GST FAQ’s -3

By | August 21, 2018

Share this on WhatsAppGST FAQ’s -3 Q1 by Boby Kumar :  yadi shop ka insurance hua hai to kya uska input le sakte hai Answer : yes. you can take ITC. As this is not restricted under Section 17(5) of CGST Act. and Section 16 of GST Act Q2 by Dharmender Saini:I am a registered govt contractor… Read More »

Register PAN Card Related Complaint online and Track Status

By | August 21, 2018

Share this on WhatsAppRegister and Track your PAN Card Related Complaint online and Track Status  Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied  through NSDL or UTIISL and they can also  check the status of their grievance  online.  Nature of Complain may… Read More »

Do not invoke bank guarantee if there is time to file Appeal :KERALA HC

By | August 21, 2018

Share this on WhatsApprespondent will not invoke the bank guarantee for three months. HIGH COURT OF KERALA Berger Paints India Ltd. v. State Tax Officer DAMA SESHADRI NAIDU, J. W.P. (C) NO. 23251 OF 2018 JULY  16, 2018 Tomson T. Emmanuel, Adv. for the Petitioner. Smt. Thushara, Govt. Pleader, Rajesh B., Lal K. Joseph and Sreelal N. Warrier, SC for the Respondent. JUDGMENT… Read More »

No indexation benefit on sale of tenancy rights acquired in inherited property: Bombay HC

By | August 21, 2018

Share this on WhatsAppHIGH COURT OF BOMBAY Dharmakumar C. Kapadia v. Assistant Commissioner of Income Tax 19(1) M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NOS. 239 & 241 OF 2016 JUNE  18, 2018 Nitesh Joshi and A.K. Jasani for the Appellant. A.R. Malhotra and N.A. Kazi for the Respondent. JUDGMENT 1. These two Appeals under Section 260-A of the Income-tax Act, 1961 (the… Read More »

GST FAQs -2

By | August 21, 2018

Share this on WhatsAppGST FAQs -2 GST FAQs replied by CA Satbir Singh in Live session on 20.08.2018 . Mohit Nijhon  : can we download (GSTR 2A in Excel) of whole year in one excel or monthy only Answer : you can Download monthly Mohammed Feroze : when we are doing practical workings,download link of GSTR 2A… Read More »

CBDT Circular No 5/2018 : Clarification on immunity provided u/s 270AA of Income-tax Act, 1961

By | August 21, 2018

Share this on WhatsAppCircular No 5/2018 F. No. 370149/155/2018-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, Dated 16th August, 2018 Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961 Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f.… Read More »

Minimum alternate tax (MAT) credit is allowed inclusive of surcharge & education cess

By | August 21, 2018

Share this on WhatsAppMinimum alternate tax (MAT) credit The Delhi Bench of the Income-tax Appellate Tribunal held that the minimum alternate tax (MAT) credit is allowed inclusive of surcharge and education “cess” (the surcharge levy imposed for various governmental functions including education). The amount of tax includes both components of tax and surcharge. The case… Read More »

New procedure for processing AEO-T1 applications.

By | August 21, 2018

Share this on WhatsAppAEO-T1 applications. Circular no. 26/2018 was issued by the customs authority to reflect an intent to “ease” the compliance requirements for AEO-T1, and sets forth a new procedure for processing AEO-T1 applications. Read an report [PDF 682 KB] prepared by the KPMG Share this on WhatsApp

Proposed Amendments to Income-tax Rules : Govt Invites Comments

By | August 20, 2018

Share this on WhatsAppMinistry of Finance Government invites comments of Stakeholders and General Public on Proposed Amendments to Income-tax Rules,1962 by 4th September, 2018 Posted On: 20 AUG 2018 1:11PM by PIB Delhi Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9)… Read More »

GST Video Tutorials

By | August 20, 2018

Share this on WhatsAppGST Video Tutorials Videos on GST Portal [Video] CBIC online Helpdesk for GST issues, Excise & Service tax issues : GST News 379 [Video] New Functions on GST Portal Part 3 : Explained by GSTN [Video] How to file GST Ledger related Complaints on GST Portal in PMT 4 : GST News 344… Read More »

How to reply notice for mismatch in GST RETURN ?

