Taxation Consult

Taxation Consult VAT CONSULTANTS, LUDHIANA PUNJAB

14/12/2019

CBIC notifies class of registered person required to issue GST invoice having QR Code Notification No. 72/2019–Central Tax 13/12/2019

14/12/2019

CBIC notifies rule 46 of CGST Rules, 2017 (Tax Invoice) wef 01.04.2020 Notification No. 71/2019–Central Tax 13/12/2019

14/12/2019

CBIC notifies common portal for e-invoice under GST Notification No. 69/2019–Central Tax 13/12/2019

14/12/2019

CBIC amends Manner of Issuing Tax Invoice under GST Notification No. 68/2019–Central Tax 13/12/2019

29/02/2016

Tax
1. Infrastructure and agriculture cess to be levied.
2. Excise duty raised from 10 to 15 per cent on to***co products other than beedis
3. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
4. SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs.
5. Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge
6. Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
7. Excise 1 per cent imposed on articles of jewellery, excluding silver.
8. 0.5 per cent Krishi Kalyan Cess to be levied on all services.
9. Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models.
10. Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
Personal Finance
1. No changes have been made to existing income tax slabs
2. Rs 1,000 crore allocated for new EPF (Employees' Provident Fund) scheme
3. Govt. will pay EPF contribution of 8.33% for all new employees for first three years
4. Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
5. Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
6. Service tax exempted for housing construction of houses less than 60 sq. m
7. 15 per cent surcharge on income above Rs. 1 crore
Social
1. Rs. 38,500 crore for Mahtma Gandhi MGNREGA for 2016-17
2. Swacch Bharat Abhiyan allocated Rs.9,500 crores.
3. Hub to support SC/ST entrepreneurs
4. Government is launching a new initiative to provide cooking gas to BPL families with state support.
5. LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years for BPL families.
6. 2.87 lakh crore grants to gram panchayats and municipalities - a quantum jump of 228%.
7. 300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
Four schemes for animal welfare.
Health
1. 2.2 lakh renal patients added every year in India. Basic dialysis equipment gets some relief.
2. A new health protection scheme for health cover upto 1 lakh per family.
3. National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district hospitals.
4. Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme
5. PM Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened
Education
1. Scheme to get Rs.500 cr for promoting entrepreneurship among SC/ST
2. 10 public and 10 private educational institutions to be made world-class.
3. Digital repository for all school leaving certificates and diplomas. Rs. 1,000 crore for higher education financing.
4. Rs. 1,700 crore for 1500 multi-skill development centres.
5. 62 new navodaya vidyalayas to provide quality education
6. Digital literacy scheme to be launched to cover 6 crore additional rural households
7. Entrepreneurship training to be provided across schools, colleges and massive online courses.
8. Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna-FM Jaitley
9. National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi-skill training institutes to be set up.
Energy
1. Rs. 3000 crore earmarked for nuclear power generation
2. Govt drawing comprehensive plan to be implemented in next 15-20 years for exploiting nuclear energy
3. Govt to provide incentive for deepwater gas exploration
4. Deepwater gas new disc to get calibrated market freedom, pre-determined ceiling price based on landed price of alternate fuels.
Investments and infrastructure
1. Rs. 27,000 crore to be spent on roadways
2. 65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is 100 kms/day
3. Shops to be given option to remain open all seven days in a week across markets.
4. Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, - Rs 97,000 crore
5. India's highest-ever production of motor vehicles was recorded in 2015
6. Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore
7. New greenfield ports to be developed on east and west coasts
8. Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity
9. 100 per cent FDI in marketing of food products produced and marketed in India
10. Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
11. Govt will amend Motor Vehicle Act in passenger vehicle segment to allow innovation.
12. MAT will be applicable for startups that qualify for 100 per cent tax exemption
13. Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in gain of Rs.20,670 crore

