Submitted by Tax_centrik on 21/02/2017 The Government is striving hard to meet its ambitious target to roll out a pan  India Goods and Service tax from July, 2017. One of the biggest challenges in implementation of GST is the migration of existing taxpayers to GST system to ensure the smooth transition to GST regime. About … Continue reading “Don’t Miss GST Deadline: You May Loose Some Benefits”

Restaurants associations are advising their members across India to sensitise customers about service charges after the Department of Consumer Affairs said the payment was not mandatory. Service charges billed by restaurants are optional and it is up to the customers to pay it, the department said on Monday. The department cited complaints that hotels and … Continue reading “Now, pay service charge in restaurants at your discretion”

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 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

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

Seeks to amend Notification No. 27/2014-Central Excise(NT), dated 16.09.2014

Revenue Secretary Hasmukh Lal said that GST can be paid online using debit or Credit Cards. Tax payers can use any mode of payment whether electronic or RTGS. There is no need to open account in government banks , GST regime allowed tax payers to  make payment through private banks also. Source : Firstpost

Over the years, the income tax department has come to acquire an image of an agency that usually harassed taxpayers, including the honest ones. But in the last few days several individuals were surprised to receive a ‘Certificate of Appreciation’ in their mailbox. The certificate, signed by CBDT chairman Rani Singh Nair, acknowledges taxpayer contribution … Continue reading “Income tax payers receive Thank you note from Income tax department for their contribution “towards building of this great nation”.”