Importers of food i.e. unsold inventories of imported chocolate, confectionery and cosmetics, which attracted 28% Integrated Goods & Services Tax (GST) during inbound shipments will now be a retailing tax of 18%. They can now claim refunds on excess GST but also have to submit proofs. The reduction in GST rates for products imported at a higher … Continue reading “Good news for importers of food, cosmetics will get refund on excess GST”

Central Board of Direct Taxes (CBDT) decided to boost the deadline for e-filing of income tax returns for those taxpayers who file audit reports for Assessment Year (AY) 2017-18. Taxpayers and professionals appealed to authorities through several modes to extend the last date for tax audit reports. Reason being, deficiency of clerical staff at chartered … Continue reading “Date extended for ITR/Tax Audit Reports for ay 17-18 to 7 Nov, 17”

From this week, exporters who paid Goods and Services Tax (GST) can claim for refunds for the month of August and September. As per Chief Executive, GST Network (GSTN) will launch separate online application this week for claiming Integrated GST (IGST) would be made available from this week. This app is developed wherein exporters can … Continue reading “Exporters who paid GST can claim for Refund This Week”

About 70% of the assessees under the Goods and Services Tax (GST) had filed detailed sales returns for July on Tuesday, as it was the official deadline. No further extension was given as earlier the GST filing deadline had been extended twice earlier. About 4.59 million entities of the eligible 6.5 million filed the Goods and … Continue reading “Only 70% filed accurate GST Returns for July”

In fiscal year 2016-17, 2.82 million people filed income tax returns. The tax department said on Monday that the number of filing of returns has increased by 25 percent after the ban.

The last date for filing income-tax returns this year has been extended to August 5. The original deadline for filing income tax returns for FY 2016-17 (AY 2017-18) was July 31, 2017. Source: http://economictimes.indiatimes.com/articleshow/59845318.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The Narendra Modi government at the Center had said in February this year that the delay in filing an Income Tax return was a maximum of Rs 10,000. However you do not have to worry about it anymore. This plan will not apply this year, but from 1st April next year.

The number of people who filed tax returns surged by 95 lakh as the government turned the heat on black money with demonetisation and various other measures, two top government officials told ET.

The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.

The Central Board of Excise and Customs (CBEC) recently released draft rules on electronic way bills (e-way bills) that entities have to furnish regarding the goods meant to be moved within or out of a state.

The Income Tax department will investigate over 60,000 individuals under the second phase of the ‘Operation Clean Money’ which was launched on Friday with an aim to detect black money generation post demonetisation.

All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page income tax return (ITR) form. The tax department a few days back notified new ITR forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).

As per rule 114E of the income tax rules 1962, for an from 2016-17, all companies have to be furnish SFT in respect of certain transactions. ACFSFTtoIncomeTaxDepartment.pdf

Under the indirect transfer provisions contained in section 9(1)(i) of the Income Tax Act, 1961 (‘Act’), all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India or through … Continue reading “Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961”