Technical Taxation Solution

Govt. has so far announced roll out plans for ‘Intra-state e-Way Bill system’ in various States applicable from different dates, for movement of goods within the respective States/ Union Territories.  Details are as under: CBEC Press Release dt. 24 May 2018 As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 1st April, 2018. As on 23rd May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Nagaland, Rajasthan, Sikkim, Telangana, Tripura, Uttarakhand, Uttar Pradesh and Union Territory of Puducherry. E-Way Bills are getting generated successfully and till 23rd May, 2018 more than five crore and thirty lakh e-Way Bills have been successfully generated which includes more than one crore and sixty lakh e-Way Bills for intra-St

Intimation under Section 143(1) of the Income-tax Act 1. Letter of Intimation u/s 143(1) Income tax return can be either filed voluntarily under Section 139 or on demand by the income tax department under Section 142(1). It is necessary to understand what happens after the taxpayer has filed the return of income. Income tax department carries out a preliminary assessment of all the returns filed and intimate taxpayers the result of such preliminary assessment. Such intimation to the taxpayers post preliminary assessment is called intimation under Section 143(1). Such preliminary assessment is wholly computerised and does not have any human intervention and is delegated to Centralised Processing Center (CPC). 2. Centralized Processing Center With the rapid increase in the number of income tax returns and a jurisdiction-based processing model for all the returns filed, tax department faced problems leading to delayed processing of income tax returns. Therefore, the Fin

                                                      Latest GST News Due date of GSTR-3b filing extended! Due date of GSTR-3B filing for the month of April 2018 is extended to 22nd May 2018 from 20th May 2018. Latest Update as on 10th April 2018 Intra-state Implementation of E-way bills for Telangana, Gujarat, Uttar Pradesh, Andhra Pradesh and Kerala starts from 15th April 2018. Notification by states will be issued. Intra-state e-way bill requirement for Karnataka is already in force. Ever since April 1, 2018, Inter-state movement of goods above the value of Rs 50,000 throughout India require e-way bills mandatorily. Due date of GSTR-6 filing extended! For months from July 2017 to April 2018  is  31st May 2018. TRAN-2 filing date extended! Due date of  TRAN-2  extended to  30th June 2018. Know  how to file TRAN-2 on GST portal . Attention GST registered taxpayers!   31st March 2018 is the deadline To opt-in for Composition scheme for FY 20

Debit note and credit note are the things which come into the picture when there is any erroneous transaction. Any errors in invoices are revised with the help of these notes. Let’s throw more light on debit note and credit note and understand the process of revising GST invoices. Debit Note and Credit Note A document issued by the supplier/receiver of goods and services for adjusting amounts or revision/s in the already issued invoice are treated as debit notes/credit notes. A document sent by the buyer to the seller, informing the seller that a debit has been made in the seller’s account is called a debit note. Usually, they are sent by the buyer when goods are to be returned or found unsatisfactory. A document, usually issued by a seller to a buyer, informing the buyer that credit has been provided in the buyers account is called a credit note. On the other hand, a supplier/seller can also sent debit notes to a buyer if the seller had mistakenly un