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Updates found with 'section code 194a'

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Updates found with 'section code 194a'

1. Income Tax: The nonobstante provisions in both Sections 153A and 153C are identical; they override Sections 136, 147, 148, 149, 151 and 153. However, they do not override the mandatory provisions of Sections 142 (2) or 143 (2). This legislative design is taken further by Section 153 (2) (a) to (c) which are relatable to the satisfaction under Section 153C (1) notice - Delhi High Court in case of [Pr. CIT tax Delhi-18 Vs. M/s. N.S. Software (Firm)]2. Income Tax: Income from House Property - Addition of deemed ALV of vacant flats which are lying in the stock in trade of the assessee’s books of account - even in the case of unsold flats held in stock in trade the income has to be assessed by way of deemed rent - ITAT Mumbai in case of [Mr. Shekhar Dadarkar Prop. M/s. S.D. Construction Vs. DCIT 24 (3) And ACIT-24 (3) , Mumbai And Vice-Versa] 3. Income Tax: TDS on freight payments - freight payments are made by the Consignment Agents only and even the assessee may not aware of different transporters, shipping agents, therefore, it would impossible for assessee to deduct TDS on such payments - ITAT Delhi n case of [The ACIT, Central Circle-13, New Delhi Vs. M/s. Swastik Pipes Ltd. And Vice-Versa]4. Income Tax: Estimation of sales and net profit - filing return u/s 44AD - AO estimated the actual sales of ₹ 86 lacs instead of ₹ 19 lacs - when no books of accounts are maintained by the assessee and return is filed under section 44AD of the Act, we are not in a position to sustain the order estimating the sales which has no basis at all - ITAT Mumbai in case of [Mr. Atul Kanayalal Bhuta Vs. ITO-32 (1) (2) , Mumbai And Vice-Versa]
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ITR 4, or commonly known as Sugam, is to be filed those by individuals and HUF who have opted for the presumptive income scheme for income earned from business and profession during the financial year 2017-18 under sections 44AD, 44ADA, and 44AE of the Income-tax Act, 1961 . ITR form 4 is filed when gross receipts of professionals and self-employed should not exceed Rs 50 lakh during a financial year under section 44ADA. For non-professionals who earn income from business, to be eligible for the scheme, gross receipts in a financial year should not exceeding Rs 2 crore. Individuals engaged in goods transportation businesses with not more than 10 good carriages can file ITR 4 if they have opted for presumptive income scheme under section 44AE.This is not the first time the government has made modifications to ITR form 4. "Until FY 15-16, ITR form 4S was applicable for such class, then for FY 16-17 it was renamed as ITR 4 along with various other changes. Keeping with the trend, this year, too, various changes have been made in ITR 4, while the name of form remains unchanged. Changes in ITR 4 include quoting of GST number and the amount of turnover as per GST return, the number of details of financial particulars has been increased, the codes for selecting nature of business or profession while filing return have been changed, and so on. Therefore, it is clearly evident that day by day, the department is increasing the reporting requirements allowing little wiggle room for tax evaders. ITR-4 (Sugam), can be file in paper form if they satisfy the below mentioned conditions: The individual is of age of 80 years or more at any time during the previous year; or, The individual or HUF's income does not exceed Rs 5 lakh and who has not claimed a refund while filing ITR.
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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. Donation 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
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*GST- Salient Points of E-way Bill- You Must Know*♦ Every registered person who causes the movement of goods, having value of more than Rs. 50000/- should generate E-way bill♦ E-way bill is required for the movement of goods in relation to a supply as per the Section 7 of CGST Act, for reasons other than supply – that means even though there is no supply according to the act, but whenever there is a movement of goods, it is necessary to generate E-way bill, and for inward supplies from unregistered person♦ E-way bill to be generated before the commencement of the movement of goods♦ E-way bill is necessary irrespective of the value of the consignment if the goods are sent for job work to another State or Union territory – E-way bill to be generated either by the principal or the job worker, if registered♦ E-way bill is necessary to be generated by the person, even if exempted from obtaining registration, and who causes movement of handicraft goods, irrespective of the value of the consignment♦ Consignment value includes CGST, SGST, IGST and Cess and exclude the value of exempted goods where the invoice is issued for both taxable and exempted supply of goods♦ E-way bill in Form GST EWB-01 contains Part A & Part B♦ Part A contains the information of the consignment and Part B contains the details of the transporter♦ Part A should be filled by the registered person who causes the movement of goods or on his authorisation, the transporter or e-commerce operator or courier agency can fill up the details♦ Part B should be filled either by the registered person or the transporter to whom the transportation of the consignment is assigned♦ Where the goods are transported by railways or by air or vessel, the E-way bill shall be generated by the registered person as a supplier or the recipient, either before or after the commencement of movement after furnishing the information in Part B♦ Railways shall not deliver the goods unless the E-way bill is produced at the time of delivery♦ The details in Part B are not required to be furnished for the distance of up to 50 kilometers within the State or Union territory from the place of business of the consignor to the place of business of the transporter for further transportation or from the place of business of transporter finally to the place of business of the consignee♦ E-way bill is not valid unless the information in Part B is provided except the above cases♦ E-way bill can be generated even if the value of the consignment is less than Rs.50000/- at option♦ An unregistered person, who causes the movement, can also, at his option, generate E-way bill♦ Upon generation of E-way bill, a unique E-way bill number (EBN) shall be made available to the supplier, the recipient and the transporter on the common portal♦ Where the goods are transferred from one conveyance to another, the details of