Hello readers! As you all are aware that the countdown for GST implementation has already begun with just about 1 month left for GST to become a reality in India. Various Acts that will apply in the GST regime were passed by Indian Parliament in April 2017 and have received the assent of the President …

GST Rates and Compensation Cess on Goods provisionally declared. This is as per discussions in the GST Council Meeting held on 18th May, 2017 and is subject to further vetting by the Fitment Committee during which the list may undergo some changes. GST rates for certain goods like textile, footwear, biris, precious metals, etc. are yet …

The Finance Act, 2017 inserted Section 139AA to the Income Tax Act, 1961 mandating lining of Aadhaar number with PAN w.e.f 1.7.2017. An update on Law on linking of Aadhaar number with PAN can be downloaded here -> Aadhaar linking to PAN. CBDT’s Press Release on easing linkage of Aadhaar with PAN can be accessed …

Update on Section 194-IB of the IT Act, 1961 as inserted by Finance Act, 2017 Update on Section 194-IB of IT Act By:- CA Rajiv Kr. Jain +91-9810288997 rajivkjain0608@gmail.com

A Comprehensive update on Notification No. 95/2015 dated 30.12.2015 relating to rule 114E u/s 285BA (Annual Information Report) IT-Update on Rule 114E By:- CA Rajiv Kr. Jain +91-9810288997 rajivkjain0608@gmail.com

Changes in TDS/ TCS Rates and Thresholds w.e.f. 01.06.2016 Depicted in the attached table: IT-Revised Tabular Update on TDS-TCS-Advance Tax By:- CA Rajiv Kr. Jain +91-9810288997 rajivkjain0608@gmail.com

A comprehensive note on amended Rule 12 of Income Tax Rules, w.e.f. 01.04.2017, related to Income Tax Returns is discussed in the attached document. Update on IT Rule 12 & ITR Forms (AY 2017-18) By: CA Rajiv Kr. Jain +91-9810288997 rajivkjain0608@gmail.com

A note on restrictions imposed on cash transactions vide Section 269ST of the Income Tax Act, 1961 w.e.f. 01.04.2017 is discussed in the attached document. IT-Update on Section 269ST By: CA Rajiv Kr. Jain +91-9810288997 rajivkjain0608@gmail.com

The Goods and Service Tax Act have been passed by the Indian Parliament and has received assent of the President. Once the said Acts are notified and the State GST Acts are enacted, GST shall come into force. It is highly expected that GST shall come into force force from 1st July 2017. The GST …

Some of the rules have been placed in public domain by the GST Council for comments. Rules such as Valuation, ITC, Composition, Transition, etc. have been placed in public domain for the first instance. Whereas some revised version of rules have also been released, such as Rules pertaining to Invoice and Refund. The rules may …