Daily Archives: March 1, 2018

Circular No 34/8/2018 GST : GST on respect of certain services Clarified

By | March 1, 2018

Circular No. 34/8/2018-GST F. No. 354/17/2018-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit **** Room No. 146G, North Block, New Delhi, 1 st March 2018 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Clarifications… Read More »

National Financial Reporting Authority approved by Govt

By | March 1, 2018

Cabinet Cabinet approves Establishment of  National Financial Reporting Authority Posted On: 01 MAR 2018 6:52PM by PIB Delhi The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one… Read More »

Fugitive Economic Offenders Bill 2018 : Key Features

By | March 1, 2018

Cabinet Cabinet approves Fugitive Economic Offenders Bill, 2018 Offences worth Rs.100 crore or more under the Bill Property of Fugitive Economic Offenders to be attached Posted On: 01 MAR 2018 6:46PM by PIB Delhi The Union Cabinet chaired by Prime Minister Shri Narendra Modi, has approved the proposal of the Ministry of Finance to introduce… Read More »

Digital Signature Certificate (DSC) Policy 2018

By | March 1, 2018

LETTER (F.NO.SYSTEM/IT MISCELLANEOUS – DIGITAL SIGNATURE CERTIFICATE (DSC) POLICY-2018 LETTER (F.NO.SYSTEM/ITBA/DIGITAL SIGNATURE/16-17/181, DATED 16-2-2018 1. As a part of the day to day functioning of the Department, officers are/will be required to issue letters, notices, orders to Income Tax assessees or other addressees within the Department or outside by using digital signature. CBDT has already mandated filing… Read More »

Rationalisation of time limits for completion of assessment of Income Tax Returns

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 60. Rationalisation of time limits for completion of assessment, reassessment and re-computation and reducing the time for filing revised return. 60.1 The provisions of section 153 of the Income-tax Act specify the time limit for completion of assessment, reassessment and re-computation of cases mentioned therein. 60.2 In an effort to minimise human… Read More »

When can Income Tax Officer withhold refund of Assessee

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 59. Processing of return within the prescribed time and enable withholding of refund in certain cases. 59.1 Before amendment by the Finance Act, 2016, the provisions of sub-section (1D) of section 143 of the Income-tax Act specify that the processing of a return shall not be necessary, where a notice has… Read More »

Quoting of Aadhaar number to Income Tax Department

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 58. Quoting of Aadhaar number. 58.1 Many instances have come to notice where multiple PANs have been allotted to one person or one PAN has been allotted to multiple persons. In order to have a robust way of de-duplication of PAN database, a new section 139AA has been inserted to the… Read More »

Mandatory furnishing of return by certain exempt entities w.e.f AY 2018-19

By | March 1, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 57. Mandatory furnishing of return by certain exempt entities. 57.1 The provisions of sub-section (4C) of section 139 of the Income-tax Act mandate filing of return by certain entities which are exempt from the levy of income-tax. 57.2 In order to verify that certain entities which enjoy exemption under section 10 actually… Read More »