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How to Set off and Carry Forward Loss under Income Tax [ FA 2018]

By | June 18, 2018

SET OFF AND CARRY FORWARD OF LOSS UNDER THE INCOME-TAX ACT [As amended by Finance Act, 2018] Loss from exempted source of income cannot be adjusted against taxable income If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to… Read More »

TDS on Interest , Professional Fees , royalty under Income Tax

By | June 17, 2018

Tax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193) [As amended by Finance Act, 2018] For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation… Read More »

Turnover/gross receipts Meaning for Transactions in shares, securities and derivatives

By | June 17, 2018

Turnover/gross receipts – Transactions in shares, securities and derivatives Turnover Meaning for Share Broker According to paras 5.13 of the 2014 Guidance Note issued by Institute of Chartered Accountants of India, Share brokers, on purchasing securities on behalf of their customers,  do not get them transferred in their names but deliver them to the customers  who… Read More »

Penalty of late filing of income tax return from AY 2018-19

By | June 16, 2018

Penalty for Late filing of Income Tax Return Now its time to get ready for AY 2018-19 ITR i.e for income earned during 01.04.2017 to 31.03.2018 to avoid penalty of late filing of income tax return. Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or we can… Read More »

How to File GST Appeal with Commissioner (Appeal)

By | June 16, 2018

How to File GST Appeal with CIT (Appeal) GST Appeal Can be Filed with  Appellate Authority : First appeal before ‘Appellate Authority’.Appellate Authority will be departmental officer. ( Commissioner (appeals) . As per Section 2(8) of CGST Act 2017 “Appellate Authority” means an authority appointed or authorised to hear appeals as referred to in section 107… Read More »

Income Tax on Long Term Gains

By | June 16, 2018

Income Tax on Long Term Gains [As amended by Finance Act, 2018] Introduction Gain arising on transfer of capital asset is charged to tax under the head “Capital Gains”. Income from capital gains is classified as “Short Term Capital Gains” and “Long Term Capital Gains”. In this part you can gain knowledge about the provisions… Read More »

No 12% GST Rate for Pumps for sewage or waste : GUJARAT AAR

By | June 11, 2018

Note : As per Notification No. 1/2017-Central Tax (Rate), CGST rates are as follow for the following entry Schedule II -6% 192. 8413 Power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps As per Notification No. 1/2017-Central Tax (Rate) CGST rates… Read More »

Indian Valuation Standards 2018 w.e.f 01.07.2018 : Download

By | June 11, 2018

Indian Valuation Standards 2018 The Institute of Chartered Accountants of India (ICAI) issues Indian Valuation Standards 2018 as a benchmark for Valuation Practices applicable for Chartered Accountants  Why Indian Valuation Standards 2018 issued Recognising the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use in India, the Council… Read More »

Income Tax Benefits of Life Insurance Policy, Health Insurance & Medical Treatment

By | June 11, 2018

TAX BENEFITS DUE TO LIFE INSURANCE POLICY, HEALTH  INSURANCE POLICY AND EXPENDITURE ON MEDICAL TREATMENT [As amended by Finance Act, 2018] Introduction Payment of premium on life insurance policy and health insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. In this part you can gain  knowledge about deductions available… Read More »

List of Income Tax benefits available to Salaried Persons AY 2018-19

By | June 10, 2018

List of Income Tax benefits available to Salaried Persons List of Income Tax benefits available to Salaried Persons  [AY 2018-19] S. N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai,… Read More »

28th GST Council Meeting

By | June 8, 2018

28th GST Council Meeting The GST Council is scheduled to meet  soon for a 28th GST council meeting to discuss some of the very important  issues of the GST. Following are the  issues which may be discussed in 28th GST Council meeting GST Amendments GST Amendments Coming Soon .. Changes to include RCM, return filing, refund on exports… Read More »

Exemption from Advance Tax to Resident Senior Citizen under Income Tax

By | June 7, 2018

EXEMPTION FROM PAYMENT OF ADVANCE TAX TO RESIDENT SENIOR CITIZEN This article analysis Income Tax Act 1961 provisions [As amended by Finance Act, 2018] relating to  Advance Tax on Senior Citizen with examples and Exemption from Advance Tax to Resident Senior Citizen under Income Tax. For Advance Tax provisions on other than Resident Senior Citizen… Read More »

Income Tax on Presumptive Basis u/s 44AD, 44ADA and 44AE [ FA2018]

By | June 6, 2018

TAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE BUSINESSES OR PROFESSIONS UNDER INCOME TAX [As amended by Finance Act, 2018] To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD… Read More »

