"26 October 2017" Archive

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...

Read More
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. ...

Read More

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. ...

Read More
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]....

Read More

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. ...

Read More
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. ...

Read More
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....

Read More
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....

Read More
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....

Read More
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....

Read More
Posted Under: Income Tax |

Search Posts by Date

January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031