"12 December 2017" Archive

Assessment of Defective Income Tax Return Selected For Scrutiny Under CASS- Procedure

F.No. System/ITBA/CASSlDefective returns/17 -18/ (12/12/2017)

During CASS Cycle 2016, some of the returns of income which earlier were treated as defective as per provision of section 139(9) of Income Tax Act, 1961 (‘Act’) either for the reason that the taxes as per the return were not paid or for any other reason specified therein were also selected for scrutiny....

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Taxpayers guide to file Refund application for IGST paid on export of goods

There is no requirement to file separate refund for IGST paid on export of goods. The Shipping Bills filed by the taxpayer itself is treated as refund application and the refund amount is processed and paid to the taxpayer if the following conditions are fulfilled: ...

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Posted Under: Income Tax |

Notification extending Due Date for Linking Aadhaar- PAN with Bank A/cs

G.S.R. 1506(E) / Notification No. 9/2017 (12/12/2017)

In case the client already having an account based relationship with reporting entities prior to the date of publication of this notification in the official Gazette fails to submit the Aadhaar number and Permanent Account Number by such date as may be notified by the Central Government, the said account shall cease to be operational till...

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India’s container capacity at 12 ports is less than 1/4th of single Chinese port of Shanghai

Indias total containerized cargo capacity of 8.75 million TEUs (twenty-foot equivalent units) at all its 12 major ports, a key indicator of a country’s integration with global supply chain for value-added manufactured goods...

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Posted Under: Income Tax |

Provisions to be complied with while Incorporation of Company

Know what one should be aware of before approaching any Professional Expert to set up your Limited Company. While registering any Limited Company, certain rules and regulation of Indian Companies Act, 2013 shall be followed in order to make sure that your company does not face any legal obstacles and complications....

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Posted Under: Income Tax |

More Clients, Same Staff, Better Service. How?

Use of powerful technology, that integrates accounting and asset management on a single platform, can help you efficiently manage the data, as well as extract information for you to deliver increased value to your clients....

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Posted Under: Income Tax |

Guidelines for grant of rewards to officers, informers & other persons, 2017

The Government of India has issued new reward guidelines called The guidelines for grant of rewards to be paid to the officers, informers and other persons, 2017 on October 10, 2017 to regulate the grant and payment of reward to informers and government officers....

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Posted Under: Income Tax |

News of GST Tax demands on Software Industry are without basis: MOF

It was reported in certain sections of the Press that tax officials had raised tax demand in respect of export of IT/IT enabled services provided to clients abroad and that this had been done on the basis of place of supply rules in respect of these services which were apparently provided in India and therefore were liable to be taxed....

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Posted Under: Income Tax |

Revise TRAN-I by 27.12.2017 if claimed wrong transitional Input credit

Taxpayers who have claimed transitional credit erroneously are advised to avail of the opportunity to revise Form TRAN-1 by 27th December, 2017 and ensure that only correct and bonafide credit is availed in transition, failing which the tax administration would be constrained to initiate audit and enforcement action against the identified...

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Posted Under: Income Tax |

Advisory to taxpayers liable to file GSTR-1

The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr during current financial year, have to file return on monthly basis. Filing of GSTR-1 for the tax period of August, 2017 and onwards is likely to commence soon. In […]...

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Posted Under: Income Tax |
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