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.
Article deal with recent Rumors in Social Media that If Income Tax Return not filed within due date, the entire Chapter VIA deductions will not be allowed which includes some of the Popular deduction i.e. Section 80C, Section 80D, etc. Some have even called it as hidden Bomb of Union Budget 2018. By this article I would like to clarify that Finance Budget 2018 has not made any changes in relation to claim of such deductions.
The Honorable Finance Minister of India, Mr. Arun Jaitley, delivered the fifth Union Budget of NDA Government, last full budget before the upcoming general elections in 2019 amidst various challenges, compelling the Government to do a balancing act of revival of economic growth
Q1. What is an E Way Bill? Ans. E-way bill (FORM GST EWB-01) is an electronic document (available to supplier/ recipient / transporter) generated on the common portal evidencing movement of goods of consignment value more than Rs. 50000/-. It has two Components-Part A comprising of details of GSTIN of supplier & recipient place of […]
As per the government wish National E-Way Bill is implemented in all over India from 1st Feb-2018 for interstate transaction, and around 13 states also implemented Intra-state E-Way system from 1st feb-2018 on believing that portal developed by NIC can handle the load of whole India.
As you are already aware about the Press Release by the Director General of Income Tax (Investigation) – Karnataka & Goa, wherein fraudulent income tax refund scam busted in Bangalore- a case of tax professional abetting tax evasion. In this connection, we wish to present before you the following facts on the ongoings:
With less than a week to go before the India’s Union Budget for the financial year 2018-19, there is lot of debating between pundits from various schools of thought. Given the past three budgets in the reign of Prime Minister Narendra Modi, the tax laws and the corresponding regulations have been rationalised, resolving many ignored/ untouched issues. Various reforms have been brought in to promote the growth of the Indian economy and showcase India as an investor friendly country and laws have been brought to curb corruption.
CBEC has issued 9 UTGST Tax Rate Notification, 10 Integrated Tax (Rate) Notification and 9 Central Tax (Rate) Notifications which in total amount to 27 Notifications to give effect to Changes in GST Rate and its related Provisions as recommended by 25th GST Council Meeting on 18.01.2018. List of Such notifications is as follows :- […]
The following are the major changes recommended by the GST Council in its 25th meeting held on 18th January, 2018, ahead of Union Budget– 2018 which shall be presented on 1st February, 2018.
Petitioner requests to extend the time period for filing of GST Tran-1 because his application was not entertained on the last date i.e. 27.12.2017 and he has filed his complete application for necessary transactional credit.
