Posted On:  3 months ago


GST FAQ on Handicrafts

All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services.

article author CA Chirag Chauhan

Posted On:  5 months ago


Short FAQs on Tweets Questions received by GST_GOI handle

The tweets received by ask GST_ GoI handle were scrutinized and developed into a short FAQ of 100 tweets.

article author CA Chirag Chauhan

Posted On:  6 months ago


Limited Liability Partnership LLP –Annual Filing due dates and Penalty for MCA, Audit and Income Tax

Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms with the Registrar every year. All registered LLPs are required to prepare their accounts and fill in information regarding the profit earned, or any other financial inputs regarding business, and submit it to MCA and Income Tax Department every year. Following is the summary of compliance required for LLPLimited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms

article author CA Chirag Chauhan

Posted On:  8 months ago


FAQs on Frontend Business Process on GST Portal

Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services to both central and state governments including tax payers and other stakeholders. The Frontend services of Registration, Returns, Payments, etc. to all taxpayers will be provided by GSTN. It will be the interface between the government and the taxpayers.

article author One Roof Consultant

Posted On:  8 months ago


Deposit or withdrawal of cash more than 2 Lakhs from bank will attract equal amount of penalty from 1 April 2017

A clampdown on black money was one of the major electoral promises of the National Democratic Alliance (NDA) and the government has taken a number of steps. One of the biggest step other than demonetization is restriction on cash transaction. As part of Union Budget 2017, Union finance minister Arun Jaitley has set the legal limit for cash transactions, Rs 2 lacs. From 1st April onward any transaction above Rs. 2,00,000/- shall be strictly done only through banking channels or will attract penalty of equal amount

article author CA Chirag Chauhan

Posted On:  9 months ago


Government launches GST App to facilitate smooth transition to new tax regime

The Finance Ministry on Thursday launched a mobile app for Goods and Services Tax so as to provide updates to taxpayers on the new tax regime which is to be rolled out from July 1. From helping taxpayers in the migration to GST, providing toll free numbers and videos and reading material on GST to putting up draft laws and rules, the app called the CBEC GST app aims to help taxpayers and address their concerns about the new indirect tax regime. The GST mobile app launched by the ministry can be downloaded for free on Android platforms. The iOS version will be made available shortly, an official statement said

article author CA Chirag Chauhan

Posted On:  9 months ago


Standard Operating Procedure (SOP) to be followed by the Assessing Officers in verification of Cashtransactions relating to demonetisation

Post demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016, several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’) . In such cases, it has been decided to undertake on -line verification of select transactions through jurisdictional Assessing Officers

article author One Roof Consultant

Posted On:  9 months ago


Launch of Appeal Register & CSR module of Income Tax Business Application (ITBA)

This is in reference to the subject mentioned above. The functionality for generating the Central Scrutiny Report (CSR) on orders of CIT(A)/ITAT/High Court is now available in Appeal Register & CSR module of ITBA. 2. The Appeal Register & CSR module of the ITBA can be accessed by entering the following URL in the browser: https://itba.incometax.gov.in

article author One Roof Consultant

Posted On:  9 months ago


ITBA module for Issue of Summon , Notices and Reference for Audit

This is in reference to the subject mentioned above. The following processes forming a part of the Assessment module are now available to the users in ITBA: (A) Issue of Summon u/sec 131. (B) Issue of Notice u/sec 133 and (C) Reference for Audit u/sec 142(2A). This is the next step, if required, after any case is selected in ITBA for Scrutiny/Reopening etc and issue of hearing notice u/s 143(2) , as part of the assessment process.

article author One Roof Consultant

Posted On:  10 months ago


Launch of Post Assessment – Revision u/s 263/264 Proceedings module of Income Tax Business Application (ITBA)

This is in reference to the subject mentioned above. The functionality for passing revision order is now available in the Revision module of ITBA. 2. The Revision u/s 263/264 Proceedings module of the ITBA can be accessed by entering the following URL in the browser: https://itba.incometax.gov.in The path for Revision module is: ITBA Portal -> Login -> Modules -> Revision

article author One Roof Consultant

Posted On:  10 months ago


Launch of Income Tax Business Application (ITBA) – TPO Proceedings Module

This is in reference to the subject mentioned above. The functionality for TPO Proceedings (Process flow from recording the reference particulars and initiation of TPO Proceedings to passing of TPO order) is now available in the TPO Proceedings Module of Income Tax Business Application (ITBA).

article author One Roof Consultant

Posted On:  1 year ago


Revised Interest rates on Small Savings Scheme w.e.f. from 1st October 2016

This article will give you information about the latest amendments and changes in interest rates of various small savings scheme. The following are the various types of small savings scheme:1) Sukanya Samriddhi Account (SSA): The interest rate has reduced to 8.5% from 8.6% now. The main purpose of introducing this scheme is to promote welfare of the girl child. ‘Sukanya Samriddhi Account’ can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs 1000

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Frontend Business Process on GST Portal as per Goods and Service tax (GST)

Goods and Services Tax Network (GSTN) is a non-profit non-government company, which will provide shared IT infrastructure and service to both central and state governments including tax payers and other stakeholders. The Frontend services of registration, Returns and payments to all taxpayers will be provided by GSTN. It will be the interface between the government and the taxpayers.

article author CA Chirag Chauhan

Posted On:  1 year ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant

Posted On:  1 year ago


CBDT clarifies unconfirmed reports on IDS 2016

Certain sections of the press have been speculating on the taxpayer response to the currently on-going Income Disclosure Scheme 2016 over the last couple of days. The CBDT would like to clarify that these are not based on any statements issued by the Department. The Department has since the commencement of the scheme, set to rest, various concerns of the taxpayers through public meetings and through the issue of FAQs over the last 3-1/2 months. The benefits of the scheme have also been publicized through print and electronic media, in both national and regional languages

article author One Roof Consultant

Posted On:  1 year ago


The Direct Tax Dispute Resolution Scheme, 2016

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from 1st June, 2016 and can be availed upto 31st December, 2016. The Scheme is available to the cases pending with the first appellate authority [i.e. CIT(A)] as on 29th February, 2016, subject to certain conditions. It also extends to the cases pending litigation owing to retrospective amendment at different levels.

article author One Roof Consultant

Posted On:  1 year ago


How failure to disclose your undisclosed income under Income Declaration Scheme may give power to AO to reopen assessment of last 50 years u/s 197(c)

Under Income Declaration Scheme every person, (Individual, Partnership Company, Trust, etc.) can declare undisclosed income pertains to AY 1962-63 onwards and pay tax @ 45% and be assured of secrecy and immunity form penalty and prosecution

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Goods and Service tax(GST) its basics and how it works

GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set- off benefits at all the previous stages.

article author CA Chirag Chauhan

Posted On:  1 year ago


Additional FAQ’s on the Income Declaration Scheme, 2016

The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three sets of FAQs vide Circular Nos. 17, 24 & 25 of 2016. In order to address further queries received from the public relating to the Scheme, following clarifications are issued.

article author One Roof Consultant

Posted On:  1 year ago


Effective Tax Rate is 45% and not 31% clarified by CBDT - The Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (FAQs) providing clarification on various issues are in the process of being issued and will be available on the official website of the Income Tax Department i.e., www.incometaxindia.gov.in later today.

article author CA Chirag Chauhan