CAclubindia News

25 percent growth in number of Income Tax Returns filed

08 August 2017 at 11:37

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(IT

Posted in Income Tax | 3663 Views

CPT exams will be held on 17th December

08 August 2017 at 11:37

IMPORTANT ANNOUNCEMENTNo.13-CA (EXAM)/CPT/Dec./2017: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Common Proficiency Test

Posted in Exams | 2 comments | 4023 Views

GST Council recommends increase in Compensation Cess on Motor Vehicles

08 August 2017 at 11:37

GST Council Recommends Increase in Maximum Ceiling of Cess Leviable on Motor Vehicles Falling Under Headings 8702 and 8703 to 25% Instead of Present 15% The GST Council considered the issue of cess leviable on motor vehicles in its 20th meeting held

Posted in GST | 4491 Views

Decisions taken on 20th GST council meeting

07 August 2017 at 11:49

Decisions taken on Services at 20th GST Council Meeting on 5 August, 2017 S. No. Description of service From To 1. Job work services in respect of the textiles and textile products (including MMF yarn, garments, made-ups, etc. fal

Posted in GST | 2 comments | 9621 Views

Income tax offices to remain open till midnight today

05 August 2017 at 11:08

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 f

Posted in Income Tax | 4752 Views

Eighteen sectoral group under GST

05 August 2017 at 11:08

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 gr

Posted in GST | 1 comments | 6543 Views

Post GST reduction of incidence of Tax on Coal Consumers

04 August 2017 at 11:01

In pre GST regime there was Excise Duty on Coal @ 6% , Stowing Excise Duty @ Rs. 10 per tonne of coal production, VAT@ 5% (on intra-state sale), Central Sales Tax @ 2% (on inter-state sale, on submission of Form C) . Post implementation of GST all th

Posted in GST | 1 comments | 4053 Views

RBI cuts repo rate by 25 basis points to 6 percent

02 August 2017 at 18:12

The Secretary, Department of Economic Affairs (DEA), Shri Subhash Chandra Garg said that the Government welcomes the 25 basis points cut in the repo rate announced today by the Monetary Policy Committee (MPC) in its third Bi-Monthly Meeting held in M

Posted in Others | 1 comments | 3267 Views

Mandating Aadhaar linkage to PAN cards

02 August 2017 at 11:13

Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective o

Posted in Income Tax | 5 comments | 6006 Views

Impact of GST on Airfares

02 August 2017 at 11:12

Under the GST regime the applicable tax rate on passenger tickets for economy class has been reduced from 6% to 5% (non-creditable for goods). The tax rate for business and first class has been increased from 9% to 12% (with input tax creditable for

Posted in GST | 4833 Views