Recent Updates

click here to view -> BHS GST SEMINAR

Posted on June 14, 2017

FAQ on Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017
click here to view -> cash transactions

Posted on April 1, 2017

GST Invoice Format
click here to view -> GST-Invoice-Format 2

Posted on April 1, 2017

Changes in Income Tax Act, 1961 from 1st April, 2017

    Kindly make note of the following changes in IT law that come into effect from 1-4-2017 –

    (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

Posted on April 1, 2017

Pan – Aadhar Compulsory linking for Income Tax Return

  • From.1st July onwards Aadhar Card is compulsory for making new PAN card.
  • Please ensure name as per PAN card and Aadhar is same.
  • And also request you to ensure that mobile and email is updated and full date of birth is mentioned in Aadhar card.
  • In some card only Year is mentioned. Please ensure DOB is updated.
  • You may update your Aadhar Card online or by submitting one form requesting to update the information at Aadhar Centres

Hurry up ……

Posted on March 23,2017

GST Council Meeting on 16-03-2017, Key Points-

  • Proposed Cess on aerated drinks and luxury automobiles capped at 15%, Pan Masala 135% and 290% on cigarettes. The proposed GST cess would be in addition to the imposition of GST at the highest rate of 28%. These Cess % are just a ceiling and the GST Council will decide how much cess is to be imposed in future.
  • Approved the State GST and Union Territory GST laws. The other three Act namely the CGST Act, IGST Act and the Compensation Act were passed in earlier Council meetings. read more..

Posted on March 23,2017

Late fees for MVAT/PTRC

  • No late fees will be charged if the dealers, who have paid the taxes due by the due dates, submit the due returns for the monthly return periods from April 2016 to February 2017 and the quarterly return periods of April 2016 to June 2016 and July 2016 to September 2016 on before 31st March 2017.
  • No late fees will be payable if employers (PTRC returns) / hoteliers (luxury tax returns) who obtained SAP based registration after 25 May 2016, if they upload such pending returns before 15 April 2017. However such late fee waiver is not applicable to employers and hoteliers who did not pay the taxes due within the time provided in the circular

Posted on March 23,2017

Case law
Pr. CIT vs. Jatin Investment Pvt. Ltd (Delhi High Court)


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

read more..

Posted on March 04,2017

Case Law
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..

Posted on March 04,2017

Highlights of Union Buget 2017 – 2018

  • GST – No changes in service tax & excise duty as GST draft will be launching soon

  • Fiscal Deficit – Seen at 3.2% (17-18) & 3% (18-19)

  • Current Account Deficit – 0.3% (16-17) 1st Half

  • FDI Investments – 1.45 Lakh Crores (16-17) 1st Half read more..

Posted on March 04,2017

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 March 04,2017

MVAT CDA for 2013-14 :The computerised Desk Audit Report (CDAR) and CDA compliance Web Form, for the Financial Year 2013-2014 is available to you from 21st November 2016 to 20th December 2016.
You are requested to view and comply with the same in the stipulated time period.

Posted on December 12,2016


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..

Posted on December 12,2016

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