Daily Archives: October 6, 2017

GST Council meeting 06.10.2017 : 22nd Meeting : Press Conference by Arun Jaitley

By | October 6, 2017

GST Council meeting 06.10.2017 : 22nd Meeting : Press Conference by Arun Jaitley Related Topic on GST  Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST… Read More »

Draft Guidelines for furnining TP documents in Master file & CBC report : CBDT

By | October 6, 2017

F. No. 370142/25/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 6th October, 2017 Subject: Framing of rules in respect of Country-by-Country reporting and furnishing of master file – comments and suggestions-reg In keeping with India’s commitment to implement the recommendations of 2015 Final Report on… Read More »

GST Issue : Exempt Supplies to include reverse charge supplies for credit apportionment

By | October 6, 2017

Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 34. Exempt Supplies to include reverse charge supplies for credit apportionment Explanation to Section 17(2) of CGST Act provides that for the purposes of this sub- section, exempt supplies shall include supplies on which recipient is liable to pay tax on… Read More »

Category: GST

Amendments to IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016

By | October 6, 2017

Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017  The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate… Read More »

USA IRS : Foreign Currency Guidance under Section 987 : Notice 2017-57

By | October 6, 2017

Notice 2017-57, Foreign Currency Guidance under Section 987 Issue Number:    Notice 2017-57 Inside This Issue Foreign Currency Guidance under Section 987 Notice 2017-57 1. PURPOSE      This Notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to amend the regulations under section 987 to defer the applicability date of the final… Read More »

USA IRS : Mortality Tables: N-2017-60 & RP-2017-55

By | October 6, 2017

Notice 2017-60 sets forth:  (1) the mortality table to be used to determine minimum lump sums for distributions during stability periods beginning in the 2018 calendar year, and (2) updated mortality tables for 2018 determined under prior regulations.  The updated mortality tables determined under prior regulations apply to certain plans with end-of-year valuation dates, and certain… Read More »

USA IRS : Extension Filers Should Review Tax Credits Before Filing

By | October 6, 2017

Extension Filers Should Review Tax Credits Before Filing Taxpayers who requested an extension of time to file their federal tax returns have until Oct.16 to double-check their returns for tax benefits that people often overlook. These taxpayers still have time to see if they can benefit from these four credits. Earned Income Tax Credit The Earned Income… Read More »

USA IRS : AIR ISS-A2A WSDL for Filing Season 2018/Tax Year 2017 AATS is now available

By | October 6, 2017

AIR ISS-A2A WSDL for Filing Season 2018/Tax Year 2017 AATS is now available If you would like to request the AIR AATS WSDL for Filing Season 2018/Tax Year 2017, the Responsible Official or an official identified as a Contact on the ACA Application for TCC must send an email to the AIR Mailbox with “AATS WSDL for… Read More »

USA IRS : Check Eligibility for Overlooked Tax Benefits

By | October 6, 2017

Tax Filing Extension Expires Oct. 16 for Millions of Taxpayers; Check Eligibility for Overlooked Tax Benefits WASHINGTON – The Internal Revenue Service today urged taxpayers who have a filing extension through Oct. 16 to check their returns for often-overlooked tax benefits. When they are ready to file, the IRS recommends they file their return electronically using IRS e-file or… Read More »

Govt received info for 2.09 Lakh suspicious companies from Banks

By | October 6, 2017

Government of India receives vital information from 13 Banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year;  Investigative agencies have been asked to complete necessary investigation in a time bound manner. In what is undoubtedly a… Read More »

Allow Assessee to opt for Composition Scheme if Interstate stock is laying : ICAI

By | October 6, 2017

Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 24. Ineligibility to opt for Composition Scheme if assessee has interstate purchased stock Rule 5 of CGST Rules, 2017 provides that the person exercising the option to pay tax under section 10 shall comply with the following conditions, namely: a) he… Read More »

Category: GST

Allow GST composition scheme dealers to Sell through e-commerce operator : ICAI

By | October 6, 2017

Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 23. Restriction from making supplies through an e-commerce operator for opting composition scheme Section 10 of CGST Act, 2017 provides that the person exercising the option to pay tax under composition scheme shall comply with certain conditions and one of the… Read More »

Category: GST

Dealer receiving interest may not be eligible for composition scheme : ICAI

By | October 6, 2017

Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 22. Eligibility for Composition Scheme to dealers when they are receiving Interest Income. Section 10(2)(a) of CGST Act, 2017 provides that the registered person shall be eligible to opt under sub-section (1), if he is not engaged in the supply of services… Read More »

Category: GST

EPFO FAQs on Inspection Policy of Establishments

By | October 6, 2017

EPFO FAQs on Inspection Policy of Establishments No CAIU/RTI/17/2017/13502 Dated 05.10.2017 The EPFO has released a set of FAQs which clarifies the Inspection Policy of the EPFO. It explains about the relevant regulations, exempted establishment, different types of inspection (mandatory/ optional), establishments selection procedure, frequency of inspections, report and action thereon, etc. Download

Allow GST Composition Levy to Service Provides : ICAI

By | October 6, 2017

Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 21. Availability of Composition Levy Section 10 of the CGST Act provides that benefit of Composition Scheme would be available to a registered taxable person, a registered person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees,… Read More »

Category: GST

Allow GST Composition Scheme to professionals having small turnover : ICAI

By | October 6, 2017

Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 20 Availability of Composition Scheme to various assessees Section 10 of the CGST Act, 2017 provides for Composition Scheme availability to registered persons whose aggregate turnover in the preceding financial year did not exceed Rs. 75 lakhs. Issue The benefit of composition… Read More »

Category: GST

Per Day Limit of Purchase from Unregistered Dealer : ICAI raised Issues

By | October 6, 2017

Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 19. Per Day Limit of Purchase from Unregistered Dealer` Central Government vide Notification No. 08/2017-Central Tax (Rate), dt. 28-06-2017 has w.e.f 1st July 2017 exempted supplies of goods or service or both received by a registered person from any or all such… Read More »

Category: GST

GST News 05.10.2017 by TaxHeal

By | October 6, 2017

GST News 05.10.2017 by TaxHeal Related GST Video Tutorials Related Topic on GST  Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press… Read More »

GST New 04.10.2017 by TaxHeal

By | October 6, 2017

GST New 04.10.2017 by TaxHeal Related Topic on GST  Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press Release GST Books Best… Read More »

USA IRS : Extension Filers: Deadline is Monday, Oct. 16 , Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically

By | October 6, 2017

Extension Filers: Deadline is Monday, Oct. 16; Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically YouTube Video How to Use Get Transcript Online: English WASHINGTON – The Internal Revenue Service has an important reminder for taxpayers who filed for an extension and face an Oct. 16 filing deadline: The adjusted gross income (AGI) amount from their… Read More »