Form GST FORM DRC-03 : FAQs

By | June 5, 2018

Payment on Voluntary Basis (Form GST FORM DRC-03 ) [ Also refer How to make Payment of Form GST FORM DRC 03 ? User Manual ] 1. What is the facility for Payment on Voluntary Basis? Payment on Voluntary Basis is a facility given to tax payers to make payment u/s 73 or 74 of the CGST… Read More »

GST on interest on a finance lease transaction : CBIC Clarify

By | June 4, 2018

Whether interest on a finance lease transaction is taxable under GST? A finance lease is a method of borrowing against the asset. The interest  represents the time value of the money expended by the Bank in financing the  asset. Services by way of extending deposits, loans or advances in so far as the consideration is represented… Read More »

New GST News and Circulars 04.06.2018

By | June 4, 2018

New GST News and Circulars 04.06.2018 [ Join online GST Course by CA Satbir Singh ] New GST News GST FAQs on Financial Services Sector published by CBIC 03.06.2018 Free Background Material on GST Acts and Rules- May 2018 Edition How to easily refer GST Act online ICAI Submited Draft ” GST Audit Report Formats… Read More »

Bank to Charge GST on taxable services provided to United Nations or a specified international organization

By | June 3, 2018

Whether a Bank / insurer is  required to charge GST on the  taxable services provided to United Nations or a specified international organization or, services provided  for official use of a foreign  diplomatic mission or consular post in India or for personal use or for  the use of the family members of diplomatic agents or career consular… Read More »

New Income Tax News 02.06.2018

By | June 2, 2018

New Income Tax News 02.06.2018 New Income Tax News Income Tax Calendar 2018-19 Major Changes in Income Tax Act w.e.f 01.04.2018 Income Tax Dept. issues Revised Income Tax Informants Reward Scheme 2018 New Benami Transactions Informants Reward Scheme 2018 launched Income Tax on Benami Property : Free Study material TDS Rates for AY 2019-20 (FY… Read More »

SevaBhojYojna : To Reimburse GST on Food/Prasad/Langar/Bhandara offered free of cost

By | June 1, 2018

SevaBhojYojna Ministry of Culture Government introduces new scheme ‘SevaBhojYojna’ Scheme seeks to reimburse Central Share of CGST and IGST on items for Food/Prasad/Langar/Bhandara offered free of cost by Charitable Religious Institutions Video Tutorial by CA Satbir Singh (Voice in Hindi , Slides in English)  explaining SevaBhojYojna Posted On: 01 JUN 2018 6:17PM by PIB Delhi… Read More »

How to file Income Tax Appeal to High Court

By | June 1, 2018

How to file Income Tax Appeal to High Court APPEAL TO HIGH COURT [SECTION 260A] Who can file appeal Assessee or Principal Chief Commissioner/Principal Commissioner/Chief Commissioner/Commissioner. Order against which appeal to High Court is possible Any order passed in appeal by the Appellate Tribunal (before the date of establishment of National Tax Tribunal), if the… Read More »

How to file Income Tax Appeal to Commissioner (Appeals)

By | June 1, 2018

How to File Income Tax Appeal to Commissioner (Appeals) APPEALS TO COMMISSIONER (APPEALS) (Section  246A TO 249 of Income Tax Act] Appealable orders Please see section 246A Time limit for presenting appeal Appeals should be presented within 30 days of the following date : where the appeal relates to any  tax deducted under section 195(1), the date of payment of… Read More »

SFT (Statment of Financial Transactions) : Free Study Material

By | May 31, 2018

SFT (Statment of Financial Transactions) : Free Study Material Here is the Free Study Material on SFT Reporting Portal FAQs : SFT: Statement of Financial Transaction How to submit SFT Preliminary Response to Income Tax Department Process for Statement of financial transaction -SFT u/s 285BA modified by CBDT Procedure for Acceptance of SFT Statements from Sub-Registrar… Read More »

TDS Rates for AY 2019-20 (FY 2018-19) : As amended by Finance Act 2018

By | May 31, 2018

TDS Rates for AY 2019-20 (FY 2018-19) [ TDS Rates for AY 2019-20 (FY 2018-19) As amended by Finance Act, 2018  / Rates for tax deduction at source ] [For Assessment year 2019-20] Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in… Read More »

Fugitive Economic Offenders : Free Study Material

By | May 31, 2018

Fugitive Economic Offenders : Free Study Material Here is the free study Material on Fugitive Economic Offenders : Free Study Material on Fugitive Economic Offenders Fugitive Economic Offenders Ordinance 2018 Fugitive Economic Offenders Ordinance 2018 : Features Fugitive Economic Offenders (Application for Declaration of Fugitive Economic Offender) Rules, 2018 Fugitive Economic Offenders (Issuance of Attachment Order) Rules, 2018.… Read More »

