Posted On:  3 months ago


New features added in Form GSTR 3B and other functionalities made available on the GST Portal

Filing of Form GSTR 3B : Filing of Form GSTR 3B has been made easier and user friendly with following features : a) While proceeding to payment you can see details of balances as available in cash and credit ledgers at one place. b) Tax liabilities as declared in GSTR 3B along with the credits gets updated in the ledgers and reflected in the "Tax payable" column of the payment section and can be seen while hovering on the said headings of credit in the payment section.

article author CA Chirag Chauhan

Posted On:  4 months ago


Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income tax under clause (38) of section 10 of the Act.

article author CA Chirag Chauhan

Posted On:  4 months ago


Extending the benefit of tax-free withdrawal from NPS to non-employee subscribers as per Budget 2018

Under the existing provisions of the clause (12A) of section 10 of the Act, an employee contributing to the NPS is allowed an exemption in respect of 40% of the total amount payable to him on closure of his account or on his opting out.

article author One Roof Consultant

Posted On:  4 months ago


Royalty and FTS payment by NTRO to a non-resident to be tax-exempt as per Budget 2018

Section 195 requires a person to deduct tax at the time of payment or credit to a non-resident. Given the business exigencies of the National Technical Research Organisation (NTRO), it is proposed to amend section 10 so as to provide that the income arising to non-resident

article author One Roof Consultant

Posted On:  4 months ago


Exemption of income of Foreign Company from sale of leftover stock of crude oil on termination of agreement or arrangement as per Budget 2018

Clause (48A) of section 10 provides that any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India shall be exempt.

article author One Roof Consultant

Posted On:  4 months ago


Tax treatment of transactions in respect of trading in agricultural commodity derivatives as per Budget 2018

Clause (5) of section 43 defines speculative transaction. The proviso to the said clause, however, stipulates certain transactions to be non-speculative nature even though the contracts are settled otherwise than by the actual delivery or transfer of the commodity or scraps.

article author One Roof Consultant

Posted On:  4 months ago


Should you hold or Sell Equity Shares and Mutual Fund before 31 March 2018 to save LTCG?

The exemption of LTCG will continue till 31 March 2018. LTCG Tax of 10% will be applicable from 1 April 2018. A new section 112A is introduced into the Income-tax Act, 1961 to tax the long term capital gains on the listed shares and units of equity oriented mutual funds transferred on or after 1st April, 2018

article author CA Chirag Chauhan

Posted On:  4 months ago


How to calculate Long Term Capital Gain Tax on Equity Shares and Mutual Fund from 1st April 2018

The Long Term Capital Gain Tax on Shares and Equity oriented Mutual Funds were exempt since 2004. The government has introduce Securities Transaction Tax from 2004, to simply the tax regime, and introduce section 10(38) to provide exemption to long term capital gains on transfer of shares listed on a recognised stock exchange (BSE & NSE) provided STT was paid on them. Short term capital gains on such a transfer would be taxed @ 15%. The Budget 2018 has proposed to tax Long Term Gains on Equity Shares and Mutual Funds without withdraw of securities transaction tax (STT), which was introduced as an alternative to LTCG tax.

article author CA Chirag Chauhan

Posted On:  4 months ago


Download the Budget Memorandum 2018 for Financial Year 2018-19

The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, reducing the corporate tax rate for micro, small and medium enterprises, promoting horizontal equity in personal income-tax and enhancing the effectiveness, transparency and accountability of the tax administration. With a view to achieving the above, the various proposals for amendments are organised under the following heads

article author CA Chirag Chauhan

Posted On:  4 months ago


How much income tax Senior Citizen can save from Budget 2018 in Interest (80TTB), Insurance (80D) and Medical Expenditure (80DDB) for FY 2018-19

Budget propose several benefits to Senior Citizens. Though there are no change in Slab rates applicable for senior citizen, government has increase exemption limit and provided standard deduction for pensioners. Following are relief to Senior Citizens proposed:-

article author CA Chirag Chauhan

Posted On:  4 months ago


Download Budget speech and Finance bill for 2018 by FM Arun Jaitely FY 2018-19

Madam, four years ago, we pledged to the people of India to give this nation an honest, clean and transparent Government. We promised a leadership capable of taking difficult decisions and restoring strong performance of Indian economy. We promised to reduce poverty, expedite infrastructure creation and build a strong, confident and a New India. When our Government took over, India was considered a part of fragile 5; a nation suffering from policy paralysis and corruption. We have decisively reversed this. The Government, led by Prime Minister, Shri Narendra Modi, has successfully implemented a series of fundamental structural reforms. With the result, India stands out among the fastest growing economies of the world.

article author CA Chirag Chauhan

Posted On:  4 months ago


100 Key Highlights of Union Budget 2018 presented by FM Arun Jaitely FY 2018-19

No changes in person tax structure for salaried class and No change in Slab Rates 1.44 lakhs crores paid by salaried tax payers.  Standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes Govt will have a scheme to give every enterprise in India a unique ID

article author CA Chirag Chauhan

Posted On:  4 months ago


CBEC exempts Central Govt’s share of Profit Petroleum from IGST

Seeks to exempt Central Government’s share of Profit Petroleum from Integrated Goods & Services Tax (IGST)

article author One Roof Consultant

Posted On:  4 months ago


CBEC exempts royalty and license fee included in transaction value from IGST

Seeks to exempt royalty and license fee from Integrated tax to the extent it is paid on the consideration attributable to royalty and license fee included in transaction value under Rule 10(1)(c) of Customs Valuation (Determination of value of imported Goods) Rules, 2007.

article author One Roof Consultant

Posted On:  4 months ago


CBEC notifies Changes in Rate of IGST on Motor Vehicle wef 25.01.2018

G.S .R. (E).- In exercise of the powers conferred by sub-section (1) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the central tax on inter-state supplies of goods

article author One Roof Consultant

Posted On:  4 months ago


CBEC amends Notification related to concessional IGST rate on scientific equipments

G.S.R….(E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), (hereafter in this notification referred to as “the said Act”) read with sub-section (3) of section 6 of the said Act

article author One Roof Consultant

Posted On:  4 months ago


Refund of unutilised Input Tax Credit (ITC)

Refund of unutilised Input Tax Credit (ITC)

article author One Roof Consultant

Posted On:  4 months ago


Refund of Integrated Tax paid on account of zero rated supplies

The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017

article author One Roof Consultant

Posted On:  4 months ago


Statement of Outward Supplies (GSTR-1) in GST

FORM GSTR-1 is a statement of the details of outward supplies (i.e. sales of goods or provision of services) of goods or services or both. The details filed in table of this statement are to be communicated to the respective recipients of the said supplies. The details of outward supplies shall include details of invoices, debit notes, credit notes, advances received, advances adjusted and revised invoices issued in relation to outward supplies made during any tax period

article author One Roof Consultant

Posted On:  4 months ago


Deemed Exports in GST

“Deemed Exports” refers to supplies of goods manufactured in India (and not services) which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. The supplies do not leave India. The payment for such supplies is received either in Indian rupees or in convertible foreign exchange. Deemed exports are not zero rated supplies by default, unlike the regular exports.

article author One Roof Consultant