Taxdtidt Blog

(1)  Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person.  Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes.  However, the cash payment limit for lorry fright etc. remains the same at Rs.35000. (2)    No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) — (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion. The penalty for violation of above is to be a sum equal to the amount of such receipt. Examples for above - i)    If one sells goods worth Rs. 300000 through three different bills of Rs.100000 each to one person and accepts cash in single day at different times then section 269ST(a) will get violated. ii)  If one sells goods worth Rs. 300000 ...

The Government of India is speeding up on the road to curbing tax evasion. So, it is leaving no stone unturned in achieving this target. As you know black money was one of the major electoral promises of the NDA (National Democratic Alliance) government in 2014, so it is taking all the coordinated efforts in this direction one after another. With respect to the recent amendments proposed by our Finance Minister, Arun Jaitley in the Finance Bill, GOI on Tuesday proposed to make Aadhaar card mandatory for PAN application and  filing income tax returns  as well. This move will come into effect from 1 st  July. Earlier, the Aadhaar Card was optional for both. According to the amendment, existing taxpayers will have to link their PAN cards with Aadhaar numbers by a certain date to be specified later. And the new PAN applicant will be required to declare their Aadhaar numbers in the PAN application itself. Those, who fail to disclose their Aadhaar number, their PAN and ...

As per the 1 Ministry of Corporate Affairs Notification No S.O. 988(E) and S.O. 989(E) issued on March 27, 2017: v “The Central Government, in public interest, hereby exempts the enterprises being parties to– (a) any acquisition referred to in clause (a) of section 5 of the Competition Act; (b) acquiring of control by a person over an enterprise when such person has already direct or indirect control over another enterprise engaged in production, distribution or trading of a similar or identical or substitutable goods or provision of a similar or identical or substitutable service, referred to in clause (b) of section 5 of the Competition Act; and (c) any merger or amalgamation, referred to in clause (c) of section 5 of the Competition Act, where the value of assets being acquired, taken control of, merged or amalgamated is not more than rupees three hundred and fifty crores in India or turnover of not more than rupees one thousand crores in India, from the provis...

The Employees’ Provident Funds Organization (EPFO) has taken various steps for speedy settlement of claims which inter alia include: v   Composite Claim Form (Aadhaar) and Composite Claim Form (Non-Aadhaar) has been introduced by replacing the erstwhile Claim Forms No. 19, 10C and 31, with a view to simplify the submission of claims by the subscribers. The Composite Claim Form has been further simplified to include self-certification by EPF subscribers.  The Composite Claim Form (Aadhaar) can be submitted to the EPFO without attestation of their employers. v   EPFO has mandated to settle claims within 20 days.  v   Online Transfer Claim Portal (OTCP) has been introduced to facilitate seamless transfer of claims. v   An online payment facility has been developed for employers for payment of dues. The internet banking (INB) facility enhances efficiency and payment and ensures anytime, anywhere online access while usage of existing inte...

Last Thursday, the Goods and Service Tax Council gave the green signal for rolling out the new tax (Goods and Service Tax) regime from July, clearing all regulations and legislations required for one of the most aspiring and ambitious tax reform measures since Independence. The GST council, which met in New Delhi, approved the union territory GST (UTGST) and the state GST (SGST) bills. Now the Goods and Service Tax bills will have to be cleared by state assemblies and by the Parliament as well. Some minor adjustments are still pending The GST Council has given its approval on the rules and regulations on GST registration, invoice, returns, payments, and refunds, but all these may need some minor adjustments and corrections. The GST council will again meet on 31st March to approve the regulations on input tax credit, valuation, composition, and transitions. Once the GST council approves the rules and regulations, the most vital issue of the assignment of the tax slabs to nume...

The Income Tax Department has released the  ITR (Income Tax Return) Forms for Financial Year 2016-2017 (i.e. Assessment Year 2017-2018). These ITR forms will be applicable for your income tax return for income earned from 1st April 2016 to 31st March 2017. FY 2016-17 (AY 2017-18). The due date of submission of these ITR Forms will be  31st July 2017 . The forms are  available for you to download. We will also update our e-filing, so you can file your tax returns quickly! Major Changes in the ITR- Forms Single page ITR Form for those with income upto Rs 50L ITR -1 can only be filed by those with ONE house property Schedule AL has been taken off from ITR-1 Old ITR-2, ITR-2A and ITR-3 have been done away with and merged to NEW ITR-2 Old ITR-4 is now NEW ITR-3 and Old ITR-4S(Sugam) is now NEW ITR-4(Sugam) Mentioning Aadhaar number or Aadhaar enrollment id is mandatory New section added in ITR-1 for mentioning exempt long term capital gains. ...

Disclosure of Specified Bank Notes in Balance Sheet As per the Ministry of Corporate Affairs Notification No. G.S.R. 308(E) dated 30th March, 2017 In the Companies Act, 2013, in Schedule III, in Division I, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘W’, the following clause shall be inserted namely:- v   X. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 as provided in the table below. SBNs Other denomination notes Total Closing cash in hand as on 08.11.2016 (+) Permitted Receipts (-) Permitted Payments (-) Amount deposited in Banks Closing cash in hand as on 30.12.2016 In the Companies Act, 2013, in Schedule III, in Division II, i...