"26 July 2018" Archive

ICAI submits 26 Post Budget suggestions related to Income Tax

POST-BUDGET MEMORANDUM – 2018 1. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government. 1.1 In this memorandum, we have suggested certain amendments to the proposals contained in the Finance Bill, 2018 which would help the Governme...

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Posted Under: Income Tax |

UDIN for Chartered Accountants (FAQs)

Unique Documents Identification Number (UDIN) will be a unique number which will be required to be generated for each and every document type being certified or attested by Practicing Chartered Accountant. Registration will be required to be done for the same at UDIN portal from July 1, 2018....

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Posted Under: Income Tax |

Filling of Resolutions Complete Analysis Sec 117

Sub Sec (1) of Sec 117 copy of every resolution or any agreement, in respect of matters specified in sub-section (3) of Sec 117 together with the explanatory statement under section 102, if any, annexed to the notice calling the meeting in which the resolution is proposed,...

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Posted Under: Income Tax |

Important issues/ provisions in Proposed New Direct Tax Law

Bombay Chartered Accountant’s Society made a Representation on Important issues / provisions in the Proposed New Direct Tax Law. Suggestions are made on following lines: 1) Path breaking suggestions for making the law more taxpayer friendly by rewarding and encouraging compliances; 2) Suggestions for reducing litigations by providin...

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Posted Under: Income Tax |

GST: Retrospective Application of Merchant Trading, In-bond sales & High seas sales covered in Schedule III

One of the significant changes proposed by the GST Council in its recently concluded 28th meeting on July 21, 2018 is inclusion of following transactions in Schedule III to the CGST Act, 2017 (i.e. activities or transactions which shall be treated neither as a supply of goods nor a supply of services): Merchant trading. supply […]...

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Posted Under: Income Tax |

Supply to SEZ units using coffee vending machines do not qualify as zero rated supply

In re M/s Coffee Day Global Limited (GST AAR Karnataka)

In re M/s Coffee Day Global Limited (GST AAR Karnataka) Whether supply of non-alcoholic beverages to SEZ units using coffee vending machines is in the nature of zero rated supply as defined under Section 16 of the IGST Act 2017 ? The supply of non-alcoholic beverages / ingredients to such beverages, to SEZ units using […]...

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Block joining mortar is classifiable under heading 3824 of CTA, 1975: AAAR

In re Sika India Private Limited (GST AAAR West Bengal)

`SIKA Block Joining Mortar' is non-refractory and that it is not used for preparation of surfaces. Considering the nature, use and commercial identity of the item in question and, notwithstanding the Appellant's earlier voluntary declaration about the classification of the item, we are not inclined to accept its classification under Tarif...

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Income Tax Return Due Date extended to 31/08/2018

F. No. 225/242/2018/ITA.II (26/07/2018)

CBDT extends 'due-date' of filing income-tax return for assessment-year 2018-2019 as prescribed in section 139(1) of the Act, from 31st July, 2018 to 31st August, 2018....

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Filing of Income Tax Return -Documents required

Article discusses documents required for Filing of Income Tax Return which includes Form 16 for salaried class,Interest Certificates from Banks/ Post offices etc, TDS Certificate in Form 16A/ Form 16B / Form 16C, FORM 26AS, Proofs of investments done for saving tax, Home Loan Statements, AADHAR Card etc....

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Posted Under: Income Tax |

What Is Income Tax Return?

In simple terms the Income Tax Return is the document wherein the assesse submits its earned income to Government and makes payment for the services and facilities availed by him called as tax which is supposed to be used by the Government for the welfare of the country only....

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Posted Under: Income Tax |

The Smart Way to Find the Right Family Health Insurance

A family health insurance is a kind of policy that offers coverage to the members of a family, and covers the costs of their medical or surgical expenses. Depending on the terms of the policy you have, you can either pay your expenses from your pocket and then get reimbursed, or the expenses can be paid by the insurance company directly t...

