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Lower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax  Service providers shall be eligible for full Input Tax Credits (ITC) of GST paid in respect of inputs and input services    Taxes on entertainments and amusements (covered by the erstwhile entry...

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Category : GST | Comments : 0 | Hits : 163

The Reserve Bank said it will reconstitute the oversight committee (OC) under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs 8 lakh crore. The central bank said it has been decided to reconstitute the OC under the aegis of the ce...

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Category : RBI | Comments : 0 | Hits : 193

The Central Board of Direct Taxes (CBDT) has entered two unilateral Advance Pricing Agreements (APAs) pertaining software and information technology sectors. "The CBDT has entered into two Unilateral Advance Pricing Agreements (APA) on May 4, 2017, and May 11, 2017, respectively, with Indian...

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Category : CBDT | Comments : 0 | Hits : 141

The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing ...

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Category : Income Tax | Comments : 0 | Hits : 1118

There is a need for a single redressal mechanism for all types of financial transactions in the country , feels Ranjana Sahajwala, ban of the RBI. king ombudsman of the RBI. The RBI created the office of banking ombudsman (OBO) to act as a mediator or adjudicator between the customer and the bank...

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Category : RBI | Comments : 0 | Hits : 206

Commerce Minister Nirmala Sitharaman today assured exporters that they would get their refund tax claims within seven days under the new goods and services tax (GST) regime. She also said that the GST Council has been fairly seized of the tax refund issue under the new indirect tax regime, to be ...

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Category : GST | Comments : 0 | Hits : 226

The Finance Minister Arun Jaitley has said that healthcare and education will remain exempted from the GST. Addressing a press conference after the two-day 14th GST council meeting in Srinagar today, Mr. Jaitley said, services to be taxed at 5, 12, 18, 28 per cent.  He said, restaurants with...

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Category : GST | Comments : 0 | Hits : 289

The Goods and Services Tax (GST) Council on Friday finalised tax rates for all services, except lottery, under the new indirect tax regime to be rolled out from July 1. Those services already exempted from tax, such as healthcare and education, will continue to enjoy the concession. The tax rate ...

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Category : GST | Comments : 0 | Hits : 492

Foodgrains and common-use products like hair oil, soaps, toothpaste and also the electricity will cost less from July first after the implementation of nation-wide Goods and Service Tax.  The GST rates for all 1,211 items but six were finalised, yesterday, at the first day of the two-day mee...

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Category : GST | Comments : 0 | Hits : 1191

On day one of its crucial meeting in Srinagar, Jammu & Kashmir, the Goods and Services Tax (GST) Council on Thursday approved all nine rules for the rollout of the new indirect tax regime. The nine rules finalised by the council pertain to composition, valuation, transition, input tax credit, in...

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Category : GST | Comments : 0 | Hits : 404

What seems to be the first case of its kind, a Civil Court in Delhi’s Rohini accepted the blue double-tick of WhatsApp chat as a valid proof of the notice being served. A man served notice to his daughter-in-law, her parents and her friend on WhatsApp in connection with a property dispute. ...

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Category : WhatsApp | Comments : 0 | Hits : 1118

RBI today came out with final guidelines on branch authorisation, with a refined definition on what constitutes a bank branch and liberalised policies on presence in tier-I centres. It also widened the role of bank boards, making them responsible for complying with the new guidelines. The RBI ...

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Category : RBI | Comments : 0 | Hits : 190

 The Goods and Services Council today finalised tax rates for 1,211 items with a majority of items being kept at under 18 per cent rates.  "GST Council today approved 7 GST rules in a meeting held in Srinagar, while legal committee is looking at remaining 2 GST rules ( return, tran...

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Category : GST | Comments : 0 | Hits : 325

The Goods and Service Tax, GST Council will meet today in Srinagar to deliberate on tax rates on commodities and services. The meeting will be chaired by Union Finance Minister Arun Jaitley and it will be attended by the Finance Ministers of all States and Union Territories. AIR correspondent rep...

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Category : GST | Comments : 0 | Hits : 199

A chartered accountant was on Monday arrested for allegedly hacking the irrigation department’s login page in the income tax portal, which is used to file tax returns. The accused, Sanjay Frederick Singh, used to file tax returns for the irrigation department but his services were discontinued...

