Order No. 6 of 2018 The following posting/ transfer in the grade of Commissioner of Income Tax is, hereby, ordered with immediate effect and until further orders:-
Real Time Default Management System is in operation in EPFO for reducing current default of establishments. New Enforcement Officers are also being provided to Regional Offices after completion of their training for effective default reduction.
Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST)
Earlier under Section 10(23FB) of Income-tax Act, any income of a Venture Capital Company (VCC) or Venture Capital Fund (VCF) set up to raise funds for investment was exempt from taxation. However, in 2007
Provisions similar to that of erstwhile standard deduction may be re-introduced. Simultaneously, the multiple exemptions that are available (with miniscule upper limits) may be done away with.
It is suggested that the provisions of section 17 be amended to include retired employees for the tax benefit on medical reimbursements / hospitalization expenditure in approved hospitals.
Section 206C(1C) of the Act only obliges a person to collect tax from its agents/licensee who collects a toll on its behalf. The obligation to collect tax under Section 206C(1C) of the Act cannot be extended to collection of octroi.
On 29.12.2017, vide General Circular No. 16/2017, a Condonation of Delay Scheme, 2018 (CODS-2018/Scheme) has been introduced by MCA with a view to giving an opportunity to the defaulting companies to rectify the default and complete all their pending annual filings with the MCA.
Taxpayers are advised to file for Core Amendment or Non-Core Amendment one at a time. Once the first amendment is reflected in your Registration Certificate on the GST Portal, only then you are advised to file the second amendment.
Taxpayers who are not able to file for ITC 04 in spite of downloading new version of Offline tool, are advised to: 1. Uninstall the old version of offline tool 2. Reboot the system and then download 3. Install new version of offline tool (Version 1.1)
