"10 April 2018" Archive

Draft notification proposing amendment to rule 44E, Form 34C, 34D & 34DA

F.No.370142/34/2016-TPL (Part) (10/04/2018)

Draft notification proposing an amendment to rule 44E, Form 34C, 34D and 34DA as per BEPS action item 5, for improving transparency in relation to tax rulings– comments and suggestions...

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New version of GSTR-4 offline tools (V2.1) is now available on GST portal

For preparing your GSTR-4 for the 4th quarter (Jan . Mar), 2017-18, a new version of GSTR-4 offline tool (V2.1) is now available in .Download. section from 6th April 2018. Please note, that declaring inward supplies details received from the registered suppliers (other than supplies attracting Reverse Charges) under Table 4A in the offlin...

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Posted Under: Income Tax |

15 Major Changes in Income Tax Return Forms (ITR Forms) for AY 2018-19

Those with income from salary, one house property and other sources (like interest) use the most basic one-page ITR-1 or Sahaj form. In the last assessment year, around 30 million taxpayers used this form. The form now seeks additional details of salary. The taxpayer first needs to fill up salary amount excluding allowances, perquisites, ...

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Posted Under: Income Tax |

Contents of revised tax invoice and credit or debit note under GST

Credit note: In cases where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is more than what is actually payable/chargeable or where the recipient has returned the goods, the supplier can issue a credit note to the recipient. Debit note: In cases where tax invoice ha...

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Posted Under: Income Tax |

Contents of tax invoice under GST

Under the GST regime, a tax invoice means the tax invoice referred to in section 31 of the CGST Act, 2017. For example, if a registered person is making or receiving supplies (from unregistered persons), then a tax invoice needs to be issued by such registered person. ...

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Posted Under: Income Tax |

Criteria to decide whether any service rendered will fall U/s. 194C or 194J: An Analysis

Whether TDS is deductible u/s 194C or 194J is always a matter of concern in day to day business world. Today an attempt has been made to provide the basis to reduce such concern. The write-up can be summed up in following parts: 1. Payment to Contractors – Section 194C 2. Fee for professional or technical services – Section 194J 3...

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Posted Under: Income Tax |

Documents required for Section 8 Company Incorporation

Non- Profit Institutions are registered as a company in Section 8 of the Companies Act, 2013. It aims to promote science, art, education, social welfare, charity, research, sports, religion, and protection of environment provided it envisages using its profits and any other income in popularizing its products. It also inhibits any dividen...

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Posted Under: Income Tax |

Increase in Additional Fees of RoC Filings

All the Companies Registered in India are governed by the provisions of Companies Act, 2013. Companies Act is an act of Parliament which regulates the working of Companies and legal limits within which companies may do their business. Company law provides legal compliance that are required to be followed by every company like reporting of...

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Posted Under: Income Tax |

Anti dumping duty on import of fishnet or fishing nets

Notification No. 20/2018-Customs (ADD) (10/04/2018)

Seeks to impose definitive anti dumping duty on imports fishnet or fishing nets originating from China or Bangladesh vide Notification No. 20/2018-Customs (ADD)...

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Purchase cannot become non-genuine for mere payment after 9 months

Shri Omprakash Vs. Asst. Commissioner of Income Tax (ITAT Indore)

For the only reason that the payment of purchase has been made after a lapse of 9 months cannot render the purchase as non genuine unless and otherwise any material is brought on record which could negate this...

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