"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 |

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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Ind AS and corresponding impact of MAT computations – tracking the evolution

Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accoun...

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Posted Under: Income Tax |

How to create an Integrated Investment Portfolio?

It needs a perfect recipe for a dish to taste good and the best cut will give the suit the right fit. It is no different for investments, the correct mix of investment options goes on to create the coveted portfolio which optimizes returns and minimizes risk....

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Posted Under: Income Tax |

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