Q whether GST paid on advance payment is avaliable as input credit ? No. Please see Section 16(2) of the CGST Act, 2017. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied
PAN to be furnished in Form 26B instead of TAN for refund of TDS on immovable property: CBDT MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th June, 2017 G.S.R. 554(E).—In exercise of powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter… Read More »
Exempt provident trusts must file monthly statements electronically using new software: The Employees’ Provident Fund Organisation issued a circular announcing that exempt funds and trusts must file monthly statements under the Employees’ Provident Fund Act and various related measures using a new software. Read a June 2017 report [PDF 337 KB] of KPMG
Government authorisations (or approvals) are not eligible for depreciation The Delhi Bench of the Income-tax Appellate Tribunal held that government authorisations or approvals are not licenses or rights having a business or commercial nature that, in turn, could be transferred to the taxpayer. Therefore, depreciation is not allowed on the value assigned such government authorisations. The tribunal also… Read More »
IRS Video Tax Tip: Amending My Return Here is a video tax tip from the IRS: Amending My Return English | Spanish |ASL
1. FATCA FFI Registration System updated for FFIs to renew their agreement with the IRS The FATCA FFI Registration system has been updated to include the ability for FFIs to renew their agreement with the IRS. From the home page link of “Renew FFI Agreement,” the FI will determine whether it must renew its FFI… Read More »