"October, 2017" Archive

CBDT Order on extension of due date of ITR / TAR to 7th Nov 2017

F.No. 225/270/2017/ITA.II (31/10/2017)

CBDT further extends the 'due-date' for filing income-tax returns and reports of audit pertaining to Assessment Year 2017-2018 from 31st October, 2017 to 7th November, 2017...

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ITR / Tax Audit Due date extended to 7th November 2017

Income Tax Department has extended tax audit due date for ay 2017-18 and Income Tax Return filing due date for ay 2017-18 vide its notification dated 31st October 2017. Extended due date for filing of Tax Audit Report and Income Tax Return for AY 2017-18 fot those Assessee who filing date for same was 30th […]...

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Why no Tax Audit / ITR Due Date Extension?

As we all know Extended due date to file Tax Audit Report and related ITR for A.Y. 2017-18 is 31st October 2017, which the Taxpayers and Tax Professionals across the country were demanding to be further extended till 30th November 2017. One of the Major Arguments and reason for asking the extension was additional workload […]...

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Things You Should Know About Term Insurance Plans

If you are among those who start fretting at the thought of dealing with financial plans, you don’t have anything to fear about. Unlike many insurance and investment alternatives, term insurance is simple and easy. You know the premium amount which you will pay for next 20-25 years (as per your requirement) and you know […]...

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Posted Under: Income Tax |

Amendments in “Constitution of India” for Implementation of GST

Might be this is not a right time for this article because nowadays everyone is struggling for successful implementation of GST whether it would a Government, Professional or Businessman....

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Posted Under: Income Tax |

How to spot a fake GST bill

GST has brought several issues for the taxpayers in form of changed bill formats and higher tax burden. Businesses are still unable to understand the details that need to be put in the invoice....

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Posted Under: Income Tax |

Role of CMA- GST Era

Non-controversial: needs and truths; effective implementation of GST for Nation building, thrust and role of professionals for the same. Yes the entire word is looking at India for the desired success of getting it's implemented achieving the desired benefits...

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Posted Under: Income Tax |

Treatment of Stores, Spares and Servicing Equipment as Per IND AS 16

As Per sub section (1) of Section 128, Every Company shall keep at its registered office, the books of accounts and book or papers including Financial Statements with respect to every financial year including that of its branch office or offices and explain the transactions effected both at the registered office and branches....

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Posted Under: Income Tax |

Constitution of Board of Directors of Multi State Co-operative Society- Election Process

There is an interesting mode of constituting Board of Directors of MSCS. MSCS is required to conduct election for constituting its board of directors who will hold its office till five years....

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Posted Under: Income Tax |

Step by step guide to prepare GSTR-2 offline for filing

Log in to GST portal, click on Returns Dashboard. Select return period, & on the next screen select Prepare Offline on the GSTR-2 returns tile. Navigate to download section and download data for GSTR-2 return preparation by clicking on Generate File',...

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Posted Under: Income Tax |

Spiritual Dailogue on CA life

CA:- Why has life become complicated now after GST? Answer:- Stop analyzing life... It makes it complicated. Just live it.Just see the daily changes in GST portal and schema of Tax Audits.Be positive and relax....

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Posted Under: Income Tax |

Operational Guidelines & File Formats for Transfer of Shares to Demat A/c of IEPF Authority

CDSL/OPS/RTA/POLCY/2017/66 (31/10/2017)

Issuers/RTAs are advised to refer to communiqué no CDSL/OPS/RTA/POLCY/2017/63 dated October 17, 2017 regarding notification and circular issued by Ministry of Corporate Affairs for transfer of shares to IEPF account....

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Seeks to amend notification No. 16/2017-Customs dated 20th April, 2017

Notification No. 83/2017-Customs [G.S.R. 1356 (E)] (31/10/2017)

G.S.R. 1356(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India...

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Tariff Notification No. 101/2017-Customs (N.T.) dated 31.10.2017

Notification No. 101/2017-Customs (N.T.) (31/10/2017)

Notification No. 101/2017-CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver ...