the conveyance should be updated in Part B before the transfer or further movement of goods♦ E-way bill number shall be assigned from one transporter to another for updating the information in Part B after furnishing the details in Part A, for further movement of the consignment. But once the details in Part B is updated, the same cannot be assigned to another transporter♦ Where multiple consignments are transported in a single conveyance, a consolidated E-way bill in Form GST EWB-02 can be generated after indicating the details of E-way bills of all consignments♦ Where the aggregate value of the consignments carried in a single consignment exceeds Rs.50000/-, the transporter shall generate E-way bill based on the details of invoice or bill of supply or deliver challan, if not generated by the consignor or consignee. If the goods is supplied through an e-commerce operator or a courier agency, they need to provide the information in Part A♦ The details provided in the Part A will be made available for furnishing the details in GSTR 1. The same will be informed through mobile number or email if the details provided by the person is unregistered♦ E-way bill can be cancelled within 24 hours of generation on account of non movement of goods or the details provided are not as per the goods transported. It cannot be cancelled if verified in transit as per Rule 138B♦ The unique number generated after furnishing the details in Part A shall be valid for 15 days for updating Part B♦ The validity of E-way bill is as under:DistanceValidity PeriodUp to 100 kms1 day in cases other than Over Dimensional CargoFor every additional 100 kms or part thereof1 additional day in cases other than Over Dimensional CargoUp to 20 kms1 day in case of Over Dimensional CargoFor every additional 20 kms or part thereof1 additional day in case of Over Dimensional Cargo♦ Commissioner may extend the validity period of E-way bill for certain categories of goods♦ Where the goods cannot be transported within the validity period under circumstances of exceptional nature, including trans-shipment, the transporter may extend the validity period by updating the details in Part B♦ The validity of the E-way bill shall be counted from the time it is generated and each day shall be counted as the period expiring at midnight of the day immediately following the date of generation of bill♦ The information furnished in E-way bill shall be made available to the recipient or supplier as the case may be should be accepted or rejected within 72 hours from the time the information is made available, else the same shall be deemed to be accepted♦ The E-way bill generated in one State or Union territory is valid in every State and Union territory♦ No E-way bill is required to be generated for the following cases:◊ Goods being transported as per Annexure◊ Transport by a non-motorised conveyance◊ Transport of goods from the customs port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs◊ Movement of goods within such areas as notified◊ The goods specified in Schedule appended to Notification No.2/2017-CGST (Rate) other than de-oiled cake◊ For alcoholic liquor for human consumption, petroleum crude, high speed diesel, petrol, natural gas or aviation turbine fuel◊ For the goods being transported, treated as no supply as per Schedule III of the Act◊ Where goods are being transported under customs bond from an inland container depot or a container freight station to a customs port, airport, air cargo complex and land customs station or from one customs station or customs port to another customs station or port or under customs supervision or under customs seal
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Simplified Return Filing Process and ITC claiming process:A comprehensive single return with details of inward and outward supplies. This will reduce the number of returns, help in invoice matching and have all details in one place. Focus will be on making everything tech savvy, on the move and supporting the idea of Digital India..Simplified ITC claiming process is the need of the hour to avoid waiting for confirmations, acceptances from the recipient or tedious tasks of uploading sale/purchase details to avail the credit.Two percent Incentive for Digital PaymentsThe GST Council, after its 27th Meeting, has decided to approve a proposal wherein a 2 per cent concession, subject to a ceiling of Rs 100 per transaction, may be offered to consumers in B2C transactions if they pay through digital modes..While attending a press conference after the GST Council meeting, Finance Minister Arun Jaitley said that “the issue before the council was whether on digital payments through either the banking mode or the cheque mode or any form of digitized mode, a two percent incentive should be given to those who pay entirely through digitized mode. This would be subject to a cap of Rs. 100 per voucher. And this would not apply to the composition dealers.”.The Government‘s move to provide concessional rate for digital payments under GST in B2C transactions is estimated to cost the exchequer around Rs 10, 000-25, 000 crore, depending on the share of such transactions in total digital transactions in a year. .E-Way Bill:A possible process wherein the E-Way bill is checked just once during transitAlternate lines for uploading details for generating EWBs in case of un-supported formatsOne-nation, one format for generating E-Way bill were states will avoid having their own forms in addition to the basic notified ones.Reverse Charge Mechanism:Preponement of applicability of Reverse charge mechanism(Before June 30). This could be initially only for a particular class of taxpayers, say dealers under composition scheme. .Other points:Imposition of a cess on sugar to help farmersInclude Real Estate/transfer of property into the GST regimeAmendment of the ITC provision in the GST to enable any business to take credit on any business-related expenses (employee transport etc.)Exemptions for payments made by employees for the services received from the employers (eg: canteen services)Based on various adjudications on anti-profiteering norms under GST, some clarity is expected from the councilEncouragement for digital transactions by providing cash backs, discounts, credits etc. IMPORTANT NOTICE GST Department* have started conducting raids on Business premises to see if the *GSTIN No is visible on Sign board of the Business premises*. Please get it affixed on Signboard and on the front door of Office. Notice can be issued if the GSTIN No is not mentioned on Signboard and on Front door of Business primses *U/s 125 of CGST Act 2017 and the penalty under this Section can be upto 25, 000/-.
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