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The Due Date for Filing GST TRAN-1 Extended till January 31, 2019: CBIC Order

• The declaration in FORM GST TRAN-1 can now be submitted up to January 31, 2019.
• The CBIC has extended the due date as some of the taxpayers couldn't file TRAN-1 due to technical glitches on the Govt. portal. Hence, such cases were recommended by the Council.
• The Commissioner was granted the power to extend the date further but not beyond March 31, 2019.
• This has been done in accordance with Rule 117(1A) inserted vide Notification No. 48/2018 - Central Tax dated September 10, 2018.

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#CountMagic #GST #GSTReturn
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The #CBDT has extended the #Tax #Audit due date by 15 days i.e. till October 15, 2018.
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IMPACTS of ITR + TAR date extension:

1. 43B Expenses (payment basis allowance) will be allowed if paid on or before 15.10.2018.

2. No Disallowance (100% or 30% of Expense) will be there if TDS will be paid (which has already been deducted till 31.03.2018) till 15.10.2018.

3. PGBP Loss and Capital Gains loss can be carried forward even ITR is filed till 15.10.2018.

4. No Late Fees u/s 234F will be there (INR 1,000/5,000) in case ITR is filed till 15.10.2018.

5. Profit Linked deductions (Section 80-IA to 80-IE), deduction under Section 10AA of the Income tax Act, 1961 will be allowed even if ITR is filed till 15.10.2018.

IMPORTANT "234A" Circular 02/2015 dated 10.02.2015

Circular has clarified that if the whole amount of tax payable under the ITR is paid upto due date of filing ITR, then no Interest u/s 234A will be levied even ITR is filed late.

SO, IT'S BETTER TO PAY YOUR TAXES till 30.09.2018 IN ORDER TO SAVE INTEREST u/s 234A of the Act and File the ITR till 15.10.2018.
Thanking you
Yours faithfully,
(CA. Rshmi Khetrapal)
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On 8th of August 2018, the Central Government of India introduced these four GST amendment bills in the Lok Sabha.

CGST Amendment Bill – 2018
IGST Amendment Bill – 2018
UGST Amendment Bill – 2018, &
GST (Compensation to States) Amendment Bill – 2018

We shall now review only the key highlights of CGST and IGST Amendment Bill 2018.
#IGST #GST #CountMagic #AmendmentBill
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Last Day Of File ITR 31st August

It's the last day to file your Income Tax Return (ITR). As per the new rules, If you do not file your IT returns today, there is a penalty of up to Rs.5000 for late filing. So it is the time to act now! ITR filing is the act of intimating the Income Tax Department of India by the taxpayers that they have paid the taxes in accordance to their income.

*CA Rshmi Khetrapal
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Don't be confused with the new patterns of Filing Income Tax Returns Online! This post will help you follow the right steps as it contains a bunch of relevant information like ITR Due Dates, Categories of Income, Exemption of Income Tax Slabs, along with Benefits of Filing ITR Online.
#ITR #ITRFiling #IncomeTaxReturnOnline #Tax #incometax
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Indirect Tax Updates:

1. GST collections at 96,500 cr in July.; The Finance Ministry announced on Wednesday that total collections from Goods and Services Tax (GST) in July reached Rs 96,483 crore. This is slightly lower than the monthly target of Rs 1 lakh crore.

2. Cabinet clears amendments to GST laws.; The Cabinet today approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore, among other things. The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing monsoon session of Parliament..

Rshmi Khetrapal

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GST Council Updates

• Quarterly Returns approved for taxpayers with turnover less than Rs 5cr ( tax payments to continue on monthly basis)
• Sanitary Napkins exempted from GST going forward
• No decision on 1% sugar cess
• GST on bamboo flooring reduced to 12%
• GST on hotels would now be on actual tariff & not declares tariff
• Ethanol for Oil Marketing Companies now at 5% vs 18% earlier
• 5% GST ceiling on footwear raised from Rs 500 to Rs 1000
• GST on paints & varnishes, wall putty cut from 28% to 18%
• GST on all leather items cut from 28% to 18%
• 10.GST on consumer electronics - TV (up to 27"), Washing Machine, Refrigerator, mixer, juicer, grinder cut from 28% to 18%
• 11.GST on special purpose vehicles, work truck, trailer cut from 28% to 18%

Thanking GST Council and Finance Minister Capt. Abhimanyu For Considering All Suggestions of Economic Cell Haryana
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Senior citizen benefits that you must know

At 60, one is considered a senior citizen in India. Senior citizens are entitled to a multitude of financial benefits. While you can avail some benefits at 60, you also get some added benefits at 65. From time to time, the government offers senior citizens financial benefits to make their life easier. Here are a few benefits available to senior citizens in India.

1. Interest income:

Senior citizens are entitled to a tax exemption of Rs. 50,000 for income from fixed deposits, post office interest and savings bank accounts.

2. Health insurance premium:

Senior citizens get a tax exemption of Rs. 50,000 on health insurance premium under Section 80D. Exemption on medical expenditure for critical illnesses is Rs. 1 lakh for both senior citizens and super senior citizens.

3. Pradhan Mantri Vaya Vandana Yojana (PMVVY):

The PMVVY scheme was recently extended from March 2018 to March 2020. The investment is capped at Rs. 15 lakh and gives a guaranteed 8 % fixed rate of return for a period of 10 years.

4. Senior Citizens’ Saving Scheme (SCSS):

The SCSS scheme offers an interest rate of 8.3% per annum. Any senior citizen over the age of 60 can open the senior citizen savings scheme. If the senior citizen has retired on superannuation or VRS at 55, they can still opt for the SCSS scheme provided they open an account within a month of receipt of retirement benefits and the amount shouldn’t be more than the number of retirement benefits.

5. Professional tax:

In some states, resident senior citizens aged 65 and above are exempt from professional tax.

6. Income tax:

For senior citizens, an income of up to Rs. 3 lakh is non-taxable. For senior citizens over the age of 80, an income of up to Rs. 5 lakh is non-taxable.

7. Travel concessions:

Senior citizens are entitled to discounts on fares. For instance, senior citizens over the age of 60 can avail a discount of 50% on economy class for domestic travel. Women aged 58 are eligible for 50 % discount and men aged 60 and above are eligible for 40 % discount on rail fare. The concession is on all classes of Mail/Rajdhani/Jan Shatabdi/Shatabdi/Duranto/Express trains. Some state and municipal corporations also give discounts on bus fare to senior citizens. There are seats reserved for senior citizens as well. The passenger reservation system automatically allots lower berths to senior citizens subject to availability during ticket booking.

8. Insurance policies:

For seniors aged 60-80, national insurance offers the ‘Varishta Mediclaim Policy’ where the maximum sum insured is Rs. 1 lakh in case of hospitalization and Rs. 2 lakh for critical illnesses. LIC offers the Varishtha Pension Bima Yojana that provides assured pension for senior citizens.

9. Subsidized phone bills:

Senior citizens over the age of 65 can avail of BSNL connections without registration charges. They are also eligible for registration of telephone on priority. Senior citizens over the age of 65 get 25% concession on monthly service charges and installation charges for landline connections.

10. Miscellaneous benefits:

Senior citizens get separate queues in hospitals for registration and clinical examination. They can also avail of preferential hearing for their cases by writing to the court. Banks have separate queues for senior citizens and offer them senior citizen cards, priority services etc.
CA Rshmi Khetrapal
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