CBEC tweeted that E-way bill will be on trial phase until the same is announced compulsory for both inter State and intra State movement. It’ll be compulsory from the date that will be announced later.

• Farmer Producing Companies with turover less than Rs.100 crore – 100% tax deduction
• Real Estate – Difference between fair/guideline value and actual consideration, no addition
• MSME – 25% corporate tax rate for Companies having less than Rs.250 crore for Financial Year 2016-17
• No change in personal income tax
• Salary Tax Payers: A standard deduction of Rs.40000/- in lieu of transportation and medical allowance. Benefit pensioners also
• Senior Citizens: Interest income on Fixsed Deposit and Post Office deposits exemptions up-to Rs.50000/-. Relief of TDS on deposits
• Medical Insurance – 80D icreased to Rs.50000/- for Senior Citizens
• Deduction for specified medical ailments increased to Rs,100000/-
• Long Term Capital Gains: Proposed to tax LTCG from listed securities exceeding Rs.100000/- without indexation
• Tax on distributed Income of Mututal Funds
• Health & Education Cess: 4% Health and Education Cess

 

 

• Emoluments to President, Vice-President and Governors Increase w.e.f. 01-01-2018
• New law for emoluments to Members of Parliament. It’ll be reviewed once in 5 years
• Fisical Deficit 3.3% estimated

 

CBEC tweeted that the extension notification, of GSTR – 1 in social media is fake and the they had confirmed by way of tweet that the due date is not extended.

We regret the inconvenience caused to the users of our website,Blog and other Social Media accounts publishing the notification without the knowledge that the same is fake. Henceforth we will check the authenticity of information received before positng. The post is withdrawn from all our website and social media sites. Thank you all for your continuous support.

CBEC released a press release stating that the due dates are not extended. To see the press release, click the link below:

CBEC extended due date of filing GSTR 1 for all registered persons to January 10th, 2018.

The due date for filing quarterly returns of outward supply in form GSTR , for registered persons having aggregate turnover of upto 1.50 crore rupees in the preceding financial year or the current financial year has been extended to 10th January, 2018 from 31st December, 2017 vide notification no. 71/2017 (Central Tax) issued by Central Board of Excise and Customs dated 29th December, 2017. The due dates for filing quarterly GSTR – 1 for other quarters of the financial year 2017-18 is also notified in the said notification. The due dates are given below:

October to December, 2017                          15th February, 2018

January to March, 2017                                 30th April, 2018

To see the notification, please click the link below:

Not. CTax 71of2017

 

 

 

GST Council in it’s meeting today announced relaxation in filing Get returns, reduction in late fees and extension of due dates for various returns and forms. For details see the press release below: