"03 April 2018" Archive

CBDT forms working group to examine taxation aspects of High Net Worth Individuals

F.No.500/158/2017-FT& TR-III (03/04/2018)

For examining the taxation aspects of High Net Worth Individuals (HNWI), a Working Group has been constituted, with the approval of Chairman, CBDT....

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Govt to allow filing of STUCK TRAN-1 and related GSTR-3B (Breaking News)

Resolution of stuck TRAN-1  and Filing of GSTR-3B 1. A large number of taxpayers could not complete the process of TRAN-1 filing either at the stage of original or revised filing as they could not digitally authenticate the TRAN-1 s due to IT related glitches. As a result, a large number of such TRAN-1s are […]...

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Posted Under: Income Tax |

Goods detained under GST Act to be released immediately on compliance with GST rules

M.H. Industries Vs. Assistant State Tax Officer (Kerala High Court)

If the petitioner complies with Rule 140(1) of the Kerala Goods and Services Tax Rules, 2017, the goods detained shall be released to them forthwith....

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13 changes in Income Tax applicable from 1st April, 2018

Below changes / Provisions are applicable for Financial Year 2018-19 (Assessment Year 2019-20) 1. Tax Exemption limit is Rs. 2,50,000/- for non Senior citizens. After that, up to 5 Lakh, Tax rate is 5%.  Tax Rate of 5% is applicable from Financial Year 2017-18 and also applicable for Financial Year 2018-19. Tax Rate for Individual/HUF/AO...

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Posted Under: Income Tax |

E-Way Bill System- User Manual for API Interface (Site-to-Site integration)

E-Way Bill System-  User Manual for API Interface (Site-to-Site integration) – Updated till 26.03.2018 1. Introduction 1.1 Background Introduction of Goods and Services Tax (GST) across India with effect from 1st of July 2017 is a very significant step in the field of indirect tax reforms in India. For quick and easy movement of go...

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Posted Under: Income Tax |

CBDT signs 16 APAs in march 2018

Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018 The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018. The 2 bilateral APAs have been entered into with [...

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Posted Under: Income Tax |

Mechanism to address Technical glitches on GST Portal

Circular No. 39/13/2018-GST (03/04/2018)

It has been decided to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the GST portal and the relief that needs to be given to them. The relief could be in the nature of allowing filing of any Form or Return prescribed in law or amending any Form o...

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CBDT Releases ITR 1 to ITR 7 for Financial Year 2017-18 / A.Y. 2018-19

Notification No. 16/2018-Income Tax / G.S.R. 332(E) (03/04/2018)

CBDT releases Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for Financial Year 2017-18 or Assessment Year 2018-19....

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GST and E-way Bill- A Detailed Analysis

E-way bill is an electronic document generated on the GST portal evidencing movement of goods. The common portal for generation of e-way bill is https://E-waybillgst.gov.in. As per Section 68 of the Central Goods and Services Tax Act, 2017 (CGST Act) the Government may require the person in charge of a conveyance carrying any consignmen...

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Posted Under: Income Tax |

Report of Insolvency Law Committee- March 2018 with key recommendations

Report by the Insolvency Law Committee is a sincere attempt to encourage sustainable growth of the credit market in India, while safeguarding interests of various stakeholders. The key recommendations in this Report are as follows:...

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Posted Under: Income Tax |

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