Daily Archives: February 1, 2018

E Way Bill FAQ’s : released by CBEC

By | February 1, 2018

NATIONAL ACADEMY OF CUSTOMS, INDIRECT TAXES AND NARCOTICS (NACIN) Frequently Asked Questions on E Way Bill Q 1. 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… Read More »

Capital Gains Exemption on Transfer of Listed shares : withdrawn : Budget 2018-19

By | February 1, 2018

Budget 2018-19 Currently, long term capital gains arising from transfer of listed equity shares or units of equity oriented fund or units of business trusts, are exempt from income-tax under Section 10(38) of the Act. In order to minimize the economic distortions and curb erosion of tax base, it is proposed to withdraw this exemption… Read More »

Budget 2018-19 : PAN number Mandatory for Financial Transactions of Rs 2.5 Lakh for non-individual entities

By | February 1, 2018

Entities to apply for Permanent Account Number in certain cases As per Budget 2018-19 :- Section 139A inter-alia provides that every person specified therein and who has not been allotted a permanent account number shall apply to the Assessing Officer for allotment of a Permanent Account Number (PAN). In order to use PAN as Unique… Read More »

USA IRS : Country-by-Country Reporting News & Information

By | February 1, 2018

Issue Number:  2018-1 Inside This Issue   IRS Publishes New Content on Country-by-Country (CbC) Reporting IRS Issues Reminders for U.S. MNEs Filing Form 8975 on Paper IRS Issues Reminders for U.S. MNEs Amending Form 8975 1.  IRS Publishes New Content on Country-by-Country (CbC) Reporting New content is available on the CbC Reporting pages: New CbC Reporting FAQs are now… Read More »

Budget 2018-19 : Tax Incentive for Promoting Post-Harvest Activities of Agriculture

By | February 1, 2018

Ministry of Finance Tax Incentive for Promoting Post-Harvest Activities of Agriculture Posted On: 01 FEB 2018 1:42PM by PIB Delhi In order to encourage professionalism in post-harvest value addition in agriculture, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed to allow hundred per cent deduction to companies registered as Farmer Producer… Read More »

Budget 2018-19 : Benefits u/s 80-JJAA Income-Tax Act Extended to Footwear & Leather Industry

By | February 1, 2018

Ministry of Finance Benefits Under Section 80-JJAA Of The Income-Tax Act Extended To Footwear And Leather Industry To Help Employment Generation Posted On: 01 FEB 2018 1:15PM by PIB Delhi The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley has proposed to extend the benefits under Section 80-JJAA of the Income-tax Act to… Read More »

Budget 2018-19 :Restrictions on Payments in cash by trusts and institutions

By | February 1, 2018

Ministry of Finance Stricter controls over small cash flow by companies; Payments exceeding Rs. 10,000/- in cash made by such entities shall be disallowed Posted On: 01 FEB 2018 1:16PM by PIB Delhi In order to control the cash economy and increase TDS compliance, the Union  Finance and Corporate Affairs Minister Shri Arun Jaitley proposed… Read More »

Budget 2018-19 : New scheme for Income Tax assessment in electronic mode

By | February 1, 2018

Ministry of Finance Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode. E-assessment to be rolled-out across the country to transform age-old assessment procedure Posted On: 01 FEB 2018 1:20PM by PIB Delhi In the General Budget 2018-19 presented in Parliament today, the Union Minister for Finance and… Read More »

Budget 2018-19 : Relief to salaried taxpayers

By | February 1, 2018

Ministry of Finance Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions 2.5 Crores salaried employees and pensioners to benefit Differently-Abled will continue to get transport allowance at enhanced rate Posted On: 01 FEB 2018 1:29PM by PIB Delhi In order to provide relief to salaried taxpayer, the Union… Read More »

Tax Incentive for Promoting Post-Harvest Activities of Agriculture in Budget 2018-19

By | February 1, 2018

Ministry of Finance Tax Incentive for Promoting Post-Harvest Activities of Agriculture Posted On: 01 FEB 2018 1:42PM by PIB Delhi In order to encourage professionalism in post-harvest value addition in agriculture, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed to allow hundred per cent deduction to companies registered as Farmer Producer… Read More »

Summary of Budget 2018-19 

By | February 1, 2018

Ministry of Finance Summary of Budget 2018-19 Posted On: 01 FEB 2018 1:49PM by PIB Delhi Government says that it is firmly on course to achieve high growth of 8% plus as manufacturing, services and exports are back on good growth path. While GDP growth at 6.3% in the second quarter of 2017-18 signalled turnaround… Read More »

Highlights of Budget 2018-19

By | February 1, 2018

Ministry of Finance Highlights of Budget 2018-19 Posted On: 01 FEB 2018 2:06PM by PIB Delhi Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament. Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors Government says, a series of structural reforms will propel India among the… Read More »

Section 17 of Punjab GST Act 2017 : Apportionment of credit and blocked credits.

By | February 1, 2018

Section 17 of Punjab GST Act 2017 ( Section 17 of Punjab GST Act 2017 explains Apportionment of credit and blocked credits and is covered in  CHAPTER V INPUT TAX CREDIT )  Apportionment of credit and blocked credits. 17. (1) Where the goods or services or both are used by the registered person partly for the purpose of any… Read More »