Daily Archives: May 26, 2017

CPT June 2017 Examination Admit Cards

By | May 26, 2017

Admit cards in respect of candidates admitted to the CPT June 2017 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org No physical admit cards will be sent to any candidate. Candidates are required to download and print their admit cards from the website. In terms of the decision of the Examination… Read More »

After GST , Telecom companies needs to rework their costing

By | May 26, 2017

After GST regime, telecom companies would be required to re-work their costing and credits availability and re-jig their prices and ensure that the increased availability of credit is passed on to the customers by lowering their costs. Telecommunication services presently attract Service Tax of 14% along with Swachh Bharat Cess (SBC) of 0.5% and Krishi… Read More »

Category: GST

Add/ Register as Representative on Income Tax India e-Filing portal

By | May 26, 2017

Add/ Register as Representative A new functionality “Add/ Register as Representative” is enabled in e-Filing portal. The existing functionalities of “Legal Heir”, “Liquidator” and “Person Competent to Verify” are consolidated into a single functionality along with additional categories. Central Board of Direct Taxes, e-Filing Project- User Manual-Add/ Register as Representative 1 Introduction As per section… Read More »

Insolvency and Bankruptcy Code (Removal of Difficulties) Order 2017.

By | May 26, 2017

MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 24th May, 2017 S.O. 1683(E).—Whereas, the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the said Code) received the assent of the President on 28th May, 2016 and was published in the official Gazette on the same date; And, whereas, section 252 of… Read More »

Atal Pension Yojana (APY) reaches 53 lakhs subscribers’ base

By | May 26, 2017

Atal Pension Yojana (APY) reaches 53 lakhs subscribers’ base 235 Banks and Department of Post involved with APY implementation 97.5% of the subscribers contributing at monthly intervals; 51.5% subscribers have opted for a monthly pension of Rs. 1000 The subscribers base under the Atal Pension Yojana (APY) has reached about 53 Lakhs. At present 235… Read More »

Statement of Financial Transaction (SFT) & SFT Preliminary Response – CBDT Clarify

By | May 26, 2017

Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form… Read More »

Example Rule 9 GST Input Tax Credit Rules – Reversal of ITC on Inputs & Capital Goods

By | May 26, 2017

Reversal of Input Tax Credit on Inputs and Capital Goods A registered person needs to Reverse the Input tax Credit on Inputs and Capital Goods  , If person who has availed Input Tax Credit and  Opt for Composition Scheme , or  Where the goods or services or both supplied by him become wholly exempt or… Read More »

Example Rule 8 of GST Input Tax Credit Rule – Capital Goods Partly used for Business and partly for other purposes

By | May 26, 2017

Input Tax Credit on Capital Goods Partly used for Business and partly for other purposes Input tax credit in respect of capital goods, which attract the provisions of sub-sections (1) and (2) of section 17, being i) Partly used for the purposes of business and partly for other purposes, or ii) Partly used for effecting… Read More »

Example on Rule 7 of GST Input Tax Credit Rule – Inputs Partly used for business and partly for other purposes

By | May 26, 2017

ITC under GST when inputs or input services  used partly for business and partly for other purposes Rule 7 of Final GST Input Tax credit rules prescribe method of Input tax credit of inputs or input services   i) Partly used for the purposes of business and partly for other purposes, or ii) Partly used for… Read More »

ITDREIN Meaning

By | May 26, 2017

ITDREIN TDREIN means Income Tax Department Reporting Entity Identification Number .ITDREIN is the Unique ID issued by Income Tax Department (ITD)  which will be communicated by ITD after the registration of the reporting entity with ITD The ITDREIN is a 16-character identification number in the format XXXXXXXXXX.YZNNN where XXXXXXXXXX  PAN or TAN of the… Read More »

Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements

By | May 26, 2017

Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements – (25-05-2017)   I. The Council of ICAI at its 365th meeting held on May 17-19, 2017 considered a matter regarding amendment to paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued in October… Read More »

Expense reimbursements not taxable as transfer pricing study showed no profit element

By | May 26, 2017

The Mumbai Bench of the Income-tax Appellate Tribunal held that amounts received by the taxpayer as reimbursements of training-related travel expenses, group health insurance, and other incidental expenses under a technical service agreement were not taxable as fees for technical services. Relying in part on the transfer pricing study and transfer pricing order, the tribunal… Read More »