Section 87A Rebate for AY 2017-18 87A Rebate for AY 2017-18 : Rebate of Rs. 5,000 for resident individuals having total income up to Rs. 5 lakh [Section 87A] Purpose of 87A Rebate for AY 2017-18 (Financial Year 2016-17) With a view to providing tax relief to the individual taxpayers who are in lower income bracket, a rebate is… Read More »
Tax Rates for Assessment Year 2017-18 Tax Rates Income Tax Act 1961 (India) Assessment Year 2017-18 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000… Read More »
MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT [Department of Empowerment and Persons with Disabilities (Divyangjan)] NOTIFICATION New Delhi, the 10th March, 2017 G.S.R.237(E).—The following draft of the Rights of Persons with Disabilities Rules, which the Central Government proposes to make, in exercise of the powers conferred by sub-sections (1) and (2) of Section 100 of the… Read More »
THE ENEMY PROPERTY (AMENDMENT AND VALIDATION) ACT, 2017 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 14th March, 2017/Phalguna 23, 1938 (Saka) The following Act of Parliament received the assent of the President on the 14th March, 2017 and is hereby published for general information:— THE ENEMY PROPERTY (AMENDMENT AND VALIDATION) ACT, 2017… Read More »
Q Import of Service Covered in definition of Supply under GST ? As per Section 3 read with Schedule 1 of Revised Model GST Law – Import of Service is Covered in definition of Supply . Section 3 Meaning and scope of supply of Revised Model GST Law (1) Supply includes— ……. (b) importation of services, for a… Read More »
01(05)/ Circular/ CESTAT/ 2017 Customs, Excise & Service Tax Appellate Tribunal West Block No. 2, R.K. Puram, New Delhi-110066 Dated 27.2.2017 Circular Instances are noticed that while filing appeal/application before CESTAT, parties are seeking alternate/simultaneous remedies before other forums such as Hon’ble High Courts/ Supreme Court which were invariably suppressed while filing appeal/applications etc. before… Read More »
Query: What is the recovery mechanism for wrongly availed credit? Answer: If credit ia availed wrongly then it would be recovered from the registerd taxable persons in terms of section 66 to 78 of Revised Model GST Law CHAPTER – XVII DEMANDS AND RECOVERY Determination of tax not paid or short paid or erroneously refunded or input… Read More »
GST: New rules will have impact on retail chains, restaurants and contractual farming MUMBAI: Even as the government recently brought some parts of agriculture under goods and services tax (GST) gamut, some big retail chains and quick service restaurants (QSRs) may see the impact. This is mainly because contractual farming will now be under the… Read More »
GST Enrollment migration of existing registered Assessees Dear Professional Colleague, The GST Law is expected to be implemented by 1st July 2017. The GTSN – the technology wing of GST is working relentlessly and undertaking the testing of the software on a regular basis. The Government, for once, seems to be far ahead of the industry… Read More »
IRS Offers IRA Tax Tips for the 2016 Tax Year Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under… Read More »