Daily Archives: February 22, 2018

Electoral Bearer Bond Scheme 2018

By | February 22, 2018

Electoral Bearer Bond Scheme 2018 Sale at Authorised Branches of State Bank of India (SBI) Posted On: 22 FEB 2018 6:50PM by PIB Delhi The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification S.O. No.29 (E) dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased… Read More »

Revised DTAA between India and Kenya notified

By | February 22, 2018

Ministry of Finance Revised Double Taxation Avoidance Agreement (DTAA) between India and Kenya notified; Revised DTAA to improve transparency in tax matters, help curb tax evasion and tax avoidance, remove double taxation and will stimulate the flow of investment, technology and services between both the countries. Posted On: 22 FEB 2018 4:18PM by PIB Delhi… Read More »

Deduction under section 80CCD for self-employed individual w.e.f AY 2018-19

By | February 22, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 37. Rationalisation of deduction under section 80CCD for self-employed individual. 37.1 The provisions of section 80CCD of the Income-tax Act provide that employees or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under section 80CCD(1) of the Income-tax Act could not… Read More »

Carry forward and set off of loss in case of start up companies w.e.f AY 2018-19

By | February 22, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 36. Carry forward and set off of loss in case of certain companies. 36.1 Before amendment by the Act, the provisions of section 79 of the Income-tax Act provided that where a change in shareholding has taken place in a previous year in the case of a company, not being a… Read More »

Restriction on set-off of loss from house property w.e.f AY 2018-19

By | February 22, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 35. Restriction on set-off of loss from house property. 35.1 Section 71 of the Income-tax Act relates to set-off of loss from one head against income from another. 35.2 In line with the international best practices, a new sub-section (3A) has been inserted in the said section to provide that set-off of… Read More »

Disallowance for non-deduction of tax from payment to resident from AY 2018-19 under Income from Other sources

By | February 22, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 34. Disallowance for non-deduction of tax from payment to resident. 34.1 Section 58 of the Income-tax Act specifies the amounts which are not deductible in computing the income under the head “Income from other sources” which include certain disallowances made in computation of income under the head “Profits and gains of… Read More »

Widening scope of Income from other sources w.e.f AY 2018-19

By | February 22, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 33. Widening scope of Income from other sources. 33.1 The provisions of section 56(2)(vii) of the Income-tax Act provided that any sum of money or any property which is received without consideration or for inadequate consideration (in excess of the specified limit of Rs. 50,000) by an individual or Hindu undivided… Read More »

Shifting base year from 1981 to 2001 for computation of capital gains w.e.f AY 2018-19

By | February 22, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 32. Shifting base year from 1981 to 2001 for computation of capital gains. 32.1 Before amendment by the Act, the provisions of section 55 of the Income-tax Act provided that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost… Read More »

Section 46 of Tamil Nadu GST Act 2017 : Notice to return defaulters

By | February 22, 2018

Section 46 of Tamil Nadu GST Act 2017 ( Section 46 of Tamil Nadu GST Act 2017 explains Notice to return defaulters and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.] Notice to return defaulters 46. Where a registered person fails to furnish a return under section 39 or section 44 or section 45, a notice shall… Read More »

Section 45 of Tamil Nadu GST Act 2017 : Final return

By | February 22, 2018

Section 45 of Tamil Nadu GST Act 2017 ( Section 45 of Tamil Nadu GST Act 2017 explains Final return and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.] Final return 45. Every registered person who is required to furnish a return under sub-section (1) of section 39 and whose registration has been cancelled shall furnish a… Read More »

Section 44 of Tamil Nadu GST Act 2017 : Annual return

By | February 22, 2018

Section 44 of Tamil Nadu GST Act 2017 ( Section 44 of Tamil Nadu GST Act 2017 explains Annual return and is covered in  CHAPTER IX  RETURNS )  [ Enforced with effect from 1-7-2017.] Annual return 44. (1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and… Read More »

Section 43 of Tamil Nadu GST Act 2017 : Matching, reversal and reclaim of reduction in output tax liability

