Posted On:  1 month ago


Registration exemption for ‘Inter-state Supply of Handicrafts’ notified by CBEC

The persons making inter-State taxable supplies mentioned in the preceding paragraph shall be required to obtain a Permanent Account Number and generate an e-way bill in accordance with the provisions of rule 138 of the Central Goods and Services Tax Rules, 2017.

article author One Roof Consultant

Posted On:  3 months ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  3 months ago


10 important points while file Income Tax Returns

Many taxpayers mess up their tax returns because of either out of greed, ignorance of rules, or just lack of time for knowing the rule. Some mistakes are not very serious offences and the taxpayer will get away with an additional tax demand. But some errors, such as not mentioning cash deposits after demonetization or foreign assets and income or sale of property disclosure, can land the taxpayer in serious trouble How to avoid such mistakes? There have been several changes in tax filing rules in the past year. The tax payer may not be aware of all the changes so it is advisable to take help of professionals in filing the return and avoid any mistakes. There might be many mistake which a individual makes if filing is done by self. Here are the few common errors or mis outs in case of filing returns.

article author CA Chirag Chauhan

Posted On:  5 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:  5 months ago


Exempt Services under GST in India from May 2017

Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;

article author CA Chirag Chauhan

Posted On:  5 months ago


Services under reverse charge as per GST in India

ABCThe fitments of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge as approved by the GST

article author CA Chirag Chauhan

Posted On:  5 months ago


Demonetization period Cash deposit Statistics – Average cash deposited by different tax payers

This section contains breakup of reported cash deposits for various taxpayer segments. Table 1 provides percentage of ‘distribution of PANs and ‘total cash deposit’ across taxpayers segments. Further, the table provides average reported cash deposits per PAN for taxpayer segments.

article author CA Chirag Chauhan

Posted On:  6 months ago


Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17

Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17 This article will give you all the knowledge regarding the latest changes in the ITR forms and also clarifies regarding the various types of form with respect to its applicable income and also which ITR to be used against which income.

article author CA Chirag Chauhan

Posted On:  7 months ago


How to ensure that rent you paid is not claimed as fake by IT Department? And get proper HRA exemption

Recently in 2017 March, ITAT Mumbai Bench did not allow HRA exemption claim stating it as based on sham rent payments supported only by rent receipts from mother without paying actual rent. In the view of above decision many salaried employee who are claiming HRA by paying to their parents, relative and friends have to know proper rule under which HRA can be claimed and what all documents are required, including legal judgments supporting the claim. The article give you a detail guidelines so that you can claim proper HRA as per the rules and have adequate documents to support your claim. There is nothing in the law to stop the taxpayer from renting premises from parents and relative and claiming the HRA benefit for such rental payment.

article author CA Chirag Chauhan

Posted On:  7 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:  8 months ago


Migration to GST of existing Central Excise I Service Tax Assessees

Please refer to my DO letter IV(33) 16/2016-Systems dt. 27th Jan, 2017 on the above subject regarding setting up GST Migration Seva Kendras for smooth transition of existing taxpayers to GST.

article author One Roof Consultant

Posted On:  8 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:  8 months ago


CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building

In continuation of the initiative of the Government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, CBDT has issued the third round of Certificates to nearly 3.74 Lakh tax payers. With this, the total number of certificates issued by CBDT now stands at approximately 23 Lakh.

article author One Roof Consultant

Posted On:  9 months ago


Criteria for Eligibility, Retention and re-introduction of derivative contracts on Commodities

The nature/properties of one commodity differs from another, thereby not all commodities may be suitable for the commodity derivatives trading. It is prudent that before allowing any derivatives contract on any commodity, the appropriateness / usefulness of commencing futures trading in products (not necessarily of just commodities), needs to be ascertained.

article author One Roof Consultant

Posted On:  9 months ago


Consultation Paper on Amendment to SC(R)(SECC) Regulations, 2012

To solicit views from public on suggestion pertaining to amending the defmition of “Commodity Derivatives Exchange” and “National Commodity Derivatives Exchange” and also” provisions applicable to commodity derivatives exchanges” in the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC Regulations) in order to enable trading instruments relating to commodity derivatives including options on commodity derivatives exchanges.

article author One Roof Consultant

Posted On:  1 year ago


List of holidays for 2017 for Central Government employee in India

It has been decided that the holidays as specified in the Annexure-I to this O.M. will be observed in all the Administrative Offices of the Central Government located at Delhi/New Delhi during the year 2017.  In addition, each employee will also be allowed to avail himself/herself of any two holidays to be chosen by him/her out of the list of Restricted Holidays in Annexure

article author One Roof Consultant

Posted On:  1 year ago


CBI arrests an Income tax officer and Inspector of income tax in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer for accepting a bribe of Rs. Three Lakh and an Inspector of Income Tax for accepting a bribe of Rs.5000/- from the Complainant. A case was registered U/s 7 of the PC Act, 1988 against the ITO 30(1)(3) BKC, Mumbai for demanding an amount of Rs.3 lakh for himself and Rs.5000/- for his staff from the complainant for passing a favourable Assessment Order and not imposing penalty in scrutiny of ITR of the complainant for the AY 2014-15. CBI laid a trap and caught the two accused red handed. Searches were conducted at the official

article author CA Nikesh Sheth

Posted On:  1 year ago


Fourth Bi-monthly Monetary Policy Statement, 2016-17

Fourth Bi-monthly Monetary Policy Statement, 2016-17 Resolution of the Monetary Policy Committee (MPC), Reserve Bank of India Date : Oct 04, 2016 On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to:

article author One Roof Consultant

Posted On:  1 year ago


FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country.

The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule.

article author One Roof Consultant

Posted On:  1 year ago


Classification of certain inorganic chemicals such as mono potassium phosphate, calcium nitrate,potassium magnesium phosphate as fertiliser-regarding.

Board has vide Circular No. 44/2001-Cus dated 6th August,2001 clarified that mono potassium phosphate , calcium nitrate, potassium magnesium phosphate will merit classification under Chapter 28 of the Customs Tariff and not under the Chapter 31 as fertilisers. This was for the reason that note 1(b) of Chapter 31 of the First Schedule to the Customs Tariff Act,1975 states that this Chapter does not cover separate chemically defined compounds other than those answering to the descriptions in note 2(A), 3(A), 4(A) and 5 of the said Chapter. As the subject compounds do not figure in these chapter notes, they have to be excluded from Chapter 31 and classified as separate chemically defined compounds.

article author One Roof Consultant