Agriculture
1. Total allocation for agriculture and farmer welfare at Rs 35984 crores
2. 28.5 lakh heactares of land wil be brought under irrigation.
3. 5 lakh acres to be brought under organic farming over a three year period
4. Rs 60,000 crore for recharging of ground water recharging as there is urgent need to focus on drought hit areas cluster development for water conservation.
5. Dedicated irrigation fund in NABARD of Rs.20.000 cr
6. Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojna.
Banking
1. Banks get a big boost: Rs 25,000 crore towards recapitalisation of public sector banks. Jaitley says: Banking Board Bureau will be operationalised, we stand solidly behind public sector banks.
2. Target of disbursement under MUDRA increased to 1,80,000 crore
3. Process of transfer of government stake in IDBI Bank below 50% started
4. General Insurance companies will be listed in the stock exchange
5. Govt to increase ATMs, micro-ATMs in post offices in next three years

14/07/2015

e-Verification of Income Tax Returns – User Manual
Posted In Income Tax | Articles | 1 Comment » Print Friendly and PDF
CBDT vide Notification No. 2/2015 prescribes Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification. EVC would verify the identity of the person furnishing the return of income. More details of the Notification can be checked at the following link :-
http://taxguru.in/income-tax/electronic-verification-code-evc-electronically-filed-income-tax-return.html
The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances.
1. e-Verification while uploading a return (Non – NetBanking)
2. e-Verification of an already uploaded return (Non – NetBanking)
3. e-Verification while uploading a return through NetBanking Login
1. e-Verification while uploading a return (Non – NetBanking)
1 Upload Return – Click Submit
2 The Return is uploaded (Pending for e-Verification)
3 Four e-Verification options provided – Taxpayer can choose any one of the options provided to e-Verify the return.
Option-1 – “I already have an EVC and I would like to Submit EVC”
Option-2 – “I do not have an EVC and I would like to generate an EVC”
Option-3 – “I would like to generate Aadhaar OTP to e-Verify my return”
Option-4 – “I would like to e-Verify later! I would like to send ITR-V”
Option 1 – “I already have an EVC and I would like to Submit EVC”
Step 1: Provide the EVC in the text box – Click Submit.
Step 2: Download the Acknowledgement (No Further action required).
Option 2 – “I do not have an EVC and I would like to generate an EVC”
Two options are provided – Taxpayer can choose any one of the options if they do not have an EVC
i. Generate EVC through NetBanking.
ii. Generate EVC to registered Email Id and Mobile Number.
Generate EVC through NetBanking:
Step 1: Login to e-Filing Portal through NetBanking. Step 2: Click on e-Verify return.
Generate EVC to registered Email Id and Mobile Number:
Step 1: Enter the EVC sent to your registered Email Id ! Mobile Number and Submit to e-Verify return.
Step 2: Download the Acknowledgement (No Further action required).
Option 3 – “I would like to generate Aadhaar OTP to e-Verify my return”
Pre-requisite: Taxpayer’s PAN and Aadhaar should be linked.
If Aadhaar is not linked, click on Link Aadhaar button and link the Aadhaar.
Step 1: Enter the Aadhaar OTP sent to your Mobile Number registered with Aadhaar and Submit to e-Verify return.
Step 2: Download the Acknowledgement (No Further action required).
Option 4 – “I would like to e-Verify later! I would like to send ITR-V”
Step 1: Click on Continue -> Download ITR-V
Step 2: Submit ITR-V to CPC, Bangalore.
2. e-Verification of an already uploaded return (Non – NetBanking)
1 Click e-Verify Return under e-file.
2 Uploaded returns (120 Days) which are yet to be e-Verified are displayed in a table.
3 Click on e-Verify (for the return already uploaded)
4 Three e-Verification options provided – Taxpayer can choose any one of the options provided to e-Verify the return.
Option-1 – “I already have an EVC and I would like to Submit EVC”
Option-2 – “I do not have an EVC and I would like to generate an EVC”
Option-3 – “I would like to generate Aadhaar OTP to e-Verify my return”
Option 1 – “I already have an EVC and I would like to Submit EVC”
Step 1: Provide the EVC in the text box – Click Submit.
Step 2: Download the Acknowledgement (No Further action required).
Option 2 – “I do not have an EVC and I would like to generate an EVC”
Two options are provided – Taxpayer can choose any one of the options if they do not have an EVC
i. Generate EVC through NetBanking.
ii. Generate EVC to registered Email Id and Mobile Number.
Generate EVC through NetBanking:
Step 1: Login to e-Filing Portal through Ne Banking. Step 2: Click on e-Verify return.
Generate EVC to registered Email Id and Mobile Number:
Step 1: Enter the EVC sent to your registered Email Id / Mobile Number and Submit to e-Verify return.
Step 2: Download the Acknowledgement (No Further action required).
Option 3 – “I would like to generate Aadhaar OTP to e-Verify my return”
Pre-requisite: Taxpayer’s PAN and Aadhaar should be linked.
If Aadhaar is not linked, click on Link Aadhaar button and link the Aadhaar.
Step 1: Enter the Aadhaar OTP sent to your Mobile Number registered with Aadhaar and Submit to e-Verify return.
Step 2: Download the Acknowledgement (No Further action required).
3. e-Verification while uploading a return through NetBanking Login
1 Login to e-Filing through NetBanking
2 Upload Return -> Click Submit
3 The Return is uploaded (Pending for e-Verification)
4 Three e-Verification options provided – Taxpayer can choose any one of the options provided to e-Verify the return.
Option-1 – “I would like to e-Verify my return now”
Option-2 – “I would like to generate Aadhaar OTP to e-Verify my return”
Option-3 – “I would like to e-Verify later! I would like to send ITR-V”
Option 1 – “I would like to e-Verify my return now”
Step 1: Click on “I would like to e-Verify my return now” -> Click Continue
Step 2: Download the Acknowledgement (No Further action required).
Option 2 – “I would like to generate Aadhaar OTP to e-Verify my return”
Pre-requisite: Taxpayer’s PAN and Aadhaar should be linked.
If Aadhaar is not linked, click on Link Aadhaar button and link the Aadhaar.
Step 1: Enter the Aadhaar OTP sent to your Mobile Number registered with Aadhaar and Submit to e-Verify return.
Step 2: Download the Acknowledgement (No Further action required).
Option 3 – “I would like to e-Verify later! I would like to send ITR-V”
Step 1: Click on Continue – Download ITR-V
Step 2: Submit ITR-V to CPC, Bangalore.
Note: User who has already uploaded the return and opts to e-Verify the existing return can use the above mentioned options other than Option 3.