By | February 22, 2018

Section 43 of Tamil Nadu GST Act 2017 ( Section 43 of Tamil Nadu GST Act 2017 explains Matching, reversal and reclaim of reduction in output tax liability and is covered in  CHAPTER IX  RETURNS )  [ Enforced with effect from 1-7-2017 [Except Proviso to Sub-Section (9)].] Matching, reversal and reclaim of reduction in output tax liability 43. (1) The details of every… Read More »

Section 42 of Tamil Nadu GST Act 2017 : Matching, reversal and reclaim of input tax credit

By | February 22, 2018

Section 42 of Tamil Nadu GST Act 2017 ( Section 42 of Tamil Nadu GST Act 2017 explains Matching, reversal and reclaim of input tax credit and is covered in  CHAPTER IX  RETURNS )  [ Enforced with effect from 1-7-2017 [Except Proviso to Sub-Section (9)]. ] Matching, reversal and reclaim of input tax credit 42. (1) The details of every inward supply… Read More »

Section 41 of Tamil Nadu GST Act 2017 : Claim of input tax credit and provisional acceptance thereof

By | February 22, 2018

Section 41 of Tamil Nadu GST Act 2017 ( Section 41 of Tamil Nadu GST Act 2017 explains Claim of input tax credit and provisional acceptance thereof and is covered in  CHAPTER IX  RETURNS )  [ Enforced with effect from 1-7-2017. ] Claim of input tax credit and provisional acceptance thereof 41.(1) Every registered person shall, subject to such conditions… Read More »

Section 40 of Tamil Nadu GST Act 2017 : First Return

By | February 22, 2018

Section 40 of Tamil Nadu GST Act 2017 ( Section 40 of Tamil Nadu GST Act 2017 explains First Return and is covered in  CHAPTER IX  RETURNS )  [ Enforced with effect from 1-7-2017.] First Return 40. Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on… Read More »

Section 39 of Tamil Nadu GST Act 2017 : Furnishing of returns

By | February 22, 2018

Section 39 of Tamil Nadu GST Act 2017 ( Section 39 of Tamil Nadu GST Act 2017 explains Furnishing of returns and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.] Furnishing of returns 39. (1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions… Read More »

Section 36 of Tamil Nadu GST Act 2017 : Period of retention of accounts

By | February 22, 2018

Section 36 of Tamil Nadu GST Act 2017 ( Section 36 of Tamil Nadu GST Act 2017 explains Period of retention of accounts and is covered in  CHAPTER VIII  ACCOUNTS AND RECORDS )  [Enforced with effect from 1-7-2017. ] Period of retention of accounts 36. Every registered person required to keep and maintain books of account or other records in accordance… Read More »

Section 38 of Tamil Nadu GST Act 2017 : Furnishing details of inward supplies

By | February 22, 2018

Section 38 of Tamil Nadu GST Act 2017 ( Section 38 of Tamil Nadu GST Act 2017 explains Furnishing details of inward supplies and is covered in  CHAPTER IX  RETURNS )  [Enforced with effect from 1-7-2017.] Furnishing details of inward supplies 38. (1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying… Read More »

Section 37 of Tamil Nadu GST Act 2017 : Furnishing details of outward supplies

By | February 22, 2018

Section 37 of Tamil Nadu GST Act 2017 ( Section 37 of Tamil Nadu GST Act 2017 explains Furnishing details of outward supplies and is covered in  CHAPTER IX  RETURNS )  [ Enforced with effect from 1-7-2017. ] Furnishing details of outward supplies 37. (1) Every registered person, other than an Input Service Distributor, a non-resident taxable person and a person… Read More »

Section 35 of Tamil Nadu GST Act 2017 : Accounts and other records

By | February 22, 2018

Section 35 of Tamil Nadu GST Act 2017 ( Section 35 of Tamil Nadu GST Act 2017 explains Accounts and other records and is covered in  CHAPTER VIII  ACCOUNTS AND RECORDS )  [ Enforced with effect from 1-7-2017.] Accounts and other records 35. (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the… Read More »

