29th GST Council Meeting Held on 04.08.2018: Highlights

Finance Minister Piyush Goyal addressed the 29th meeting of GST Council in order to address the various issues faced by the stakeholders. In the meeting, council has proposed to incentivise digital transactions by allowing 20% cashback on GST payments made by users digitally. 1. Digital modes will include payments through Rupey Card,BHIM UPI, UPI AADHAR, … Continue reading 29th GST Council Meeting Held on 04.08.2018: Highlights

CBDT and CBIC revises the monetary limit for filing of departmental appeals before Tribunal, High Court, Supreme Court

In order to reduce litigation, facilitate ease of doing business and to remove long pending grievances of taxpayers, CBDT vide its circular 03/2018 dated 11.07.2018 and CBIC vide its instruction dated 11.07.2018┬áhas decided to raise the monetary limits for filing Departmental Appeals before the Appellate Tribunals (i.e. ITAT,CESTAT), High Courts and Supreme Court. This is … Continue reading CBDT and CBIC revises the monetary limit for filing of departmental appeals before Tribunal, High Court, Supreme Court

Amendments vide notification no. 30/2016 dated 29.04.2016 in the chapter XVIIB-Deduction of Tax at source (Applicable from 01.06.2016)

A new rule 26C is being inserted wherein the assessee shall furnish to the employer the evidence or the particulars of the claims such as HRA, Deduction u/c VI-A, in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.   For different claims, following evidences shall be required: … Continue reading Amendments vide notification no. 30/2016 dated 29.04.2016 in the chapter XVIIB-Deduction of Tax at source (Applicable from 01.06.2016)

CBDT Circular 09/2016 Reg Commencement of limitation for Penalty Proceedings U/s 271D and 271E of the Income tax Act, 1961

Background   Section 271D and 271E of the Act provides for penalty for failure to comply with the provisions of Section 269SS and 269T (i.e. Acceptance or repayment of loans and deposits by modes otherwise than account payee cheque or account payee bank draft). Sub section (2) of both these provisions provides that any penalty … Continue reading CBDT Circular 09/2016 Reg Commencement of limitation for Penalty Proceedings U/s 271D and 271E of the Income tax Act, 1961

Major Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.

Under the heading Deduction under chapter VI A, New columns inserted for 80CCD (1), (1B) and (2). 80CCD(1B) was inserted vide Finance Act, 2015. Before such insertion, deduction was available u/s 80CCD(1) in respect of employees contribution and u/s 80CCD(2) in respect of employers contribution.The position that stood as of now after Finance act, 2015 … Continue reading Major Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.