A.Y 16-17 & 17-18 IT RETURN UNABLE TO E FILE

If till date Above mentioned Itr pending, then need filling immediately, avoid last minute Rush HURRY! Those who are required to file Return for the AY 16-17 & 17-18 and have not filed are requested to file well before 31 March 18

Want to File a Revised Income Tax Return?

Sairam, Call on 9376642360 for it Return

March 31 is the final date for submission of delayed or revised income tax return for assessment year 2016-17 (financial year 15-16) and 2017-18 (financial year 2016-17). The Income Tax Department said in the press conference that "Balanced or improved returns for the year 2016 and 2017-18 can be filed only on March 31, 2018 (with interest, if any, after entering)." For persons with income of more than 2.5 lakh, it is compulsory to register income tax returns, the tax department said. For Senior Citizens (up to 60 years and 80 years), the limit is Rs. 3 lakhs and senior citizens (80 years and above), the limit is 5 lakhs.

The government sees three models to replace the current GST return filing process; Nilekani's model is simple, experts say

After the GST Council decided to eliminate the method of registering three returns a month, the council is now considering three models, one of which should replace the existing system. Two other models have been recommended by GST Network Chairman Ajay Bhushan Pandey and Infosys Chairman Nandan Nilekani.

While the details of the GSTN chairman's model are sketchy, it is necessary to distribute the transaction-level monthly returns (GST-1,2 and 3) and to issue a comprehensive summary return on a monthly basis. It annually revises the monthly on a monthly basis (with a combination of sustainability and annual basis), on a monthly basis, and suggests GSTR 3b and quarterly GSTR 1,2 and 3.

Information about Nileki's model is more detailed and tax experts suggest that it is very likely that the government will accept this model from the model suggested by GSTN Ajay Bhushan Pandey.

Nileki's model talks about the simplification of tax filing process by filing a return, and instead requires invoices upload and acceptance. It suggests replacing GSTR1 with easy invoice uploads; The seller must be required to upload the invoice and the buyer will accept it.
It recommends invoices upload and acceptance as a continuous activity instead of a time-limited process with acceptance of a double process - the seller accepts the invoices uploaded by the buyer and vice-versa.

Nileki's model claims on the InVoice grounds on input tax credit (ITC) and tax payers. ITC will be provided for "matching" invoices, while ITC is being uploaded when the supplier has uploaded the invoice. If the supplier does not upload, the buyer can also upload After uploading by the buyer, sellers can accept invoices.

Nilekani also indicates that invoices automatically flow from GSTN Portal to E-way Bill Bots.

Tax experts say Nileki's models are easy to see from three models.

"The model of Nilekani, which has the validity of invoice-wise matching and compensation, which makes auto-draft by GSTN Portal, makes it easy and it is likely to reduce the tax payer burden," says Harpreet Singh, an indirect tax partner. , KPMG

An official of the Central Board of Excise and Customs (CBEC) told Business Today that if the model of Nilekie looks simple, then it should be kept in mind that Nileki is a technology person, and if her model is simple, then she has to comply with all. . GST Rules

Harpreet Singh of KPMG says that some changes may need to be made in the rules to incorporate the model of Neklala, but there are not any significant changes to make.

Save tax

The income-tax filing season can not be here, however, the last date for investing in the financial year is 2017-18 is near. This time is crucial because the investment under section 80C should be done before 31st March 2018.

Income Tax department slaps fresh charges against Nirav Modi under new anti-black money law

Sairam, Call on 9376642360 for it Return

NEW DELHI: The Income Tax Department has re-indicted Zaveri Nirv Modi, under the new law of black money under the Punjab National Bank (PNB) scam, allegedly illegally possessing illegal assets worth Rs 11,400 crore abroad. .

According to him, this is another foreign wealth which has not been disclosed by the threatened people of the Karmentman by the Hirayetar, who is suspicious of leaving India in January.

Last week, the Income Tax department lifted the black money (Covert Foreign Income and Assets) and Taxation Act, 2015, against Mr. Modi last month. Public for tax authorities
The latest foreign asset is suspected to be a trust registered in the jersey located on the coast of Normandy. Investigation of a business trust is under way for the funds of the funds having links with Modi.

This section is also investigating the transfer of two funds - from Cyprus to Singapore, 284 crores and Rs. 271 crores - India's diamond-related generation. On February 16, the Income Tax Department temporarily connected 105 bank accounts of diamond merchants, their families and companies as part of the 29 properties and its tax investigations.

The new black money law is associated with the case of illegal illegal assets, which have been investigated under the Income Tax Act, 1961 so far. The new law provides 120% tax and penalty on secret foreign wealth and income. Jailed for 10 years.

Taxation was also filed in the special court in Mumbai under section 276C (1) [intention to avoid tax], 277A (false statement in verification), 278 B (criminal conscission) and 278A. Income tax Act, 1961 (Guaranteed as a criminal mental state).

