234B and 234C of the act. The Provision is similar to the earlier period where the assessees were supposed to file Form 29. This system was replaced ...as such removed by the then Finance MINIS...

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Posted Under: Income Tax |

Casual Taxable Person in GST

Casual taxable person: Means a person who occasionally undertakes transactions involving supply of goods or services in course or furtherance of business, whether as an agent, principal or otherwise, in a State, UT where he has no fixed place of business. The casual taxable person is a new concept introduced in GST. Casual taxable person ...

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Posted Under: Income Tax |

First Information Utility set up under IBC

The Insolvency and Bankruptcy Board of India (IBBI) has granted the final approval to National e-Governance Services Ltd. (NeSL), allowing it to become the first information utility (IU) under the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier in June, 2017, IBBI had granted an in-principle approval to NeSL to establish the IU....

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Posted Under: Income Tax |

Credit eligible for posting in TRAN – 1

The time limit for filing GSTR TRAN -1 has been extended upto 31.10.2017. Through this article an attempt is made to explain the types of credits/ stocks for credits that are eligible for posting in TRAN -1 and it is pertinent to note that all the instant tax credits (not stock credit) should be supported by the valid duty paying docume...

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Posted Under: Income Tax |

Core Field Amendments on the GST Portal enabled

Taxpayers can now make Core Field Amendments on the GST Portal as per the tweet by @gstindia. Although the facility was suppose to get live by 17th July 2017 on GST Portal but due to various technical issues on GST portal its get delayed and finally the same been made available to taxpayers today. Following […]...

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Posted Under: Income Tax |

ITAT disallows proportionate interest for Interest free advances given to sister concerns

H.I. Tamboli & Co. Vs Asstt. CIT (ITAT Pune)

Assessee is a partnership firm stated to be engaged in the business of manufacturing and selling of tobacco products. Assessee electronically filed its return of income for assessment year 2007-08 on 31-10-2007 declaring total income of Rs. 15,20,628....

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17 FAQs on Pradhan Mantri Sahaj Bijli Har Ghar Yojana “Saubhagya”

Pradhan Mantri Sahaj Bijli Har Ghar Yojana –Saubhagya a new scheme was launched by the Prime Minister Shri Narendra Modi to ensure electrification of all willing households in the country in rural as well as urban areas on 25th September, 2017. The following Frequently Asked Questions (FAQs) give a detailed view of objectives, features,...

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Posted Under: Income Tax |

PMGKY 2016- Clarification on correction in Payment Challan

F.No.225/231/2017-ITA-II 27/09/2017

Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') pointing out instances where incorrect challans were used for making payment of liability under the Scheme or some of the particulars in the challans were filled wrongly. ...

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Assessee is expected to explain source for acquisition of jewellery

Ramalingam Vs Income Tax officer (ITAT Chennai)

A. Ramalingam Vs Income Tax officer (ITAT Chennai) The exemption claimed by the assessee under CBDT circular is only for seizure of gold jewellery during the course of search operation. As rightly submitted by the Ld. Departmental Representative, it does not absolve the assessee from explaining the source for acquisition of such jewellery...

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