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CBDT notifies rules for Country-By-Country Report and Master File rules

Notification No. 92/2017-Income Tax [S.O. 3497(E)] (31/10/2017)

Information and documents to be kept and maintained under proviso to sub-section (I) of section 92D and to be furnished in terms of sub-section (4) of section 92D. 10DA. (1) Every person, being a constituent entity of an international group shall,-...

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90% of Taxpayer/ Professionals wants Income Tax Due Date Extension

We have created a Poll on our twitter page on 24th October 2017 asking Taxpayer and Tax Professionals across India that do they think that Time Limit for filing IT Return (44AB Audit Cases) must be further extended to 30th November 2017. In response to our poll we have received  3285 Votes and 90% of […]...

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Order No. 189/2017- Promotion of 86 Additional CITs to CIT grade

Order No. 189 of 2017 (31/10/2017)

ORDER NO. 189 OF 2017 Following officers in the grade of Additional Commissioner of Income Tax are, hereby, promoted to the grade of Commissioner of Income Tax (level 14 in the pay matrix Rs.1,44,200 – 2,18,200) against the panel year 2015-16 and 2016-17 w.e.f. the date of assumption of charge of the post and until further orders:-...

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Refund of unutilised input credit due to inverted duty structure

Inputs subject to tax at a higher rate than the rate applicable on outward supplies of goods or services commonly known as ‘inverted duty structure’ could result in a situation where the registered person has accumulated input credit. ...

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Posted Under: Income Tax |

The current Agenda: Restoring Public Sector Bank Health in India – Influx of funds: What history reveals?

The news that recapitalization of public sector banks with a sum of Re 2,11,000 Crores by public release of a news item by the Central government to clean up the legacy of Non- Performing Assets...

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Posted Under: Income Tax |

CBEC notifies extended due date to file Form GSTR-2 & GSTR-3 for July, 2017

Notification No. 54/2017–Central Tax [G.S.R. 1352(E)] (30/10/2017)

G.S.R. …..(E). In exercise of the powers conferred by the first proviso to sub-section (2) of section 38 and sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017)...

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Check GSTR-2A & GSTR-2 for difference between amounts & count

The invoices uploaded from your suppliers might have the difference between amounts and count between GSTR-2A and GSTR-2, make sure to check Invoices under GSTR-2 will start showing up on summary screen as well as inside GSTR-2 only after an action is taken on the invoice like accept, modify, or new invoices are added by […]...

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Posted Under: Income Tax |

Last date for filing GSTR-2 & GSTR-3 for July 2017 extended

To facilitate trade, last date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov & 11th Dec 2017 respectively. Last date for filing of GSTR-2 for the month of July, 2017 extended to 30th November, 2017, for facilitation of businesses and all taxpayers. A Notification in this regard is being issued shortly […]...

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Not said that Govt may miss FY 2018 Revenue collection target: CBEC Chief

F.No. 296/07/Misc/2017-CX.9 (30/10/2017)

Pease refer to the PTI article....Govt may miss FY 2018 Revenue collection target appearing in leading daily newspapers, both in the print and electronic version....

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Electronic Sealing for Containers by exporters under self-sealing

Circular No. 41/2017-Customs (30/10/2017)

Circular No. 41/2017-Customs F. No: 450/08/2015-Cus.IV Government of India Ministry of Finance Dept. of Revenue Central Board of Excise and Customs ******** Dated, the 30th October, 2017 North Block, New Delhi To, All Principal Chief Commissioners/Chief Commissioners of Customs/Customs(Preventive) All Principal Chief Commissioners/Chief C...

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RTI in respect of request made to foreign tax authorities under tax treaties- Reg

F.No.500/120/2017/FT&TR-III (30/10/2017)

It is noticed that RTI applications, where information is sought in respect of a request for information made to any foreign jurisdiction under tax treaties, are being transferred to the FT&TR division in a routine manner by CPIOs and First Appellate Authorities functioning in the field....

