"23 January 2018" Archive

ICAI suggests increase in Limits for various salary related allowances exempt from tax

Monetary limits in the Income-tax Act, 1961 Issue/Justification The monetary limits for all exemptions or deductions were provided long back. In has been long since the same have been revised considering the prevailing inflationary conditions in India. An effort has been made to compile all such monetary limits with the Cost inflation ind...

Read More
Posted Under: Income Tax |

ICAI suggests Form 26AS based TDS credit claims during assessment proceedings

TDS credit should be allowed on the basis of Form 26AS, even if the payee has not claimed the same in the return of income (due to non updation of Form 26AS) but has claimed TDS credit during the assessment proceedings (during which time the updated TDS credit is reflected in Form 26AS)...

Read More
Posted Under: Income Tax |

Make Provision for employer to provide tax treaty benefits while calculating TDS: ICAI

Under the current tax regime, there is no provision under the Act which enables an employer to consider admissible benefits under the respective Double Taxation Avoidance Agreements (e.g. credit for taxes paid in another country/ treaty exclusions of income etc.)...

Read More
Posted Under: Income Tax |

Celebration of Customs Day and Investiture Ceremony-2018-reg.

Circular No. 1062/01/2018-CX (23/01/2018)

The Customs Day and Investiture Ceremony, 2018 is being celebrated on 27th January, 2018 at Plenary Hall, Vigyan Bhawan, New Delhi. All 'Group-A' officers posted in Board are directed to attend the Customs Day and Investiture Ceremony-2018....

Read More

Develop system to issue Lower deduction certificate u/s 197 through TRACES Site: ICAI

TDS CPC has been one of the successful projects of the Government for online tracking of the Tax deducted, deposited, corrections and reconciliations....

Read More
Posted Under: Income Tax |

Dispense requirement for issue or obtaining of TDS certificate in Form 16A: ICAI

Section 203 of the Act requires the deductor of TDS to issue the TDS certificate to the deductee to the effect that tax has been deducted and specifying the amount so deducted....

Read More
Posted Under: Income Tax |

Provide relief from TDS on monthly and year end provision entries: ICAI

Most of the companies record provision entries made towards various expenditures on a monthly basis to report performance to the parent entities that are reversed on the first day of the subsequent month....

Read More
Posted Under: Income Tax |

CBEC notifies cross-empowerment of State tax officers for processing & grant of GST refund

Notification No. 10/2018-Central Tax [G.S.R. 59(E).] (23/01/2018)

CBEC Amends notification No. 39/2017-Central Tax dated 13.10.2017 for cross-empowerment of State tax officers for processing and grant of refund vide Notification No. 10/2018–Central Tax...

Read More

CBEC notifies www.ewaybillgst.gov.in as GST Portal for furnishing e-way bill

Notification No. 9/2018-Central Tax (23/01/2018)

Central Government hereby notifies www.gst.gov.in as the Common Goods and Services Tax Electronic Portal for facilitating registration, payment of tax, furnishing of returns and computation and settlement of integrated tax and www.ewaybillgst.gov.in as the Common Goods and Services Tax Electronic Portal for furnishing electronic way bill....

Read More

FORM GSTR-6 due date for July 2017 to Feb 2018 extended to 31.03.2018

Notification No. 8/2018-Central Tax [G.S.R. 57(E).] (23/01/2018)

Commissioner hereby extends the time limit for furnishing the return by an Input Service Distributor in FORM GSTR-6 for the months of July, 2017 to February, 2018, till the 31st day of March, 2018....

Read More