INSIGHTS OF GST
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Posted on June 14, 2017
FAQ on Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017
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Posted on April 1, 2017
GST Invoice Format
click here to view -> GST-Invoice-Format 2
Changes in Income Tax Act, 1961 from 1st April, 2017
(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 – read more
Pan – Aadhar Compulsory linking for Income Tax Return
Hurry up ……
Posted on March 23,2017
GST Council Meeting on 16-03-2017, Key Points-
Late fees for MVAT/PTRC
s.68 Bogus capital gains: A transaction cannot be treated as fraudulent if the assessee has furnished documentary proof and proved the identity of the purchasers and no discrepancy is found. The AO has to exercise his powers u/s 131 & 133(6) to verify the genuineness of the claim and cannot proceed on surmises
Posted on March 04,2017
ACIT vs. Mahesh K. Shah (ITAT Mumbai)
s.69C Bogus Purchases: Purchases cannot be treated as bogus merely on the basis of the statements and affidavits filed by the alleged vendors before the sales-tax department. The said statements cannot be relied upon without cross-examination of the parties. The fact that the parties did not respond to the s. 133(6) notices is not relevant if the assessee filed copies of purchase invoices, extracts of stock ledger showing entry/exit of materials, copies of bank statements to evidence that payments for these purchases were made through normal banking channels, etc to establish genuineness of the aforesaid purchases read more..
Highlights of Union Buget 2017 – 2018
Income tax return to be filed before due date to avoid LATE FEES
Fee for delayed filing of return
In view of the non-intrusive information-driven approach for improving tax compliance and effective utilization of information in tax administration, it is important that the returns are filed within the due dates specified in section 139(1). Further, the reduced time limits proposed for making of assessment are also based on pre-requisite that returns are filed on time. read more..
Posted on December 12,2016
GST REGISTRATION :
MAHARASHTRA VAT Registered Dealers have to get the provisional GST Registration ID from MVAT Site and complete the GST Registration before 30.11.2016.
Following Documents and details are required read more..