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ITR-1 Sahaj, ITR-2 and ITR-4 Sugam Forms: I-T Dept seeks additional info from you

During the past few years, numerous changes have been made by the government in the ITR forms to bring undisclosed income into the tax net.Income tax return (ITR) forms for the financial year 2018-19 were notified by the government on 1 April, 2019, and individuals who do not require an audit of their accounts will have to file their tax returns by 31 July, 2019. While the excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) have been released, the utility for the rest of the forms and instructions are still awaited. While the instructions will provide guidance for completing the forms, the changes provide us an insight into the objectives of the government.In the past few years, numerous changes have been made by the government to bring undisclosed income into the tax net – these include TDS on payment of rent and purchase of property, disclosure of PAN for transactions like purchase/sale of property, etc. In the same vein, several changes have also been made to the forms to help the …

Income tax returns (ITR): Staying on rent? You need PAN of your landlord or else you will suffer losses

Under section 10(13A) of Income Tax Act, a deduction is permissible for house rent allowances (HRA). However, not all amounts are tax exempted from this allowance.
There are various income tax exemptions on facilities offered under your pay scale such as entertainment, telephone bills and some other reimbursements. Also, even the rent you pay from your salary has income tax benefits. Talking about rent, HRA is among the most popular allowances available to employees for tax exemption purposes. But did you know, if your rent paid exceeds Rs 1 lakh, then you will have to furnish the Permanent Account Number (PAN) of your landlord. Under section 10(13A) of Income Tax Act, a deduction is permissible for HRA. However, not all amounts are tax exempted under this category.Notably, HRA cannot be more than 50% of your basic salary. Tax claims under HRA is available to those whose actual rent paid is less than 10% of their basic salary – 50% of basic salary is for those staying in metro cities a…

How to boost exports: Suggestion to Modi govt as full fiscal trade deficit hits record high

Trade deficit in 2018-19 has widened to $176.42 billion against $162 billion in 2017-18, according to the recent data by Ministry of Commerce and Industry.Although exports performed well despite major challenges such as protectionism, global slowdown, constraints on the domestic front, more is needed to further boost exports as trade deficit of India worsened in the fiscal 2018-19.“We demand for immediate support like augmenting flow of credit, higher tax deduction for Research & Development, outright exemption from Goods and Services Tax (GST), interest equalisation support to agriculture exports, benefits on sales to foreign tourists to further boost exports,” said Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta, reported PTI.Although there has been an increase in exports, yet the trade deficit which refers to the difference between exports and imports for the full fiscal year 2018-19 has widened, show government data.Trade deficit in 2018-19 has wi…

Taxes on telecom similar to non-essential items like liquor: Voda Idea CEO

Vodafone Idea has debt of around Rs 1.2 lakh crore. Spectrum related payments account for 80 per cent of the current net debt of the companyThe telecom sector is being taxed like non-essential items such as liquor and cigarette, instead of being treated as a critical infrastructure, according to Vodafone Idea.“We have got customs duty at 23 per cent, GST at 18 per cent. This is pretty similar to the way you treat non-essential items like for liquor or cigarette or something.“We paid lot of money for the spectrum, that is the reason for so much of debt that we are carrying. On top of that, you pay SUC (spectrum usage charge), USOF charges and other charges. It is overly taxed environment,” Vodafone Idea CEO Balesh Sharma told PTI.Vodafone Idea has debt of around Rs 1.2 lakh crore. Spectrum related payments account for 80 per cent of the current net debt of the company.“There is enough lever with the government. If government believes in Digital India, they will have to believe in this …

Filing of GST Audit Report in FORM GSTR 9C – Process and Steps

GST Audit Report in Form GSTR 9C – Introduction and Filing process  Recently on 14th April 2019, GSTN opened the filing window for GST Audit Report in Form GSTR 9C. We have examined the various aspects for filing of GSTR 9C and studied the off-line template released by GSTN for filing of FORM GSTR 9C. […]

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Procedure to File GSTR 9C Form (GST Audit Form)

The GSTR 9C form has a statement of reconciliation for reconciling turnover, input tax credit, and payments related to tax. To know various relevant details about Form GSTR 9C, read on. The following topics have been discussed in this article: 1. What is GSTR 9C (Annual GST Audit Form)? 2. Who is required to File […]

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Export Under GST Act, 2017

Exports under goods & service tax Act, 2017 What is Export Of Goods? As per Section 2(5) of IGST Act, 2017 Export of Goods with its grammatical variation & cognate expression, means taking goods out of India to a place outside India. What is Export Of Services? As per Section 2(6) of IGST Act, 2017 […]

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Time of Supply Under GST of Goods & Services

Typically, the liability to pay tax on supply of goods and services arises under GST law at the time of supply which is to be determined in accordance with the provisions of Section 12, 13 and 14 of the Central Goods and Service Tax Act, 2017.

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GST Issues in Real Estate Sector

Representation regarding issues faced by Real Estate Sector with respect to GST which include GST on Land Development Rights, Higher Rate of GST on Cement, Impractical condition of 80%, GST on FSI charges paid to Municipal Corporation/ Government, GST on construction activity within the framework of Textile Park Scheme, brdening of builders with Matching Concept, […]

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Power companies challenge GST on green certificates

The power cos that buy these certificates to comply with the environmental norms challenged the levy.Are renewable energy certificates, bought by power companies, goods or services?Neither. And so, must be out of the indirect tax ambit, according to power companies which have suffered higher costs because of the Goods and Services Tax (GST).The power companies that buy these certificates to comply with the environmental norms challenged the levy through a writ petition filed in the Delhi High Court on Tuesday.Power companies buy these certificates from renewable energy exchanges to abide by government norms that mandate that a certain percentage of power generated should be through renewable sources.The certificates are derivatives based on the power generated in green route. Most power generators buy renewable energy from their green peers, sometimes based abroad. These certificates also work as a source to buy the balance quantity of renewable energy that cannot be bought or generat…