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6 New functionalities made available on GST Portal

Following new functionalities have been made available to taxpayer on GST Portal: 1. GSTR-2 Offline Version 2.1 2. Form GST CMP-02, 3. Form GST CMP-03, 4. Form GST ITC-04, 5. Form GST REG-29, 6. Form GST PMT-07...

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Posted Under: Income Tax |

October Tax Due Dates Hurry; Makes tax consultants Worry!

Krishna, the month of October will end tomorrow. In this time, the whole October month went in attack of due dates. So, what would you like to tell relating to this?...

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An Overview on Reopening and Revision of Financial Statements or Board’s Report under the Companies Act, 2013

Several instances of falsification of books of accounts were noticed under the Companies Act, 1956. To overcome this menace, several measures have been provided under the Companies Act, 2013. ...

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Posted Under: Income Tax |

Re-print of the shipping bills which are allowed LEO at Parking Plaza

Public notice No. 136/2017 (30/10/2017)

It has been represented by the trade in the PTFC meeting that whenever there is need for re-print of any shipping bill due to any reason, exporters / Customs brokers are facing difficulty at parking plaza since the procedure followed at Parking Plaza is different from procedure followed at other places....

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Procedure for clearance of Toys under Warehouse Bill of Entry

Public Notice No. 135/2017-JNCH (30/10/2017)

It has been represented by the trade that it will take time for testing of toys from an independent laboratory which is accredited by NABL, India. They requested to allow warehousing of the toys to avoid the detention and demurrage....

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Section 43(5) CBDT notifies Indian commodity Exchange limited

Notification No. 91/2017-Income Tax [S.O. 3528(E)] (30/10/2017)

Notification No. 91/2017 U/s 43 (5) of IT Act 1961 Central Government notifies Indian commodity Exchange limited (PAN:AABCI9419D) as a 'recognized association' ...

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Govt notifies additions to document list for Proof of Present Address

Notification No. G.S.R. 1366(E). (30/10/2020)

Proof of Present Address: For proof of Address attach one of the following documents- Allotment letter of the Government accommodation issued by the Estate Office/Public Works Department of the Central/State Government in respect of their employees....

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MGST: Extension of due date for july-2017 for GSTR-2 / GSTR-3 submission

Notification No. 54/2017-State Tax (30/10/2017)

Notification No. 54/2017-State Tax Extension of due date for the month of july-2017 for submission of GSTR-2 and GSTR-3 upto 31.10.2017 and 30.11.2017, respectively...

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Impact of GST on Cab arrangements in a Hotel/Restaurant

In this article I would like to discuss the different options available for a Hotel to provide cab facilities to their guests and respective implications under Goods and Services Tax law....

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GST Form TRAN 1- Deadline, Documents required and benefits

Any business registered before GST & having closing stock, will be entitled to claim credit of tax paid under pre-GST regime. To help businesses transition smoothly and carry forward their input tax credit, the CBEC has released transition forms called TRAN 1...

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Posted Under: Income Tax |

Cancellation of Registration of migrated taxpayer starts

Window open for cancellation of registration of migrated taxpayer and extension of date till December 31, 2017 Rule 24(4) of the CGST Rules, 2017, provides for cancellation of registration for those taxpayers who were not required to obtain registration as per GST Law provisions, but were migrated to GST as they were registered under the ...

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Posted Under: Income Tax |

GST Input Tax Credit Mechanism

Uninterrupted and seamless chain of input tax credit is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’....

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Posted Under: Income Tax |

Related Parties (VAT Group) under UAE VAT Law

Group Registration Concept under UAE VAT Law: Registration as a group between related parties will save Cash outflow on inter company transactions...

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Posted Under: Income Tax |

S. 271(1)(c) Penalty notice without specifying which of two limbs are being put-up is invalid

Orbit Enterprises Vs ITO (ITAT Mumbai)

The captioned two appeals by the assessee relating to Assessment Years 2005-06 and 2006-07 involve a common issue, therefore, they have been clubbed and heard together and a consolidated order is being passed for the sake of convenience and brevity....

