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Finance Facts: March 2018

GST - E-Way Bill Notification Applicability from 01st April,2018.

March 28, 2018
EWay Bill will roll out from 1st April,2018 also e-waybill on the intra-state movement of goods would be applicable from 01st April 2018 in the following states - 1) Himachal Pradesh 2) Uttar Pradesh 3) Tripura 4) West Bengal 5) Odisha 6) Madhya Pradesh 7) Karnataka 8) Tamil Nadu You are advised to take steps accordingly. ...

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Bookkeeping

GST - 15 Things to do before March End

March 26, 2018
GST Update - To-do list for March end 15 Things to do before March End - ​1. Reversal of Input tax credit – As per the rules of Input tax credit, after issuance of tax invoice if receiver does not made the full pa​​yment of amount  within 180 days then the credit taken on that invoice is to be reversed. And whenever the...

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Bookkeeping

Penalty on Late Filing of Income Tax Return – Section 234F (A.Y. 2018-19)

March 18, 2018
(adsbygoogle = window.adsbygoogle || []).push({}); New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax return of Financial Year 2017-18 and onwards. If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable to a penalty as...

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Business

PNB detects another fraud of Rs 9 crore at same branch involved in Nirav Modi case

March 16, 2018
  The new alleged fraud of around Rs 9.1 crore involves officials of a little-known company called Chandri Paper and Allied Products Pvt Ltd, the Central Bureau of Investigation said in the complaint. Punjab National Bank (PNB) has detected another fraud of Rs 9.09 crore at its Brady House branch in Mumbai, which is at the centre of the Rs 12,600 crore fraud...

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Business

Minimum Alternate Tax (MAT) - Section-115JB - Applicability, Computation & Understanding

March 08, 2018
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MAT (Minimum Alternative Tax) is a tax payable under Income-tax Act. The concept of MAT was introduced to target those companies that make huge profits and pay the dividend to their shareholders but pay no/minimal tax by taking advantage of the various deductions, and exemptions allowed under income tax act. But with the introduction of MAT, the companies have to pay a fixed...

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