Daily Archives: October 7, 2016

Taxation of Real Estate Developers -Book June 2016

Taxation of Real Estate Developers & Joint Development Arrangements (2nd Edition, June 2016) Paperback – 2016 BUY Taxation of Real Estate Developers & Joint Development Arrangements (2nd Edition, June 2016) Incorporating *Taxation of Real Estate Developers and Joint Development arrangements *Accounting Aspects *Service Tax on Construction Industry *Guide to Real Estate (Regulation and Development) Act… Read More »

Download Form No 68 – Grant immunity from penalty u/s 270A -Notified by CBDT for under-reporting or misreporting of income

MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 05th October, 2016 [Notification No. 90 /2016/F.No.370142/26/2016-TPL] S.O. 3150 (E).— In exercise of the powers conferred by section 295 read with sub-section (2) of section 270AA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes… Read More »

GSTR-3 -Monthly Return -GST Return- Analysis

GSTR-3 Monthly Return Key Points of GSTR-3 –Monthly Return Due Date :– GSTR-3  (Monthly Return) is to be furnished by the 20th of the month succeeding the tax period by a registered taxable person Other than compounding Taxable Person / ISD Auto Generation of Part A:- Part A of GSTR-3  (Monthly Return)  shall be electronically generated on… Read More »

GSTR-2 -Inward Supplies -GST Return- Analysis

GSTR-2 Details of Inward Supplies /Purchases Received Details of Inward Supplies /Purchases Received Key Points of GSTR-2 (Inward Supplies) Due Date :– GSTR-2 (Details of Inward Supplies /Purchases Received ) to be furnished by the 15th of the month succeeding the tax period. Non Applicability :-GSTR-2 (Details of Inward Supplies /Purchases Received ) is not to  be  furnished… Read More »

GST Network operating expenses to be funded by user fee

The Narendra Modi government’s plans to roll out GST from April 1, 2017. The GST Council, chaired by Union finance minister Arun Jaitley, is already working towards finalising the structure of the new tax law and two rounds of meetings are already concluded. GSTN has hired Bengaluru-based Infosys on a project worth Rs 1,380 crore… Read More »

Category: GST

Adoption of GST poised to boost India’s medium-term growth: IMF

Adoption of GST poised to boost India’s medium-term growth: IMF WASHINGTON: Asserting that India has shown that progress on reforms could “ignite” business investment, the IMF today said the adoption of goods and services tax is poised to boost the country’s medium-term growth. “India’s strong reform push in 2016 is welcome and should continue apace.… Read More »

Category: GST

Non taxing GST Apps will Soon be Made by Cos

Non-taxing GST Apps will Soon be Made by Cos In a bid to give tax payers more choice to file their returns once the much-awaited tax reform is rolled out, the Goods and Services Tax Network (GSTN) is inviting private companies to build third-party interfaces. Open for technology, accounting and financial services firms, it will… Read More »

Analysis of GST Return GSTR-1 -Outward supplies by Tax payers

GSTR-1 Outward supplies by Tax payers Key Points of GSTR-1 (Outward supplies by Tax payers) Due Date of GSTR-1  (Outward supplies by Tax payers ):- To be furnished by the 10th of the month succeeding the tax period. Not to be furnished by compounding Taxable Person/ISD Basic details of the Taxpayer i.e. Name along with GSTIN Period… Read More »

EOI request in time barring cases to be made one month before time barring dat

SECTION 90 OF THE INCOME-TAX ACT, 1961  DOUBLE TAXATION AGREEMENT  REQUESTS FOR EXCHANGE OF INFORMATION FROM FIELD OFFICERS IN TIME BARRING CASES LETTER F.NO.500/044/2016-FT&TR-III, DATED 3-10-2016 The undersigned is directed to state that large number of Exchange of Information (EOI) requests in time-barring assessment cases are received in FT &TR Division just before the time… Read More »

Govt notifies 8% Interest rate for Q3 on non-Govt. PF, Superannuation Fund and Gratuity Fund

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 3rd October, 2016 No. 5(4)-B(PD)/2016.— It is hereby notified that the deposits made under the Special Deposit Scheme for Non Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with… Read More »

CBDT notify rules for allowability of Spectrum license fee paid by TeleCos

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 4th October, 2016 INCOME-TAX S.O. 3145(E).—In exercise of the powers conferred by clause (iii) of Explanation to section 35ABA and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following… Read More »

Govt to hire agencies to train industry on GST

Revenue dept to hire agencies to train industry on GST With less than six months being left for GST rollout, the revenue department has decided to hire professional bodies to impart training to trade, industry, and stake holders on the new indirect tax regime. The government plans to roll out the Goods and Services Tax… Read More »

Category: GST

GST Rollout : India will be divided into 24 zones & 107 GST commissionerates

Govt plans overhaul of tax administration for smooth GST rollout The government has readied plans for a major change in India’s tax administration structure, including overhauling the Central Board of Excise and Customs (CBEC) to ensure a glitch-free roll out of a nation-wide goods and services tax (GST). The plan, reviewed by Moneycontrol, includes setting… Read More »