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Posted Under: Income Tax |

Concessional CGST rate on specified handicraft items WEF 27.07.2018

Notification No. 21/2018-Central Tax (Rate) [G.S.R. 695(E)] (26/07/2018)

CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting which was held on 21.07.2018....

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CBIC allows Refund of GST credit to fabric manufacturers

Notification No. 20/2018-Central Tax (Rate) [G.S.R. 694(E)] (26/07/2018)

CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/2018-Central Tax (Rate), Dated: 26th July, 2018. ...

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Changes in List of goods exempt from CGST wef 27.07.2018

Notification No. 19/2018-Central Tax (Rate) [G.S.R. 693(E)] (26/07/2018)

CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting which was held on 21.07.2018....

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Revised CGST rates on various Goods WEF 27th July, 2018

Notification No. 18/2018-Central Tax (Rate) [G.S.R. 692(E)] (26/07/2018)

CBIC notifies reduced GST Rates on Several Goods vide Notification No. 18/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018....

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Composite supply of works contract to Govt- Term ‘Business’ clarified

Notification No. 17/2018-Central Tax (Rate) [G.S.R. 681(E)] (26/07/2018)

CBIC inserts following explanation in notification No. 11/2017 – Central Tax (Rate) in Table, against serial number 3 (Related to Composite supply of works contract to Government) , in column (3), in item (vi)- For the purposes of this item, the term 'business' shall not include any activity or transaction undertaken by the Central G...

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CGST on Services in relation to a function entrusted to a municipality

Notification No. 16/2018-Central Tax (Rate) [G.S.R. 680 (E)] (26/07/2018)

CBIC notifies with effect from 27th of July, 2018 vide Notification No. 16/2018-Central Tax (Rate), Dated: 26th July, 2018 that services by way of any activity in relation to a function entrusted to a municipality under Article 243W shall be treated neither as a supply of good nor a service...

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CGST: RCM on services by individual DSAs to banks/ NBFCs wef 27.07.2018

Notification No. 15/2018-Central Tax (Rate) [G.S.R. 679 (E)] (26/07/2018)

CBIC amends notification No. 13/2017- Central Tax (Rate) so as to specify services supplied by individual Direct Selling Agents (DSAs) to banks/ non-banking financial company (NBFCs) to be taxed under Reverse Charge Mechanism (RCM) vide Notification No. 15/2018-Central Tax (Rate), Dated: 26th July, 2018....

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CBIC notifies CGST exemption on certain services from 27th July, 2018

Notification No. 14/2018-Central Tax (Rate) [G.S.R. 678(E)] (26/07/2018)

Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services from CGST with effect from 27th of July, 2018 vide Notification No. 14/2018-Central Tax (Rate), Dated: 26th July, 2018....

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Revised CGST rates on various services WEF 27th July, 2018

Notification No. 13/2018-Central Tax (Rate) [G.S.R. 677(E)] (26/07/2018)

CBIC notifies CGST rates of various services vide Notification No. 13/2018-Central Tax (Rate) Dated: 26th July, 2018 with effect from 27 th of July, 2018 as recommended by Goods and Services Tax Council in its 28th meeting held on 21.07.2018. ...

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Concessional IGST rate on specified handicraft items WEF 27.07.2018

Notification No. 22/2018-Integrated Tax (Rate) [G.S.R. 699(E)] (26/07/2018)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the inter-state supplies of handicraft good...

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CBIC allows Refund of IGST credit to fabric manufacturers

Notification No. 21/2018-Integrated Tax (Rate) [G.S.R. 698(E)] (26/07/2018)

G.S.R. (E).- In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 54 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) the Central Government, on the recommendations of the Council, hereby makes the fo...

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Changes in List of goods exempt from IGST wef 27.07.2018

Notification No. 20/2018-Integrated Tax (Rate) [G.S.R. 697(E)] (26/07/2018)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department...