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Sec. 254(2) amendment applies to orders passed after 01/06/2016

Lucent Technologies GRL LLC Vs. ADIT (ITAT Mumbai)

These Miscellaneous Applications are filed by the assessee seeking rectification of mistake apparent on the record in the order dated 06/09/2013 passed by the Tribunal while disposing of bunch of appeals filed by the department....

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Addition U//s 41(1) not justified for creditors paid in subsequent years

Satpal & Sons (HUF) Vs ACIT (ITAT Delhi)

This is an appeal filed by the assessee against the order dated 7-11-2014 of learned Commissioner (Appeals)-XXVIII, Delhi for the assessment year 2011-12. In this appeal, the assessee has also filed a stay petition seeking stay of the outstanding demand. ...

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GST updates: Important developments in GST- Recent Notifications

Form GST TRAN-1 (with revision facility) date extended till November 30, 2017- The Government vide its tweet dated October 26, 2017 has announced that FORM GST TRAN - 1 (with revision facility) extended to November 30, 2017. Now, in this regard, two Orders viz. Order No. 07/2017-GST (under Rule 117 of the CGST Rules, 2017) and Order No. ...

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Supply to Merchant Exporter under GST Regime- Recent Changes

Unlike the erstwhile Excise law, under Goods and Services Tax (‘GST’) law, there is no provision for issuance of CT-1 form which enables merchant exporters to purchase goods from a manufacturer without payment of GST....

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Posted Under: Income Tax |

Do’s & Dont’s While Using GSTR-2 Offline Tool

DO’s & DONT’s WHILE USING GSTR-2 OFFLINE TOOL The main aim of designing GSTR-2 offline tool (Inward Supply) is to enable taxpayers to prepare the details of missing invoices from other taxpayers (registered or un-registered) without using internet (in offline mode). In this write-up, every section of GSTR-2 offline tool shall be d...

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Posted Under: Income Tax |

Review of extension of date for filing audit reports & ITRs is a must

It is estimated that a large number of cases are pending, countrywide, for audit as well as filing of related Income Tax Return(ITR), where there is compulsory requirement of audit & filing of ITR upto 31st of October 2017. Central Board of Direct Taxes (CBDT) has done a great job by already extending the due date of 30.09.2017 to 31.10.2...

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Posted Under: Income Tax |

Advise clients to timely approve tax audit reports: ICAI

Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portal The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by the members but the same have […]...

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FORM GST-ITC-04 filing due date extended to 30th November 2017

Notification No. 53/2017–Central Tax [G.S.R. 1346(E)] (28/10/2017)

Commissioner hereby extends the time limit for making declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the quarter July to September, 2017, till the 30th day of November, 2017....

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FORM GST ITC-01 filing due date extended to 30th November 2017

Notification No. 52/2017-Central Tax (28/10/2017)

Notification No. 52/2017–Central Tax Commissioner, hereby extends the time limit for making a declaration, in FORM GST ITC-01, by the registered persons, who have become eligible during the months of July, 2017, August, 2017 and September, 2017, to the effect that they are eligible to avail the input tax credit under sub-section (1) of ...

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Central Goods and Services Tax (Eleventh Amendment) Rules, 2017

Notification No. 51/2017-Central Tax (28/10/2017)

Provided that where the date for furnishing the details of outward supplies in FORM GSTR-1 for a tax period has been extended in exercise of the powers conferred under section 37 of the Act, the supplier shall furnish the information relating to exports as specified in Table 6A of FORM GSTR-1 after the return in FORM GSTR-3B has been furn...

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Revised Form GST TRAN-1 filing due date extended to 30th November 2017

Order No. 08/2017-GST (28/10/2017)

Commissioner, on the recommendations of the Council, hereby extends the period for submitting the declaration in FORM GST TRAN-1 with revision till 30th November, 2017....