States start looking for consultants for GST

States Start looking for consultants for GST States have started scouting for tax consultants to advise them on technical aspects of the goods and services tax (GST), which is planned to be rolled out from April next year. With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab… Read More »

Category: GST

Encashment of bank guarantee doesn’t amount to payment of duty: Madras HC

HIGH COURT OF MADRAS Nizamabad Agro (P.) Ltd. v. Assistant Commissioner of Customs -EODC T.S. SIVAGNANAM, J. W.P. NO. 27525 OF 2016 AUGUST  30, 2016 S. Murugappan for the Petitioner. Rajkumar Jhabakh, Senior Standing Counsel for the Respondent. ORDER 1. Heard Mr.S.Murugappan, learned counsel appearing for the petitioner and Mr.Rajkumar Jhabakh, learned Senior Standing Counsel… Read More »

USA-WSDLs for Tax Year 2016

Subject:  Affordable Care Act Assurance Testing System (AATS) Information Returns Tax Year 2016/Processing Year 2017 Tax Year 2016 ACA AATS will open for testing on November 7, 2016 for Information Returns that will be processed in 2017. Special instructions about the functionality of AATS will be included on the AIR Program page. A2A Channel users: As a… Read More »

USA-Tax Stats-Foreign Trusts Tax Year 2014

Foreign Trusts, Tax Year 2014 Foreign Trusts, Tax Year 2014—One table from the Foreign Trust study is now available on Tax Stats. The table presents data from Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner, and includes statistics for the number of returns, income, expenses, assets and net worth for Tax… Read More »

USA-Employer shared responsibility provisions /Health Coverage

ACA and Employers: Terms to Know about Offers of Health Coverage Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2017 health coverage for your employees. If you are an… Read More »

Category: USA

RBI asked banks to ready to submit data under IDPMS

RBI/2016-17/78 A.P. (DIR Series) Circular No. 05 October 06, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Import Data Processing and Monitoring System (IDPMS) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.65 dated April 28, 2016 read with Section 5 of the Foreign Exchange Management… Read More »

RBI Revised Reporting System for Priority Sector Lending

Priority Sector Lending – Revised Reporting System RBI/2016-2017/79 FIDD.CO.Plan.CO.BC.No.17/04.09.001/2016-17 October 6, 2016 The Chairman / Managing Director / Chief Executive Officer [All scheduled commercial banks (excluding Regional Rural Banks)] Madam/Dear Sir, Priority Sector Lending – Revised Reporting System Priority Sector guidelines were revised vide circular FIDD.CO.Plan.BC.54/04.09.01/2014-15 dated April 23, 2015. Accordingly, quarterly and annual monitoring… Read More »

RBI Operating Guidelines for Payments Banks

RBI/2016-17/80 DBR.NBD.No.25/16.13.218/2016-17 October 6, 2016 Chief Executive Officers of Payments Banks Madam / Dear Sir, Operating Guidelines for Payments Banks Please refer to the Guidelines for Licensing of Payments Banks (‘Licensing Guidelines’) dated November 27, 2014, under which in-principle approvals/ licences were issued to the applicants for setting up of the payments banks. 2. The… Read More »

RBI Operating Guidelines for Small Finance Banks

RBI/2016-17/81 DBR.NBD.No.26/16.13.218/2016-17 October 6, 2016 Chief Executive Officers of Small Finance Banks Madam / Dear Sir, Operating Guidelines for Small Finance Banks Please refer to the Guidelines for Licensing of Small Finance Banks (‘Licensing Guidelines’) dated November 27, 2014, under which in-principle approvals / licences were issued to the applicants for setting up of the… Read More »

Anti-dumping duty on Narrow woven Fabrics

Seeks to impose anti-dumping duty on Narrow woven Fabrics [Hook and Loop Velcro Tapes] of specified types, originating in or exported from Peoples Republic of China for a period of five years [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF… Read More »

TDS Rates Chart for AY 2017-18 (FY 2016-17)

TDS Rates Chart Rates for tax deduction at source [For Assessment year 2017-18] Financial Year 2016-17 Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in India- Section 192: Payment of salary Normal Slab Rate Section 192A: Payment of accumulated balance of provident fund… Read More »

Penalties list under Income Tax

Section Nature of default Penalty leviable (1) (2) (3) 140A(3) Failure to pay wholly or partly— Such amount as Assessing Officer may impose but not exceeding tax in arrears (a) self-assessment tax/fringe benefit tax, or (b) interest, or (c) both under section 140A(1) 158BFA(2) Determination of undisclosed income of block period Minimum : 100 per cent… Read More »

USA -IRS ITIN renewal reminder

IRS Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017 WASHINGTON — The Internal Revenue Service reminds taxpayers affected by recent changes involving the Individual Taxpayer Identification Number (ITIN) program that they can now begin submitting their ITIN renewal applications to the IRS. Under the Protecting Americans from… Read More »

Impact of GST on Income Tax Act 1961

Impact of GST on Income Tax Act 1961 Introduction GST is pegged to be one of the biggest game changers for Indian economy, making India one unified common market. The April 1, 2017, rollout deadline for the new indirect tax regime looks tough but not impossible and both the states and Centre are ready in… Read More »