"October, 2018" Archive - Page 10

Section 44AD (Presumptive Taxation (AY 2018-19)

1. Applicability of Section 44AD  Any business which has a turnover of less than Rs. 2 crores can opt for presumptive taxation under this section. Following class of businesses are out of scope of Section 44AD. – Life Insurance Agents – Commission of any kind – Running the business of Plying, Hiring or leasing Goods […]...

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Posted Under: Income Tax |

Note on Section 194-IA – TDS on Purchase of Immovable Property

Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (other than agricultural land in rural area) is liable to deduct tax at source u/s 194-IA. ...

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Posted Under: Income Tax |

Understand Your Form 16

Form 16 becomes quite a topic of discussion in all office campuses during the tax filing season. Though we know that Form 16 is for tax filing, many of us still find it hard to understand the components of Form 16 while filing the return. Understanding Form 16 is the key to better tax planning....

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Posted Under: Income Tax |

Sunset Review investigation on imports of PVC Suspension Grade Resin

Case No. SSR 17/2018 (29/11/2018)

The product under consideration in the previous investigations as well as present investigation is homo-polymer of vinyl chloride monomer (suspension grade), where various polymer chains are not linked to each other, falling under Customs Classification No. 3904. ...

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GST Council: Journey so far- 918 decisions, 294 Notifications, 30 meetings

GST Council met 30 times, took 918 decisions since its Constitution; 96% of decisions already been implemented through 294 Notifications Till date, the Goods and Services Tax ( GST) Council  has taken 918 decisions related to GST laws, rules, rates, compensation and taxation threshold etc. More than 96% of the decisions have already been...

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Posted Under: Income Tax |

Rules 2C, 2CA & 11AA and Form Nos 10G, 56 & 56G -draft notification

F No 370142/14/2018-TPL (29/10/2018)

Amendment of Rules 2C, 2CA and 11AA and Form Nos 10G, 56 and 56G of the Income-tax Rules, 1962-draft notification for inputs from the stakeholders and the general public...

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Creation of GST Helpdesks for MSME sector to support MSMEs

F.No. 349/94/2017-GST(Pt) (29/10/2018)

Government of India is launching a program on 02nd November, 2018 at Vigyan Bhawan to support MSMEs and to reach out to them wherein Department of Financial Services will be the nodal agency to monitor overall progress. ...

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Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) scheme in India

The PMRPY scheme is targeted for workers earning wages upto Rs. 15,000/- per month. Publicity and awareness campaign is an integral component of the PMRPY scheme for encouraging employers including Micro, Small and Medium Enterprises (MSMEs) to avail benefits....

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Posted Under: Income Tax |

TDS on Sale of Property in India – Simplified

In case of Sale of Property by Residents IN case of sale of immovable property by the residents in India buyer is required to deduct tax @ 1% u/s 194 IA of Income Tax Act, 1961 on sale consideration if value of property exceeds Rs. 50 Lacs. TDS shall also be deducted in case of […]...

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Posted Under: Income Tax |

Master Guide on GST Annual Return and Audit

Master Guide on GST Annual Return and Audit, covering: How to Go Head with Annual Return and GST Audit, Analysis of GSTR 9 Form and How to fill the same, Analysis of GSTR 9C Form and How to fill the same...

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Posted Under: Income Tax |