Validity of E-WAY Bill
April 2018 – Legal Compliances
Guidance Note on Audit of Banks 2018 edition issued by the Auditing and Assurance Standards Board – (11-03-2018)
https://resource.cdn.icai.org/49205icai-aasb-gnabanks2018.pdf
GST Calendar Up To June – 2018
GST Calendar Up To June – 2018 FORMS PERIOD LAST DATE DAYS REMAINING CONDITION GSTR-1 Feb 18 10-04-2018 8 Days Left Persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year GSTR-4 Jan – Mar 18 18-04-2018 16 Days Left GSTR-3B Mar 18 20-04-2018 18 Days Left GSTR-5 Mar 18 20-04-2018 18 Days Left GSTR-1 Jan – Mar 2018 30-04-2018 …Read More
Section 44AD: Presumptive Taxation for Business Income for AY 2018-19
Under this section, an eligible assessee engaged in eligible business with turnover less than 2 Crore can consider his taxable business income (PGBP) as – 1. 6% of his digitally* received turnover or gross receipt [Only for AY 2018-19]; and 2. 8% of his remaining turnover or gross receipt The 6% or 8% is the minimum taxable limit and declaration of business income below this limit will cause a taxpayer to maintain proper books of accounts in order …Read More
Tax Changes for Filling of Income tax Return For A.Y 2018-19, FY 2017-18
1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person. 2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST). 3. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%). 4. Tax rebate is …Read More
RBI discontinues issuance of LoUs/ LoCs for Trade Credits for imports
RESERVE BANK OF INDIA Mumbai – 400 001 RBI/2017-18/139 A.P. (DIR Series) Circular No. 20 March 13, 2018 All Authorized Dealer Category – I Banks Madam/ Sir Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to paragraph 2 of A.P. (DIR Series) Circular No. 24 dated November 1, 2004 and paragraph No. …Read More
Major Highlights of 26th GST Council Meeting
GST Council in its 26th Meeting held under the Chairmanship of the Union FM, Shri Arun Jaitley today in New Delhi sent a strong positive signal to exporting community by deciding to extend the available tax exemptions on imported goods for further 6 months beyond 31st March,2018. Thus, exporters presently availing various Export Promotion Schemes can now continue to avail such exemptions on their imports up to 1st October,2018, by …Read More