The court will take up the case on 27th February

Tax officials stipulated the connection instructions in the properties of Modi, his wife Ami and his companies located in Mumbai, Surat, Jaipur and Delhi.

In the capital of Maharashtra, the properties which have been temporarily assessed, have Modi's place in Posh Peder Road area, Worli, Bandra, Lower Parel and Opera House.

A total of 105 bank accounts of Modi, his family and companies are also linked.

The IT report used by PTI said that "these connections have been made keeping in mind the huge demand raised in the ongoing evaluation process in the case of Nirve Modi, his family members and the group's concerns." .

In January last year, ITT accused Modi of alleged tax evasion.

Modi, his uncle, Mehul Choksi and others were accused in the Punjab National Bank's scam worth Rs 11,400 crore.

Next GST Council meet may liberlise rules, revamp filing process

Sairam, Call on 9376642360, it Return, IEC, gst

Next GST Council meet may liberlise rules, revamp filing process

In an effort to simplify tax compliance taxpayers and increase government revenue, the Federal Indirect Tax Organization Goods and Services Tax (GST) Council has a report to improve the return filing process and liberalize the rules.

Quoting a person familiar with development, the Livemint said in the report that the central and state government officials will finalize the proposal on meeting on 27th February in the capital.

The Council's 26th Meeting, held by the video conference, is expected to take steps that will make it easier for small businesses and traders to follow.

It is noted that small businesses and traders are responsible for most taxpayers. The report of taking action is based on the recommendation of panel headed by Vinod Kumar, Chief Commissioner of GST, Karnataka.

In this meeting, the need to file a tax return in relation to purchases and remove all the returns on all transactions is expected, instead, it will only retain the summary return for entering every month (GST Return 3B). It will be supplemented by the sale invoices uploaded, the report said.

As small and medium businesses and traders hold most of the jobs in India, especially in rural areas and create a politically significant constituency, the government would not want to fight against them.

According to the data available with the Ministry of Micro, Small and Medium Enterprises, there are 36 million such entities in the country, half of the rural areas are responsible for more than 80 million people and a third of the production. The report said.

The official said that for the transfer of new return filing system businesses will be given six to seven months of transit time.

Meanwhile, the GST Council report will have different deadlines for small and medium businesses, or SMEs, and large businesses.

With the current date of the 20th of every month to register compensation and pay taxes for sale in the last month, the government is facing more than a fortnight long time to get tax payments.

The idea is that large industries pay taxes on the 7th or 8th of every month and the Devlokas continue with the current timeline, this report adds.

It has been noted that the obstacles in the GSTN Portal, cumbersome procedures and documentation and the cost of compliance are a concern, which needs to be addressed to make Goods and Services Tax (GST) a success.

FICCI's survey stated that "Lack of reflective reflection of updated data and payment, delay in the process of input credit set, lack of uploading of heavy files of certain formats, and lack of provision to improve or improve the bugs makes use of major challenges for businesses."

Tax Expert Shree Sainath Consultancy

GST is India's largest tax reform, which improves trade facilitation in India and increases India's taxpayer rate by bringing millions of small businesses to India. By eliminating multiple taxes, entering a system, the complexities of tax will be reduced, while the tax base will significantly increase. Under the new GST regime, there is a need to buy or sell goods or provide services or to register for GST for both. Companies without GST registration will not be allowed to collect GST from the customer or GST's input tax credit will be paid or fined. Further, registration under GST is mandatory, once it crosses the minimum threshold turnover of a new company, then it can cross a defined turnover.

According to the GST Council, Rs. The states of special category with annual turnover of 10 lakh and above will need to register under GST. If the remaining turnover is more than Rs.20 lakhs then all other companies will have to register for GST. There are various other standards, which can make the organization accountable for GST registration - regardless of annual sales turnover. According to the rules, organizations that need to register for GST will have to file within 30 days of the date for the GST application, on which the organization will be responsible for registration under GST.

Shree Sainath Consultancy is the leading business service platform in India, offering various services such as income tax filing, GST return filing, private limited company registration, trademark filing and more. India Feiling You can get GST registration in India and maintain GST compliance by the proprietary GST accounting software. Average time to get GST certification is 5 - 10 business days, subject to government processing time and client document submission. Get free consultation on GST and GST return files by scheduling appointment with Shree Sainath Consultancy, Call on 9376642360

Sairam, business Registration

Sairam

U Start new business? Or You need running business Registration?

We Arrange legal paper for ur start-up  Like GST, Firm Reg. IEC etc

Call on 9376642360
www.shreesainathconsultancy.com

Expect zero percent GST on sale of old commercial vehicles: Nitin Gadkari

Sairam, Call on 9376642360 for GST

India's commercial vehicle industry can get tax relief if the Central Government has received a green signal under the Scrappation policy on the sale of old goods vehicles to Zuzru Goods and Services Tax (GST).