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Revised IGST rates on various Goods WEF 27th July, 2018

Notification No. 19/2018-Integrated Tax (Rate) [G.S.R. 696(E)] (26/07/2018)

CBIC notifies reduced IGST Rates on Several Goods vide Notification No. 19/2018-Integrated Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018....

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IGST on Composite supply of works contract to Govt: Term ‘Business’ clarified

Notification No. 18/2018-Integrated Tax (Rate) [G.S.R. 686(E)] (26/07/2018)

CBIC inserts following explanation in notification No. 8/2017 – Integrated Tax (Rate) in Table, against serial number 3 (Related to Composite supply of works contract to Government) , in column (3), in item (vi)- For the purposes of this item, the term ‘business’ shall not include any activity or transaction undertaken by the Cent...

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IGST on Services in relation to a function entrusted to a municipality

Notification No. 17/2018-Integrated Tax (Rate) [G.S.R. 685(E)] (26/07/2018)

CBIC notifies vide Notification No. 17/2018-Integrated Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 that services by way of any activity in relation to a function entrusted to a municipality under Article 243W shall be treated neither as a supply of good nor a service. Government of India Ministry of […]...

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RCM on services by individual DSAs to banks/ NBFCs wef 27.07.2018

Notification No. 16/2018-Integrated Tax (Rate) [G.S.R. 684(E)] (26/07/2018)

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services supplied by individual Direct Selling Agents (DSAs) to banks/ non-banking financial company (NBFCs) to be taxed under Reverse Charge Mechanism (RCM) vide Notification No. 16/2018-Integrated Tax (Rate), Dated: 26th July, 2018 with effect from 27th of J...

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CBIC notifies IGST exemption on certain services from 27th of July, 2018

Notification No. 15/2018-Integrated Tax (Rate) [G.S.R. 683(E)] (26/07/2018)

Seeks to amend notification No. 9/2017- Integrated Tax (Rate) so as to exempt certain services with effect from 27th of July, 2018 vide Notification No. 15/2018-Integrated Tax (Rate), Dated: 26th July, 2018 as recommended by Goods and Services Tax Council in its 28th meeting held on 21.07.2018. Government of India Ministry of Finance (Dep...

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IGST rates on various services with effect from 27th July, 2018

Notification No. 14/2018-Integrated Tax (Rate) [G.S.R. 682(E)] (26/07/2018)

CBIC notifies IGST rates of various services with effect from 27th of July, 2018 vide Notification No. 14/2018-Integrated Tax (Rate),  Dated: 26th July, 2018 as recommended by Goods and Services Tax Council in its 28th meeting held on 21.07.2018. Government of India Ministry of Finance (Department of Revenue) New Delhi Notification No. 1...

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Discussion Paper on Delisting of Equity Shares – Review of “Reverse Book Building Process”

urrently, in voluntary delisting an issuer/promoter has to first take the approval of shareholders of that class, then an in-principal approval of the stock exchange followed by RBB Process to discover the price. The promoter may choose to pay a price equal to or more than the discovered price to the shareholders who had tendered their sh...

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Posted Under: Income Tax |

TDS and Form 15G/ Form 15H applicability

Some points to be taken care of while submitting Form 15G/Form 15H A. Criteria to be eligible to file form 15G i ) The assesse must be Individual, HUF, AOP ii) The assesse must be Resident iii) The assesse should be less than 60 years iv) Tax calculated on total income should be NiL...

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Posted Under: Income Tax |

DGFT allows Chapter 3 duty credit scrips for debit for import of items

Public Notice No. 24/2015-2020-DGFT (26/07/2018)

(To be published in the gazette of India extraordinary part-1 section-1) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 24/2015-2020 New Delhi, dated: 26th July, 2018 Subject: Removal of all items from the Appendix 3A of the Handbook of Procedures, 201...

