Daily Archives: February 24, 2018

[Video] GST News [Part 174] : GST Challan : by CA Satbir Singh TaxHeal.com

By | February 24, 2018

GST News [Part 174] : GST Challan : by CA Satbir Singh TaxHeal.com 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 »

Circular No. 05/2018-Customs : Refund of IGST on Export : Invoice mis-match Cases

By | February 24, 2018

Circular No. 05/2018-Customs F.No.450/119/2017-Cus.IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) Room No. 227B, North Block, New Delhi. Dated the 23rd February, 2018 To All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Principal Chief Commissioners/Chief Commissioners of Central Tax and Central Excise All Principal Commissioners/Commissioners of… Read More »

Circular No. 33/07/2018 GST : Non-transition of CENVAT credit /disputed credit u/s 140 CGST Act /Non-utilization

By | February 24, 2018

Circular No. 33/07/2018 GST Directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases-reg vide Circular No. 33/07/2018 GST Dated the 23 rd Feb., 2018 F. No. 267/67/2017 CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise… Read More »

GST Challan Payment Failure : FAQs

By | February 24, 2018

Payment Failure 1. My account was debited more than once for the same online transaction. How can I get the debit reversed? If the sum of both transactions is reflecting in the Electronic Cash Ledger, please contact the Help Desk using the contact numbers/e-mail IDs given on the GST Portal. In case only the original… Read More »

Category: GST

How to Track GST Payment Status

By | February 24, 2018

Track Payment Status 1. How can a taxpayer can get information regarding the status of payment/s made? Taxpayers will be intimated regarding the payment status by SMS, E-mail and the same will also be updated on the GST Portal (www.gst.gov.in)  In the pre-login mode, taxpayers can track their payments using the Track Payment Status facility… Read More »

section 115JB Rationalized in line with Indian Accounting Standards (Ind AS) w.e.f AY 2017-18

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 50. Rationalisation of provisions of section 115JB in line with Indian Accounting Standards (Ind AS). 50.1 The Central Government notified the Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) and prescribed the Companies (Indian Accounting Standards) Rules, 2015 which laid down a roadmap for implementation… Read More »

Tax credit for Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT) w.e.f AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 49. Rationalisation of Provisions relating to tax credit for Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). 49.1 Section 115JAA of the Income-tax Act contains provisions regarding carrying forward and set off of tax credit in respect of MAT paid by companies under section 115JB of the Income-tax Act. Before… Read More »

Tax on Income from transfer of carbon credits w.e.f AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 48. Income from transfer of carbon credits. 48.1 A carbon credit is an incentive given to an industrial undertaking for reduction of the emission of Green House Gases (GHGs) including carbon dioxide. There are several ways of reducing GHGs emissions such as switching over to wind and solar energy, forest regeneration,… Read More »

Rationalization of taxation of income by way of dividend w.e.f AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 47. Rationalization of taxation of income by way of dividend. 47.1 Before amendment by the Act, the provisions contained in section 115BBDA of the Income-tax Act specified that income by way of dividend in excess of Rs. 10 lakh shall be chargeable to tax at the rate of 10% on gross… Read More »

Restriction of Interest deduction for Multinational Enterprises w.e.f 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 46. Limitation of Interest deduction in certain cases. 46.1 A company is typically financed or capitalized through a mixture of debt and equity. The way a company is capitalized often has a significant impact on the amount of profit it reports for tax purposes as the tax legislations of countries typically… Read More »

Secondary adjustments in certain cases from AY 2018-19

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 45. Secondary adjustments in certain cases. 45.1 “Secondary adjustment” means an adjustment in the books of accounts of the assessee and its associated enterprise to reflect that the actual allocation of profits between the assessee and its associated enterprise are consistent with the transfer price determined as a result of primary… Read More »

Scope of section 92BA of Income-tax Act relating to Specified Domestic Transactions

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 44. Scope of section 92BA of the Income-tax Act relating to Specified Domestic Transactions (SDTs). 44.1 Before amendment by the Act, the provisions of section 92BA of the Income-tax Act provided inter alia that any expenditure in respect of which payment has been made by the assessee to certain “specified persons”… Read More »

Interpretation of ‘terms’ used in an agreement entered into u/s 90 and 90A Income Tax Act

By | February 24, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 43. Clarification with regard to interpretation of ‘terms’ used in an agreement entered into under section 90 and 90A. 43.1 Under the provisions of section 90 of the Income-tax Act, power has been conferred upon the Central Government to enter into an agreement with the Government of any country outside India for granting… Read More »