Union Road Transport and Highways Minister Nitin Gadkari said in a communication that the Ministry of Roads is pitching for zero percent GST for vehicles sold under Voluntary Vehicles Modernization Program (VVMP) or Vehicle Scrappation Policy.
"As far as the policy is concerned, after getting clearance from the cabinet, I can tell you about it. But the policy, now, is that we are expecting zero GST on vehicles that are crashing," he said.

According to the vehicle's scrappage policy, the center is scheduled to phase at least a decade old commercial vehicles and the current India does not comply with the stage emission norms. This road is expected to move more than 28 million vehicles.

The policy introduced in 2016 proposes to provide financial benefits for the sale of medium and heavy commercial vehicles (MHCV). Benefits include reducing the cost of acquiring new vehicles, providing tax benefits, promoting fuel efficient traffic, and controlling the break-down components of vehicles.
Currently, 18 percent GST is imposed on the goods sold as scraps. Under the Reverse Charge Mechanism, the buyer of such vehicles has to pay taxes on the amount received from such transaction. Building old commercial vehicle tax exemption will actually keep the prices of new vehicles.

"On the sale of commonly used vehicles, GST is paid on the value adjustment, in which no value of the GST is calculated in the context of the value where value is negative. Therefore, any reduction in the GST rate will be beneficial, however, the value will remain limited because The tax is on the only value addition, "said R Muralidharan, Senior Director of Deloitte India.

Gadkari has earlier said that the government will start the scrappage scheme of the vehicle only after getting GST Council approval.

Besides zero percent GST, Gadkari also said that if he provides "proof" of the vehicle to be sold, then MHCV buyers will be given more flexibility on the prices.

"A new vehicle buyer will be given a concessions at a new price or after he has submitted the certified certificate that he has predicted his previous vehicles. This relief will be provided by the manufacturer," the union minister said.

Earlier it was found that the Road Ministry is considering India-Stage compliance as a measure to break old vehicles.

According to the proposal, the government is the first vehicles that non-BS compliance vehicles that run on BS-E fuel, followed by vehicles on BS-2 fuel and then thereafter.

Start-up

Sairam, U Start new business? We Arrange legal paper for ur start-up  GST, Firm Reg. IEC etc Call on 9376642360 for Advice www.shreesainathconsultancy.com

GST APPLICATION

JAY SAIRAM
WE PROVIDE SERVICE FOR GST REGISTRATION IN RESALABLE FEES, IF YOU NEED GST NO. CALL ON 9376642360

Unfilled itr need to file

Sairam,
Its seen that you have not filed the IT Returns for AY 2016-17 and AY- 2017-18.Please file IT Returns at the earliest. Kindly ignore if already filed,

If you received above message from income tax department, Call immediately on 9376642360 for file it return

NO CHANGE HAS BEEN PROPOSED IN PERSONAL INCOME TAX SLAB RATES; CESS INCREASED TO 4 PER CENT

NO CHANGE HAS BEEN PROPOSED IN PERSONAL INCOME TAX SLAB RATES; CESS INCREASED TO 4 PER CENT

The Finance Minister, Mr. Arun Jaitley, presented the Union Budget for the year 2018. It is the last full budget presented by him before the general election to be held next year in 2019. As expected, various amendments are proposed in tax laws to provide relief to the common man as well as corporates.

Key takeaways from Budget Speech are given here under:
-Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses: FM
-Cess on income is increased to 4%
-LTCG applicable on listed shares, partial exemption will be allowed
-No change has been proposed in personal Income Tax slab rates
-Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses: FM Jaitley
-Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses: FM Jaitley
-Deduction under Section 80D is proposed to be increased to Rs. 50,000 from Rs. 30000 in case of senior citizen.
-Benefit of reduced corporate tax rate of 25% is extended to all those companies whose turnover is 250 crore or less in the financial 2016-17.
-Government proposed to extend the deductions under Section 80JJA to footwear and leather industry.
-Similar to Aadhaar, Individual enterprises too to have unique ID, announces FM
-Government doesn't consider Cryptocurrencies as legal tender; new ways will be explored to promote digital transactions: FM
-Government to revamp easy loan facilities for MSMEs by linking sanctioning of loan with GSTN: FM
-Government will contribute 12% of wages of new employees to EPF for 3 years: FM
-Women's contribution reduced to 8.33% towards PF in the first 3 years for new EPF accounts.
-5 lakh rupees per family per year will be provided as medical reimbursement under National Health Protection Scheme. This will be world's largest health protection scheme: FM.
-Finance Minister proposes to extend favorable tax treatments for farmers.
-Government will emphasize more on generation of higher income for farmers: Finance Minister
-The Minimum Support Price (MSP) for all crops shall be increased to at least 1.5 times that of the production cost: FM
-India Achieved has achieved an average growth of 7.5% in first three years of current Government, FM says
-India has achieved an average growth of 7.5% in first three years of current Government, FM says
-Government decides to take care health care protection to new level under "AAYUSHMAN BHARAT" program: FM

Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg

The Finance Bill 2018 has reintroduced the taxation of Long-term capital gains (LTCG) on stocks. The CBDT has issued a detailed FAQ dated 4th February 2018 in which it has addressed numerous questions relating to the method for calculation of long-term capital gains, the cost of acquisition, the fair market value, availability of inflation index, TDS obligations etc. The CBDT has also clarified the law applicable to capital gains earned by Foreign Institutional Investors (FIIs).

