GSTN started sharing Mismatch data with tax authorities

By | December 19, 2018

Share this on WhatsApp GSTN started sharing Mismatch data with tax authorities GSTN has started work on BI & Analytics. Different scenarios of BI (Business Intelligence) have been identified on which work is going on such as Persona based Analysis, Predictive Analysis, Fraud/Anomaly Detection, Statistical Scoring, 360 degree view taxpayers, Circular Trading & Network Analysis… Read More »

Bank statement is not books of accounts, sum credited is not unexplained cash credit : ITAT

By | December 19, 2018

Share this on WhatsAppBank statement is not considered as books of accounts. Therefore, any sum found credited in the bank passbook cannot be treated as an unexplained cash credit. IN THE ITAT AHMEDABAD BENCH ‘C’ Smt. Ramilaben B. Patel v. Income Tax Officer MAHAVIR PRASAD, JUDICIAL MEMBER AND WASEEM AHMED, ACCOUNTANT MEMBER IT APPEAL NO. 3393… Read More »

Development of new return filing system by GSTN

By | December 19, 2018

Share this on WhatsAppMinistry of Finance Development of new return filing system by GSTN Posted On: 18 DEC 2018 GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components… Read More »

Limit for  holding Gold Jewellery under Income Tax

By | December 19, 2018

Share this on WhatsAppLimit for  holding Gold Jewellery under Income Tax SECTION 132 OF THE INCOME-TAX ACT, 1961 – SEARCH & SEIZURE – GENERAL – CLARIFICATIONS WITH RESPECT TO GOLD JEWELLERY UNDER INCOME TAX LAW PRESS RELEASE, DATED 1-12-2016 In order to remove any doubt about the current position of Income Tax Law with respect to gold jewellery, the following points are categorically clarified: ♦ There is no limit on holding… Read More »

CAG Empanelment for 2019-20 for Chartered Accountant firms/LLPs

By | December 19, 2018

Share this on WhatsAppCAG Empanelment of Chartered Accountant firms/LLPs for the year 2019-2020. Online application available on CAG website from 1st January 2019 to 15 February 2019. OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA 9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI – 110 124 CAG Empanelment of Chartered Accountant firms/LLPs for the year 2019-2020… Read More »

6 cases When Income Tax Notice is Invalid

By | December 19, 2018

Share this on WhatsAppWhen Income Tax Notice is Invalid Notice in name of deceased is invalid , No time limit for legal heirs to intimate death of assessee to Income Tax Department : MADRAS HC Reassessment Not Valid if Income Tax Notice not issued on officially notified address : CHHATTISGARH HC Income Tax Notice u/s… Read More »

Task Force to Review Direct Tax Legislation of India

By | December 19, 2018

Share this on WhatsAppMinistry of Finance Task Force to Review Direct Tax Legislation Posted On: 18 DEC 2018 The Government had constituted a Task Force to draft a New Direct Tax Law vide Officer Order in F.No. 370149/230/2017 dated 22.11.2017 under the Convenorship of Shri Arbind Modi, the then Member (Legislation), CBDT with original term… Read More »

RBI guidelines for agencies to deposit money in ATMs

By | December 19, 2018

Share this on WhatsAppMinistry of Finance RBI guidelines for agencies to deposit money in ATMs Posted On: 18 DEC 2018 Reserve Bank of India (RBI) vide its guidelines issued on 6.4.2018 on ‘Cash Management activities of the banks – Standards for engaging the Service Provider and its sub-contractor’, advised banks to put in place certain… Read More »

32 Additional FAQs on Income Tax Assessment Module of ITBA : Dated 17.12.2018

By | December 18, 2018

Share this on WhatsApp DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. ADG(S)-3/ITBA/Assessment module/2018-19 Dated: 17.12.2018 To, All Principal Chief Commissioners of Income-tax/CCsIT All Principal Commissioners of Income-tax/CsIT/CsIT(Admin & TPS) Sir, Subject: – Additional FAQs on Assessment Module of ITBA- Reg. This is in reference to… Read More »