Section 34 of Tamil Nadu GST Act 2017 : Credit and debit notes

By | February 22, 2018

Section 34 of Tamil Nadu GST Act 2017 ( Section 34 of Tamil Nadu GST Act 2017 explains Credit and debit notes and is covered in  CHAPTER VII  TAX INVOICE, CREDIT AND DEBIT NOTES )  [ Enforced with effect from 1-7-2017.] Credit and debit notes 34. (1) Where a tax invoice has been issued for supply of any goods or services or… Read More »

Section 33 of Tamil Nadu GST Act 2017 : Amount of tax to be indicated in tax invoice and other documents

By | February 22, 2018

Section 33 of Tamil Nadu GST Act 2017 ( Section 33 of Tamil Nadu GST Act 2017 explains Amount of tax to be indicated in tax invoice and other documents and is covered in  CHAPTER VII  TAX INVOICE, CREDIT AND DEBIT NOTES )  [Enforced with effect from 1-7-2017.] Amount of tax to be indicated in tax invoice and other documents… Read More »

Section 32 of Tamil Nadu GST Act 2017 : Prohibition of unauthorised collection of tax

By | February 22, 2018

Section 32 of Tamil Nadu GST Act 2017 ( Section 32 of Tamil Nadu GST Act 2017 explains Prohibition of unauthorised collection of tax and is covered in  CHAPTER VII  TAX INVOICE, CREDIT AND DEBIT NOTES )  [ Enforced with effect from 1-7-2017.] Prohibition of unauthorised collection of tax 32. (1) A person who is not a registered person shall not collect… Read More »

Section 31 of Tamil Nadu GST Act 2017 : Tax invoice

By | February 22, 2018

Section 31 of Tamil Nadu GST Act 2017 ( Section 31 of Tamil Nadu GST Act 2017 explains Tax invoice and is covered in  CHAPTER VII  TAX INVOICE, CREDIT AND DEBIT NOTES )  [Enforced with effect from 1-7-2017.] Tax invoice 31. (1) A registered person supplying taxable goods shall, before or at the time of,— (a) removal of goods for supply… Read More »

Section 30 of Tamil Nadu GST Act 2017 : Revocation of cancellation of registration

By | February 22, 2018

Section 30 of Tamil Nadu GST Act 2017 ( Section 30 of Tamil Nadu GST Act 2017 explains Revocation of cancellation of registration and is covered in  CHAPTER VI  REGISTRATION )  [Enforced with effect from 28-6-2017.] Revocation of cancellation of registration 30. (1) Subject to such conditions as may be prescribed, any registered person, whose registration is cancelled by the proper… Read More »

Section 29 of Tamil Nadu GST Act 2017 : Cancellation of registration

By | February 22, 2018

Section 29 of Tamil Nadu GST Act 2017 ( Section 29 of Tamil Nadu GST Act 2017 explains Cancellation of registration and is covered in  CHAPTER VI  REGISTRATION )  [Enforced with effect from 28-6-2017.] Cancellation of registration 29. (1) The proper officer may, either on his own motion or on an application filed by the registered person or by his legal… Read More »

Section 28 of Tamil Nadu GST Act 2017 : Amendment of registration

By | February 22, 2018

Section 28 of Tamil Nadu GST Act 2017 ( Section 28 of Tamil Nadu GST Act 2017 explains Amendment of registration and is covered in  CHAPTER VI  REGISTRATION )  [ Enforced with effect from 28-6-2017.] Amendment of registration 28. (1) Every registered person and a person to whom a Unique Identity Number has been assigned shall inform the proper officer of any… Read More »

Section 27 of Tamil Nadu GST Act 2017 : Special provisions relating to casual taxable person and non-resident taxable person

By | February 22, 2018

Section 27 of Tamil Nadu GST Act 2017 ( Section 27 of Tamil Nadu GST Act 2017 explains Special provisions relating to casual taxable person and non-resident taxable person and is covered in  CHAPTER VI  REGISTRATION )  [ Enforced with effect from 28-6-2017] Special provisions relating to casual taxable person and non-resident taxable person 27. (1) The certificate of registration issued to… Read More »

Section 26 of Tamil Nadu GST Act 2017 : Deemed registration

By | February 22, 2018

Section 26 of Tamil Nadu GST Act 2017 ( Section 26 of Tamil Nadu GST Act 2017 explains Deemed registration and is covered in  CHAPTER VI  REGISTRATION )  [ Enforced with effect from 28-6-2017.] Deemed registration 26.(1) The grant of registration or the Unique Identity Number under the Central Goods and Services Tax Act shall be deemed to be a grant… Read More »

Section 25 of Tamil Nadu GST Act 2017 : Procedure for registration.