Highlights of the Union Budget for 2018-19 (April-March), presented by Finance Minister Arun Jaitley in Parliament today:

F. No. 370149/20/2018-TPL 
Government of India 
Ministry of Finance 
Department of Revenue 
Central Board of Direct Taxes New Delhi,

Dated 4th February, 2018

Subject: Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg.

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income-tax under clause (38) of section 10 of the Act. However, transactions in such long-term capital assets are liable to securities transaction tax (STT). Consequently, this regime is inherently biased against manufacturing and has encouraged diversion of investment to financial assets. It has also led to significant erosion in the tax base resulting in revenue loss. The problem has been further compounded by abusive use of tax arbitrage opportunities created by these exemptions.

2. In order to minimise economic distortions and curb erosion of tax base, it is proposed to withdraw the exemption under clause (38) of section 10 and to introduce a new section 112A in the Income-tax Act, 1961 (‘the Act’) vide clause 31 of the Finance Bill, 2018 so as to provide that long-term capital gains arising from transfer of such long-term capital asset exceeding one lakh rupees will be taxed at a concessional rate of 10 percent.

3. Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below.

Q 1. What is the meaning of long term capital gains under the new tax regime for long term capital gains?

Ans 1. Long term capital gains mean gains arising from the transfer of long-term capital asset. The Finance Bill, 2018 proposes to provide for a new long-term capital gains tax regime for the following assets–

i. Equity Shares in a company listed on a recognised stock exchange;

ii. Unit of an equity oriented fund; and

iii. Unit of a business trust.

The proposed regime applies to the above assets, if–

 

a. the assets are held for a minimum period of twelve months from the date of acquisition; and

b. the Securities Transaction Tax (STT) is paid at the time of transfer. However, in the case of equity shares acquired after 1.10.2004, STT is required to be paid even at the time of acquisition (subject to notified exemptions).

Q 2. What are the modes of acquisition of equity shares which are proposed to be exempted from the condition of payment of STT?

Ans 2. The Central Government had exempted certain modes of acquisition of equity shares for the purposes of clause (38) of section 10 of the Act vide notification no. 43/2017 dated 5th of June, 2017. This notification is proposed to be reiterated for the purposes of clause 31 of the Finance Bill, 2018 after its enactment.

Q 3. What is the point of chargeability of the tax?

Ans 3. The tax will be levied only upon transfer of the long-term capital asset on or after 1st April, 2018, as defined in clause (47) of section 2 of the Act.

Q 4. What is the method for calculation of long-term capital gains?

Ans 4. The long-term capital gains will be computed by deducting the cost of acquisition from the full value of consideration on transfer of the long-term capital asset.

Q 5. How do we determine the cost of acquisition for assets acquired on or before 31st January, 2018?

Ans 5. The cost of acquisition for the long-term capital asset acquired on or before 31st of January, 2018 will be the actual cost.

However, if the actual cost is less than the fair market value of such asset as on 31st of January, 2018, the fair market value will be deemed to be the cost of acquisition.

Further, if the full value of consideration on transfer is less than the fair market value, then such full value of consideration or the actual cost, whichever is higher, will be deemed to be the cost of acquisition.

Q 6. How will the fair market value be determined?

Ans 6. In case of a listed equity share or unit, the fair market value means the highest price of such share or unit quoted on a recognized stock exchange on 31st of January, 2018.

However, if there is no trading on 31st January, 2018, the fair market value will be the highest price quoted on a date immediately preceding 31st of January, 2018, on which it has been traded. In the case of unlisted unit, the net asset value of such unit on 31st of January, 2018 will be the fair market value.

Q 7. Please provide illustrations for computing long-term capital gains in different scenarios, in the light of answers to questions 5 and 6.

Ans 7. The computation of long-term capital gains in different scenarios is illustrated as under –

Scenario 1 – An equity share is acquired on 1st of January, 2017 at Rs. 100, its fair market value is Rs. 200 on 31st of January, 2018 and it is sold on 1st of April, 2018 at Rs. 250. 
As the actual cost of acquisition is less than the fair market value as on 31st of January, 2018, the fair market value of Rs. 200 will be taken as the cost of acquisition and the long-term capital gain will be Rs. 50 (Rs. 250 – Rs. 200).

Scenario 2 – An equity share is acquired on 1st of January, 2017 at Rs. 100, its fair market value is Rs. 200 on 31st of January, 2018 and it is sold on 1st of April, 2018 at Rs. 150. 
In this case, the actual cost of acquisition is less than the fair market value as on 31st of January, 2018. However, the sale value is also less than the fair market value as on 31st of January, 2018. Accordingly, the sale value of Rs. 150 will be taken as the cost of acquisition and the long-term capital gain will be NIL (Rs. 150 – Rs. 150).

