"20 July 2018" Archive

CBDT Amends Format of Form No. 3CD wef 20th August, 2018

Notification No. 33/2018-Income Tax [G.S.R. 666(E)] (20/07/2018)

CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause ...

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Clubbing Provisions of Income of Minor

Nowadays, it is observed that a lot of young talented kids are being hired in different fields like acting, singing, choreographing, etc., and they are paid handsome amount for their skill and talent. The question arises is whether the income earned by these children are taxable and if yes, in whose hands, will it be taxable....

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Posted Under: Income Tax | ,

Extend due date of ITR to 30.09.2018 & 30.11.2018 respectively

Central Gujarat Chamber of Tax Consultants has submitted a letter to Hon’ Finance Minister of India on 19th July 2018 requesting Extension of Due Date in respect of filing ITR by to 2 Months i.e. 30.09.2018 and 30.11.2018 respectively. Earlier a letter was also written by  Karnataka State Chartered Accountants Association to Extend Inc...

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Posted Under: Income Tax | ,

Why & for whom Income Tax return Filing before 31st July is mandatory?

Arjuna (Fictional Character): Krishna, 31st July 2014 is near and many taxpayers are hurrying up for filing income tax returns. What are the points to be considered before filing income tax returns?...

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Posted Under: Income Tax | ,

Who is required to file ITR

Based on my conversation with my friends who are salaried I gather the impression that majority of the employees are under the impression that they are not required to file any ITR if appropriate income tax has been deducted from their salaries. Most of them take deduction of tax at source as filing of the ITR by the employer....

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Posted Under: Income Tax |

GST on Wet Baby Wipes/ Face Wipes, Bed / Bath / Shampoo Towels

In re Ginni Filaments Limited (GST AAR Uttarakhand)

In re Ginni Filaments Limited (GST AAR Uttarakhand) In this case applicant sought Classification of goods namely Wet Baby Wipes, Wet Face Wipes, Bed and Bath towels, Shampoo Towels and AAR held that Wet Baby Wipes,  Wet Face Wipes,Bed and Bath Towels and Shampoo Towels are taxable at rate of 18% GST under HSN 3307. […]...

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Interest on Tax Payable u/s 234A, 234B, 234C

Discipline in Income tax return is very important. Failing which, you will be liable to file additional penalties on the amount due. However, there are plenty of issues that can result in failure of tax deposits. These issues can be related to individuals or companies. For companies, it can occur due to failure to deposit advance tax or p...

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Posted Under: Income Tax |

TDS – Rate Chart, Provisions, Penalty, Return Due Date

Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961. ...

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Posted Under: Income Tax | ,

Form 26AS with respect to TDS: Knowhow

Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any. To understand this concept and in order to make it work in ones favour, one needs to under...

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Posted Under: Income Tax |

Time to rethink your retirement plans

Financial independence is important when you are planning for retirement. But, you should also plan for the free time that you will get. Many people have no idea what life's going to be like once they retire. It can be the most rewarding experience or the most disastrous one. You need to think about the financial side of retirement, but m...

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Posted Under: Income Tax |

How to know residential status of Individual, HUF, Firm & Company under Income Tax Act

Basic conditions that need to be satisfied to check if an Individual is a resident in India are as follows:- 1) The person must be India in the previous year for a period of 182 days or more 2)The person is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previ...

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Posted Under: Income Tax | ,

Form 16 Salary Certificate- Is It different from Form 16A?

What is Form 16A and how is it different from Form 16? If you are not a salaried employee and work as a professional for an organisation and earn fees, then the certificate that shows TDS details deducted while making payments to you is Form 16A....

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Posted Under: Income Tax | ,

Understanding of 44AB Tax Audit

The object of audit under section 44AB is only to assist the Assessing Officer in computing the total income of an assessee in accordance with different provisions of the Act. Therefore,...

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Posted Under: Income Tax |

Important Points For Salaried Persons For Availing Bank Loan

As the Financial Year of 2012-13 is about to end, most of the employees get busy with their income-tax planning, increment calculation etc but if they are wishing to avail Home Loan, Personal Loan or any other loan from Financial Institutions and are NOT regular in filing Income Tax Returns...

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Posted Under: Income Tax | ,

Consultation Paper on proposed SEBI (Fiduciaries in Securities Market) (Amendment) Regulations

The Regulations relating to the issue of capital mainly follow a disclosure based regime and investors rely upon the offer documents and financial statements which are audited/examined/vetted by various fiduciaries such as Chartered Accountant, Company Secretary, Valuer etc. ...

