Section 285BA of Income Tax Act, 1961 (‘Act’) read with Rule 114E of Income Tax Rules, 1962 (‘Rules’) requires certain persons/entities to furnish a return/ statement of specified financial transactions (‘SFT’) as mentioned in such Rule 114E.
Rule 114E specifies 13 numbers of transactions, information in respect of which is to be filed by the persons stated in such Rule.
In order to ease & speed up the physical movement of goods, GST council has come up with concept “E-way Bill” to track the status movement of goods from one place to another. It has been notified that w.e.f. 1st April 2018 E-way bill is mandatory for inter-state movement of goods in case consignment value is more than 50,000. Continue reading
CBIC issues clarification vide Press release dated 23rd April 2018 on issues regarding “Bill to Ship To” transactions for E-way bill. It clarified that one e-way bill is required to be generated either by supplier or person who ordered the goods as per the prescribed procedure. Continue reading
The Official portal of GST has added 3 new functionalities:-
Apart from drop in housing sales, the article briefly mentions the impact of RERA on Real Estate sector. Top five salient features of RERA are provided below for readers’ reference: Continue reading