Scenario 3 – An equity share is acquired on 1st of January, 2017 at Rs. 100, its fair market value is Rs. 50 on 31st of January, 2018 and it is sold on 1st of April, 2018 at Rs. 150.

In this case, the fair market value as on 31st of January, 2018 is less than the actual cost of acquisition, and therefore, the actual cost of Rs. 100 will be taken as actual cost of acquisition and the long-term capital gain will be Rs. 50 (Rs. 150 – Rs. 100).

Scenario 4 – An equity share is acquired on 1st of January, 2017 at Rs. 100, its fair market value is Rs. 200 on 31st of January, 2018 and it is sold on 1st of April, 2018 at Rs. 50. 
In this case, the actual cost of acquisition is less than the fair market value as on 31st January, 2018. The sale value is less than the fair market value as on 31st of January, 2018 and also the actual cost of acquisition. Therefore, the actual cost of Rs. 100 will be taken as the cost of acquisition in this case. Hence, the long-term capital loss will be Rs. 50 (Rs. 50 – Rs. 100) in this case.

Q 8. Whether the cost of acquisition will be inflation indexed?

Ans 8. Sub-clause (5) of clause 31 of the Finance Bill, 2018, inter alia, provides that the long-term capital gain will be computed without giving effect to the provisions of the second provisos of section 48. Accordingly, it is clarified that the benefit of inflation indexation of the cost of acquisition would not be available for computing long-term capital gains under the new tax regime.

Q 9. What is the date of commencement of the proposed new tax regime?

Ans 9. The proposed new tax regime will apply to transfer made on or after 1st April, 2018. The existing regime providing exemption under clause (38) of section 10 of the Act will continue to be available for transfer made on or before 31st March, 2018.

Q 10. What will be the tax treatment of accrued gains upto 31st January 2018?

Ans 10. As the fair market value on 31st January, 2018 will be taken as cost of acquisition (except in some typical situations explained in Ans 7.), the gains accrued upto 31st January, 2018 will continue to be exempt.

Q 11. What will be the tax treatment of transfer of share or unit between 1st February 2018 to 31st March 2018?

Ans 11. As replied in answer 9, the new tax regime will be applicable to transfer made on or after 1st April, 2018, the transfer made between 1st February, 2018 and 31st March, 2018 will be eligible for exemption under clause (38) of section 10 of the Act.

Q 12. What will be the tax treatment of transfer made on or after 1st April 2018?

Ans 12. The long-term capital gains exceeding Rs. 1 Lakh arising from transfer of these asset made on after 1st April, 2018 will be taxed at 10 per cent. However, there will be no tax on gains accrued upto 31st January, 2018 as explained in Ans 10.

Q13. What is the date from which the holding period will be counted?

Ans 13. The holding period will be counted from the date of acquisition.

Q 14. Whether tax will be deducted at source in case of gains by resident tax payer?

Ans 14. No. There will be no deduction of tax at source from the payment of long-term capital gains to a resident tax payer.

Q 15. Whether tax will be deducted at source in case of payment of long-term capital gains by non-resident tax payer (other than a Foreign Institutional Investor)?

Ans 15. Ordinarily, under section 195 of the Act, tax is required to be deducted on payments made to non-residents, at the rates prescribed in Part-II of the First Schedule to the Finance Act. The rate of deduction in the case of capital gains is also provided therein. In terms of the said provisions, tax at the rate of 10 per cent. will be deducted from payment of long-term capital gains to a non-resident tax payer (other than a Foreign Institutional Investor). The capital gains will be required to be computed in accordance with clause 31 of the Finance Bill, 2018.

Q 16. Whether tax will be deducted at source in case of payment of long-term capital gains by Foreign Institutional Investors (FIIs)?

Ans 16. No. There will be no deduction of tax at source from payment of long-term capital gains to a Foreign Institutional Investor in view of the provisions of sub-section (2) of section 196D of the Act.

Q17. How will the gains in the case of FIIs be determined?

Ans 17. The long-term capital gains in case of FIIs will be determined in the same manner as explained in earlier answers in the case of resident tax payers.

Q 18. What will be the treatment of the gains accrued upto 31st January 2018 in the case of FIIs?

Ans 18. In case of FIIs also, there will be no tax on gains accrued upto 31st January, 2018 as explained in Ans 10.

Q 19. What will be the tax treatment of transfer of share or unit between 1st February 2018 to 31st March 2018 in the case of FIIs?

Ans 19. As explained in Ans 11, in case of FIIs also, the transfer made between 1st February, 2018 and 31st March, 2018 will be eligible for exemption under clause (38) of section 10 of the Act.

Q 20. What will be the tax treatment of transfer made on or after 1st April 2018 in case of FIIs?

Ans 20. As explained in Ans 12, in case of FIIs also, the long-term capital gains exceeding Rs. 1 Lakh arising from transfer of these asset made on after 1st April, 2018 will be taxed at 10 per cent. However, there will be no tax on gains accrued upto 31st January, 2018 as explained in Ans 10.