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Posted Under: Income Tax |

Notification No. 54/2018-Customs Dated 20.07.2018

Notification No. 54/2018-Customs [G.S.R. 667 (E)] (20/07/2018)

Notification No. 54/2018-Customs -Central Government, hereby makes the following further amendment in notification of No. 50/2017, dated 30th of June, 2017...

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Imports Against Advance Authorization: Is Exporter Debarred From Exporting Goods With Payment Of IGST?

Let us consider a scenario wherein an exporter has imported inputs against Advance Authorization claiming IGST exemption under Notification No. 79/2017-Cus dated 13.10.2017 read with Notification No. 18/2015-Cus dated 01.04.2015. It may be noted that said exemption was initially not available on the implementation of GST. ...

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Posted Under: Income Tax |

‘Job-work’ in GST – Meaning and implications

Meaning of job-work under GST: “job work means any treatment or process undertaken by a person on goods belonging to another registered person and the expression job worker shall be construed accordingly” [Section 2(68)] Before we discuss the implications of above definition, it is important to understand that the activity of sending ...

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Posted Under: Income Tax |

Draft Format of Board of Directors Report For FY 2017-18

On the Letter Head of Company BOARDS’ REPORT To The Members, ……………………PRIVATE LIMITED Your Directors have pleasure in presenting the …….. Boards’ Report of the Company together with audited Statement of Accounts and the Auditors’ Report of your company for the financial year ended 31st March, 20xx. FINANCIAL...

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Posted Under: Income Tax |

All About Permanent Account Number (PAN), Form 60 & Form 61

Permanent Account Number (PAN) is a ten-digit unique alphanumeric number issued by the Income Tax Department. The Primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions....

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Posted Under: Income Tax |

Tarpaulins HDPE woven fabrics’ not to be classified under HSN 6306 of GST Tariff

In re East Hooghly Polyplast Pvt Ltd (Authority For Advance Ruling)

Applicant is a manufacturer of tarpaulins made from High Density Polyethylene (HDPE) a woven fabric seeks a Ruling on whether HDPE Woven Tarpaulin will be classified under HSN 6306 of the GST Tariff. on Application it was held that Tarpaulins made of HDPE woven fabrics’ will not be classified under HSN 6306 of the GST Tariff....

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Contract Management System results in Supply of services under GST Regime

In re Vesuvius India Ltd (GST AAR West Bengal)

In re Vesuvius India Ltd (GST AAR West Bengal) Whether the activity proposed to be undertaken under Contract Management System (CMS) will result in Supply of goods & services within the meaning of the term under CGST/WBGST Act, 2017? Activities the Applicant proposes to undertake are services associated with manufacturing of metal, an...

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How SLR, CRR and RBI repo rate impact your Personal Loan EMI

The RBI or Reserve Bank of India controls monetary policies to regulate credit, banking and inflation in the country. In order to ensure a balanced supply of money, the RBI oversees the functions of financial institutions affecting the mandate on which you get loans and make investments. The rates decided by the RBI, including SLR, [&hell...

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Posted Under: Income Tax |

Belated ITRs – Whether A Costly Affair for Every Return Filer

Finance Act, 2017 inserted a new Section 234F for levy of Late Filing Fee on belated returns. The newly inserted section has become applicable w.e.f. 01.04.2018 and therefore belated returns filed for AY 2018-19 onwards would be governed by the provisions of this Section....

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All about Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018

In order to protect the sanctity of the CIRP, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 lays down a strict procedure if an applicant wants to withdraw a case after its admission under IBC 2016. Henceforth, such withdrawal would be permissible only with the approval of the Committee of Creditors with 90 percent of the...

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Posted Under: Income Tax |

MCA to appoint 41 Chartered Accountants (CAs) across India

 Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 years of post-qualification experience as Consultant in the MCA Offices located all over India. – (19-07-2018) Announcement Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 ...

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Posted Under: Income Tax |

Procedure For Increase In Authorised Share Capital of A Company

1. Check the Articles of Association (AoA) of the Company to verify whether necessary authority/powers is there to increase the authorised share capital of the Company. Note: If such authority is not provided for in the Articles of Association, then the provisions in AoA has to be amended to include provisions authorising the company to [...

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Posted Under: Income Tax |

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