F. No. 370142/25/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 6th October, 2017 Subject: Framing of rules in respect of Country-by-Country reporting and furnishing of master file – comments and suggestions-reg In keeping with India’s commitment to implement the recommendations of 2015 Final Report on… Read More »
Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 34. Exempt Supplies to include reverse charge supplies for credit apportionment Explanation to Section 17(2) of CGST Act provides that for the purposes of this sub- section, exempt supplies shall include supplies on which recipient is liable to pay tax on… Read More »
Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 33. Reversal of Credit on non-payment of taxes Second proviso to the Section 16(2) of the CGST Act provides that where a recipient fails to pay to the supplier of services, the amount towards the value of supply of services along… Read More »
Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 32. Inclusion of Interest, penalty etc. in Value of Supply Section 15(2)(d) of CGST Act provides that the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply. Issue In most… Read More »
Suggestions on GST Implementation Issues 28.09.2017 by ICAI Indirect Tax Committee Law Related Issues 31 Manner of determination of amount liable to be paid by the supplier Section 15(2)(b) of the CGST Acts provides that the value of supply shall include any amount that the supplier is liable to pay in relation to such supply but… Read More »
Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate… Read More »
Notice 2017-57, Foreign Currency Guidance under Section 987 Issue Number: Notice 2017-57 Inside This Issue Foreign Currency Guidance under Section 987 Notice 2017-57 1. PURPOSE This Notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to amend the regulations under section 987 to defer the applicability date of the final… Read More »
Notice 2017-60 sets forth: (1) the mortality table to be used to determine minimum lump sums for distributions during stability periods beginning in the 2018 calendar year, and (2) updated mortality tables for 2018 determined under prior regulations. The updated mortality tables determined under prior regulations apply to certain plans with end-of-year valuation dates, and certain… Read More »
Taxpayers Should Be Wary of Unsolicited Calls from the IRS Taxpayers who get an unexpected or unsolicited phone call from the IRS should be wary – it’s probably a scam. Phone calls continue to be one of the most common ways that thieves try to get taxpayers to provide personal information. These scammers then use that… Read More »
Extension Filers Should Review Tax Credits Before Filing Taxpayers who requested an extension of time to file their federal tax returns have until Oct.16 to double-check their returns for tax benefits that people often overlook. These taxpayers still have time to see if they can benefit from these four credits. Earned Income Tax Credit The Earned Income… Read More »