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Direct Tax Collections grows 19.1 percent upto July 2017


The Direct Tax collections up to July 2017 in the Current Financial Year 2017 18 continue to register steady growth Direct Tax collection during the said period net of refunds stands at Rs 1 90 lakh crore which is 19 1 higher than the net collections for the corresponding period of last year This co

Extension of due date of GST returns


To be published in the Gazette of India Extraordinary Part II Section 3 Sub section i Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No 20 2017 Central Tax New Delhi 08th August 2017 G S R E In exercise of the powers conferred by the su

25 percent growth in number of Income Tax Returns filed


25 growth in number of Income Tax Returns filed in current fiscal Advance Tax Personal Income Tax collections up by 41 As a result of demonetization and Operation Clean Money there is a substantial increase in the number of Income Tax Returns ITRs filed The number of Returns filed as on 05 08 2017 s

Income tax offices to remain open till midnight today


In view of the difficulties faced by taxpayers the due date for filing of Income Tax Returns for F Y 2016 2017 i e Assessment Year A Y 2017 2018 was extended to 5th August 2017 for certain categories of taxpayers In order to facilitate manual filing of returns of aforesaid categories on 5th August 2

Eighteen sectoral group under GST


The Goods and Services Tax GST Council in its 14th meeting held on 18 19 May 2017 approved the constitution of eighteen sectoral groups to ensure smooth roll out of GST The Council has received reports from sixteen out of the eighteen sectoral groups The GST Law Committee comprising of officers of t

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Experts Opinions

Clarification on advertising agency billing format


Dear sir madam 1 Our company is an advertising agency engaged in the activity of publishing ads in news papers 2 publications are charging gst 5 of net taxable amount from us after agency commission 3 In what way we have to bill to Client 4 Weather we have to collect Gst 5 or 18 of Commission receiv

Capital gains tax


My father had purchased a property on 26 02 2001 for a value of Rs 3 21 000 Myself along with my brother and sister 3 members inherited the property as legal heirs after my father s demise The said property was sold by the three legal heirs on 09 08 2017 for a value of Rs 11 40 000 In this regard I

As to why & how income tax jurisdiction has been changed.


Ay 2011 12 was the last assessment year wherein there was some sales transactions and accordingly income tax return was filed but from the Ay 2012 13 we have not filed the income tax returns just because of no sales no income from house or property no other income also Whether non filing of income t

Gst on rent bill format


Pls issue a bill format of GST on Rent

Input tax credit on tally software purchase


SIR I HAVE PURCHASE TALLY SOFTWARE IN JULY 2017 FOR ACOUNTING OF MY FIRM TALLY COMPANY ISSUE GST INVOICE TO MY FIRM AND MANTION GSTIN OF MY FIRM ALSO AND CHARGE GST RS 3097 ON IT CAN I TAKE ITC OF THIS INVOICE IT IS MANDATORY TO SUBMIT THIS INVOICE DETAIL IN GSTR 3B OF JULY MONTH

Discussion

income tax

An assessee has concealed an income for the AY 2015 16 and filed his return of income Time for revised return is already expired Now when the income tax department has raided co operative banks they found deposits of the assessee which does not match with the income returned What is the further proc

input tax credits of gst

I have filled gstr3b before 20th in that few of the input tax credits was not taken by me Now can I avail the credit in gstr 2 for input tax credit

Cinema Hall - Entertainment Tax

How to pay the weekly SGST CGST entertainment tax collected from sale of tickets

clarification on hsn code nd tax rate on metal bangles

sir we r traders of Bangles made of aluminium base metal as our item is not classified gst

Gst Tax Slab Changed

Please any one tell me gst is applicable on Mrp or Discounted Rate For Exmple one Shoe having Mrp Rs 600 which fall into 18 gst but the seller give some discount and selled it on Rs 500 to the customer then what gst is applicable on it 5 or 18 Plz Reply

