"10 January 2018" Archive

How Term Life Insurance Plans act as Your Best Tax Saving Tool

Term insurance plans offer great help when it comes to savings on tax. A term insurance policy holder is entitled to tax benefits according to the provisions contained in the Income Tax Act 1961. Usually, all term insurance policies provide individuals tax deductions under the Section 80C, along with other deductions to a maximum limit of...

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Posted Under: Finance |

Exemption(s) from appearing in a paper(s) or Group of CA Exams under New Scheme

New Scheme of Education of the CA course, has been implemented with effect from 1st July 2017. The Examinations at various levels under the New Scheme of Education and Training will be held with effect from May 2018 examination onwards....

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Posted Under: Finance |

Processing of ITR-1 to 6 & applicability of section 143(1)(a)(vi)

Circular No. 01/2018-Income Tax (10/01/2018)

Since section 143(1)(a)(vi) of the Act is being applied for the first time while processing the returns, it has been decided that before issuing an intimation of the proposed adjustment, initially an awareness campaign would be carried out to draw the attention of the taxpayer to such differences....

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Resolve issues in filing of Form GSTR 1 & TRAN-1: ICAI to CBEC

ICAI/IDTC/2017-18/Rep/27 (10/01/2017)

We would like to bring to your notice that assessees across the country are facing difficulties in filing Form GSTR 1, which includes the following: 1. System is not generating summary within 5 minutes. Sometimes it takes around 12 hrs. due to which assesses are not be able to proceed....

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Posted Under: Finance |

No-extension of last date for filing return in FORM GSTR-1

The last date for filing of return in FORM GSTR-1, for different classes of taxpayers for the relevant periods, as shown in the Table below, remains 10th January, 2018. There has been no further extension of date for filing return in FORM GSTR-1....

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Posted Under: Finance |

Due date for Monthly FORM GSTR-1 extended- Fake Notification Circulating

Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 under sub-section (1) of section 37 of the Act for the months as specified in column (2) of the Table, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the curre...

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Posted Under: Finance |

Keep Away From Benami Transactions

PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988 Salient Features:  The Prohibition of Benami Property Transactions Act, 1988 (the Benami Act) came into effect from 01.11.2016 Benamidar (In whose name benami property is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are pr...

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Posted Under: Finance |

Clarifications on requirement for completion of Advanced ICITSS course and Advanced IT Test

Clarifications on the requirement for completion of Advanced ICITSS course and the Advanced IT Test thereunder, with reference to eligibility to appear in CA Final examination, under Final( Old) and Final (New) Syllabus....

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Posted Under: Finance |

Guidelines for Processing of Partial EPF Withdrawal Request

Cir. No PFRDA/2018/40/Exit. (10/01/2018)

A partial withdrawal of accumulated pension wealth of the subscriber, not exceeding twenty-five per cent. of the contributions made by the subscriber and excluding contributions made by employer, if any, at any time before exit from National Pension System subject to the terms and conditions, purpose, frequency and limits specified below:...

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GST TCS Mechanism – What you should Know

Tax Collection at Source (TCS) has similarities with TDS, as well as has distinctive features also. TDS refers to tax which is deducted when recipient of goods or services makes some payments under a contract etc. ...

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Posted Under: Finance |
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