Daily Archives: February 23, 2018

Ombudsman Scheme for Non-Banking Financial Companies, 2018 – Appointment of the Nodal Officer/Principal Nodal Officer

By | February 23, 2018

RBI/2017-18/133 DNBR.PD.CC.No 091/03.10.001/2017-18 February 23, 2018 All NBFCs Madam/ Dear Sir, Ombudsman Scheme for Non-Banking Financial Companies, 2018 – Appointment of the Nodal Officer/Principal Nodal Officer The Reserve Bank of India (RBI) has brought into operation today the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (The Scheme). The Scheme is available on the RBI website http://www.rbi.org.in. The Non-Banking… Read More »

Category: RBI

Rebate allowable under Section 87A w.e.f AY 2018-19

By | February 23, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 42. Rationalization of rebate allowable under Section 87A. 42.1 Before amendment by the Act, the provisions of section 87A of the Income-tax Act provided for a rebate of up to Rs. 5000 from the income-tax payable to a resident individual if his total income did not exceed Rs. 5,00,000. 42.2 In view… Read More »

Deduction under Section 80-IBA to promote Affordable Housing w.e.f AY 2018-19

By | February 23, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 41. Rationalisation of Provisions of Section 80-IBA to promote Affordable Housing. 41.1 Section 80-IBA of the Income-tax Act provide for 100% deduction in respect of the profits and gains derived from developing and building certain housing projects subject to specified conditions. Before amendment by the Act, the conditions specified included inter… Read More »

Period for claiming deduction by start-ups u/s 80IAC from AY 2018-19

By | February 23, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 40. Extending the period for claiming deduction by start-ups. 40.1 Before amendment by the Act, the provisions of section 80-IAC of the Income-tax Act provided that an eligible start-up shall be allowed a deduction of an amount equal to 100% of the profits and gains derived from eligible business for three… Read More »

Restricting cash donations under Section 80G of Income Tax w.e.f AY 2018-19

By | February 23, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 39. Restricting cash donations. 39.1 Before amendment by the Act, section 80G of the Income-tax Act provided that the deduction shall not be allowed in respect of donation made of any sum exceeding Rs.10,000, if the same was not paid by any mode other than cash. 39.2 In order to provide cash… Read More »

No deduction under section 80CCG Income Tax from AY 2018-19

By | February 23, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 38. Rationalization of deduction under section 80CCG. 38.1 Under the provisions of section 80CCG of the Income-tax Act, deduction for three consecutive assessment years is allowed up to Rs. 25,000 to a resident individual for investment made in listed equity shares or listed units of an equity oriented fund subject to… Read More »

GST Online Payments by Net Banking : FAQs

By | February 23, 2018

Online Payments: Net Banking  1. What is the payment process using the Net Banking E-Payment mode option? User must have an account with any authorised bank with the Internet Banking (Netbanking) facility activated on it.  2. Which banks provide Internet Banking (Netbanking) payment facility for making payments on GST Portal? Net Banking payment facility of… Read More »

Category: GST

GST Offline Payments: Over the Counter : FAQs

By | February 23, 2018

GST Offline Payments: Over the Counter 1. Can I make OTC Challan payments at any branch of the authorised banks? Yes, OTC Challan payment/s can be made at any branch of the selected authorised bank. The details of these banks are available on the GST Portal. 2. What is the maximum amount that can be… Read More »

Category: GST

GST Offline Payments by NEFT/RTGS : FAQs

By | February 23, 2018

Offline Payments: NEFT/RTGS 1. What are the offline modes of payments available for making payments on the GST Portal? Two types of offline modes of payment are available for making payments on the GST Portal: a) Over the Counter (OTC) The OTC option is an offline mode of payment available for making payments through authorized… Read More »

Category: GST

GST Challan : FAQ’s

By | February 23, 2018

GST Challan 1. How do the new payment systems benefit the taxpayer and the Commercial Tax Department? No more queues and waiting for making payments as payments can be made online 24 X 7 Instant online receipts for payments made online GST Practitioners can make payments on behalf of the clients. Single Challan form to… Read More »

Section 13 of Tamil Nadu GST Act 2017 : Time of supply of services

By | February 23, 2018

Section 13 of Tamil Nadu GST Act 2017 ( Section 13 of Tamil Nadu GST Act 2017 explains Time of supply of services and is covered in  CHAPTER IV  TIME AND VALUE OF SUPPLY )  [Enforced with effect from 1-7-2017.]  Time of supply of services  13.(1) The liability to pay tax on services shall arise at the time of supply,… Read More »