By | August 20, 2018

Share this on WhatsAppNotice for mismatch in GST RETURN GST officers have started issuing notice for mismatch in GST returns and discrepancy in GST returns Mismatch in GST RETURN Taxable persons  would have started getting notices from GST department officer seeking explanation for the discrepancies observed in GST returns after making scrutiny of returns. Normally… Read More »

GST on Notice Pay

By | August 20, 2018

Share this on WhatsAppIs there any GST on Notice Pay recovery from employees ? Employees who resign from their job are expected to serve notice period as mentioned in the employment contract. If the employee does not serve such notice period, the salary of the unserved portion of notice period is. retained by the employer… Read More »

Interest on FDR can not be capitalised if capital asset is not setup : Bombay HC

By | August 18, 2018

Share this on WhatsAppHIGH COURT OF BOMBAY Shree Maheshwar Hydel Power Corporation Ltd. v. Commissioner of Income-tax M. S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 67 OF 2016 JULY  17, 2018 Manish Kanth and Atul Jasani for the Appellant. ORDER 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated… Read More »

Order no 3/2018 Central Tax : Committee constituted for utilization of Consumer Welfare Fund under GST

By | August 18, 2018

Share this on WhatsAppConstitution of Standing Committee under sub-rule (4) of rule 97 of Central Goods and Services Tax Rules, 2017 F.No. CBEC-20/05/01/2018-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST (Policy Wing) New Delhi, the 16th August, 2018 Order no 3/2018 Central Tax Subject: Constitution… Read More »

[Video] How to Apply GST Rate Change

By | August 18, 2018

Share this on WhatsAppGST Rate Change One party billed to his customer with GST 28% and meanwhile tax rate was reduce @ 18%. After  ten days, now buyer is demanding credit note for 10% of GST. What is the solution. Q- How do we determine the rate of tax in case, if there is change… Read More »

CBDT issues Circular on amendment of Tax Audit Report

By | August 18, 2018

Share this on WhatsAppMinistry of Finance CBDT issues Circular on amendment of Tax Audit Report Posted On: 18 AUG 2018 12:50PM by PIB Delhi Section 44AB of the Income-tax Act, 1961 (‘the Act’) read with Rule 6G of the Income-tax Rules, 1962 (‘the Rules’) requires prescribed persons to furnish the Tax Audit Report along with… Read More »

New Income Tax News 18.08.2018

By | August 18, 2018

Share this on WhatsAppNew Income Tax News 18.08.2018 New Income Tax News New Income Tax News CBDT to revise Form No 13 for applying Lower deduction of Income Tax /TDS :Draft notification [Video] Govt deferred GST Expenses disclosure in Tax Audit Report : GST / Income Tax News CBDT Circular No 6/2018 : GAAR &… Read More »

New GST News 18.08.2018

By | August 18, 2018

Share this on WhatsAppNew GST News 18.08.2018 [ Join online GST Course by CA Satbir Singh ] New GST News New Books for GST , Income Tax & Law Practice (Till Aug 2018) [Video] Govt deferred GST Expenses disclosure in Tax Audit Report : GST / Income Tax News [Video] Goods Sent For Repair and… Read More »

Innovation in Retail Payments : UPI 2.0

By | August 17, 2018

Share this on WhatsAppInnovation in Retail Payments : UPI 2.0 (Urjit R. Patel, Governor, Reserve Bank of India, August 16, 2018 – Address at the Launch of Unified Payments Interface(UPI) Version 2) I am pleased that with a view to widen the scope and to increase digital payments in India, an enhanced version of UPI… Read More »

CBDT to revise Form No 13 for applying Lower deduction of Income Tax /TDS :Draft notification

By | August 17, 2018

Share this on WhatsAppF.No.370142/10/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, dated the 17th August, 2018 Subject: Draft notification proposing an amendment of the Income-tax Rules, 1962 for making the process of issue of certificate for no deduction, lower deduction and collection of tax… Read More »