Wednesday, April 4, 2018
Tax Query India: Major Amendments in Income Tax applicable for A.Y....
Tax Query India: Major Amendments in Income Tax applicable for A.Y....: Major Amendments in Income Tax applicable for A.Y. 2018-19: 1. Limit for payment of expenses by cash (Both capital and revenue expenditu...
Tax Query India: PAN linking to ITR extended to 30th June 2018F. ...
Tax Query India: PAN linking to ITR extended to 30th June 2018
F. ...: PAN linking to ITR extended to 30th June 2018 F. No.225/270/2017 lIT A.II Government of India Ministry of Finance Department of Rev...
F. ...: PAN linking to ITR extended to 30th June 2018 F. No.225/270/2017 lIT A.II Government of India Ministry of Finance Department of Rev...
Tax Query India: GST- Action Point for Financial Year 2018-191. C...
Tax Query India: GST- Action Point for Financial Year 2018-19
1. C...: GST- Action Point for Financial Year 2018-19 1. Company may develop the new series of all documents to be issued like Tax invoice. Exp...
1. C...: GST- Action Point for Financial Year 2018-19 1. Company may develop the new series of all documents to be issued like Tax invoice. Exp...
GST- Action Point for Financial Year 2018-19
1. Company may develop the new series of all documents to be issued like Tax invoice. Export Invoice, Bill of supply, Receipt voucher, Payment voucher, Refund voucher, Debit note, Credit Note, Delivery challans for new Financial Year 2018-19.
2. Company required to mentioned HSN on the basis of Annual turnover in the preceding F.Y.
Up to rupees 1.5 Crore - Nil
More than rupees 1.5 Crore and up to rupees 5 Crore - 2
More than rupees 5 crores - 4
3. Company need to apply for fresh LUT for Financial Year 2018-19, in case exporters exporting goods/services without payment of Tax and for supplies made to SEZ without payment of tax.
4. Interstate E-way bill is applicable w.e.f 1-04-2018.
5. Filing of TRANS 2 for July to December 2017.
6. Option to file TRAN 1 available for assessee’s who have earlier submitted the TRAN1 but could not file due to technical difficulties.
7. In case the turnover of assessee exceeds 1.5 Crores, opt for filing monthly returns, otherwise opt for quarterly returns. (At time of filing GSTR 3B for the month of April-18).
8. Company required to fill Form GST CMP 02 in case it want to opt composition scheme.
9. Decision to opt for special valuation provisions or go with normal provisions specifically in case of supply of services in relation to the sale or purchase of foreign exchange.
10. ITC Credit: As per 2nd proviso of section 16(2) of CGST Act, 2018 in case the payment for purchase not made within 180 days, then the assessee is required to reverse the ITC booked with interest. Thus, command require to analyses the creditors for FY 2017-18.
11. Banking companies and financial institutions to decide either to opt normal provisions for calculation of ITC required to be reversed or go with special provision (50% reversal).
12. Calculate final amount of ITC reversal i.e. D1 and D2 on the basis of actual turnover of F.Y. 2017-18.
13. Annual Reconciliation of Books and GST returns: For this company is required to reconcile the Sale Ledger/ GST Liability / Cash Ledger/ Credit Ledger as per books and as per GST returns. Further in case there is difference then company is required to take the effect of same in March 2018 GSTR 3B and GSTR 1.
PAN linking to ITR extended to 30th June 2018
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North-Block, ITA.II Division
New Delhi, dated the 27'h of March, 2018
Order under Section 119 of the Income-tax Act. 1961
Vide its orders dated 31.07.17, 31.08.17 & 08.12.17, in file of even number, CBDT had
allowed time till 31st March, 2018 to link PAN with Aadhaar while filing the tax-returns.
Upon consideration of the matter, the CBDT, further extends the time for linking PAN with Aadhaar
till 30th June, 2018.
Under Secretary to the Government
Major Amendments in Income Tax applicable for A.Y. 2018-19:
1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
3. For below Rs. 2 crores turnover cases - For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/ Gross Receipt. It is 8% For Cash Sales.
4. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
5. Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
6. Surcharge at 10 percent of tax levied on rich taxpayers with income between Rs.50 Lakh and Rs.1 Crore. The rate for surcharge for the super-rich, with income above Rs.1 Crore will remain 15%.
7. Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @ 5%.
8. Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01/04/1981 to 01/04/2001.
9. Corporate tax rate for the account year 2017-18 for companies with annual turnover up to Rs.50 crores (in account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.
10. Cash Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G.
11. Shares of unquoted shares to be taxed at (deemed) fair value.
12. Tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (In addition to investment in NHAI and REC bonds).
13. Deduction for first time investors in listed equity shares or listed units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of IT act 1961 is withdrawn from FY 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, They shall be allowed to avail a deduction for the next two years.
14. No tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to withdraw 25% of their contribution to the corpus for emergencies before retirement. Withdrawal of 40% of the corpus is tax free before retirement.
15. In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.
16. From Financial Year 2017-18, if Return is not filed within due date, late fee of Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter. Such fee will be restricted to Rs.1,000 for small taxpayers with income up to Rs.5 lakh.
17. A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income). Those filing returns for the first time in this category will generally not be subject to scrutiny.
18. Time period for revision of tax return cut to one year (from 2 years) from the end of relevant financial year or before completion of assessment, whichever is earlier.
19. Where Section 12AA registered trusts modify their object clause, they need to apply within 30 Days to CIT for approval.
20. It is mandatory to disclose the Aadhar number while filing IT Return. Earlier it was optional to disclose Aadhar number. Generally the last date of filing IT return is 31 July. Therefore, it is advisable for taxpayer to get their Aadhar number at the earliest.
1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
3. For below Rs. 2 crores turnover cases - For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/ Gross Receipt. It is 8% For Cash Sales.
4. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
5. Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
6. Surcharge at 10 percent of tax levied on rich taxpayers with income between Rs.50 Lakh and Rs.1 Crore. The rate for surcharge for the super-rich, with income above Rs.1 Crore will remain 15%.
7. Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @ 5%.
8. Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01/04/1981 to 01/04/2001.
9. Corporate tax rate for the account year 2017-18 for companies with annual turnover up to Rs.50 crores (in account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.
10. Cash Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G.
11. Shares of unquoted shares to be taxed at (deemed) fair value.
12. Tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (In addition to investment in NHAI and REC bonds).
13. Deduction for first time investors in listed equity shares or listed units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of IT act 1961 is withdrawn from FY 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, They shall be allowed to avail a deduction for the next two years.
14. No tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to withdraw 25% of their contribution to the corpus for emergencies before retirement. Withdrawal of 40% of the corpus is tax free before retirement.
15. In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.
16. From Financial Year 2017-18, if Return is not filed within due date, late fee of Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter. Such fee will be restricted to Rs.1,000 for small taxpayers with income up to Rs.5 lakh.
17. A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income). Those filing returns for the first time in this category will generally not be subject to scrutiny.
18. Time period for revision of tax return cut to one year (from 2 years) from the end of relevant financial year or before completion of assessment, whichever is earlier.
19. Where Section 12AA registered trusts modify their object clause, they need to apply within 30 Days to CIT for approval.
20. It is mandatory to disclose the Aadhar number while filing IT Return. Earlier it was optional to disclose Aadhar number. Generally the last date of filing IT return is 31 July. Therefore, it is advisable for taxpayer to get their Aadhar number at the earliest.
- GST IMPORTANT DATES
- GSTR-3B (Mar 2018)Apr 20th, 2018
- GSTR-5 (Mar 2018)Apr 20th, 2018
- GSTR-6 (Jul'17 - Apr'18)May 31st, 2018
- GSTR-4 (Jan-Mar, 2018)Apr 18th, 2018
- GSTR-5A (Mar 2018)Apr 20th, 2018
- GST TRAN-2Jun 30th, 2018
- RFD-10Eighteen months after end of the quarter for which refund is to be claimed
- GSTR-1 (Jan-Mar, 2018)Apr 30th, 2018
- GSTR-1 (Mar 2018)May 10th, 2018
- GSTR-1 (Feb 2018)Apr 10th, 2018
Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores
Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return
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