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10 April, 2018

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Intra State EWAY Bill Rollout for Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh from 15th April, 2018

Roll-out of e-Way Bill system for Intra-State movement of goods in the States of Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh from 15th April, 2018.

Posted On: 10 APR 2018 11:26AM by PIB Delhi
As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been rolled-out from 01stApril, 2018. E-way Bill system for Intra-State movement of goods in the State of Karnataka is also operational from the said date.  E-Way Bills are getting generated successfully and till 09thApril, 2018 more than sixty three lakh e-Way Bills have been successfully generated.
It is hereby informed that e-Way Bill system for Intra-State movement of goods would be implemented from 15th April, 2018 in the following States:-
(i)         Andhra Pradesh
(ii)        Gujarat                                               
(iii)       Kerala
(iv)       Telangana
(v)        Uttar Pradesh

05 April, 2018

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Are You Making NRI Property Investment in India – Here are Few Things You Should Know about FEMA, Income Taxes & GST !


NRI Property Investment in India – FEMA, Income Taxes & GST Viewpoints !

By CA Ankit Gulgulia (Jain)

Non Residents Indians have always been keen and interested to make property acquisitions in India for either Return purpose or for staying in old age etc. If you are a NRI reading this post, know this that we will quickly sum up few FEMA Compliances, Impact of Income tax and Applicability of GST on your Property Purchase in this post.

QUICK FACT à Overseas investments have surged 137 per cent, from USD 3.2 billion during 2011-13 to USD 7.6 billion during 2014-16.

21 March, 2018

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Real Estate ALERT – INCOME Tax Will Only Consider Turnover as per ICDS


Real Estate ALERT – INCOME Tax Will Only Consider Turnover as per ICDS

BY CA Ankit Gulgulia (Jain)

Finance Bill, 2018 has newly inserted Section 43CB which provides that profits and gains arising from Construction Contract shall be determined in accordance with PUCM Method of ICDS Only
"43CB. ( 1) The profits and gains arising from a construction contract or a contract for providing services shall be determined on the basis of percentage of completion method in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145:
Provided that profits and gains arising from a contract for providing services,-
(i) with duration of not more than ninety days shall be determined on the basis of project completion method;

15 March, 2018

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Benefits of Chapter VIA Deductions only allowable now if Return filed within Deadlines of 139(1)


Benefits of Chapter VIA Deductions only allowable now if Return filed within Deadlines of 139(1)

By CA Ankit Gulgulia (Jain)

All Chapter VIA – Heading C Deduction shall now be allowable only if the assessee has duly filed the returns on or before the Due Dates Prescribed under Section 139(1). Note that Chapter VIA heading C Includes following Sections. Note Deduction under Section 80C not covered and deduction will comtinue to be eligible even if filed after due dates.

28 February, 2018

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Supreme Court Painfully Surprises- Denies Cenvat Credit on Outward Goods Transportation !


Cenvat Credit on Outward Goods Transportation Denied! – Supreme Court Judgement Will Hurt Many Assesses

By CA Ankit Gulgulia (Jain)

Supreme Court set aside all High Courts and Tribunals orders to decide that Outward GTA shall not be allowed as Input services making all such cenvat claims by assessee as ineligible 

27 February, 2018

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Centralized Communication Centre – Your New Income Tax Officer !


Centralized Communication Centre – 

Your New Income Tax Officer !

The CBDT i.e. Board of Direct taxes has recently issued a very interesting Notification that leads to pave the way for establishing a Nodal Centralised Communication Centre which will incidentally act as your sole departmental interface. You or your CA/Advocate will have to directly reply to the communications from Centralized Communication System.

26 February, 2018

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Why 31st March, 2018 is the Big Date??


Why 31st March, 2018 is the Big Date??

Yes, every year comes 31st March with all closings and stock verifications etc, but this year onwards every 31st March will mark the last date for which a Income tax return can be filed for the Assessment year.

31.3.2018 is the last date for filing Income tax Return for AY 16-17 and 17-18. No more does the law allows relaxation of filing belated return as 1 year from end of Relevant Assessment year. From now onwards, the return has to be filed within the relevant assessment year along with Applicable Interest if any.

25 February, 2018

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GSTR3B Problem Resolved:- TRAN-1 Filed not Submitted, Government Reopened the Window

GSTR3B Problem Resolved:- TRAN-1 Filed not Submitted, Government Reopened the Window

We earlier discussed this problem faced by so many dealers where TRAN-1 was filed without DSC led to an error by virtue of which even his monthly GSTR-3B’s could not be filed. Now, there seems to be solution coming for the same. Assessee’s have got mails from GSTN on underlined details.

From: donotreply@gst.gov.in [mailto:donotreply@gst.gov.in] 
Sent: Saturday, February 24, 2018 2:20 AM
To:xxxxxxxxxxx 

Subject: Information Required related to Tran-1 Form

24 February, 2018

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How to File Letter of Undertaking Online under GST

How to File Letter of Undertaking Online under GST

Dear Reader,

Much to the relief of exporters all across the country be it of Goods or services, now GSTN has enabled online filing of letter of Undertaking LOU. We have simply collated step by step procedure for you to file the LUT. Happy Filing !!

Instructions for filing LUT online on GST Portal:-

20 February, 2018

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TDS @ 20% For Non PAN Foreign Assessees - Delhi HC Reads Down Stating Treaty Supremacy

TDS @ 20% For Non PAN Foreign Assessees - Delhi HC Reads Down Stating Treaty Supremacy

TDS liability @20% - payment to non-residents not having PAN - Provisions of section 206AA applicability - Levy of 20% in the case of outward remittances in the hands of the payer ‘the deductor’ - applicability to assessee that are non-residents of India - Held that:- Having regard to the position of law explained in Azadi Bachao Andolan (2003 (10) TMI 5 - SUPREME Court) and later followed in numerous decisions that a Double Taxation Avoidance Agreement acquires primacy in such cases, where reciprocating states mutually agree upon acceptable principles for tax treatment, the provision in Section 206AA (as it existed) has to be read down to mean that where the deductee i.e the overseas resident business concern conducts its operation from a territory, whose Government has entered into a Double Taxation Avoidance Agreement with India, the rate of taxation would be as dictated by the provisions of the treaty.


2018 (2) TMI 1289 - DELHI HIGH COURT
Danisco India Private Limited Versus Union of India And ORS.
W.P.(C) 5908/2015
Dated: - 05 February 2018
Judgment / Order
MR. S. RAVINDRA BHAT AND MR. A. K. CHAWLA, JJ.
For The Petitioner : Mr. Sujit Ghosh, Ms. Kanupriya Bhargava and Ms. Mannat Waraich, Advs.
For The Respondents : Mr. Prasanta Verma, SCGC with Ms.Shalu Goswami, Adv. for UOI/R1. Mr. Ruchir Bhatia, Sr. Standing Counsel and Mr. Puneet Rai, Jr. Standing Counsel for Income Tax Deptt. And Mr. C. Mukund, Ms.Geetika Matta and Mohd. Farib Ahmed, Advs.
ORDER