Q21. What will be the cost of acquisition in the case of bonus shares acquired before 1st February 2018?

Ans 21. The cost of acquisition of bonus shares acquired before 31st January, 2018 will be determined as per sub-clause (6) of clause 31 of the Finance Bill, 2018. Therefore, the fair market value of the bonus shares as on 31st January, 2018 will be taken as cost of acquisition (except in some typical situations explained in Ans 7), and hence, the gains accrued upto 31st January, 2018 will continue to be exempt.

Q 22. What will be the cost of acquisition in the case of right share acquired before 1st February 2018?

Ans 22. The cost of acquisition of right share acquired before 31st January, 2018 will be determined as per sub-clause (6) of clause 31 of the Finance Bill, 2018. Therefore, the fair market value of right share as on 31st January, 2018 will be taken as cost of acquisition (except in some typical situations explained in Ans 7), and hence, the gains accrued upto 31st January, 2018 will continue to be exempt.

Q 23. What will be the treatment of long-term capital loss arising from transfer made between 1st February, 2018 and 31st March, 2018?

Ans 23. As the exemption from long-term capital gains under clause (38) of section 10 will be available for transfer made between 1st February, 2018 and 31st March, 2018, the long-term capital loss arising during this period will not be allowed to be set-off or carried forward.

Q 24. What will be the treatment of long-term capital loss arising from transfer made on or after 1st April, 2018?

Ans 24. Long-term capital loss arising from transfer made on or after 1st April, 2018 will be allowed to be set-off and carried forward in accordance with existing provisions of the Act. Therefore, it can be set-off against any other long-term capital gains and unabsorbed loss can be carried forward to subsequent eight years for set-off against long-term capital gain

Verifying submitted return

After a return has been filed under TDS or TCS, deductor should verify the return on www.tin-nsdl.com. This will ensure the 100% perfect filing of the return. Once the return is accepted by a TIN FC, it will be available online within 3 working days.
✦ PRN or RRR number:
The Provisional Receipt Number [PRN or also termed as RRR number] will be provided by NSDL [TIN FC or Online] on successful submission of a TDS/TCS return. This receipt number will be the future reference for the return of that particular quarter of the financial year.
✦ Login:
Once the return in put online by NSDL [within 3 days], 
 1.deductor can visit, www.tin-nsdl.com and go to “Quarterly Statement Status” option.
 2.Here he can provide his TAN and the respective PRN number to login.
 3.Once logged in, it displays the details in the return.
✦ Verification:
 1.After successful login, deductor should check for the Challan Status, pertaining to matching of challans with OLTAS data. [This can be done by clicking the link in front of Challan count]
 2.Also Deductor should, check the “PAN not in ITD Database”. This will give the list of PANs not found in ITD database.
 3.Also Check for No/Invalid PAN count. This will show the total number of deductions not having Valid PAN mentioned in the return.
✦ Action after verification:
 1.PANs not mentioned in the return:
Collect the PANs of deductees not mentioned in the return and prepare a correction return for the same.
 2.PANs listed as “not in ITD database”:
At this case, the respective entry should be tracked in the return and Pan of the deductee should be verified. On getting the correct PAN, correction statement should be filed accordingly.
 3.Challan status showing “Match Failed” or “Match pending”:
  a.If deductor has made any mistake/s in his TDS/TCS returns he can rectify them by filing a correction statement. 
  b.If the bank has made any mistake in the amount or name or major head code given by them against your CIN, they can rectify them. Deductor can give a written application for the same addressed to the branch manager.
  c.If the bank has made any mistake in TAN or CIN you will have to contact your TDS Assessing Officers. Deductor can give a written application for the same addressing to Assessing Officer.
  d.If bank has not uploaded your challan, then Deductor may request the bank to upload the same.

Income tax returns do not match small in the file: CBDT

Income tax returns do not match small in the file: CBDT

Principles are often cured when one tries to defeat a time limit. Like the deadline to enter the taxpayer every year. Since 2015, when the tax department took the heat on compliance and filed a computer-aided selection system to pull the case for investigation, the number of tax notices has been filed in Income Tax Return (ITR). . You can demand a demand for any item by simply leaving the mandatory field incorrectly informing you of interest, but it is all set to change now

From now on, taxman will not issue any demand notice in case of small differences between the taxpayer ITR and corresponding tax credit data received from banks and other financial institutions. The objective of this measure, introduced in the recent Financial Bill, is to solve some of the rotating problems between some of the data between tax-16 (provided by the employer) and form-26S, a tax credit statement received by the tax department. There is definitely good news for this salaried class, as is done by additional paper generated by demand instructions.

CBDT Chairman Sushil Chandra said, "We believe in the taxpayer and the steps are to ease the process of income tax return." CBDT Chairman Sushil Chandra said that the policy assessment will be applicable for all the returns introduced in the next assessment year (2018-19) , Starting on April 1

A senior IT official explained that the Department of Direct Taxes (CBDT), a policy making department for tax department, proposed to move the finance ministry, as the taxpayer and taxman official said among the ongoing communication between such cases in the ongoing system phase. , There can be true reasons for such connections and hence existing in this context Rakriyamam has taken a decision to change.

