E India CA

Professional Updates for Chartered Accountants

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Invest in debt funds for at least 3 years for income tax benefit

If you invest for a period of at least three years in debt funds, you will get the benefit of capital gains indexation that will lower taxes on the profits from your portfolio. When this happens, the odds of beating FD returns (which do not get indexation benefits) improve dramatically. So, to answer your last question first, do con...

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RBI moves to wind up CDR system

The Reserve Bank of India (RBI) is moving to shut down the corporate debt restructuring (CDR) system, its very first loan recast mechanism, following its latest framework on stressed asset resolution, three people familiar with the matter said. The regulator has directed the CDR cell to transfer all pending cases to respective lead b...

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GST on Ocean Freight

The need to understand the GST tax on ocean freightcame due to its peculiar nature of transaction. Here the term ‘Ocean Freight’ read by breaking two words in simple language, ocean is a large area of salt water between continents and freight implies transport charges. Thus, ocean freight is nothing but transport charges for car...

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CBDT releases revised Form 3CD for FY 2017-18| AY 18-19

CBDT has revised Tax Audit Form 3CD Revised vide Notification 33/2018 dated 20.07.2018 (effective from 20.08.2018) by which it has made  6 Amendments and  9 Insertions  in Tax Audit Report Form 3CD. The major changes are as follows:- Taxpayer to give GSTN number along with details of other indirect Tax registrations like ...

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10-year bond yield hits 10-week low as RBI announces more OMO purchases

Mumbai: Yields on 10-year government bond on Wednesday hit 10-week low after the Reserve Bank of India announced open market operation (OMO) purchase. At 9.15 am, the 10-year bond yield stood at 7.723%—a level last seen on 10 May, from its Tuesday’s close of 7.865%. Bond yields and prices move in opposite directions. Late on T...

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The government has proposed several amendments to the GST law

The government has proposed several amendments to the GST amendments to the GST law to make it more business-friendly and allow tax credits that will help lower burden. Several genuine transactions, which were earlier not eligible for input tax credit (ITC), will now be eligible. For instance, the draft amendments provide that emplo...

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Drill for GST annual returns

The format for annual returns and audit is likely to be approved by the GST Council at its meeting on July 21 and industry expects there could be some reconciliation with the annual IT returns as the government aims to check tax evasion. Further, the Sushil Modi led ministerial panel will recommend to the GST Council to defer by a ...

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Filing of Income Tax Return for FY 2017-18 i.e. AY 2018-19

Kindly note that for Salaried/Non-Corporate Assessee whose accounts are not required to be audited, the last date of filing Income Tax Return is 31st July, 2018. and for Company Assessee or Assessee required to undergo audit under income tax act, the last date of filing Income Tax Return is 30th September 2018. Penalty for late f...