Dear All,
CBDT clarifies through Press Release that, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40000/-(Standard Deduction) or amount of pension whichever is less , u/s 16 of the Income Tax Act.
CBDT Press Release is attached herewith for your reference.
Thanks and Regards,
Dear All,
The Central Board of Direct Taxes (CBDT) on 28th March, 2018 clarified that all the returns for AY 2017-18 and onwards have to be processed under section 143(1) of the Income-tax Act, 1961 (Act) irrespective of the fact whether the cases are under scrutiny or AO contemplating withholding of refund under section 241A of the Act on concern of recovery.
The returns pushed to the AO for processing by the CPC are required to be processed electronically on the Income-tax Business Application Software (IBAS) which is launched by the CBDT and functioning since 31st October, 2017. However, in exceptional circumstances where returns cannot be processed electronically due to technical difficulties, the AO can process the return manually with the prior approval of Pr. CIT.
Also directs that before taking up manual processing, technical difficulties in such cases should be referred to Pr. DGIT (Systems) who shall satisfy himself about the inability of processing returns manually due to technical difficulty within reasonable time and then permit manual processing.
To avoid any arbitrariness, the returns of AY 2017-18 and onwards which are pushed by the CPC to the AO for processing, as far as possible, shall be handled in a chronological manner.
| Particulars | Things to be complied with or taken care of |
| E-way bill | E-way bill is mandatory for all inter-State supplies from 01.04.2018 if the value of taxable goods therein exceeds Rs. 50,000 |
| Renewal of LUT | Online renewal of LUTs for the F.Y. 2018-19 (existing LUT would not be valid supplies from 01.04.2018) - |
| Cross-charges and issue of invoices | Cross-charge of costs (if any) to be made by 31.03.2018 – typically, for use of common infrastructure / maintenance, corporate office expense to branches or warehouses (etc.) |
| Reconciliation of outward supplies | Reconcile turnover as per books of account with that of the aggregate details reflected in the returns |
| Reconcile of input credits | Review of list of input credits claimed in the returns – the amount not claimed (if any) to be claimed on or before filing of returns for September 2018 or date of filing of annual return. |
| Transactions forming part of the balance sheet | Whether GST has been appropriately discharged - e.g. advances received, deletions to fixed assets, whether transfers between GSTINs of same PAN are nullified in-toto, reversal of credits on loss / destruction of physical stock, etc. |
| Ageing analysis for reversal of Input Tax Credit (ITC) | If the supplier has not been paid within 180 days, ITC claimed earlier on to be reversed (can be reclaimed as and when paid) - to review the list of ageing of creditors. |
| Check on suppliers' compliance status | Perform checks on whether the suppliers are filing their returns in time, and to create safeguard measures in case of defaulting suppliers |
| Analyse impact of exempt supplies | Review of outward supplies for identifying the tax credits that are to be reversed, if any (to the extent it relates to exempt supplies). |
| New series of Tax Invoices | The serial of the tax invoices should be unique to every financial year. |
| Review of existing GST registrations | Review of the type of GST registrations to identify shift if any – viz., from composition to regular or vice-versa. |
| Monthly / Quarterly option | Exercise the option for filing of monthly / quarterly returns (where the aggregate turnover for FY 2018-19 is expected to be below Rs. 1.5 Crore). |
Dear All,
It is to inform that UT-1 ( Letter of Undertaking for Export ) taken in the year 2017 -2018 is valid only upto 31.03.2018, hence it is requested to file/submit new letter of undertaking ( UT-1 ) for the year 2018-2019.
It is further inform that UT-1 ( Letter of Undertaking for Export) can also be filed online.
Dear All,
A Task Force has been constituted to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country. In this connection, the Central Board of Direct Taxes (CBDT) invites suggestions and feedback from stakeholders and general public by 2nd April, 2018 in the format attached herewith. The suggestions / feedback may be sent through email at rewriting-itact@gov.in
The CBDT issue questionnaires on broadly 6 categories viz –
A) Filing of Return of Income
B) Tax Credit
C) Processing / Scrutiny of return
D) Litigation and recovery of disputed tax demand
E) Penalty and Prosecution
F) Any other suggestions
The format and the press release is attached herewith for your reference.
Thanks and Regards
1. If Aggregate Turnover < Rs. 1.5 Crores
a. GSTR – 1 (Jan - Mar): by 30.04.2018
2. If Aggregate Turnover > Rs. 1.5 Crores
a. GSTR – 1 (Jan - 2018): 10.03.2018
b. GSTR – 1(Feb - 2018): 10.04.2018
3. GSTR – 3B (Monthly): by 20th of the succeeding month.
Those taxpayers who have not filed the Returns for the periods earlier to those mentioned above are hereby requested to do so immediately.
The GST Seva Kendras may be contacted on the following phone numbers:
1. Nashik – I Division GST Seva Kendra: 0253-2375444
2. Nashik – II Division GST Seva Kendra: 0253- 2376106
3. Jalgaon Division GST Seva Kendra:0257-2238147
4. Dhule Division GST Seva Kendra: 02562-278365
5. Ahmednagar Division GST Seva Kendra: 0241-2450152
6. GST Seva Kendra (HQ): 0253-2399934
