Penalty for Late Filing or Non Filing of Income Tax Return

The last date to file income tax return every year is 31st July or 31st September. You must file your income tax return within due date. Now the questions is if you are not filing your income tax return within due date how much penalty or interest you have to pay. Here we will discuss … Read more

GST Council 26th Meeting Recommendation – Complete Detail

Return filing System The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and Group of Ministers on IT has been tasked to finalize the same. Reverse Charge Mechanism The … Read more

eSANCHIT – Step by Step Procedure for Uploading Documents

The  following  steps  are  the  step  by  step  procedures  involved  in  uploading  of  the supporting documents: Step 1: Prepare Supporting Documents in Digital Format Before uploading the document, the importer, exporter, Customs broker (referred to hereinafter as ‘submitter’) may ensure that the document is rendered into a PDF/A format (ISO 19005-2). The submitter may choose … Read more

e-SANCHIT Mandatory from 15th March 2018 – Android App Updated

Online application for uploading the supporting documents i.e. e-Sanchit, shall be made mandatory from 15th March 2018. All customs brokers and self-filers are requested to use e-Sanchit regularly and at least file one Bill of Entry using e=Sanchit by 8th March 2018 to continue to file through ICEGATE. CBEC launches IT tool ICETRAK and ICETAB … Read more

Revised E-way Bill Rules – CGST 2nd Amendment Rules 2018

Central Board of Custom & Excise has released the notification for CGST (2nd Amendments) Rules 2018 related to E-way bill generation. They amended the rules 138, 138A, 138B, 138C and 138D along with forms GST EWB-01, EWB-02, EWB-03, EWB-04, GST INV-1, GST RFD 01A etc. You can download the revised E-way bill rules notification here. … Read more

10 Significant Features of e-assessment Framework – A new mechanism

The CBDT has issued instructions dated 12 February 2018 in relation to conduct of e-assessment. Emanating from the earlier instructions dated 29 September 2017 as well as the current instructions. 1. Enquiry in Eloctronic mode Enquiry before assessment in terms of section 142(1)(ii) of the Income tax Act, 1961 (Act) shall be issued in electronic … Read more

Cabinet Approves New Accounting Regulator – NFRA

Cabinet approved today Fugitive Economic Offenders Bills 2018. The bill will be presented in Parliament in the next session. The cabinet has also approved establishment of National Financial Reporting Authority. Here is the press released by GOI on 1st March 2018. Press Released (Dt. 1st March 2018) Cabinet approves Establishment of  National Financial Reporting Authority … Read more

Tax Calendar 2018 – GST & Income Tax Due Dates March 2018

Tax Calendar 2018, Income Tax – GST Deadlines: Find all the income tax & GST due dates, last dates, deadlines for the period from 1-4-2017 to 31-3-2018 (F.Y.2017-18). The due dates includes all TDS Returns, TDS Statements, income tax returns, income tax payments & TDS certificates along with form name and period. The assessee can … Read more

GSTR 3B Due Dates: From Aug 2017 to March 2018 Up to Date

You can check here GSTR 3B due dates along with notifications. Here is the table containing all due dates of GSTR 3B. You must file your GSTR3b return to avoid late filing penalty. Month Last Date for filing of return in Form GSTR 3B August 2017 20th September 2017 September 2017 20th October 2017 October … Read more

GSTR 1 Due Dates {2018} Latest Changes {UptoDate}

There are lots of confusing among businessmen and tax professionals related to due dates of GSTR 1 because of major changes happening in GST these days. You can check here latest up to date information about due dates of GSTR 1 form. GSTR – 1 Due Dates (Turnover More Than 1.5 Crore) If your turnover … Read more

Know Your PAN by DOB, Name & Mobile 2018

Sometime you find difficulty to find your PAN number i.e forget your PAN number, lost PAN number and want to know PAN online by one click. So you can do this only by entering your date of birth, sir name and mobile number. It is a service itself provided by income tax department officially. Here … Read more

GST Rates PDF: Item & Chapter Wise (Upto 25th GST Council Meeting)

Here you can find GST rates items and chapter wise detail along with HSN coe.  in PDF format. We update GST rates page regularly. Here you can also download PDF file and save it on your mobile or desktop to open it instantly. The final GST rates are 5%, 12%, 18% and 28%. The GST rates pdf files … Read more

Complete Guide to Generate e-Way Bill Online

Recently, the Government of India has introduced an electronic form of Way bill known as the e-Way bill. The bill is mandatory for inter-state transport of goods where the value is more than ₹50,000. The bill has already been rolled out by the Government on a trial basis from 16 January 2018. However, with this … Read more

Explanatory Notes to the Provisions of the Finance Act 2017

CIRCULAR No. 2/2018 F. No. 370142/15/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ******* Dated, 15th of February, 2018 EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2017 CIRCULAR INCOME-TAX ACT Finance Act, 2017 ─ Explanatory Notes to the Provisions of the Finance Act, 2017 CIRCULAR NO. … Read more

Union Budget 2018 – Budget 2018 Analysis in a Very Simple Way

You can check here the complete analysis of Union Budget 2018 in a very simple language along with highlights. You can also download the complete PDF of Union Budget 2018 analysis from here. Download Complete Union Budget 2018 Analysis – PDF Format ECONOMIC PERFORMANCE: 2017-18 State of Indian Economy After registering GDP growth of over … Read more

Income Tax Highlights in Union Budget 2018

Union Budget 2018 Highlights Related to Income Tax Long Term Capital Gains on listed securities i.e. Gain on shares or Mutual Funds held for more than one year was earlier exempt from Income Tax. Now for gain above Rs.1 Lakhs ,tax @ 10% without any indexation benefit has been levied. However any gain upto 31/01/2018 … Read more

Complete Highlights of the Budget 2018

The Budget for 2018 was presented on 1 February 2018 in the Parliament by the Finance Minister of India, Arun Jaitley. This was the fifth and the last budget of the current Government. Upcoming elections, impact of demonetization and economic growth has been the primary concern of the citizens. So, without any further delay let’s … Read more

Download Union Budget 2018-19 PDF – Finance Bill 2018

As you all know the Union Budget 2018-19 has been presented by Sh. Arun Jaitely on 1st February 2018. Here you can download the complete official document of Union Budget 2018-19 in PDF format along with other official documents. Here is the complete list of official documents related to Union Budget 2018-19. Key to Budget … Read more

GSTR-6 Deadline Extended to 31 March 2018

CBEC, under the recommendation of GST Council, has notified that the form GSTR-6 can be filed upto 31 March 2018. Form GSTR-6 is in respect of Input Service Distributor (ISD) and tax payers were required to file their GST return for the period July 2017 to February 2018. Check the official notification here:

Revised Late Fee for Form GSTR-1, GSTR-5, GSTR-5A and GSTR-6

CBEC has notified that the late fee for Form GSTR-1, GSTR-5, GSTR-5A and GSTR-6 will now stand at ₹25 per day. Cases where the tax payer has a NIL tax liability, the fine amount shall be ₹10 per day. Earlier, the late fee for the above-mentioned forms was ₹50 per day (₹20 where tax liability … Read more