30/03/2014

Form 26AS is most important document for tax payers .As it is a Tax payment and deduction ledger for tax payers . It shows Tax deducted /collected amount by deductors , Amount paid with TDS against form 15G/15H ,tax paid by tax payer like advance tax ,self assessment tax etc .Further it also...

11/02/2014

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification New Delhi, the 23rd day of December, 2013 S.O. 3794 (E)- In exercise of the powers conferredby section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby...

13/12/2012

PUNJAB GOVERNMENT
Excise and Taxation Department, Punjab
PUBLIC NOTICE
The Department has devised an attractive reward scheme for the informers who provide authentic information with regard to the dealers/transporters/industries who are indulging in tax evading activities like:
1) Issuance of bogus bills by a tax evading firm, wherein, there is no actual/physical movement of goods, which render the transactions incomplete. Claiming bogus input tax credit (ITC) on the basis of fraudulent bogus bills generated; thereby causing huge revenue loss to the state exchequer.
2) Dealers/transporters who are not declaring complete information about the movement of goods or evading payment of entry tax at the Information Collection Centres (ICCs) as mandated u/s 51 of the PVAT ACT, 2005. These dealers/transporters essentially ply on escape routes or passing through the barriers.
3) Dealers who are importing consignments/goods through railways without uploading information on the department's website (E-ICC) or without providing information at the barriers positioned at railway stations.
The informers can provide information at the below-mentioned mobile numbers and e-mail IDs. The details of the informers will be kept confidential and suitable rewards will be given to them. Hence, all the dealers and the general public are requested to provide maximum information with regard to tax evaders to the department for the benefit of the state exchequer and also for the benefit of genuine dealers and industrialists.

08/12/2012

E-FILING SITE FOR VAT-20 WILL BE STARTED IN PUNJAB FROM 7-12-12

Address

Ludhiana
141003

Telephone

+918591515157

Website

Alerts

Be the first to know and let us send you an email when Taxation Consult posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category