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Category : Chartered Accountant | Comments : 1 | Hits : 3925

The Centre has turned its heat on tax evaders with a new portal to investigate them.  The portal designed by the Central Board of Direct Taxes (CBDT) will identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean...

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Category : Income Tax | Comments : 0 | Hits : 1209

Ahead of the planned GST rollout from July 1, the government is strengthening the body responsible for detecting tax evasion and will set up two new agencies, including one for business intelligence and analytics.  With the goods and service tax (GST) subsuming central levies like excise dut...

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Category : GST | Comments : 0 | Hits : 274

When PM Narendra Modi had flagged the misuse of long term capital gains tax at a Securities Exchange Board of India (SEBI) event last year, it made market participants nervous of losing the tax benefit. The fear comes back as the regulator is contemplating on withdrawing capital gains benefit for...

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Category : SEBI | Comments : 0 | Hits : 441

The income tax department has identified 5.68 lakh new cases for verification, including 1.58 lakh taxpayers who made partial declaration of accounts in the past. Post demonetisation on 8 November, the tax department is flushed with information from various sources, including statement of financi...

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Category : Income Tax | Comments : 0 | Hits : 584

The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said. Launching a new website on 'Operation Clean Money', a programme to bring illegal wealth on books, he said the fallout of the November 8 de...

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Category : Income Tax | Comments : 0 | Hits : 236

Organisations with over Rs 20 lakh turnover will have to specify the PAN while filling the Udyog Aadhaar Memorandum for registration.  These organisations include companies, limited liability partnerships, cooperative societies, societies and trusts.  The decision, taken at a meeting...

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Category : PAN | Comments : 0 | Hits : 651

Petrol prices were on Monday cut by Rs2.16 per litre and diesel by Rs2.10 per litre, reversing the four-week trend of rising fuel prices. The reduction, which will be effective from Monday midnight, comes on back of a marginal 2 paise per litre increase in petrol and 52 paise per litre hike in di...

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Category : General | Comments : 0 | Hits : 137

If you are a Chartered Accountant (CA) aged 45-55 years of age, a job is awaiting you. The Reserve Bank of India has opened applications for the job of Chief Financial Officer at the rank of Executive Director. This is a first by the central bank as till now, it did not have a dedicated official ...

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Category : RBI | Comments : 0 | Hits : 1668

A centralised system for auditor selection at public sector banks will help do away with "ad hocism", chartered accountants' apex body ICAI has said amid concerns over alleged malpractices in the whole process. In the wake of the concerns flagged by the Institute of Chartered Accoun...

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Category : Bank Branch Audit | Comments : 0 | Hits : 795

The Central Government vide notification dated 11th May, 2017 has notified that the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID:   An individual who is residing in...

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Category : PAN | Comments : 0 | Hits : 318

With one-fourth of taxpayers yet to enrol for the Goods and Services Tax (GST), the government has decided to reopen the I-T?window from June 1 for 15 days, so as to help firms switch over to the new regime from July, said Revenue Secretary Hasmukh Adhia. GST is set to roll out from July 1, and 6...

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Category : GST | Comments : 0 | Hits : 1009

If all your documents are in place, you can now e-file your tax returns, as all the income-tax return (ITR) forms for assessment year (AY) 2017-18 are available online at the income tax department’s e-filing website www.inometaxefiling.gov.in. The income tax department has been uploading th...

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Category : ITR | Comments : 0 | Hits : 279

Income Tax (IT) Department simplifies linking PAN with Aadhaar for taxpayers using Income Tax India website  No need to login or be registered on the E-filing website for linking    The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadh...

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Category : Income Tax | Comments : 2 | Hits : 791

  Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017    The Committee constituted by the Finance Minister to suggest the areas in respect of which further I...

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Category : CBDT | Comments : 1 | Hits : 398

Revenue Secretary Hasmukh Adhia today held detailed review of IT-Preparedness for the roll-out of Goods and Services Tax (GST) from 1st of July this year.  Mr Adhia also reviewed GST System preparedness of Goods and Services Tax Network and Central Board of Excise and Customs. He expressed s...

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Category : GST | Comments : 1 | Hits : 176