Guidelines

24 FAQs on Taxation of Long Term Capital Gain on Shares

F.No. 370149/20/2018-TPL (04/02/2018)

Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below....

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Documents for Change of Date of Birth of EPF Members

No. Pension-I/Instructions/Guidelines/2017/20825 (12/12/2017)

It was decided to follow the following process for change of date of birth of members of Employees' Pension Scheme 1995-(i) In case the correction required in date of birth is upto plus or minus one year, Aadhaar will be accepted as a valid document for date of birth....

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Suggestions for smooth compliance of GST- Issue and Response

F. No. 349/147/2017- GST/405 (30/11/2017)

Issue: Payment up to Rs. 50,000 to be allowed through cheque instead of current provision of Rs. 10,000. Response: The Council deliberately decided to keep Rs. 10,000/- as limit for payment through 'over the counter mode' of payment. The same has been decided in the line with the view of Government to minimize cash transactions and encour...

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Advisory for “while filing Refund claims arising out of Export of Goods”

File No. VI/1-52/CCO/GSTN-ADVSRY/2017 (06/11/2017)

Ensure that the Shipping Bill is filed correctly and the details & particulars match with the details of the consignment mentioned in the Tax Invoice....

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Advisory on System Error during GST Registration Amendment

VI/1-52/CCO/GSTN-ADVSRY/2017 (03/11/2017)

It has been noticed that while filing the Registration Amendment applications (Non- Core or Core), many Taxpayers are receiving the Error message, namely : System Error Occurred...

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Country-by-Country reporting & furnishing of master file- Draft TP rules

F. No. 370142/25/2017-TPL (06/10/2017)

It is proposed to insert rulac 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 (`the Rules'), laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report. In this regard, the following guidelines are proposed to be prescribed:...

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GST: Clarification on one third deemed deduction on transfer of Land

C. No. IV/16/122017-CCO(TVM) (19/09/2017)

The value of supply of services falling under the said Sl. No. are eligible for one third deemed deduction, on account of Transfer of Land or Undivided Share of land, if the transaction value includes the value of the land transferred as per and as delineated in para 2 of the said Notification. This one third deemed deduction on account ...

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SARFAESI Act 2002: Collection of taxes out of attached properties

F. No. 1(380)/DIT(R)/SARFAESI/ 17-18/ (06/09/2017)

The SARFAESI Act has been amended on 12-08-2016 to extend the scope of the Act to provide for registration of security interest held by all other creditors, in addition to the banks and financial institutions defined as secured creditors under the Act. T...

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GST: Guidelines on composition and levy on directives/instructions regarding migration

Memo No. 1470/ST-5 (14/07/2017)

As per section 10(1) of the CGST/HGST Act, 2017, read with Rule 7 of GST Composition Rules rates under composition scheme are as under: (i) 2% (1% CGST+1% SGST) of the turnover in the State in case of manufacturers. (ii) 5% (2.5% CGST+2.5% SGST) of the turnover in the State in case of food/restaurant services. (iii) 1% (0.5% CGST...

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Advisory on Customs related matters on introduction of GST regime

D.O.F.N0.450/100,0017-CUSIV (20/06/2017)

With the GST set to be rolled out on 1st Jul y 2017, the final phase of preparation for its implementation is in full swing. Customs too has a major stake in the early implementation of GST as IGST would begin to be levied on the imports from the very first day, the credit of which shall be available to the importers. ...

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