How to Search / Check GST Practitioner

By | December 18, 2018

Share this on WhatsAppSearching a GST Practitioner 1. I do not know the Enrolment-ID or GSTP-ID of the GST Practitioner. How do I search for a GST Practitioner in the GST Portal? You can search for GST Practitioners by searching their Name and other details like State, District and Pin Code. I want to find… Read More »

GST Payment after Death of Taxpayer : Video

By | December 18, 2018

Share this on WhatsAppGST Payment after Death of Taxpayer 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 Officer Power To Arrest

By | December 18, 2018

Share this on WhatsAppGST Officer Power To Arrest In this article we have discussed as to when can a person be arrested under GST Act and how he can be released. Meaning of Arrest under GST The term ‘arrest’ has not been defined in the CGST/SGST Act. However, as per judicial pronouncements, it denotes ‘the… Read More »

How to View and Respond to Outstanding Income Tax Demand

By | December 18, 2018

Share this on WhatsAppView and Respond to an Outstanding Tax Demand Outstanding tax demand arises when taxpayer’s tax as per Income Tax Return is less than the tax payable as per Income Tax Department. ITD sends the intimation under Section 143(1) asking for outstanding demand along with the calculations, stating the reason why you need… Read More »

GST Portal Update : Refund

By | December 17, 2018

Share this on WhatsAppGST Portal Update : Refund Refund workarounds Facility to claim Refund on account of export of services with payment of tax, has been enabled on GST Portal for the taxpayers (Alternate Flow-02), with upload of statement 2. (refer Section 54(1) of CGST Act 2017 & Rule 89 (2) ( c) of the… Read More »

GST Portal Update : Appeals and Revision

By | December 17, 2018

Share this on WhatsAppGST Portal Update : Appeals and Revision Date of Hearings & Adjournments When a date of personal hearing is granted by the First Appellate Authority/ Revisional Authority or a hearing is adjourned, the same is communicated to both the parties on the GST Portal Generation of Cause list A Cause list of all… Read More »

GST Portal Update : Assessment & Adjudication

By | December 17, 2018

Share this on WhatsAppGST Portal Update : Assessment & Adjudication Form GST ASMT- 01, 03 & 05 Application for Provisional Assessment If taxpayer is unable to determine either the value or tax rate for the goods / services dealt in, then he/she can now file an application to the jurisdictional tax officer for provisional assessment.… Read More »

House for Rent in Sector 49 Chandigarh

By | December 17, 2018

Share this on WhatsAppHouse for Rent in Sector 49 D Chandigarh Category B , PGI Society Ground Floor House No 3311 Sector 49-D , Three Bedroom , Drwaing dinning Well furnished for To Let only Bank /Company lease Rent Rs 26000 Contact : Sher Gill Property 9872217989 , 9872472499 house for rent chandigarh ,ground floor house on rent in chandigarh… Read More »

Interest @ 7.90% on Senior Citizens Welfare Fund from 1st April 2018 to 31st March 2019,

By | December 16, 2018

Share this on WhatsAppMINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 6th December, 2018 F. No. 13/20/2014-NS.—It is hereby notified that the deposits made under the Senior Citizens Welfare Fund, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. G.S.R. 322(E) dated 18th March, 2016, shall with effect from… Read More »

Exposure Draft of Amendments in Ind AS XBRL Taxonomy

By | December 16, 2018

Share this on WhatsAppAnnouncement Exposure Draft of Amendments in Ind AS XBRL Taxonomy (Comments to be provided by 30th December, 2018) Ministry of Corporate Affairs (MCA) has mandated the filing of financial statements in XBRL format for the specified class of companies. XBRL taxonomy covers the requirements of Accounting Standards, Companies Act and MCA specific… Read More »

Key Points for GST Audit of Multi Location entities

By | December 16, 2018

Share this on WhatsAppIn case of Multi Location entities, what should be the specific area of examination under GST ? Ans. Audit of Multi Location entities would require examination (among others) of the following: i) Cost incurred commonly at or by the Head Office – E.g. Marketing and Brand Building Costs; ii) Head Office providing… Read More »

