Submitted by business_centrik on 16/02/2017 In step with government’s digital India drive, the Income Tax department is developing an app that will soon allow assessees to pay taxes or apply for PAN using smartphones. “The app concept is at a preliminary stage. The app will enable assessees to pay taxes online, apply for PAN or track tax … Continue reading “Good news for tax payers: I-T department to lauch app for paying tax”

Submitted by Tax_centrik on 13/02/2017 The Confederation of all India traders(CAIT) said it will prepare 5,000 trade leaders across the country as “Master Trainer“ who will  be responsible to empower and educate the trading community about Goods and Service tax. CAIT in association with Tally Solutions (TSPL) has initiated a national drive to help traders to understand … Continue reading “CAIT to train 5,000 traders as “Masters trainers” for GST”

In continuation of the initiative of the Government to acknowledge the contribution of taxpayers by paying taxes towards nation building and promptness in filing of Income Tax Returns, CBDT has issued the third round of Certificates.   Source: incometaxindiaefiling.gov.in certificate-of-Appreciation-3-7-02-2017.pdf

Submitted by business_centrik on 02/02/2017 Income Tax Department (ITD) has launched Operation Clean Money. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. The PAN holders can view the relevant information post login to e-Filing portal under “Compliance” –> “Cash Transactions 2016”. Income-Tax-Department-ITD-launches-Operation-Clean-Money-31-1-2017.pdf

Submitted by Tax_centrik on 27/01/2017 The Committee headed by Andhra Pradesh Chief Minister N Chandra Babu Naidu submitted the interim report on digital payment to Prime Minister Narendra Modi. It is recommended to levy banking cash transaction tax on withdrawal of Rs 50,000/- from banks to discourage cash transactions throughout the country.

Submitted by business_centrik on 25/01/2017 Form 1 and Form 3 of Equalisation Levy Rules, 2016 are available for e-Filing on Department of income tax (Government of India). Source: incometaxindiaefiling.gov.in notification382016OIOIOIO.pdf

As per rule 114E of the income tax rules 1962, for an from 2016-17, all companies have to be furnish SFT in respect of certain transactions. ACFSFTtoIncomeTaxDepartment.pdf

Submitted by business_centrik on 21/01/2017 Form 61A – Statement of Financial Transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 is now available for e-Filing. System_Notification_1_of_2017.pdf

Submitted by Tax_centrik on 17/01/2017 GST ninth council meeting comes to an end with major outcomes as it resolved the issue of cross empowerment and dual control. Major decision encompasses in meeting are- Assessee having turnoverof less or equal to 1.5crore will be assessed for the purpose of scrutiny and audit by the states and centre in the … Continue reading “1st July appears to be more practical for GST Rollout”

Seventh Meeting  of GST Council on its first day of two days started on friday, 22nd December 2016, finalised 197 Clauses of the Central GST and State GST laws. Another 3-4 clauses relating to definition of states with respect to territorial division and the issue of dual Control or cross empowerment will be discussed later. The … Continue reading “Seventh Meeting of GST Council finalises Central and State GST Laws”

Under the indirect transfer provisions contained in section 9(1)(i) of the Income Tax Act, 1961 (‘Act’), all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India or through … Continue reading “Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961”

Exiting provision of section 44AD of the Income Tax Act. 1961-  In case of certain assesses carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of less than Rs 10 crore or less, the profit is deemed to be 8% of the total turnover. New Provision- Now it has … Continue reading “Government Initiative of reducing deemed profits u/s 44AD of Income tax act, to promote digital payments”

Submitted by Tax_centrik on 19/12/2016 As GST would going to implement from April 2017, all existing tax payers registered under Service tax, Excise and other state laws such as VAT, need to get register themselves for migrated in to new tax regime- We are providing you list of date of opening and closing of registration for GST … Continue reading “GST Registrations Starts”

The draft rules prepared by GST work force has been accepted in pricipal by GST council and the process for refund shall be dicussed in next meeting due on 19-20th October, 2016.