"03 April 2018" Archive - Page 4

Statewise intra state E Way Bill Time Lines

E Way Bill System was made mandatory for interstate movement of goods from 1st February 2018 and for intra state from 1st June 2018. However the system could not hold the load of the numerous E Way Bills generation and crashed on the very 1st day and forcing government to extend the trail run period....

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Impact of Recent Changes vide Budget 2018 in EPF Act, 1952


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ICAI’s Latest 11 suggestions on GST on specified issues

1. No basis for refund in deemed export. Explanation to Section 54 of CGST Act, 2017 provides that ‘refund’ includes refund of tax paid on zero-rated supplies of goods or services or both or on input or input services used in making such zero-rated supplies, or refund of tax on the supply of goods regarded as deemed export or refund o...

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Merely because tax has been deducted at source on unreported income, it cannot be said that there was no escapement of income

Samsung Electronics Co. Ltd. Vs DCIT (ITAT Delhi)

It cannot be said that there was no escapement of income merely because tax was deducted at source on such income. When it is open under Explanation 3 to section 147 of the Act for the AO to reassess the income on any issue which newly comes to his notice subsequent to the issuance of notice under section 148 of the Act, it cannot be said...

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7 key Changes in Income tax from April-1, 2018

After a gap of 14 years, the government reintroduced long term capital gains amounting to Rs one lakh and above at the rate of 10% on the sale of equities and equity mutual funds if they are sold any time after one year of their purchase. This means even If you sell your equity on April2, you will be liable to pay the tax at the rate of 1...

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Summary of Latest updates on E-way Bill with Video

Touted as an anti-evasion measure, E-way bill has been made mandatory for inter-state movement of goods from April 1, 2018 after technological glitches forced the government to defer the implementation from the initial rollout date of February 1, 2018....

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Applicability of Brand Promotion Services U/S 65 (105) (ZZZZQ) of Service Tax; Cricketer Karn Sharma Gets Relief

Shri Karn Sharma Vs. Commissioner of Central Excise & S.T. (CESTAT Allahabad)

No service tax liability can be attributed to the cricket players for promotional activities provided by them during the IPL prior to 01.07.2010. In the instant case, the appellant, Karn Sharma was playing for M/s Royal Challengers Bangalore. ...

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Monthly GST collection figures for August 2017 to March 2018

Final Monthly collection figures of GST The revenue collection figures under GST including CGST, SGST, IGST and cess for the period July 2017 – February 2018 paid in the period July 2017 – March 2018 is as follows: (Figures in Rs. Crores) Month GST Collection August 93,590 September 93,029 October 95,132 November 85,931 December 83,71...

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2.59 Lakh e-Way Bills generated on 1st day of roll out

On day-1, total of 2.59 lakh e-Way Bills were generated on the e-way bill portal. Till 2:00 pm today, 2,04,563 e-way bills have been generated. A total of 11,18,292 taxpayers have registered on e-Way Bill Portal till date. Further 20,057 transporters have enrolled themselves on the e-Way Bill Portal....

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6.84 crore Income Tax Returns (ITRs) filed during FY 2017-18

uring FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26%. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in F.Y. 2013-14, the number...

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