EXEMPTION FROM PAYMENT OF ADVANCE TAX TO RESIDENT SENIOR CITIZEN This article analysis Income Tax Act 1961 provisions [As amended by Finance Act, 2018] relating to Advance Tax on Senior Citizen with examples and Exemption from Advance Tax to Resident Senior Citizen under Income Tax. For Advance Tax provisions on other than Resident Senior Citizen… Read More »
Exposure Draft of ICSI Guidance on Diligence Report on Governance for Banks Download Draft Click here
Question : Whether deduction of Liquidity Damage (LD)/Penalty deduction from contractor’s bills and charging Penalty for non-lifting of coal till targeted minimum level to Annual Contractual Quantity (ACQ) will attract GST? Answer: Yes, it is a service being “tolerating an act” as per Schedule II of the CGST Act,2017 thus GST shall apply. Free Study material… Read More »
Notification No 13/2018 C.T./GST Summary of Notification No 13/2018 C.T./GST Extension of Threshold Limit for Generation of E-WayBill in case of Intra-State movement without passing through any other State from Rs. 50,000/- to Rs. 1,00,000/-. West Bengal exempted intra-state e-waybill for job work : Notification No 14/2018 C.T./GST Read Notification No 13/2018 C.T./GST GOVERNMENT OF WEST BENGAL… Read More »
Circular No 46/20/2018 GST Applicable GST rate on Priority Sector Lending Certificates (PSLCs), Renewable Energy Certificates (RECs) and other similar scrips clarified via Circular No.46/20/2018 GST Dated the 6 th June, 2018 Circular No 46/20/2018 GST F. No. 354/149/2017 –TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit North Block, New Delhi… Read More »
Ministry of Corporate Affairs President Approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. Posted On: 06 JUN 2018 3:16PM by PIB Delhi The President today gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors. This… Read More »
TAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE BUSINESSES OR PROFESSIONS UNDER INCOME TAX [As amended by Finance Act, 2018] To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD… Read More »
Notification No 48/2018 Customs (N.T) Summary of Notification No 48/2018 Customs (N.T) Notification No 48/2018 Customs (N.T) Dated 4th June 2018 prescribe Exports by Post Regulations 2018. Notification No 48/2018 Customs (N.T) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No 48/2018 Customs (N.T) New Delhi, the 4th June 2018 G.S.R (E). – In exercise… Read More »
How to make Payment of Form GST FORM DRC 03 [ Also refer Form GST FORM DRC-03 : FAQs ] How can I make payment against the liability (tax, interest, penalty and others) based on self-ascertainment of tax before issuance of SCN or within 30 days of SCN under determination of tax? To make payment against the… Read More »
Payment on Voluntary Basis (Form GST FORM DRC-03 ) [ Also refer How to make Payment of Form GST FORM DRC 03 ? User Manual ] 1. What is the facility for Payment on Voluntary Basis? Payment on Voluntary Basis is a facility given to tax payers to make payment u/s 73 or 74 of the CGST… Read More »