Examples of Deemed Supply under GST

By | December 16, 2018

Share this on WhatsAppExamples of Deemed Supply under GST Schedule I of CGST Act 2017 covers transactions which can be treated as deemed supply under GST and GST is required to be paid .Examples are as follow :-  Transfer of machinery from Agra Branch to Bengaluru Branch without consideration for indefinite usage in production… Read More »

5% GST on Chapatti, Roti and Paratha while 18% GST on Naan ,Kulcha ,Pizza Bread base and Chalupa : AAR

By | December 15, 2018

Share this on WhatsAppProduct Leavened Flatbreads such as Naan, Kukha and Chalupa are not covered by the expression ‘bread’ as mentioned under Entry No. 97 of Notification No. 2/2017-Integrated Tax (Rate), dated 28-6-2017, Notification No. 2/2017-Central Tax (Rate), dated 28-6-2017 and Notification No. 2/2017-State Tax (Rate) No. MGST1017/C.R. 103(1)/Taxation-1, dated 29-6-2017 (collectively referred to as… Read More »

Pay GST on commission from website users or Pundits : AAR

By | December 15, 2018

Share this on WhatsAppThe Applicant would be liable to pay GST on the value of commission received from website users/Pundits not for on total amount received AUTHORITY FOR ADVANCE RULINGS, MAHARASHTRA Sadashiv Anajee Shete, In re B.V. BORHADE AND PANKAJ KUMAR, MEMBER ORDER NO. GST-ARA-32/2018-19/B-131 OCTOBER  23, 2018 Download Ruling Click here Related Post GST Judgments    … Read More »

GST on High Sea Sales

By | December 15, 2018

Share this on WhatsAppGST on High Sea Sales Here is  the Free study material on GST on High Sea Sales No GST on Goods sold on high seas sale basis :MAHARASHTRA AAR No Advance Ruling can be given on High Sea Sale ; Place of Supply :GUJARAT AAR IGST on High Sea Sale of Imported Goods… Read More »

GST Summon : Analysis

By | December 15, 2018

Share this on WhatsAppGST Summon Q: What to do if GST  department officer call me to check my stock and for survey? They dont have right to check  my books without taking approve of commissioner ? Here we have compiled the Power of GST officer to Issue Summon under GST Video lecture on Summon under… Read More »

When you Can not Claim ITC under GST

By | December 15, 2018

Share this on WhatsAppWhen a person Can not Claim ITC under GST Here is the list of cases under which you can not claim Input Tax Credit under GST 1 Person not registered : If a person is not registered under GST , he can not claim Input Tax Credit. Eligibility and conditions for taking… Read More »

Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20)

By | December 15, 2018

Share this on WhatsAppStandard deduction from salary income Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20) onward is available under Income Tax Act of India. Here we have analysed the Standard deduction under Salary with Examples. Commentary on Standard deduction from salary income Standard deduction on salary income [Section 16]  Section 16, inter-alia, provides for… Read More »

Bogus donation racket under section 35(1)(ii) of Income-tax Act : CBDT Instructions

By | December 15, 2018

Share this on WhatsAppF. No. 225/351/2018-ITA (II) Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes **** Room N0. 245A, North Block New Delhi, the  14th December,  2018 To All Principal Chief Commissioners of Income Tax  All Director Generals of Income Tax (Investigation) Sir/Madam Subject: Information regarding bogus donation racket… Read More »

GST evasion of Rs 12766 Crore identified

By | December 15, 2018

Share this on WhatsAppMinistry of Finance Goods and Services Tax (GST) evasion Posted On: 14 DEC 2018 During the current financial year (between April 2018 to November 2018) 3196 cases involving an amount of Rs. 12766.85 Crore have been identified. Suspected GST Evasion amounting to Rs. 12766.85 has come to the light till the month… Read More »

GST Collections for FY 2017-18 and FY 2018-19

By | December 15, 2018

Share this on WhatsAppMinistry of Finance Goods and Services Tax Collections Posted On: 14 DEC 2018 The month-wise gross collection of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess for FY 2017-18 and FY 2018-19 are as under:     Month GST collection… Read More »