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FORM GST TRAN-1 filing due date extended to 30th November 2017

Order No. 07/2017-GST (28/10/2017)

Commissioner, on the recommendations of the Council, hereby extends the period for submitting the declaration in FORM GST TRAN-1 till 30th November, 2017....

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FORM GST REG-26 filing due date extended to 31st December 2017

Order No. 06/2017-GST (28/10/2017)

Commissioner, on the recommendations of the Council, hereby extends the period for submitting electronically the application in the FORM GST REG- 26 till 31st December 2017...

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Form GST CMP-03 filing due date extended to 30th November 2017

Order No. 05/2017-GST (28/10/2017)

Extension of time limit for intimation of details of stock held on the date preceding the date from which the option for composition levy is exercised in FORM GST CMP-03 till 30th November, 2017....

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Registered Valuers and Valuation under Companies Act 2013

The Ministry of Corporate Affairs by Notification Dated: 18th October, 2017 has notified that [1]Section 247shall come into force w.e.f. 18.10.2017. MCA further vide [2]notification Dated: 18th October, 2017 has published rules called the Companies (Registered Valuers and Valuation) Rules, 2017....

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Posted Under: Income Tax |

Transfer (Deemed Transmission) of Shares to IEPF

MCA has issued Notification on 13th October, 2017 in respect of clarification on transfer of shares of Company to IEPF. This is article no. 279 of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC, LLP Act, 2008 etc.}....

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Posted Under: Income Tax |

FAQs on How to file Payment Related Grievances (GSTR PMT-07)

While making GST payment, money has got deducted from my bank account but it is not reflecting in the Electronic Cash Ledger, neither I have received the CIN. How soon should I report my grievance in such a situation?...

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Posted Under: Income Tax |

MGST: Revised Form GST TRAN-1 filing due date extended to 30th Nov 2017

Order No. 08/2017-MGST (28/10/2017)

Order No. 08/2017-MGST Extension of time limit for submitting declaration in FORM GST TRAN-1 under rule 120A of Maharashtra Goods and Services Tax Rules, 2017....

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MGST: Form GST TRAN-1 filing due date extended to 30th Nov 2017

Order No. 07/2017-MGST (28/10/2017)

Order No. 07/2017-MGST- Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of MGST Rules upto 30.11.2017...

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MGST: Application in FORM GST REG-26 can be submitted upto 31.12.2017

Order No.06/2017-MGST (28/10/2017)

Commissioner of State Tax, Maharashtra State, on the recommendations of the Council, hereby extends the period for submitting electronically the application in the FORM GST REG-26 till 31st December 2017....

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MGST: Form GST CMP-03 filing due date extended to 30th Nov 2017

Order No. 05/2017-MGST (28/10/2017)

Order No. 05/2017-MGST Extension of time limit for intimation of details of stock held on the date preceding the date from which the option for composition levy is exercised in FORM GST CMP-03...

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MGST: Extension of due date for submission FORM-GST-ITC-04 till 30.11.2017

Notification No. 53/2017-State Tax (28/10/2017)

Commissioner of State Tax, hereby extends the time limit for making the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the quarter July to September, 2017, till the 30th day of November, 2017....

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MGST: Extension of due date for submission of Form-GST-ITC-01 till 30.11.2017

Notification No. 52/2017-State Tax (28/11/2017)

Commissioner, State Tax, Maharashtra State hereby makes the following amendments in the notification number 44/2017-State Tax, dated the 13th October 2017, published in the Maharashtra Government Gazette, Part-II, Extra-Ordinary No. 98, dated the 13th October 2017, namely:—...

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GSTS releases Offline Tool for creation & submission of GSTR-2

Offline Tool V2.1 with option to export data in Excel feature is now available on GST Portal for creation and submission of GSTR-2. Feature to export data in Excel made available in Offline Tool V2.’ for creation and submission of Form GSTR-2. Download latest version fm GST Portal. Data of GSTR-2 exported to Excel can […]...

