"19 October 2018" Archive

Due date extended for filing PT returns without late fee in Maharashtra

Trade Circular No. 28T of 2018 (19/10/2018)

Late fees is not payable for delayed return filing of Professional Tax (PT) Returns in Maharashtra by the registered employer in respect of monthly or annual returns pertaining to periods April 2016 to November 2018 if  amount payable as per return been/shall be paid on or before the due date. The aforesaid employers should submit the [...

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GST leviable on rent paid /payable for premises taken on lease

In Re Tathagat Heart Care Centre (GST AAAR Karnataka)

In Re Tathagat Heart Care Centre (GST AAAR Karnataka) The AAAR upheld the ruling rendered under provisions of 98(4) the GST Act 2017 by Advance ruling authority vide order KAR ADRG 04/2018 dated 21-03-2018 of GST is leviable on the rent paid /payable for the premises taken on lease. Also Read AAR Ruling-  GST leviable […]...

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AAAR modifies ruling on GST on solar power plant Installation

In Re Giriraj Renewables Private Ltd. (GST AAAR Karnataka)

In Re Giriraj Renewables Private ltd. (GST AAAR Karnataka) The AAAR modified the ruling rendered by the AAR to the extent of supply of the PV module is the major component of the solar power plant is not naturally bundled with supply of the remaining components & parts of the solar power plant and the […]...

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Post GST Registration Site Visit- 5 FAQs

1. What is Post GST Registration Site Visit? Post GST Registration Field Visit is a visit by the tax authorities to the premises of the taxpayer i.e. the Principal place of business or additional place of business or both, post grant of registration to the taxpayer. 2. Who will conduct the Field Visit of the […]...

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Guide on TDS in GST Act

The concept of TDS on GST was initially introduced in the Income Tax Act and has now been introduced in GST as well. The purpose of introduction of TDS on GST is only to enable the govt to have a trail of transactions and to monitor and verify the compliance....

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Want to use the money in your PPF account? Know the rules

Public Provident Fund (PPF) account is an excellent tool for tax planning as well as for accumulating funds for retirement. The money in PPF account is not supposed to be used any other purpose except under exceptional circumstances. PPF rules allow you to use the money before its maturity. Let us discuss how one can […]...

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PPT on Presumptive Taxation under Income Tax Act

PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks...

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Board interlock restrictions shall apply to existing IDs too

Sundaram Finance (applicant company) on 28th August, 2018 requested SEBI to issue informal guidance for getting clarity/better understanding of the wording use in new Regulation 17 (1A) and Regulation 25 (1) both of which use the word 'continue' which is absent in Reg.16(1)(b)(viii)....

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Cyber Security Framework for Primary (Urban) Co-op Banks (UCBs)

RBI/2018-19/63 DCBS. CO. PCB.Cir.No.1/18.01.000/2018-19 (19/10/2018)

Use of Information Technology by banks has grown rapidly and is now an important part of the operational strategy of banks. The number, frequency and impact of cyber incidents/attacks have increased manifold in the recent past, more so in the case of financial sector including banks...

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RBI opposes idea of independent body to regulate payments; Releases Dissent Note

Press Release : 2018-2019/929 (19/10/2018)

An Inter-Ministerial Committee for finalization of amendments to the Payment & Settlement Systems Act, 2007 was formed by the Government under the chairmanship of Secretary, Department of Economic Affairs. RBI was represented in the Committee....

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