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GSTN will start migrating existing taxpayers onto its system from next month : In the recent interview of Mr. Navin Kumar, Chairman of GSTN with the Business Line, he said that the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system from the next month for the smooth implementation of …
GST DRAFT RULES AND FORMATS RELEASED The last major development on GST was the approval of Union Cabinet for the formation of GST council and enforcement of all sections of the 101st Constitutional Amendment Act. the Goods and Services Tax Network (GSTN) indeed plays a crucial role in India’s indirect taxation system. It serves as …
Today updates: DIRECT TAX:- CBDT has issued a Instruction No.9/2016 (IDS) dated 27/09/2016 on Non –indexation of assets sold prior to 01-06-2016.The Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market …
Today updates: Direct Tax:- ITAT Banglore in the below-citied case held that Payment in respect of salaried doctors, in-house and visiting consultants in Nursing Home were subjected to TDS Since consultant doctors were paid fixed remuneration and the working conditions are under the supervision and control of the hospital authorities. In our considered opinion, services …
GSTN will start migrating existing taxpayers onto its system from next month : In the recent interview of Mr. Navin Kumar, Chairman of GSTN with the Business Line, he said that the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system from the next month for the smooth implementation of …
TODAY UPDATES: DIRECT TAX: CBDT has issued a clarification regarding u/s 119 of the Income Tax Act, 1961 dated 9th September 2016 vide F. No. 225/195/2016-ITA II dated 14th September 2016. CBDT clarified that the extended due date of filing return would also apply for the tax audit report. ITAT Indore in the below citied …
TODAY UPDATES: Direct Tax: Gujrat High Court in the below citied case held that A private complaint without any further investigation by the authorities surely not be a tangible material to enable the AO to form a belief that income chargeable to tax had escaped assessment.(Biyani Impex Private Limited Vs. ITO ITAT Delhi in the below …
Today Day Update : DIRECT TAX: CBDT: No Enquiry or investigation in respect of document / evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961 – Circular No. 32 of 2016, dt.01 SEP 2016. CBDT clarifies that no enquiry or investigation in …
TODAYS UPDATE : Direct Tax: IT: Computing MAT liability under the provisions of Sec-115JB deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods – M/s. United Breweries (Holdings) Ltd. Vs. CIT, Bangalore (2016 (4) TMI 570 – ITAT Bangalore) IT: Amounts received by the assessee from various producers towards advances cannot be …
Q.: What is GST and GSTR Filings? GST, or Goods and Services Tax, is an indirect tax that has replaced multiple taxes in India, including the VAT System, since its implementation on July 1st, 2017. On March 29th, 2017, the GST Act was passed by Parliament. GST is regarded as a ‘comprehensive, multi-staged, and destination-based’ …