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CBEC extends time for filing of Form GSTR-1 for July & August 2017

August 8, 2017 5616 Views 0 comment Print

Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the details as specified in sub-section (1) of section 37 of the said Act for the month as specified in column (2) of the Table below, within the period as specified in the corresponding entry in column (3) of the said Table, namely:-

Indian Diaspora: A unique global asset

August 8, 2017 822 Views 0 comment Print

When Saddam Hussein’s Iraqi forces invaded Kuwait in 1990, Mathunny Mathews better known as Toyota Sunny stepped in as ‘Messiah Mathews’. Sunny’s immense contribution played a crucial role of saving 1,70,000 Indians from the Kuwait war in 488 flights.

Journey of India’s Central Bank

August 8, 2017 1068 Views 0 comment Print

The Reserve Bank of India was established in 1935, as the country’s central bank. The sub-committee of the First Round Table Conference said that efforts should be made to establish on sure foundation and free from any political influence…a Reserve Bank which will be entrusted with the management of the currency and exchange.

S. 54EC CBDT allows Indian Railway Finance Corp. Ltd to issued Bond

August 8, 2017 2868 Views 0 comment Print

In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), on or after the date of publication of this notification in the Official Gazette, as ‘long-term specified asset’ for the purposes of the said section.

GST Council Recommends Increase in Compensation Cess on Motor Vehicle

August 7, 2017 2583 Views 0 comment Print

GST Council Recommends Increase in Maximum Ceiling of Cess Leviable on Motor Vehicles Falling Under Headings 8702 and 8703 to 25% Instead of Present 15%

25% growth in number of Income Tax Returns filed

August 7, 2017 2058 Views 0 comment Print

Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) […]

Guidelines regarding cross checking of Input Tax Credit (ITC)

August 7, 2017 10290 Views 0 comment Print

During the service cell meeting dated 15th July 2017, some of the dealers and sales tax practitioners had brought to my notice that in cases of issue based case where there is mismatch of J2111, the officers insist for the ledger confirmations for the mis-match of small amounts which causes the great hardship to the trade and most of the time these mis-matches are on technical ground.

Change in date of birth of employees’ Pension Fund Members

August 7, 2017 1953 Views 0 comment Print

As per Head Office letters/circulars under reference, the procedure of change of date of birth has been elaborated and systematized and needs to be adhered to by the field offices. A member, having a systematically verified and linked Aadhaar with EPFO database will not be allowed to change date of birth again.

“Rakshabandhan” of GST

August 7, 2017 2547 Views 0 comment Print

Arjuna (Fictional Character): Krishna, Today is Rakshabandhan. This festival is celebrated in whole India. On this holy occasion what information about GST you can give? Krishna (Fictional Character): Arjuna, very good subject you have started. Yes, today is rakshabandhan. It means sister bind the Rakhi to her brother and brother gives promise to protect his […]

Bottling of Gas Into Cylinder Amounts to Production for Section 80HH, 80I and 80IA: SC

August 7, 2017 2385 Views 0 comment Print

Whether Bottling Of Gas Into Cylinder Amounts To Production For Claiming Of Deduction Under Sections 80HH, 80-I And 80-IA Of The Income Tax Act, 1961. Whether an activity constitutes production or manufacture for the purposes of sections 80HH, 80-I and 80-IA of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’) has remained point of dispute in many cases.

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