However, Chandra made it clear that all the cases where the matched amount is high or that raises any doubts of tax evasion, it will be taken for detailed investigation and can follow the demand notice.

As per the current process, the notice is issued by the Central Processing Center (CPC) of the IT department which is located in Bengaluru. It is a repository for processing ITR

But even if the threat of demand notice is abolished, it is important to note your return without any compensation. Related Assessments Before March 31, you can correct any errors. Therefore, the return of the registration in this financial year can be improved by March 31, 2019. You just have to log in to the Income Tax e-filing portal and you will have the option to say 'e-file' in reply to the section. 139 (9) '. A page will be open where you can change depending on the information.

Income Tax Return

Jay Sairam, March is near! It's time to file your Itr, give responsibility to us for manage your business account, Call or Click 9376642360 http://www.shreesainathconsultancy.com

Takeaways from the Budget Speech of Budget Speech 2018-19

Takeaways from the Budget Speech of Budget Speech 2018-19

a.) Every poor person should have a home by 2022.
b.) Farm income to double by 2022.
c.) 8 crore poor families will be given free gas connection via Ujjwala scheme.
d.) Rs 5 lakh medical insurance cover per year for 10 crore families across the country to be provided. 
e.) Introduction of 24 new medical colleges including upgrading certain existing colleges. This will ensure there is 1 government medical college in every state of the country. 
f.) Special scheme is proposed to curb air pollution in Delhi NCR.
g.) Rs 500 per month to those afflicted with Tuberculosis.
h.) Tax burden on MSMEs to be reduced.
i.) Highway construction will exceed Rs 9,000 km by end of FY18.
j.) All railway stations with more than 25000 footfalls to have escalators.
k.) Aim to expand airport capacity by 5 times to handle 1 bn trips a year.
l.) Two defense production corridors to be developed in India.
m.) Government will take all measures to curb use of cryptographies. 
n.) Pay hike for Prez, Vice President and Governors: Salary of President raised to Rs 5 lakh, Vice President to Rs 4 lakh, governor to Rs 3.5 lakh per month.
o.) 1 lakh Gram Panchayats connected to optic fibre completed; 5 lakh Wi-Fi spots to be created in rural areas.
p.) FY18 fiscal deficit at 5.95 lakh crore (3.5% of GDP) as against expected 3.2%, FY18 direct tax revenue up 12.6%.
q.) 85.5 lakh new taxpayers filed their returns.
r.) 100% tax deduction to companies with revenue of Rs 100 cr registered as farmer producers cooperatives.
s.) No change in personal income tax structure.
t.) Corporate tax for companies with turnover up to Rs 250 cr cut to 25%.
u.) Standard deduction of Rs 40,000 for salaried taxpayers in lieu of medical and transport allowance, keeping in mind that they have been paying way more tax than individual business owners. 
v.) The deduction under health insurance premium will be Rs 50,000. In case of senior citizens with critical illnesses the deduction will be Rs 1 lakh. 
w.) Govt levies long-term capital gains tax of 10% for over Rs 1 lakh investments.
x.) No TDS on FD, Post Office interest to senior citizen of up to Rs 50,000.
y.) Propose to amend income tax act for electronic assessments.
z.) Propose to cut import duty on raw cashews to 2.5% from 5%, Increase in customs duty on mobile phones to 20% from 15%.

GST E-WAYBILL

As per tweet of GST@GOI @7:56 p.m, Trial face of generation of E-Way bill is extended for Inter-state and Intra-State movement of Goods. It shall made compulsory from date to be announce. Screenshot attached for your reference.

Further, As per Notification issue by Commissioner of State Dtd. 01/02/2018 Compulsory E-Way Bill for Intra-State (Within Gujarat) movement of goods is postpone till 20/02/2018, from 21/02/2018 E-Waybill is Mandatory for Intra-State (Within Gujarat) movement of Goods. Notification attached.

In view of above situation it is suggested to use this trial period to learn preparation of E-Way bill for Inter-state as well as Intra-state transaction.

