Daily Archives: September 27, 2018

Ex-Servicemen Contributory Health Scheme notified for 80D deduction under Income Tax

By | September 27, 2018

Notification No. 55 /2018 Income Tax Summary of Notification No. 55 /2018 Income Tax The Central Board of Direct Taxes (CBDT) has notified the ‘Ex-Servicemen Contributory Health Scheme’ of the Department of Ex-Servicemen Welfare, Ministry of Defence, for the purpose of Section 80D deduction under Income Tax Act . The deduction is available for the assessment… Read More »

Voluntary transition of Urban Co-operative Bank into Small Finance Bank : RBI Scheme

By | September 27, 2018

Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) RBI/2018-19/52 DCBR.CO.LS.PCB. Cir.No.5/07.01.000/2018-19 September 27, 2018 Chief Executive Officers of all Primary (Urban) Co-operative Banks Dear Sir / Madam, Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) Please refer to Paragraph 4 of the Statement on Developmental… Read More »

Category: RBI

Banks permitted to reckon Government securities for Liquidity Coverage Ratio

By | September 27, 2018

Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards RBI/2018-19/51 DBR.BP.BC.No.4/21.04.098/2018-19 September 27, 2018 All Scheduled Commercial Banks (Excluding RRBs) & Small Finance Banks (SFBs) Dear Sir, Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure… Read More »

Sale of Electoral Bonds w.e.f 01.10.2018 to 10.10.2018 at SBI Bank

By | September 27, 2018

Ministry of Finance Sale of Electoral Bonds at 29 Authorised Branches of State Bank of India (SBI) with effect from 01st October, 2018 to 10th October, 2018. The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may… Read More »

Circular No 66/40/2018 GST : No GST on services of religious & charitable trusts by way of residential programmes or campus

By | September 27, 2018

Circular No 66/40/2018  GST The Govt. has clarified that the services of religious and charitable trusts by way of residential programmes or camps meant for advancement of religion, spirituality or yoga shall be exempt. However, if charitable or religious trusts provide accommodation or serve food and drinks against consideration in any form including donation, then… Read More »

No 12% concessional GST rate to works contract service for Govt projects for business purpose : AAR

By | September 27, 2018

, the projects under DDUGY, IPDS, ADB, SSTD, Saubhagya Yojna, FSP and all other schemes of governments are carried out for business purpose and the benefit of Concessional Rate of 12% (6% under Central tax and 6% State tax) as per notification under is not available to the applicant on works pertaining to construction, erection,… Read More »

5% GST on food, drinks and & snacks sold in Multiplex : AAR

By | September 27, 2018

Items supplied in Snack Bar and Food Court shall be chargeable to GST in terms of Notification No.il/2017-Central Tax (Rate) as amended by Notification No.46/2017-Central Tax (Rate) and corresponding notification under MPGST ACT,2017 at prevailing rate of 5%(2.5% SGCT and 2.5% CGST), subject to conditions laid down at Serial Number 7 of the parent Notification classifiable under… Read More »

Attention all DDO’S : TDS under GST w.e.f 01.10.2018 : Circular

By | September 27, 2018

Attention all DDO’S : TDS under GST w.e.f 01.10.2018 F.No 8/B/10(2)/HRD/EMC/2017 Dated 26th September 2018 This is to draw your kind attention to the Implementation of Tax deduction at Source (TDS) under GST. (1) In this regard Notification No. 50/2018-Central Tax, dated 13-9-2018 has been issued to bring into force the provisions of Section 51 of the… Read More »

Mandatory UDIN for Chartered Accountants Certificate w.e.f 01.01.2019

By | September 27, 2018

Mandatory UDIN for Chartered Accountants Certificate w.e.f 01.01.2019 ANNOUNCEMENT by ICAI on 26.09.2018 Unique Document Identification Number (UDIN) It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and stakeholder. ICAI is also receiving number of complaints of forged signatures. To curb the malpractices,… Read More »

Aadhaar is Constitutionaly Valid : Supreme Court Judgment : Download

By | September 27, 2018

Aadhaar is Constitutionaly Valid It is better to be unique than the best. Because, being the best makes you the number one, but being unique makes you the only one. The Supreme Court on 26.09.2018  upheld the Constitutional validity of Aadhaar. The Court said that sufficient security measures are taken to protect data and it… Read More »

New GST News 27.09.2018

By | September 27, 2018

New GST News 27.09.2018 [ Join online GST Course by CA Satbir Singh ] New GST News Taxmann GST – How to Meet Your Obligations : 6th Edition 2018 Book ICAI suggestions on GST Annual Return Form submitted to Govt Exemption from IGST and Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations Exemption… Read More »

Category: GST

New RUN-LLP Form : Precautions to be taken by professionals and users

By | September 27, 2018

New RUN-LLP Form for Limited Liability Partnership Process Re-engineering of LLP-Incorporation related forms – Precautions to be taken by professionals and users In the wake of successfully initiating Ease of Doing Business(EoDB) reforms by introducing game changing, simplified and integrated procedures viz. SPICe (Simplified Proforma for Incorporating Company electronically), Reserve Unique Name(RUN) for starting a business… Read More »

Notification No 67/2018 Customs : First Schedule of Customs Tariff Act 1975 amended

By | September 27, 2018

seeking to ammend First Schedule of Customs Tariff Act, 1975. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 67/2018–Customs New Delhi, the 26th September, 2018 G.S.R. (E).-WHEREAS the Central Government on being satisfied that the import duty… Read More »

Exemption from IGST and Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations

By | September 27, 2018

Seeks to extend the exemption from Integrated Tax and Compensation Cess upto 31.03.2019 on goods imported against AA/EPCG authorizations [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 66/2018- Customs New Delhi, the 26 th September, 2018 G.S.R.… Read More »

Customs duty increased on 19 items w.e.f 27.09.2018

By | September 27, 2018

Ministry of Finance Tariff measures taken to curb the imports of non-essential items Posted On: 26 SEP 2018 7:00PM by PIB Delhi The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. These changes aim at narrowing the current account deficit (CAD).… Read More »