reply to income tax notice format


GST will help evolving India become a very strong society says FM

The Union Finance Minister Shri Arun Jaitley Goods and Services Tax GST is an efficient tax system which not only checks tax evasion but also helps evolving India to become very strong society FM inaugurates the National Academy of Customs Indirect Taxes and Narcotics NACIN Campus in Bengaluru today

CBDT issues clarification on furnishing SFT and SFT Preliminary Response

Central Board of Direct Taxes CBDT Issues Clarification on furnishing Statement of Financial Transaction SFT SFT Preliminary Response Section 285BA of the Income tax Act 1961 requires furnishing of a Statement of Financial Transaction SFT for transactions prescribed under Rule 114E of the Income tax

Proposed GST tax rates on Sugar,Tea and Coffee reduced to 5%

Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar Tea and Coffee other than instant coffee and Milk Powder Present incidence of taxes on sugar is 8 while proposed GST rate on Sugar is only 5 i e 3 less Similarly present incidence of taxes on Milk Powder Tea and Coffee

IT dept steps up actions against Benami Property holders

Income Tax Department Steps up actions under Benami Transactions Prohibition Amendment Act 2016 The Income tax Department ITD has initiated actions under the new Benami Transactions Prohibition Amendment Act 2016 the Act w e f 1st November 2016 The Prohibition of Benami Property Transactions Rules 2

Lower tax incidence on entertainment under GST

Lower Tax Incidence on Entertainment Services under Goods and Services GST Tax Service providers shall be eligible for full Input Tax Credits ITC of GST paid in respect of inputs and input services Taxes on entertainments and amusements covered by the erstwhile entry 62 of State List of the Constitu

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Experts Opinions


Can somebody please share procedure to form a charitable trust

Input tax credit

Title None Content If Any item was taxable under category of 13 5 tax amd now it is become taxable under 28 category Then if we sell Stock on 1 07 2017 from the stock which is accumulated before 30 6 17 thn what will be treatment of this difference of 13 5 in Taxation Because a wholesaler gets the i

Information about 2015 vat

Sir 2014 15 mai L E D street light pr u p mai vat kya thha

Tax rate on beauti product

Please confirm vat rate on beauti product e g Detox body scrub baby cream rose face mist glow miracle face pack jasmine orange shower gel

Deemed house property income in hands of real estate company

If an Entity doing Real estate business it has closing stock of flats unsold at the end of year But no such flats were given for Rent Is it necessary to show income under Income from house property at ALV on Deemed basis


Tax rates share

Will CGST rate and SGST rate be equal for all the states

construction GST taxation

Construction Company Eligible for Input Tax Credit and what is output tax rate in construction company

Test ur knowledge section 2 - income tax -definition


Deep discount bond taxation

If deep discount bonds are sold before maturity they attract LTCG tax instead of interest income if held till maturity Kindly advise on how to execute the sale of deep discount bonds The bonds are held in physical form

Account & tax treatment of gift from father to son via chequ

I need to know the Accounting and Tax treatment of the gift provided by Father to Son both been individual via Cheque amounting Rs 3 00 000 without any special occasion like Marriage Birthday

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  • GST Invoice Format Services in Excel

    GST Invoice Format Service Provider in Excel
  • GST Invoice of Goods in Excel Format

    GST Invoice Format
  • Do You Know Most Significant Impact of GST on Your Business?

    Matching of invoice under GST is a brilliant move to check fraud and drive more businesses to the formal economy but by taking it one step further and linking tax payment by a supplier to the availability of Input Credit to the buyer
  • Tax Connect (With GST) - 122nd Issue

    Tax Connect With GST 122nd Issue
  • Clarification on SFT by CBDT

    Press Information Bureau Government of India Ministry of Finance 26 May 2017 12 21 IST Central Board of Direct Taxes CBDT Issues Clarification on furnishing Statement of Financial Transaction SFT SFT Preliminary Response Section 285BA of the Income tax Act 1961 requires furnishing of a Statement of Financial Transaction SFT for transactions prescribed under Rule 114E of the Income tax Rules 1962 The due date for filing such SFT in Form 61A is 31st May 2017 In case there are reportable transactions for the year the reporting person entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number ITDREIN The same can be generated by logging in to the e filing website https incometaxindiaefiling gov in with the login ID used for the purpose of filing the Income Tax Return of the reporting person entity Entity having PAN can take only PAN based ITDREIN Entity having TAN can generate an ITDREIN only when such TAN s Organisational PAN is not available The registration of reporting person ITDREIN registration is mandatory only when at least one of the Transaction Type is reportable A functionality SFT Preliminary Response has been provided on the e Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year Detailed procedure of ITDREIN registration and upload of Form 61A is available under the Help section and Form 61A utility and Schema are available under the download section of http www incometaxindiaefiling gov in and https www cleanmoney gov in Online filing of form 61A requires a valid class 2 or 3 digital signature certificate of person responsible for filing the same Please refer DSC Management Utility manual under help section on how to generate the signature file attaching the XML with signature and uploading of XML with signature file in e Filing portal

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Important formats and points applicable under the GST Act

As we all are aware that we are passing through the regime where entire indirect system is switching over to the GST which is governed by four Acts i e IGST CGST SGST UGST All the four acts will work in their respective spheres as per their applicability It is very important to discuss that under th

Taxation of goods & services simultaneously under CGST and SGST

The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except the exempted goods and services goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits Further both would be levied on

Solved paper for CA Final Indirect Tax May 17 Exams

Q 1 a CNC India Ltd is engaged in the manufacture of machines It has supplied one machine to M s Advaith India Ltd At a price of Rs 11 25 000 excluding excise duty VAT Cash discount 3 on price of the machinery is allowed to M s Advaith India Ltd Further following additional amounts as indicated belo

Preparing and filing service tax return

Service Tax is a form of indirect tax levied by Central Government on services provided or agreed to be provided excluding certain services covered under the negative list and mega exemption list The Service Tax has been levied through the Finance Act 1994 and Service Tax Rules 1994 Currently the ra

Income Tax Return forms Applicable for A.Y 2017-18

Rule 12 of Income tax rule 1962 prescribes the ITR forms to be furnished by a person in the manner specified therein The CBDT vide Notification No 21 2017 dated 30 03 2017 amended rule 12 to prescribe new ITR forms applicable for AY 2017 18 In order to reduce the compliance burden on the individual

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Updated on : 5/30/2017 2:14:10 AM

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