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Eligibility criteria for entitlement under MEIS for courier/ post exports

Notification No. 22/2015-2020-DGFT [S.O. 3662(E)] (26/07/2018)

The value limit for exports through Courier service/ Post has been placed at Rs 5,00,000 and the eligibility criteria for entitlement under MEIS for courier/ post exports have been increased to Rs 5,00,000 per consignment from the earlier Rs 25,000 per consignment. The limitation on the port of exports for courier exports for the purpose ...

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Concessional UTGST rate on specified handicraft items WEF 27.07.2018

Notification No. 21/2018-Union Territory Tax (Rate) [G.S.R. 703 (E)] (26/07/2018)

CBIC notifies concessional UTGST rate on specified handicraft items vide Notification No. 21/2018-Union Territory Tax (Rate) , Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting which was held on 21.07.2018....

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CBIC allows Refund of UTGST credit to fabric manufacturers

Notification No. 20/2018-Union Territory Tax (Rate) [G.S.R. 702 (E)] (26/07/2018)

CBIC allows Refund of accumulated UTGST credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/2018-Union Territory Tax (Rate), Dated: 26th July, 2018. ...

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Changes in List of goods exempt from UTGST wef 27.07.2018

Notification No. 19/2018- Union Territory Tax (Rate) [G.S.R. 701 (E)] (26/07/2018)

G.S.R. (E).- In exercise of the powers conferred by sub-sections (1) of section 8 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (...

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Revised UTGST rates on various Goods WEF 27th July, 2018

Notification No. 18/2018-Union Territory Tax (Rate) [G.S.R. 700 (E)] (26/07/2018)

CBIC notifies reduced UTGST Rates on Several Goods vide Notification No. 18/2018-Union Territory Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting held on 21.07.2018....

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UTGST on Composite supply of works contract to Govt: Term ‘Business’ clarified

Notification No. 17/2018-Union Territory Tax (Rate) [G.S.R. 691 (E)] (26/07/2018)

CBIC inserts following explanation in notification No. 11/2017 – Union Territory Tax (Rate) in Table, against serial number 3 (Related to Composite supply of works contract to Government), in column (3), in item (vi)...

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UTGST on Services in relation to a function entrusted to a municipality

Notification No. 16/2018-Union Territory Tax (Rate) [G.S.R. 690 (E)] (26/07/2018)

CBIC notifies with effect from 27th of July, 2018 vide Notification No. 16/2018-Union Territory Tax (Rate), Dated: 26th July, 2018 that services by way of any activity in relation to a function entrusted to a municipality under Article 243W shall be treated neither as a supply of good nor a service...

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UTGST: RCM on services by individual DSAs to banks/ NBFCs wef 27.07.2018

Notification No. 15/2018-Union Territory Tax (Rate) (26/07/2018)

CBIC amends Notification No. 13/2017- Union Territory Tax (Rate) so as to specify services supplied by individual Direct Selling Agents (DSAs) to banks/ non-banking financial company (NBFCs) to be taxed under Reverse Charge Mechanism (RCM) vide Notification No. 15/2018-Union Territory Tax (Rate) Dated: 26th July, 2018....

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CBIC notifies UTGST exemption on certain services from 27th July, 2018

Notification No. 14/2018-Union Territory Tax (Rate) [G.S.R. 688 (E)] (26/07/2018)

CBIC notifies UTGST exemption on certain services from 27th July, 2018 vide Notification No. 14/2018-Union Territory Tax (Rate) Dated: 26th July, 2018 to give effect to recommendation of 28th GST Council meeting held on 21.07.2018....

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Revised UTGST rates on various services WEF 27th July, 2018

Notification No. 13/2018-Union Territory Tax (Rate) [G.S.R. 687 (E)] (26/07/2018)

CBIC notifies UTGST rates of various services vide Notification No. 13/2018-Union Territory Tax (Rate) Dated: 26th July, 2018 with effect from 27th of July, 2018 as recommended by Goods and Services Tax Council in its 28th meeting held on 21.07.2018....

