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.
Indian Railways now provides its Short Messaging Service (SMS) facility regarding the status of trains running late by more than one hour to 1,373 trains including Garib Rath, Duronto, Jan Shatabdi, Suvidha, Humsafar, Superfast & Premium trains For the passenger’s convenience, this free of cost SMS service provides the status of late running trains to […]
The stipulated date for filing GST TRAN 1 or its revision has expired on 27.12.2017. Central Board of Excise & Customs (CBEC) is determined to verify the correctness of ITC carried forward. GST Act provides that the ITC eligible in earlier law as well as in GST law should only be carry forwarded. In Rajasthan […]
ICAI has come up with a publication titled Background Material on Exempted Services under GST which inter-alia provides the type of exemptions, legal framework and in-depth analysis of exemption of services under GST.
These GST Flyers have now been updated as on 1st January, 2018, in view of the significant developments since the time they were released. NACIN is now coming out with this compilation containing all the 51 Flyers released till date for ease of reference. This compilation will continue to spread awareness of GST not only among the Tax officers and taxpayers but also people at large.
A new name reservation service is being developed and is likely to be deployed on 26th January, 2018. Therefore w.e.f. 00:00 hours of 06-01- 2018, INC-1 will not be available on the MCA Portal. Stakeholders are advised to submit INC-1 application till 23:59 hours of 05-01-2018. Stakeholders who reserved names using INC-1 are requested to […]
Income from notice period pay is chargeable in the hands of ex-employer and deduction of the amount of notice period pay paid be made available to the employee as he has not effectively received that income.
At present income of minors included in the hands of parents is exempt to the extent of Rs.1,500/- for each minor. The average expenditure to meet cost of a minor’s education/health/living expenses which has gone up considerably in recent years, limit of Rs.1,500/- fixed is woefully inadequate.
It is, therefore, proposed to introduce the Negotiable Instruments (Amendment) Bill, 2017 to provide, inter alia, for the following, namely:—(i) to insert a new section 143A in the said Act to provide that the Court trying an offence under section 138 may order the drawer of the cheque to pay interim compensation to the complainant, in a summary trial or a summons case