By | February 22, 2018

Section 25 of Tamil Nadu GST Act 2017 ( Section 25 of Tamil Nadu GST Act 2017 explains Procedure for registration and is covered in  CHAPTER VI  REGISTRATION )  [ Enforced with effect from 28-6-2017.] Procedure for registration. 25.(1) Every person who is liable to be registered under section 22 or section 24 shall apply for registration within thirty days from… Read More »

Section 24 of Tamil Nadu GST Act 2017 : Compulsory registration in certain cases

By | February 22, 2018

Section 24 of Tamil Nadu GST Act 2017 ( Section 24 of Tamil Nadu GST Act 2017 explains Compulsory registration in certain cases and is covered in  CHAPTER VI  REGISTRATION )  [Enforced with effect from 28-6-2017.] Compulsory registration in certain cases 24. Notwithstanding anything contained in sub-section (1) of section 22, the following categories of persons shall be required to be… Read More »

Section 23 of Tamil Nadu GST Act 2017 : Persons not liable for registration

By | February 22, 2018

Section 23 of Tamil Nadu GST Act 2017 ( Section 23 of Tamil Nadu GST Act 2017 explains Persons not liable for registration and is covered in  CHAPTER VI  REGISTRATION )  [ Enforced with effect from 28-6-2017.] Persons not liable for registration 23. (1) The following persons shall not be liable to registration, namely:— (a) any person engaged exclusively in the business… Read More »

Section 22 of Tamil Nadu GST Act 2017 : Persons liable for registration

By | February 22, 2018

Section 22 of Tamil Nadu GST Act 2017 ( Section 22 of Tamil Nadu GST Act 2017 explains Persons liable for registration and is covered in  CHAPTER VI  REGISTRATION )  [ Enforced with effect from 28-6-2017.] Persons liable for registration 22. (1) Every supplier making a taxable supply of goods or services or both in the State shall be liable to be… Read More »

Section 21 of Tamil Nadu GST Act 2017 : Manner of recovery of credit distributed in excess

By | February 22, 2018

Section 21 of Tamil Nadu GST Act 2017 ( Section 21 of Tamil Nadu GST Act 2017 explains Manner of recovery of credit distributed in excess and is covered in  CHAPTER V  INPUT TAX CREDIT )  [Enforced with effect from 1-7-2017.] Manner of recovery of credit distributed in excess 21. Where the Input Service Distributor distributes the credit in contravention of… Read More »

Section 20 of Tamil Nadu GST Act 2017 : Manner of distribution of credit by input Service Distributor

By | February 22, 2018

Section 20 of Tamil Nadu GST Act 2017 ( Section 20 of Tamil Nadu GST Act 2017 explains Manner of distribution of credit by input Service Distributor and is covered in  CHAPTER V  INPUT TAX CREDIT )  [ Enforced with effect from 1-7-2017.]  Manner of distribution of credit by input Service Distributor 20. (1) The Input Service Distributor shall distribute the credit… Read More »

Section 19 of Tamil Nadu GST Act 2017 : Taking input tax credit in respect of inputs and capital goods sent for job work

By | February 22, 2018

Section 19 of Tamil Nadu GST Act 2017 ( Section 19 of Tamil Nadu GST Act 2017 explains Taking input tax credit in respect of inputs and capital goods sent for job work and is covered in  CHAPTER V  INPUT TAX CREDIT )  [Enforced with effect from 1-7-2017.] Taking input tax credit in respect of inputs and capital goods sent… Read More »

Section 18 of Tamil Nadu GST Act 2017 : Availability of credit in special circumstances

By | February 22, 2018

Section 18 of Tamil Nadu GST Act 2017 ( Section 18 of Tamil Nadu GST Act 2017 explains Availability of credit in special circumstances and is covered in  CHAPTER V  INPUT TAX CREDIT )  [Enforced with effect from 1-7-2017.] Availability of credit in special circumstances 18. (1) Subject to such conditions and restrictions as may be prescribed- (a) a person who… Read More »