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GST not payable on Good supplied outside taxable territory from a place located outside taxable territory

In re Jotun India Private Limited (GST AAR Maharashtra)

In re Jotun India Private Limited (GST AAR Maharashtra) Q1. Whether the supply of goods which are moved from a place located outside taxable territory and are delivered at a place outside taxable territory, would be liable to tax in India under section 7(5)(a) of IGST Act? Answer :- Answered in the negative. FULL TEXT […]...

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GST on facilitating process for sale of CRS Software of foreign parent company

In re Sabre Travel Network India Pvt Ltd (GST AAR Maharashtra)

The marketing, promotion and distribution services provided by the applicant to Sabre APAC would be subject to tax under the provisions of the GST Act....

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IGST exemption on Urea sold on high sea sale basis- Reg.

Notification No. 55/2018-Customs [G.S.R. 705 (E)] (26/07/2018)

Seeks to exempt IGST calculated on the assessable value over and above the value (Pool in Price) at which Urea is sold by Department of Fertilizers to Fertilizer Marketing Entities on high sea sale basis vide Notification No. 55/2018 —Customs, Dated:  26th July, 2018. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue), New...

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Simplify GST for Small & Medium Enterprises- BCAS represents

BCAS has made a representation for Simplification of GST for Small and Medium Enterprises (SME) which includes recommendations on Compulsory Registration required for agents , Registration Threshold, Reverse Charge Mechanism, Composition Scheme, Input Tax Credit, E-Way Bill Process etc....

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Posted Under: Income Tax |

FAQs on Housing Loan & Income tax benefit

Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA. ...

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Posted Under: Income Tax |

Revised Form No. 3CD Tax Audit Report

Author has compiled Tax Audit Report form 3CD after considering the changes vide Notification No. 33/2018 for ready reference of our readers....

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Posted Under: Income Tax |

Issue Lower/ Nil Rate TDS deduction Certificate within prescribed time

F. No. 275/20/2018-IT(B) (26/07/2018)

CBDT instructed its officers to Adhere to prescribed time-line for issue of certificate of no deduction or deduction of tax at lower rate u/s 197 and 195 of the I.T. Act-1961...

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“Composite Supply” Conundrum In GST Acts [CGST Act, 2017]

Section 2(90) of the CGST Act defines the term principal supply as MEANING the supply of goods or services which constitutes the PREDOMINANT ELEMENT of a composite supply and to which any other supply forming part of that composite supply is ancillary....

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Posted Under: Income Tax |

Prevention of Corruption (Amendment) Act, 2018

NO. 16 OF 2018 (26/07/2018)

Prevention of Corruption (Amendment) Act, 2018 received the assent of the President on the 26th July, 2018 and is applicable from the same date....

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Extend due date of filing Income-tax returns for AY 2018-19: ICAI

ICAl/DTC/2018-19/Rep-23 (23/07/2018)

Vide its representation requested CBDT that the due date of filing return of income be extended by at least a month from the prescribed date of 31stJuly, 2018 for AY 2018-19....

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Allow ITR filing without Aadhaar linkage atleast till 31.03.2019: Delhi HC

Shreyasen, & ANR Vs Union of India & ORS (Delhi High Court)

Delhi HC held that that at least for the period till 31.03.2019, the CBDT shall issue an appropriate direction, and also create a platform by amending the digital form of substituting them properly to enable opt out from the mandatory requirement of having to furnish Aadhar Registration or Aadhar linkage, for the duration, the exemption s...

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Nil CGST Compensation Cess (Rate) on Fuel Cell Motor Vehicles & Coal rejects notified

Notification No. 2/2018-Compensation Cess (Rate) [G.S.R. 704(E)] (26/07/2018)

CBIC prescribes NIL Rate of GST Compensation Cess on Coal rejects supplied by a coal washery, arising out of coal on which compensation cess has been paid and no input tax credit thereof has not been availed by any person and on Fuel Cell Motor Vehicles vide Notification No. 2/2018-Compensation Cess (Rate) , Dated:  26th […]...

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