"January, 2018" Archive - Page 32

CBEC reduces late fee for delayed filing of FORM GSTR-1

Notification No. 4/2018–Central Tax [G.S.R. 53(E)] (23/01/2018)

CBEC hereby waives the amount of late fee payable by any registered person for failure to furnish the details of outward supplies for any month/quarter in FORM GSTR-1 by the due date under section 47 of the said Act, which is in excess of an amount of twenty-five rupees for every day during which such failure continues....

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Central Goods and Services Tax (Amendment) Rules, 2018

Notification No. 3/2018-Central Tax [G.S.R. 52(E)] (23/01/2018)

(1) These rules may be called the Central Goods and Services Tax (Amendment) Rules, 2018. (2) Save as otherwise provided, they shall come into force on the date of their publication in the Official Gazette....

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Cross-empowerment of State tax officers for processing and grant of refund allowed

Notification No. 1/2018 – Integrated Tax [G.S.R.60(E)] (23/01/2018)

Amendment of notification No. 11/2017-Integrated Tax dated 13.10.2017 for cross-empowerment of State tax officers for processing and grant of refund vide Notification No. 1/2018 – Integrated Tax...

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ICAI suggests on Association of Persons vis-à-vis EPC contracts/turnkey projects

Applicability of the CBDT Circular on formation of AOP vis-à-vis the EPC contracts/ turnkey projects in case of associate enterprise being a member of the consortium...

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NPS should be made Exempt, Exempt, Exempt (EEE)- ICAI

Currently, the National Pension Scheme (NPS) works on Exempt, Exempt, Tax (EET) regime whereby the monthly/ periodic contributions during the pension accumulation phase are allowed as deduction for Income-tax purposes...

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Section 255 – Limit of Rs 50 lakhs may be made w.r.t. disputed income instead of total income

Section 255(3) as amended by the Finance Act, 2016 provides that a single member bench may dispose of a case where the total income as computed by the Assessing Officer does not exceed fifty lakh rupees. ...

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A Step by step guide to choose a right mutual fund scheme

Investing in mutual funds seems interesting, with number of websites, TV and other finance and wealth magazines publishing various information.However it is a challenging task and involves knowledge regarding the shares and securities market and various laws that govern mutual funds is necessary before investing in them....

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Section 245Q – Need for Rationalisation of filing fees for AAR

Vide the Finance Act, 2017, section 245Q has been amended so as to enlarge/expand the scope of Authority for Advance Rulings to cover cases relating to central excise, custom duty and service tax and thus have single AAR...

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Input Credit of GST on Purchase of Motor Vehicle

This articles discuss about availability of input credit for purchase, repair etc. of Motor Vehicle for the registered persons not engaged in GTA or passengers transport service...

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Fix specific time limit for initiating & completing TDS proceedings U/s. 201: ICAI

Presently, there is no time limit specified by the Act for initiating & completion of TDS proceedings under section 201 of the Act in respect of payments made to nonresidents. Thus, the TDS returns are scrutinized by the assessing officers for past years without any limit...

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