Reporting Portal FAQs : SFT: Statement of Financial Transaction

By | May 29, 2018

Reporting Portal : FAQs Version 2.0 (April 2018)  SFT Preliminary Response submission and view facility has been moved to reporting portal. Kindly go to Reporting Portal under ‘My Account’ menu. Refer to Reporting Portal  https://report.insight.gov.in 1. Overview 1. Who is a Reporting Entity? Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of… Read More »

Transfer Price for GST if Material Transfer within Company

By | May 28, 2018

What will be Transfer Price for GST if Material Transferred within Company Video Tutorial by CA Satbir Singh explaining Transfer Price for GST if Material Transfer within Company [ Join online GST Course by CA Satbir Singh ] What are the valuation rules unde GST for material transfer within company from separate GST number. i.e. Company wants to transfer… Read More »

Fugitive Economic Offenders : Procedure for Service of Notice :Notification 25.05.2018

By | May 25, 2018

FUGITIVE ECONOMIC OFFENDERS (PROCEDURE FOR SENDING LETTER OF REQUEST TO THE CONTRACTING STATE FOR SERVICE OF NOTICE AND EXECUTION OF ORDER OF THE SPECIAL COURT) RULES, 2018 NOTIFICATION NO. GSR 501(E) [F.NO.6/3/2017-FSLRC], DATED 25-5-2018 In exercise of the powers conferred by sub-section (1) read with clause (e) of sub-section (2) of section 23 and sub-section (6)… Read More »

New GST News on 24.05.2018

By | May 24, 2018

New GST News on 24.05.2018 Here are the New GST News on 24.05.2018 [ Join online GST Course by CA Satbir Singh ] E-Way Bill portal opened for generation of intra-state movement of goods in Odisha from May 23, 2018. How to Claim Prepaid expenses ITC under GST Automobile Sector – Latest Implications of GST :… Read More »

Odisha Intra state E way bills from 01.06.2018

By | May 23, 2018

Odisha Intra state E way bills from 01.06.2018 Odisha Intra state E way bills from 01.06.2018 Notification in Oriya lanugage E-Way Bill portal opened for generation of intra-state movement of goods in Odisha from May 23, 2018.   Eway Bill : Free Video Lectures and Study Material    

New GST News on 23.05.2018

By | May 23, 2018

New GST News on 23.05.2018 Here are the New GST News on 23.05.2018 [ Join online GST Course by CA Satbir Singh ] CIRCULAR NO 6173/CT :Odisha GST: Registration of TDS Authorities Notification No 11/2018 Union Territory Tax : Eway bill in Lakshadweep w.e.f 25.05.2018 Notification No 10/2018 Union Territory Tax : Eway bill in… Read More »

HSN code of lottery ticket for Payment of GST : CBEC Circular

By | May 19, 2018

HSN code of lottery ticket for Payment of GST  Though lottery tickets have been considered as goods in GST, there is no HSN code. Hence, GST should be paid under heading ‘Any Chapter’ of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and tax on lottery should be paid accordingly at prescribed rates, 12% or… Read More »

GST Exemption : Free Study Material

By | May 18, 2018

GST Exemption : Free Study Material Here is the compilation of Free study material on GST Exemptions Relevant Study Material on GST Exemption [Video] GST Exemption FAQs : Part 1 : by CA Satbir Singh I TaxHeal.com GST Exemption on disbursement of Viability Gap Funding to Selected Airline Operators GST exemption on services to Govt ;… Read More »

Tower erection work Contract is composite supply , GST on entire value : AAR

By | May 15, 2018

The applicant supplies works contract service, of which freight and transportation is merely a component and not a separate and independent identity, and GST is to be paid at 18% on the entire value of the composite supply, including supply of materials, freight and transportation, erection, commissioning etc. AUTHORITY FOR ADVANCE RULINGS, WEST BENGAL EMC… Read More »

Check GST Number online

By | May 13, 2018

Check GST Number online Here is the procedure to Check GST Number online 1. Go to gst.gov.in Search Service 2. Enter GSTIN number and enter Search Taxpayer Thus you can do GST number verification online GSTIN and password not received or not working ? Solution Check GST Registration Status ( India ) Also refer Topic wise Commentary on… Read More »

How to reply notice for mismatch in GST RETURN ?

By | May 12, 2018

Notice 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 department is seeking… Read More »

Interest Charged on Loan Exempt from GST : AAR

By | May 11, 2018

“Whether an amount charged as interest on transaction based short term loan given by the Del Credere Agent (DCA) to buyers of material is exempt from tax in terms of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 (Serial Number 27)?  Held  As per the aforesaid Sl. No. 27 of the table to Notification No.… Read More »