Mismatch of PAN with Aadhaar – What to do ?

Aadhaar_PAN

Views: 696 Aadhaar mandatory for filing income tax returns and for linking of PAN with Aadhaar to curb tax evasion through use of multiple PAN cards – proposed by Finance Minister in Finance Bill of the Budget for 2017-18, If you do not have Aadhaar...

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Input Tax Credit on vehicles or conveyances under GST

Views: 5,015 As per section 17(5) of the CGST Act input tax credit shall not be available in respect of motor vehicles and other conveyances except when they are used for making the following taxable supplies 1. Further supply of such vehicles or conveyances. 2....

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GST impact on Working Capital needs

Views: 732 GST is the buzzword these days. The new tax regime will have its own share of financial implications. This article analyses various provisions of GST and their likely impact on working capital needs. This is worth mentioning here that this article does examine...

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Reimbursement of expenses under GST Regime

Views: 56,797 Normally any expenses incurred by the supplier of goods or services or both and reimbursed by the recipient would be included in the transaction value of supply for the purpose of levy and collection of GST. However if the supplier of services merely...

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IT Department introducing e-proceeding

Views: 1,401 All Income Tax department-related proceedings between the taxpayer and the taxman from the new fiscal will be conducted online, the CBDT today declared. This is as part of its initiative to minimize human interface between the assessee and the Assessing Officer (AO) thereby...

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Income from Future & Option Trading

Views: 628 ITR filling and Tax Audit for Income from Future & Option (F & O) Trading As the volume & value of transactions is very high and amount of profit earned on these transactions is fairly small for traders dealing in F&O segment, the...

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Branch transfers or business verticals as per the GST Bill

Views: 1,161 As per clause 2 of Schedule I of the CGST Act Supply of goods or services or both between distinct persons as specified in section 25, when made in the course or furtherance of business will be treated as supply even if made...

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Payment to Supplier within 3 months or Reverse-GST

Views: 1,878 Payment to supplier within 3 months otherwise reverse with interest from the date of invoice u/s 16 (2) of GST Act. Ancillary units of PSU’s and supporting manufacturers of big Indian manufacturers and MNC’s have upper/dominant role in delaying payment to the suppliers....

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Transitional provisions under GST act

Transitional Provisions in GST-Part-I

Views: 4,428 There is a lot of apprehension among normal taxpayers regarding what will happen during the period of transition to the proposed GST. This article has made an attempt to create awareness about the transitional provisions enshrined in the proposed GST Act in a...

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Section 269ST – Cash Transactions with Examples

Views: 8,987 In this article we elaborate section 269ST of IT Act, in respect of Cash Transaction provisions applicable from 01-Apr-2017 on wards with examples. Point No. 1. From which date this section is applicable? This section applies from 01/04/2017 (F.Y.2017-18 onwards) Point No. 2....

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