Section 17 of Tamil Nadu GST Act 2017 : Appointment of credit and blocked credits

By | February 22, 2018

Section 17 of Tamil Nadu GST Act 2017 ( Section 17 of Tamil Nadu GST Act 2017 explains Appointment of credit and blocked credits and is covered in  CHAPTER V  INPUT TAX CREDIT )  [ Enforced with effect from 1-7-2017.] Appointment of credit and blocked credits 17. (1) Where the goods or services or both are used by the registered person… Read More »

Section 16 of Tamil Nadu GST Act : Eligibility and conditions for taking input tax credit

By | February 22, 2018

Section 16 of Tamil Nadu GST Act 2017 ( Section 16 of Tamil Nadu GST Act 2017 explains Eligibility and conditions for taking input tax credit and is covered in  CHAPTER V  INPUT TAX CREDIT )  [. Enforced with effect from 1-7-2017.] Eligibility and conditions for taking input tax credit 16. (1) Every registered person shall, subject to such conditions and restrictions… Read More »

Section 15 of Tamil Nadu GST Act 2017 : Value of taxable supply

By | February 22, 2018

Section 15 of Tamil Nadu GST Act 2017 ( Section 15 of Tamil Nadu GST Act 2017 explains Value of taxable supply and is covered in  CHAPTER IV  TIME AND VALUE OF SUPPLY )  [ Enforced with effect from 1-7-2017.]  Value of taxable supply 15. (1) The value of a supply of goods or services or both shall be the transaction value,… Read More »

Section 14 of Tamil Nadu GST Act 2017 : Change in rate of tax in respect of supply or goods or services

By | February 22, 2018

Section 14 of Tamil Nadu GST Act 2017 ( Section 14 of Tamil Nadu GST Act 2017 explains Change in rate of tax in respect of supply or goods or services and is covered in  CHAPTER IV  TIME AND VALUE OF SUPPLY )  [ Enforced with effect from 1-7-2017.]  Change in rate of tax in respect of supply or goods or… Read More »

Section 11 of Tamil Nadu GST Act 2017 : Power to grant exemption from tax

By | February 22, 2018

Section 11 of Tamil Nadu GST Act 2017 ( Section 11 of Tamil Nadu GST Act 2017 explains Power to grant exemption from tax and is covered in  CHAPTER III  LEVY AND COLLECTION OF TAX )  [Enforced with effect from 1-7-2017.]  Power to grant exemption from tax  11.(1) Where the Government is satisfied that it is necessary in the public… Read More »

Section 10 of Tamil Nadu GST Act 2017 : Composition levy

By | February 22, 2018

Section 10 of Tamil Nadu GST Act 2017 ( Section 10 of Tamil Nadu GST Act 2017 explains Composition levy and is covered in  CHAPTER III  LEVY AND COLLECTION OF TAX )  [Enforced with effect from 28-6-2017.]  Composition levy  10. (1) Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of… Read More »

Section 9 of Tamil Nadu GST Act 2017 : Levy and collection

By | February 22, 2018

Section 9 of Tamil Nadu GST Act 2017 ( Section 9 of Tamil Nadu GST Act 2017 explains Levy and collection and is covered in  CHAPTER III  LEVY AND COLLECTION OF TAX )  [Enforced with effect from 1-7-2017.]  Levy and collection 9. (1) Subject to the provisions of sub-section (2), there shall be levied a tax called the Tamil Nadu goods… Read More »

Section 8 of Tamil Nadu GST Act 2017 : Tax liability on composite and mixed supplies

By | February 22, 2018

Section 8 of Tamil Nadu GST Act 2017 ( Section 8 of Tamil Nadu GST Act 2017 explains Tax liability on composite and mixed supplies and is covered in  CHAPTER III  LEVY AND COLLECTION OF TAX )  [ Enforced with effect from 1-7-2017.]  Tax liability on composite and mixed supplies 8. The tax liability on a composite or a mixed supply shall… Read More »