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File Download

  • ITC-Conditions to claim

    ITC GST
  • ITC under GST

    ITC under GST
  • GSTR 3B Computation

    The file contains GSTR 3B Computation The format is very easy to fill and can be used to collect data from your clients you can provide your Feedback Suggestion on camayur2 gmail com
  • Updated Details Collection Excel for GST Return GSTR-3B

    As everybody is aware the GST Returns for every month needs to be filed by 20th of subsequent month As the regular outward and inward annexures and return GSTR 3 are not yet made available for the months of July and August 2017 a summary return in Form GSTR 3B needs to be filed before 20th of next month An excel sheet for obtaining the details required to fill the GSTR 3B is prepared as the GSTR 3B needs to be prepared and submitted online only as offline utility is not provided yet Basic features of the excel sheet are as follows 1 The details need to be entered in the yellow colored cells only 2 If any incorrect information is entered in the cell the contents of the cells appears in red color Please correct the same to get proper working 3 While entering the details of outward supplies and inward supplies in Table 3 1 select the proper nature of supplies from the drop down wherever it is provided 4 The Integrated Tax Central Tax and State UT Tax is calculated automatically depending on the figures entered under Inter State or Intra State columns and the Rate selected from drop down 5 Cess needs to be entered manually 6 Table 3 2 contains details of state wise inter state supplies to unregistered dealers composition dealers and UIN holders Select the Nature of inter state supplies and state from drop down 7 In Table 3 2 Total taxable value and integrated tax should be less than the taxable inter state supplies and integrated tax shown in Table 3 1 above 8 Details of ITC available ITC reversed and Ineligible ITC needs to be given in Table 4 The description mentioned in yellow cells is given for reference only and can be changed as appropriate in respective case 9 Tax payable in Table 6 1 is auto calculated and arrived by adding the tax payable as per Table 3 1 and deducting the net ITC available and adding ineligible ITC as shown in Table 4 10 The Tax payable figures in Table 6 1 appears in red color if there is net tax payable after adjusting payment through ITC TDS TCS and payment in cash 11 Similarly The Tax payable figures in Table 6 1 appears in red color if interest and late fee payable is greater than the tax paid in cash as the same needs to be paid by cash and can not be paid through ITC 12 The TDS and TCS credit is not applicable at present as the said provisions are not made applicable presently till further instructions
  • Returns, Payments, interest/penalty under GST regime

    Returns Payments interest penalty under GST regime

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Articles

Meaning of supply, time of supply and value of taxable supply


Meaning and Scope of Supply Q 1 What is the taxable event under GST Ans The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance of business The taxable events under the existing indirect tax laws such as manufacture sale or pro


Taxability of bonus received from cooperative society


Taxability of bonus in the hands of the members received from the co operative society Brief History Even before the Co operative structures came into existence the practice of the concept of the co operative societies was prevalent in various areas of the society To mark the first instance where th


Be alert about the new process of refund under the Income tax Act


Refund process under the Income tax becomes more stricter than earlier through the amended Section 143 1 A of the Income Tax Act The Income tax department is suspecting that most of the taxpayers are getting refunds by declaring the taxable income comparatively lesser than the issued Form 16 16A The


Huge impact of Exemption under Service Tax not continued in GST


There could be a number of service providers who are not updated on the GST law Some maybe hearing rumours that many changes are expected However 1 month has passed Those service providers who were enjoying the exemption would be in shock if they continue not to collect the GST applicable normally a


Cash Transactions - Legal Backup(Income Tax)


Income Tax Provisions on Cash Transactions Section 269ST AND 271DA Section 40A 3 Section 269SS AND Section 271D Section 269T AND Section 271E Section 43 1 Section 269ST AND 271DA 269ST This section is attracted when Any Person receives cash more than 2 lakhs from any person From Same person in a day


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Updated on : 8/13/2017 12:00:58 PM


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