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Posted Under: Income Tax |

GSTN enables online Cancellation of Provisional Registration

The migrated taxpayer can now apply for cancellation of provisional registration on GST portal, if he/she is not liable for registration under GST. The cancellation will be effective from appointed date....

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Posted Under: Income Tax |

Biggest threat to your Investment Decisions & what you can do about it!

One of my clients got a call from her mother when we were seriously building her portfolio. I inquired after seeing her panicky reaction. Her mother wanted my client’s son to be removed from a school immediately because there is an accident happened in the swimming pool....

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Posted Under: Income Tax |

Waiver of late fee on late filing of GSTR-3B for August and September, 2017 – A Mirage of taxpayer or a half-truth by Government

Ministry of Finance vide a press Release dated October 24, 2017 announced that in order to further facilitate taxpayers, the authority has decided to waive the late fee on filing of GSTR- 3B for the months of August and September, 2017....

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Posted Under: Income Tax |

Form GST PMT 07 is now available to taxpayers

Form GST PMT 07 is now available to taxpayers on GST Portal. This form is to report about discrepancy where amount has been debited from account of taxpayer, but Electronic Credit Ledger is not updated. ...

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Posted Under: Income Tax |

BharatMala: Connecting India like Never Before

On October 24th, 2017, the Government approved a series of projects focused on boosting infrastructure in the country. The total cost of the project is around Rs 7 lakh crore and also includes the visionary Bharatmala project. ...

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Posted Under: Income Tax |

Last Minute Form 3CD Schema Change but no extension

CBDT and Finance Ministry seems to have their own merrily way as despite request from Taxpayer all around the country they have not bothered to accept their request for extension of due date of Income Tax Returns which are falling due on 31st October 2017 to 30th November 2017. ...

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Posted Under: Income Tax |

MCA extend due date of filing Annual Statements to 28.11.2017

General Circular No. 14/2017 (27/10/2017)

It has been decided to extend the time of filing e-forms AOC-4 and AOC-4 (XBRL Non-IndAS) and the corresponding AOC-4 CFC e-forms upto 28.11.2017 without levying additional fees....

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Delhi VAT: Format to submit details of closing stock prescribed

Notification No. F. 2 (12)/Policy/2017/987-95 (27/10/2017)

Govt hereby require all the dealers who were registered under the said Act to submit details of closing stock as was held by them on 31st March, 2017 and 30th June, 2017 online on the website of the department i. e. www.dvat.gov.in as per the following format, latest by 15th November, 2017....

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Govt notifies protocol amending India-Slovenia DTAA

Notification No. 90/2017-Income Tax [S.O. 3452 (E)] (27/10/2017)

S.O. 3452 (E).— Whereas, the Protocol, amending the Convention and the Protocol between the Government of the Republic of India and the Government of the Republic of Slovenia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income which was signed at Ljubljana on the 13th day of January,...

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S. 10(46) Govt. exempts specified income of Madhya Pradesh Pollution Control Board

Notification No. 89/2017-Income Tax [S.O. 3442E)] (27/10/2017)

Central Government hereby notifies for the purposes of the said clause, Madhya Pradesh Pollution Control Board, a Board constituted by Government of Madhya Pradesh, in respect of the following specified income arising to that Board, namely:-...

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Govt. exempts specified income of ‘Swasthya Sathi Samiti’ u/s 10(46)

Notification No. 88/2017-Income Tax [S.O. 3440(E)] (27/10/2017)

Central Government hereby notifies for purposes of said clause, ‘Swasthya Sathi Samiti’, Kolkata, a body established by Government of West Bengal, in respect of following specified income arising to that body, namely:-...

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Sec. 80G CBDT notifies ‘Arulmigu Kapaleeswarar Thirukoil’ temple

Notification No. 87/2017-Income Tax [S.O. 3441(E)] (27/10/2017)

Central Government hereby notifies Arulmigu Kapaleeswarar Thirukoil, Mylapore, Chennai, to be place of historic importance and a place of public worship of renown throughout the state of Tamil Nadu for the purposes of the said section....

