"July, 2018" Archive - Page 2

7 Post-Budget Suggestions on Custom and GST Law

ICAI Submits post Budget 2018 Memorandum on Indirect Taxes and submit its suggestions on 1. Levy of Integrated Tax on goods remaining in Bonded warehouse, 2. Audit of assessment of imported or exported goods, 3. Power to issue supplementary notice, 4. Communication of an order, decision, summon, notice etc. under Customs Act, 1962 through...

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Taxability of Gifts received from Relatives & Non Relatives

If  an individual/Huf receives from any person or persons any gift , exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF U/s 56. The gift can be the following...

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Income Tax Return Filing & Advance tax Due Dates

Due Dates of Income Tax Return: Person not required to be audited – 31st July (Date been extended to 31st August 2018 for A.Y. 2018-19) Person required to be audited Under Income Tax Act,1961 or under any other Law – 30th September Where the assessee is required to furnish report under section 92E pertaining to […]...

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TCS Rate Chart under Income Tax for F.Y. 2016-17 to 2018-19

Article Compiles TCS Rates for F.Y. 2016-17 to 2018-19 under Section 206C of Income Tax Act, 1961 stating Nature of Payment, Threshold Amount, TCS Rate as applicable to Individual / HUF and others. It Provides TCS Rate on Scrap, TCS Rate on Tendu Leaves, TCS Rate on Timber obtained under a forest lease or other […]...

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House Rent Allowance (HRA) Vs. Rent Free Accommodations

In case the House Rent Allowance (H.R.A.) is provided then there will be a tax savings (Please refer Valuation sheet for details). The above mentioned savings is mainly because of the methods Income tax act and Rules employs for valuation of taxability of H.R.A and Rent Free Accommodations (R.F.A.)....

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Penalty / Consequence of Late Income Tax Return Filing

We Indians, always wait for last date for any task whether it filling of examination form or Income Tax Return. As we all knew last date for filling of Income Tax Return for A/Y 2018-19 was extended from 31st July 2018 to 31st August 2018 but still there are many who have not filled their Return and now all these persons seeking appointme...

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5 Simple Budgeting Habits Everyone Should Practice

As an accountant, you probably recognize how important it is to have a budget and save money for unexpected expenses. Unfortunately, most of our clients don't understand how easy it can be to create and manage a budget with the tools we have available at our disposal. I...

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GST on amortized value of tool received on FOC basis from customer

In re Lear Automotive India Private Limited (GST AAR Maharashtra)

In re Lear Automotive India Private Limited (GST AAR Maharashtra) Whether amortized value of the tool received on Free of Cost (FOC basis from the customer is required to be included in the value of finished goods manufactured and supplied by the applicant to the customer? FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, […]...

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Section 54/54F & time limit for deposit/ reinvestment of capital gain

A bare reading of section 54F clearly shows that the assessee is entitled for exemption in case he/she purchase/constructs a one residential house in India within a period of two/three years after the sale of the capital asset or purchases one year before the date of transfer. However, sub-clause (4) of section 54F clearly says that...

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Mandatory RFID sealing postponed to 1st October, 2018

Circular No. 24/2018-Customs (31/07/2018)

Postponement in the date for mandatory RFID sealing in case of movement of goods under warehousing bond. CBIC has decided to extend the date to 1st October, 2018 ...

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