GST Council – 13th Meeting held on 31.03.2017 The prospects of rollout of the Goods and Services Tax (GST) from July 1, 2017 has been brightened further, when the all-powerful GST Council chaired by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the thirteenth time in a row to clear all gathered clouds over… Read More »
Section 44ADA of Income tax Act Summary of Section 44ADA of Income tax Act Section 44ADA of Income tax Act Inserted by the Finance Act, 2016, w.e.f. 1-4-2017. we have discussed Commentary on Section 44ADA of Income tax Act Section 44ADA of Income tax Act 1[Special provision for computing profits and gains of profession on presumptive… Read More »
Guide to CGST & IGST Tax Bill 2017 Related Post on GST Bill 2017 CGST Bill 2017 Introduced in Lok Sabha -27.03.2017- Download/Print UTGST Bill 2017 Introduced in Lok Sabha -27.03.2017- Download/Print IGST Bill 2017 Introduced in Lok Sabha – 27.03.2017 Download /Print GST Compensation Bill 2017 Introduced in Lok Sabha -27.03.2017- Download/Print Guide to… Read More »
CBDT notifies new Income Tax Return Forms for AY 2017-18: Introduces one page simplified ITR Form-1(Sahaj) The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj).… Read More »
Reserve Bank of India (RBI) to up a separate Enforcement Department; proposed to be opened on April 3, 2017 Reserve Bank of India (RBI) is setting up a separate Enforcement Department. The Enforcement Department (EFD) is proposed to be opened on April 3, 2017, to separate those who oversee the possible rule breaches and those… Read More »
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52… Read More »
The Union Government has announced revised rates of interest on Small Savings Schemes for the First Quarter of 2017-18 to bring them somewhat closer to market rates Small Savings schemes will continue to be attractive as some of them enjoy income tax benefits and additional interest rate spreads Revision of rates is a reflection of… Read More »
Government approves Rs. 2,256 crore outlay for Project Saksham to bolster the information technology network for the new GST regime The Government has approved Rs. 2,256 crore outlay for Project Saksham to bolster the information technology network for the new GST regime. Project Saksham is the name given to CBEC’s IT Infrastructure Project. This IT… Read More »
Exchange rate of the Indian rupee The exchange rate of the Indian rupee has generally witnessed an appreciation trend against the US dollar in the recent period, notwithstanding intermittent bouts of volatility witnessed especially during November-December 2016 on the back of the US presidential election results and Fed rate hike (Table below): Monthly Average Rs/$… Read More »
Central Board of Direct Taxes (CBDT’s) APA Program crosses the 150 Milestone The Central Board of Direct Taxes (CBDT) has entered into 9 Advance Pricing Agreements (APAs) during the last two days of the current financial year. All the 9 Agreements entered into are Unilateral APAs. With this, the total number of APAs entered into… Read More »