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CBEC prescribes effective rate of duty under chapters 50 to 63 on textile products

Notification No. 82/2017–Customs [G.S.R. 1341 (E)] (27/10/2017)

Notification No. 82/2017–Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do...

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CBEC prescribes effective rate of duty on specified fabrics

Notification No. 81/2017–Customs (27/10/2017)

Notification No. 81/2017–Customs- seeks to amend notification No. 14/2006-customs dated 1st march 2006, to prescribe effective rate of duty on specified fabrics...

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Seeks to increase the tariff rate on textile products in chapters 50 to 63

Notification No. 80/2017–Customs (27/10/2017)

WHEREAS the Central Government on being satisfied that the import duty leviable on goods, falling under chapters 50 to 63 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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IGST exemption on inter-state supply of services to Nepal & Bhutan

Notification No. 42/2017-Integrated Tax (Rate) [G.S.R. 1338(E)] (27/10/2017)

Seeks to amend notification No. 9/2017- Integrated Tax (Rate) so as to exempt IGST on inter-state supply of services to Nepal and Bhutan against payment in INR vide Notification No. 42/2017-Integrated Tax (Rate). ...

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Notification No 100/2017-Customs (N.T.), Dated: 27.10.2017

Notification No 100/ 2017-Customs (N.T.) (27/10/2017)

In exercise of the powers conferred by clause (aa) of sub- section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby appoints the place in column (3) of the table below, situated in the State or Union Territory as the case may be, as specified in the corresponding entry in column (2) ...

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Amendment in various notifications -Notification No. 99/2017-Customs (N.T.)

Notification No. 99/2017-Customs (N.T.) [G.S.R. 1348 (E)] (27/10/2017)

Notification No. 99/2017-Customs (N.T.)  amending Notification No.82/2017-Customs (N.T.) dated 24th August, 2017, Notification No.85/2017-Customs (N.T.) dated 24th August, 2017, Notification No.92/2017-Customs (N.T.) dated 28th September, 2017...

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Exchange Rates Notification No 98/2017-Custom (NT) dated 27.10.2017

Notification No. 98/2017-Customs (N.T.) (27/10/2017)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in the Notification of the Central Board of Excise and Customs No. 96/2017-CUSTOMS (N.T.), dated 18th October, 2017, with effect from 28th October, 2017, namely...

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GST on Unstitched Salwar Suits / Cut pieces of Fabrics under GST

Circular No. 13/13/2017-GST (27/10/2017)

Doubts have been raised regarding the classification of Cut pieces of Fabrics under GST. It has been represented that before becoming readymade articles or an apparel, the fabric is cut from bundles or thans and sold in that unstitched state. The consumers buy these sets or pieces and get it stitched to their shape and size....

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Why time Limit for filing IT Return (44AB Audit Cases) must be further extended

CAS, Surat has once made a representation to Finance Minister for Extension of time Limit for filing IT Return (44AB Audit Cases) due to Work related issues in GST which arise due to Due to the hasty implementation of GST. ...

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GST FAQs: e-way bill rules, credit of KCC, RWA Charges, Unregistered Purchase

If I am an unregistered dealer and buy a good from unregistered dealer is there any GST liability on me under reverse charge? Ans: No...

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Posted Under: Income Tax |

FAQs: RCM on Foreign Company invoices, GST Evasion Complain, Paypal payment, Late Fees

Paid GST Tax as RCM on Foreign Company invoices. Kindly let us know where we need to show invoice wise details in GSTR2 Return ? Ans: In table 4 of FORM GSTR-2 ...

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Posted Under: Income Tax |

Analysis of RERA and GST in Real Estate Sector

Last one year has been a major milestone for real estate sector with the indulgence of Insolvecy & Bakruptcy Act,2016, Real Estate (Regulation & Development) Act, 2016 and Goods and Service tax. Understanding the same is a much needed task. In this article basic provisions of RERA has been explained as an elementary guide....