Union Budget for 2018-19 (April-March),

Highlights of the Union Budget for 2018-19 (April-March), presented by Finance Minister Arun Jaitley in Parliament today:

MACROECONOMY MATTERS
✧ Govt has implemented fundamental structural reforms
✧ India stands out as the fastest growing economy in world
✧  Promised to reduce poverty, build strong India
✧  Direct transfer mechanism is a global success story
✧  Will focus on health, infrastructure, senior citizens
✧  Focus on 'ease of living' for common man
✧  To move ahead on ease-of-doing business
✧  This Budget to consolidate gains of last 4 years' budgets
✧  Demonetization has reduced cash in circulation
✧  Recapitalized banks have better capacity to support growth
✧  Indirect tax system made simpler with GST
✧  FDI increased due to govt actions
✧  Manufacturing sector back on growth path
✧  There's a premium on honesty because of govt's reforms
✧  Firmly on course to achieve 8% plus growth
✧  India to become fifth largest economy very soon
✧  India a $2.5-trln economy now
✧  Achieved average 7.5% growth in first 3 years of govt

AGRICULTURE
✧  FY19 Budget aims to strengthen agri , rural economy
✧  Seek paradigm shift to double farmers' income by 2022
✧  Govt committed to welfare of farmers
✧  Govt to create mechanism for post harvest facilities
✧  MSP hikes not enough, farmers must be able to get benefits
✧  Next kharif crop MSP to be at least 1.5 times of cost
✧  Emphasis on generating gainful farm, non-farm jobs
✧  Focus on low-cost farming, higher selling price
✧  Institutional system for farm goods price, demand forecast
✧  NITI Aayog to make robust system for fair price to farmers
✧  Export of farm commodities to be liberalized
✧  Agri export potential $100bln 
✧  To launch Operation Green in line with Operation Flood
✧  Allocate 5 bln rupees for Operation Green
✧  Allocation for food processing sector 14 blnrupees FY19
✧  Allocate 2 bln rupees for medicinal, aromatic crops
✧  To encourage women self-help groups for organic farming
✧  Cluster-based models to be developed for horticulture crops
✧  e-NAM to be exempt from APMC regulations
✧  To develop, upgrade 22,000 rural haats to agricultural mkts 
✧  To allocate 20 bln rupees for farm development fund
✧  Favorable tax treatment for farm mfg organizations
✧  Agri credit target at 11 trlnrupees for FY19
✧  Kisan credit card benefit also to animal husbandry, fishing
✧  To launch bamboo mission for 12.9 bln rupees
✧  470 APMCs connected to e-NAM, rest to be connected by Mar
✧  To set up 42 mega food parks for farm exports

FY18 REVISED
✧  Hope to grow 7.2-7.5% in H2 FY18
✧  Exports expected to grow 15% in FY18

POLICY STEPS
✧  100 bln rupees for animal husbandry, fisheries develop fund
✧  To set up 2 new funds of total 100 bln rupees for fishery
✧  Online loan facility for MSMEs to be revamped
✧  To address bad loan problems of MSMEs
✧  37.94 bln rupees for MSME credit support
✧  Job creation core of policy planning
✧  To take steps for improving start-up funding environment
✧  PSUs to be part of e-trade receivables platform
✧  To link e-trade receivables platform with GSTN
✧  To review refinancing policies under MUDRA plan
✧  To give 40 mln power connections under Saubhagya Yojana
✧  3 trln rupees lending target for MUDRA plan FY19
✧  Smart City scheme outlay 2.04 trln rupees

SOCIAL SECTOR
✧  To set up dedicated affordable housing fund under NHB
✧  Aim 5.1 mln rural houses under affordable housing plan
✧  Aim to give houses to all poor by 2022
✧  Aim to build 20 mln more toilets under Swachh Bharat
✧  More than 60 mln toilets built under Swachh Bharat plan
✧  To give 80 mln LPG connections under Ujjwala scheme
✧  To spend 1 trln rupees on education infra over 4 years
✧  To subsidies removal of crop residue to tackle pollution
✧  To set up Ekalavya schools for scheduled tribes
✧  To treat education holistically pre-nursery to class 12
✧  To move from blackboard to digital board
✧  Allocate 99.75 bln rupees for social security plan FY19
✧  Allocation to Natl Livelihood Mission 57.50 bln rupees
✧  Allocate 14.3 trln rupees for rural infra FY19
✧  Allocate 26 bln rupees under ground water irrigation plan
✧  Health protection scheme to cover 100 mln poor families
✧  Allocate 12 bln rupees for health wellness centres
✧  To launch PM research fellow plan for 1,000 BTech students
✧  To set up 2 new schools of planning & architecture
✧  600 mln Jan Dhan accts to get micro insurance benefit
✧  24 new medical colleges to be set up via hospital upgrade
✧  Aim 1 medical college for every 3 Parliament constituency
✧  6-bln -rupee nutritional support for Tuberculosis patients
✧  Govt progressing towards universal health coverage
✧  Health scheme to have 500,000 rupee/family/yr benefit
✧  Allocate 566.2 bln rupees for Scheduled Castes welfare
✧  Cover all poor family in PM insurance plan in mission mode
✧  187 projects sanctioned under Ganga cleaning program
✧  Allocate 391.35 bln rupees for welfare of Scheduled Tribes
✧  Govt women employees to contribute 8% to EPF in first 3 yrs

MISCELLANEOUS
✧  Special scheme to fight pollution in Delhi-NCR
✧  To develop 10 places as iconic tourism destinations
✧  To construct tunnel under Sela Pass

INDUSTRY, INFRASTRUCTURE
✧  To allocate 71.5 bln rupees to textiles sector FY19