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Posted Under: Income Tax |

Section 79 and its implications on global and domestic transactions/ restructuring

As per section 79 of the Act, in case of a change in shareholding of a company, other than a company in which the public is substantially interested, no loss incurred in any previous year is allowed to be carried forward and set-off, unless shares carrying not less than 51% of the voting power are beneficially held by persons who also hel...

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Posted Under: Income Tax |

FORM GST TRAN – 1 due date extended to 30th November 2017

FORM GST TRAN - 1 (with revision facility) extended to 30th November 2017. Suitable order will be issued shortly.FORM GST TRAN 1 is required to be filed to avail the credit for the taxes filed before the roll out of GST in July, 2017. ...

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Review on properties belonging to 2.09 lakh struck-off companies

Minister of State for Law, Justice and Corporate Affairs, Mr. P. P. Chaudhary reviews the follow-up action by the States on properties belonging to around 2.09 lakh companies struck-off from the Register of Companies by the Central Government. ...

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Posted Under: Income Tax |

GST on superior kerosene oil for manufacture of Linear Alkyl Benzene

Circular No. 12/12/2017-GST (26/10/2017)

Briefly stated, references have been received related to applicability of GST on the superior kerosene oil [SKO] retained for the manufacture of Linear Alkyl Benzene [LAB]....

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10 latest FAQs on GST Rates on various Products

What is the classification and GST for printed menu cards single sheet, folded or laminated or Multi sheet hard bonded like a book with or without covers which used by hospitality industry? Ans: These items fall under HS code 4911 and attract 12% GST. ...

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Posted Under: Income Tax |

Lower Prices Under GST – Anti-profiteering Measures to Benefit Consumers

The Government is committed to ensure all consumers enjoy the benefit of lower prices of goods and services under GST. Under GST, suppliers of goods and services must pass on any reduction in the rate of tax or the benefit of input tax credit to consumers by way of commensurate reduction in prices. ...

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Posted Under: Income Tax |

CBDT invite suggestions on reducing litigation in all appellate forums

F.No.279/Misc/M-51/2017- ITJ (12/07/2017)

The Central Board of Direct Taxes vide Office Order F.No.279/Misc/M-51/2017- 111 dated 12th July, 2017 has constituted a Committee to prepare a Concept Note to revamp the existing appeal mechanism with a view to urgently address the issue of reducing litigation considering the pendency of litigation in all appellate forums....

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Posted Under: Income Tax |

Saved vs Submitted records appearing in Form GSTR 2

The records that are part of counterparty supplier's submitted GSTR -I are known as Submitted records. The records that are part of counterparty supplier's GSTR -1 which is yet to be submitted/filed are known as Saved records....

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Posted Under: Income Tax |

Composition Scheme – Latest Developments

It is a scheme which is mainly formulated for small businesses. Under this scheme, the small businesses enjoy certain benefits such as concessional rate of tax and less compliance burden....

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Posted Under: Income Tax |

Composition Option – A Tax Planning Tool For Small Businesses

Composition scheme is an alternative method of levy of tax on small taxpayers. Dealers opting for composition are required to pay tax at a fixed rate without ITC and the basic objective of Composition scheme is to reduce compliance cost for small businesses....

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Posted Under: Income Tax |

Exposure Draft of the proposed revised definition of internal audit

EXPOSURE DRAFT – PROPOSED REVISED DEFINITION OF INTERNAL AUDIT (Last date for comments -November 25, 2017) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revised definition of internal audit. An explanation has also been included as part of the revised defini...

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Posted Under: Income Tax |

SEBI to provide two block deal windows (Morning & Afternoon)

CIRCULAR No. CIR/MRD/DP/118/2017 (26/10/2017)

Based on the deliberations, it has been decided to revise the framework for block deals by providing two block deal windows as follows: 1. Morning Block Deal Window: This window shall operate between 08:45 AM to 09:00 AM. ...

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